{"url_path":"/sec/svmb/10-k/2026/item-1","section_key":"item-1","section_title":"Item 1 Business.**","topic":"sec","document":{"doc_type":"10-K","doc_date":"2026-07-20","source_url":"https://www.sec.gov/Archives/edgar/data/1647822/0001493152-26-033861-index.html","accession_number":"0001493152-26-033861","cik":"0001647822","ticker":"SVMB","issuer_name":"Jingbo Technology, Inc.","edgar_url":"https://www.sec.gov/Archives/edgar/data/1647822/0001493152-26-033861-index.html","primary_entity_key":"0001647822","primary_entity_name":"Jingbo Technology, Inc."},"word_count":12075,"has_tables":true,"body_markdown":"**Item\n1. Business.**\n\n \n\n**VIE\nStructure and Risks Relating to Our Corporate Structure**\n\n \n\nJingbo\nTechnology, Inc. is a Nevada holding company that conducts its operations in mainland China through Huixin Zhiying (Hangzhou)\nTechnology Co. (“Huixin WFOE”), Guangzhou Keqiao Enterprise Management Consulting Co., Ltd. (“Keqiao WFOE”),\ntheir respective variable interest entities, Zhejiang Jingbo Ecological Technology Co. (“Jingbo VIE”) and Guangzhou\nKeqiao Technology Co., Ltd (“Guangzhou Keqiao VIE”, and together with Jingbo VIE, collectively referred to as the\n“VIEs”), as well as their subsidiaries. The Company has equity interests in Huixin WFOE and Keqiao WFOE, however,\nneither the Company nor its subsidiaries own any share in the VIEs. Instead, the Company controls and receives the economic benefits\nof the VIEs’ business operation through a series of contractual arrangements (the “VIE Agreements”). To comply\nwith Chinese Mainland laws and regulations, the Company does not have an equity ownership interest in its VIEs but relies on the VIE\nAgreements with the VIEs to control and operate their businesses. The VIE Agreements are designed to provide Huixin WFOE and Keqiao\nWFOE, with the power, rights, and obligations equivalent in all material respects to those it would possess as the principal equity\nholder of the VIEs, including absolute control rights and the rights to the assets, property, and revenues of the VIEs. As a result\nof these contractual arrangements, which have not been tested in a court of law in the Chinese Mainland, the assets and liabilities\nof the VIEs are treated as the Company’s assets and liabilities and the results of operations of the VIEs are treated in all\naspects as if they were the results of the Company’s operations due to the satisfaction for consolidation of the VIEs under\ngenerally accepted accounting principles in the United States (“U.S. GAAP”). The Company is the primary beneficiary of\nthe VIEs, and, therefore, consolidate the financial results of the VIEs in our consolidated financial statements in accordance with\nU.S. GAAP.\n\n \n\nBecause\nof our corporate structure, we are subject to risks due to uncertainty of the interpretation and the application of the Chinese Mainland\nlaws and regulations, including but not limited to the validity and enforcement of the VIE Agreements. We are also subject to the risks\nof uncertainty about any future actions of the Chinese Mainland government in this regard. Our VIE Agreements may not be effective in\nproviding control over the VIEs. The contractual arrangements have not been judicially tested in the Chinese Mainland and there remain\nsignificant uncertainties regarding the ultimate outcome of arbitration should legal action become necessary. We rely on the VIE Agreements\nwith VIEs to control and operate their businesses. The investors may never hold equity interests in such VIEs. We may also be subject\nto sanctions imposed by Chinese Mainland regulatory agencies including Chinese Securities Regulatory Commission (“CSRC”),\nif we fail to comply with their rules and regulations. We may also be subject to Chinese Mainland laws relating to, among others, data\nsecurity and restrictions over foreign investments due to the complexity of the regulatory regime in Chinese Mainland, and the recent\nstatements and regulatory actions by the Chinese Mainland government relating to data security may affect our remaining business operations\nin Chinese Mainland or even our ability to offer securities in the United States. We are also subject to the risks and uncertainties\nabout any future actions of the Chinese Mainland government that could disallow the VIE structure, which would likely result in a material\nchange in our operations and/or a material change in the value of our securities, including causing the value of such securities to significantly\ndecline or become worthless. See “*Risk Factors-Risks Relating to Our Corporate Structure*” for more information.\n\n \n\nAs\nof the date of this Annual Report, the Company, Huixin WFOE Keqiao WFOE and VIEs have obtained required business licenses and permissions\nfor conducting business in mainland China. On December 28, 2021, the Cybersecurity Review Measures (2021 version) was promulgated and\nbecame effective on February 15, 2022, which iterates that any “online platform operators” possessing personal information\nof more than one million users which seeks to list in a foreign stock exchange should be subject to cybersecurity review. The Cybersecurity\nReview Measures (2021 version), further elaborates the factors to be considered when assessing the national security risks of the relevant\nactivities, including, among others, (i) the risk of core data, important data or a large amount of personal information being stolen,\nleaked, destroyed, and illegally used or exited the country; and (ii) the risk of critical information infrastructure, core data, important\ndata or a large amount of personal information being affected, controlled, or maliciously used by foreign governments after listing abroad.\nThe Cyberspace Administration of China (“CAC”) requires that under the new rules, companies possessing personal information\nof more than 1,000,000 users must now apply for cybersecurity approval when seeking listings in other nations because of the risk that\nsuch data and personal information could be “affected, controlled, and maliciously exploited by foreign governments.” The\ncybersecurity review will also look into the potential national security risks from overseas IPOs. We believe that we are not subject\nto cybersecurity review with the CAC in accordance with the Cybersecurity Review Measures (2021 version), because (i) we are not holding\npersonal information of over one million users and it is also very unlikely that it will reach such threshold in the near future; (ii)\nas of the date of this Annual Report, we have not received any notice or determination from applicable PRC governmental authorities identifying\nthe PRC Operating Entities as critical information infrastructure operators or requiring Huixin WFOE, Keqiao WFOE and VIEs to go through\ncybersecurity review by the CAC, and (iii) as of the date of this Annual Report, we have not been subject to any penalties, fines, suspensions,\ninvestigations from any competent authorities for violation of the existing regulations and policies by the CAC regarding the cybersecurity\nreview.\n\n \n\n4\n\n \n\n \n\nOn\nFebruary 17, 2023, the CSRC promulgated the Trial Administrative Measures of the Overseas Securities Offering and Listing by Domestic\nCompanies, or the Trial Measures, and five supporting guidelines which took effect on March 31, 2023. Pursuant to the Trial Measures,\nChinese companies that seek to offer and list securities overseas shall fulfill the filing procedures with and report relevant information\nto the CSRC, and that an initial filing shall be submitted within three working days after the application for an initial public offering\nis submitted, and a second filing shall be submitted within three working days after the listing is completed. Further, at the press\nconference held for the Trial Measures on February 17, 2023, officials from the CSRC clarified that the Chinese Mainland domestic companies\nthat have already been listed overseas on or before the effective date of the Trial Measures (i.e. March 31, 2021) shall be deemed as\nexisting issuers, or the Existing Issuers. The Existing Issuers are not required to complete the filing procedures immediately but shall\ncarry out filing procedures as required if they conduct refinancing or are involved in other circumstances that require filing with the\nCSRC. Furthermore, we also believe that pursuant to the guidance published by the CSRC, trading on the over-the-counter market (“OTC”)\ndoes not need to obtain approval or complete filing procedure with the CSRC unless we apply for uplisting on NASDAQ/NYSE. Based on the\nforegoing, as an Existing Issuer quoted on OTC, we currently do not have any intention or plan of refinancing or being involved in any\nother circumstances that required filing with the CSRC under the Trial Measures. However, given that the Trial Measures were recently\npromulgated, uncertainties remain as to the implementation and interpretation, if we fail to complete the filing with the CSRC in a timely\nmanner or at all for any future offering or any other financing activities which are subject to the filing requirements under the Trial\nMeasures, or if we inadvertently conclude that such approvals are not required, we may face severe and expansive sanctions imposed by\nregulators in mainland China, including fines and penalties on our operations in mainland China, limitations on our operating privileges\nin mainland China, and our ability to raise or utilize funds and our operations could be materially and adversely affected.\n\n \n\nThe\nfollowing diagram illustrates our corporate structure as of the date of this Annual Report. It omits certain entities that are immaterial\nto our results of operations, business and financial condition and also omits certain trusts and limited partnership enterprises we consolidate.\nThe relationships between, on the one hand, our consolidated VIEs, and on the other, Huixin WFOE and Keqiao WFOE as illustrated in this\ndiagram are governed by contractual arrangements and do not constitute equity ownership. See “Risk Factors-Risks Relating to Our\nCorporate Structure” for more information.\n\n \n\n \n\n**Risks\nAssociated with Being Based in or Having the Majority of our Operations in Chinese Mainland**\n\n \n\nWe\nare exposed to legal and operational risks associated with our operations in Chinese Mainland. The Chinese Mainland government has significant\nauthority to exert influence on the ability of a company with operations in Chinese Mainland, including us, to conduct its business.\nThe Chinese government has exercised and continues to exercise substantial control over virtually every sector of the Chinese economy\nthrough regulation and state ownership. Our ability to operate in Chinese Mainland may be harmed by changes in its laws and regulations,\nincluding those relating to taxation, data information, antitrust, finance, environmental regulations, land use rights, property and\nother matters. The central or local governments of these jurisdictions may impose new, stricter regulations or interpretations of existing\nregulations that would require additional expenditures and efforts on our part to ensure our compliance with such regulations or interpretations.\nAny actions by the Chinese Mainland government to exert more oversight and control over offerings that are conducted overseas and/or\nforeign investment in companies having operations in Chinese Mainland, including us, could significantly limit or completely hinder our\nability to offer or continue to offer securities to investors, and cause the value of our securities to significantly decline or become\nworthless. These Chinese Mainland-related risks could result in a material change in our operations and/or the value of our securities,\nor could significantly limit or completely hinder our ability to offer securities to investors in the future and potentially cause the\nvalue of such securities to significantly decline or become worthless.\n\n \n\n5\n\n \n\n \n\nThe\nChinese Mainland government may exert, at any time, substantial intervention and influence over the manner of our operations. Recently,\nthe Chinese Mainland government initiated a series of regulatory actions and statements to regulate business operations in Chinese Mainland\nwith little advance notice, including cracking down on illegal activities in the securities market, enhancing supervision over Chinese\nMainland-based companies listed overseas, adopting new measures to extend the scope of cybersecurity reviews and new laws and regulations\nrelated to data security, and expanding the efforts in anti-monopoly enforcement.\n\n \n\nThe\nregulatory framework for the collection, use, safeguarding, sharing, transfer and other processing of personal information and important\ndata worldwide is rapidly evolving in Chinese Mainland and is likely to remain uncertain for the foreseeable future. Regulatory authorities\nin Chinese Mainland have implemented and are considering a number of legislative and regulatory proposals concerning data protection.\nFor example, the PRC Cybersecurity Law, which became effective in June 2017, established Chinese Mainland’s first national-level\ndata protection for “network operators,” which may include all organizations in Chinese Mainland that connect to or provide\nservices over the internet or other information network. The PRC Data Security Law, which was promulgated by the Standing Committee of\nPRC National People’s Congress, or the SCNPC, on June 10, 2021 and became effective on September 1, 2021, outlines the main system\nframework of data security protection.\n\n \n\nThe\namended Measures of Cybersecurity Review, which was promulgated by the CAC in December 2021 and came into effect on February 15, 2022,\nrequires cyberspace operators with personal information of more than one million users to file for cybersecurity review with the Cybersecurity\nReview Office (the “CRO”), in the event such operators plan for an overseas listing. The amended Measures of Cybersecurity\nReview provide that, among others, an application for cybersecurity review must be made by an issuer that is a “critical information\ninfrastructure operator” or a “data processing operator” as defined therein before such issuer’s securities become\nlisted in a foreign country, if the issuer possesses personal information of more than one million users, and that the relevant governmental\nauthorities in the Chinese Mainland may initiate cybersecurity review if such governmental authorities determine an operator’s\ncyber products or services, data processing or potential listing in a foreign country affect or may affect China’s national security.\nIn August 2021, the Standing Committee of the National People’s Congress of China promulgated the Personal Information Protection\nLaw which became effective on November 1, 2021. The Personal Information Protection Law provides a comprehensive set of data privacy\nand protection requirements that apply to the processing of personal information and expands data protection compliance obligations to\ncover the processing of personal information of persons by organizations and individuals in Chinese Mainland, and the processing of personal\ninformation of persons outside of Chinese Mainland if such processing is for purposes of providing products and services to, or analyzing\nand evaluating the behavior of, persons in Chinese Mainland. The Personal Information Protection Law also provides that critical information\ninfrastructure operators and personal information processing entities who process personal information meeting a volume threshold to\nbe set by Chinese cyberspace regulators are also required to store in Chinese Mainland the personal information generated or collected\nin Chinese Mainland, and to pass a security assessment administered by Chinese cyberspace regulators for any export of such personal\ninformation. Moreover, pursuant to the Personal Information Protection Law, persons who seriously violate this law may be fined for up\nto RMB50 million or 5% of annual revenues generated in the prior year and may also be ordered to suspend any related activity by competent\nauthorities.\n\n \n\nIn\nNovember 2021, the CAC released the Regulations on Network Data Security (draft for public comments) and accepted public comments until\nDecember 13, 2021. The draft Regulations on Network Data Security provide more detailed guidance on how to implement the general legal\nrequirements under laws such as the Cybersecurity Law, Data Security Law and the Personal Information Protection Law. The draft Regulations\non Network Data Security follow the principle that the state will regulate based on a data classification and multi-level protection\nscheme, under which data is largely classified into three categories: general data, important data and core data. Under the current cybersecurity\nlaws in Chinese Mainland, critical information infrastructure operators that intend to purchase internet products and services that may\naffect national security must be subject to the cybersecurity review. On July 30, 2021, the State Council of the PRC promulgated the\nRegulations on the Protection of the Security of Critical Information Infrastructure, which took effect on September 1, 2021. The regulations\nrequire, among others, that certain competent authorities shall identify critical information infrastructures. If any critical information\ninfrastructure is identified, they shall promptly notify the relevant operators and the Ministry of Public Security.\n\n \n\n6\n\n \n\n \n\nCurrently,\nthe cybersecurity laws and regulations have not directly affected our business and operations, but in anticipation of the strengthened\nimplementation of cybersecurity laws and regulations and the expansion of our business, we face potential risks if we are deemed as a\ncritical information infrastructure operator under the Cybersecurity Law. In such case, we must fulfill certain obligations as required\nunder the Cybersecurity Law and other applicable laws, including, among others, storing personal information and important data collected\nand produced within the Chinese Mainland territory during our operations in Chinese Mainland, which we are already doing in our business,\nand we may be subject to review when purchasing internet products and services. According to the amended Measures of Cybersecurity Review,\nwe may be subject to review when conducting data processing activities, and may face challenges in addressing its requirements and make\nnecessary changes to our internal policies and practices in data processing. As of the date of this Annual Report, we have not been involved\nin any investigations on cybersecurity review made by the CAC on such basis, and we have not received any inquiry, notice, warning, or\nsanctions in such respect.\n\n \n\nBased\non the foregoing, we do not expect that, as of the date of this Annual Report, the current applicable Chinese Mainland laws on cybersecurity\nwould have a material adverse impact on our business. However, any failure or perceived failure to comply with all applicable laws and\nregulations may result in legal proceedings or regulatory actions against us, and could have an adverse effect on our business and results\nof operations, and we cannot assure you that the operators from the CAC or other relevant governmental authority will not introduce additional\nrequirements or policies which may require significant changes in the way we operate our business.\n\n \n\nOn\nSeptember 1, 2021, the PRC Data Security Law became effective, which imposes data security and privacy obligations on entities and individuals\nconducting data-related activities, and introduces a data classification and hierarchical protection system based on the importance of\ndata in economic and social development, as well as the degree of harm it will cause to national security, public interests, or legitimate\nrights and interests of individuals or organizations when such data is tampered with, destroyed, leaked, or illegally acquired or used.\nAs of the date of this Annual Report, we have not been involved in any investigations on data security compliance made in connection\nwith the PRC Data Security Law, and we have not received any inquiry, notice, warning, or sanctions in such respect. Based on the foregoing,\nwe do not expect that, as of the date of this Annual Report, the PRC Data Security Law would have a material adverse impact on our business.\n\n \n\nOn\nJuly 7, 2022, the CAC published the Outbound Data Transfer Security Assessment Measures that took effect on September 1, 2022 and outline\nthe potential security assessment process for outbound data transfer. Under the Outbound Data Transfer Security Assessment Measures,\ndata processors that provide important data and personal information outbound that are collected or produced through operations within\nthe territory of the Chinese Mainland, where a security assessment shall be conducted according to the law, shall apply to the provisions\nof these Measures. Under the Outbound Data Transfer Security Assessment Measures, data processors providing outbound data shall apply\nfor outbound data transfer security assessment with the CAC in any of the following circumstances: (i) where a data processor provides\nimportant data abroad; (ii) where a critical information infrastructure operator or a data processor processing the personal information\nof more than one million individuals provides personal information abroad; (iii) where a data processor has provided personal information\nof 100,000 individuals or sensitive personal information of 10,000 individuals in total abroad since January 1 of the previous year;\nand (iv) other circumstances prescribed by the CAC for which declaration for security assessment for outbound data transfers is required.\nThe Outbound Data Transfer Security Assessment Measures also provide procedures for security assessment and submissions, important factors\nto be considered in conducting assessment, and legal liabilities of a data processor for failure to apply for assessment.\n\n \n\nOn\nJuly 6, 2021, the relevant Chinese Mainland governmental authorities published the Opinions on Strictly Cracking Down Illegal Securities\nActivities in Accordance with the Law. These opinions require the relevant regulators to coordinate and accelerate amendments of legislation\non the confidentiality and archive management related to overseas issuance and listing of securities, and to improve the legislation\non data security, cross-border data flow and management of confidential information. These opinions emphasized the need to strengthen\nthe administration over illegal securities activities and the supervision on overseas listings by Chinese Mainland-based companies and\nproposed to take effective measures, such as promoting the construction of relevant regulatory systems to deal with the risks and incidents\nfaced by Chinese Mainland-based overseas-listed companies. As these opinions were recently issued, official guidance and related implementation\nrules have not been issued yet and the interpretation of these opinions remains unclear at this stage. As of the date of this Annual\nReport, we have not received any inquiry, notice, warning, or sanctions from the CSRC or any other Chinese Mainland government authorities.\nBased on the foregoing and the currently effective Chinese Mainland laws, we are of the view that, as of the date of this Annual Report,\nthese opinions do not have a material adverse impact on our business.\n\n \n\n7\n\n \n\n \n\nOn\nFebruary 17, 2023, the CSRC promulgated the Trial Administrative Measures of the Overseas Securities Offering and Listing by Domestic\nCompanies (the “Trial Measures”), and five supporting guidelines which took effect on March 31, 2023. Pursuant to the Trial\nMeasures, Chinese companies that seek to offer and list securities overseas shall fulfill the filing procedures with and report relevant\ninformation to the CSRC, and that an initial filing shall be submitted within three working days after the application for an initial\npublic offering is submitted, and a second filing shall be submitted within three working days after the listing is completed. Further,\nat the press conference held for the Trial Measures on February 17, 2023, officials from the CSRC clarified that the Chinese Mainland\ndomestic companies that have already been listed overseas on or before the effective date of the Trial Measures (i.e. March 31, 2021)\nshall be deemed as existing issuers (the “Existing Issuers”). The Existing Issuers are not required to complete the filing\nprocedures immediately but shall carry out filing procedures as required if they conduct refinancing or are involved in other circumstances\nthat require filing with the CSRC.\n\n \n\nWe\nare an Existing Issuer under the Trial Measures, as we were listed on September 19, 2018, which is before the effective date of the Trial\nMeasures. As an Existing Issuer, we currently do not have any intention or plan of refinancing or being involved in any other circumstances\nthat required filing with the CSRC under the Trial Measures. If we conduct refinancing or any other activities that are subject to filing\nprocedures in the future, we will actively communicate with the CSRC and initiate the filing procedures as required in a timely manner.\nHowever, given that the Trial Measures were recently promulgated, uncertainties remain as to the implementation and interpretation, if\nwe fail to complete the filing with the CSRC in a timely manner or at all for any future offering or any other financing activities which\nare subject to the filing requirements under the Trial Measures, our ability to raise or utilize funds and our operations could be materially\nand adversely affected.\n\n \n\nOn\nFebruary 24, 2023, the CSRC, Ministry of Finance of the Chinese Mainland, National Administration of State Secrets Protection and National\nArchives Administration of Chinese Mainland promulgated the Provisions on Strengthening Confidentiality and Archives Administration of\nOverseas Securities Offering and Listing by Domestic Companies (the “Archives Rules”), which took effect on March 31, 2023.\nPursuant to the Archives Rules, Chinese Mainland domestic companies that seek overseas offering and listing shall strictly abide by applicable\nlaws and regulations of the Chinese Mainland and the Archives Rules, enhance legal awareness of keeping state secrets and strengthening\narchives administration, institute a sound confidentiality and archives administration system, and take necessary measures to fulfill\nconfidentiality and archives administration obligations. Such domestic companies shall not leak any state secret and working secret of\ngovernment agencies, or harm national security and public interest. Furthermore, a Chinese Mainland domestic company that plans to, either\ndirectly or through its overseas listed entity, publicly disclose or provide to relevant individuals or entities including securities\ncompanies, securities service providers and overseas regulators, any document and materials that contain state secrets or working secrets\nof government agencies, shall first obtain approval from competent authorities according to law, and file with the secrecy administrative\ndepartment at the same level. Moreover, a Chinese Mainland domestic company that plans to, either directly or through its overseas listed\nentity, publicly disclose or provide to relevant individuals and entities including securities companies, securities service providers\nand overseas regulators, any other documents and materials that, if leaked, will be detrimental to national security or public interest,\nshall strictly fulfill relevant procedures stipulated by applicable national regulations. The Archives Rules also stipulate that a Chinese\nMainland domestic company that provides accounting archives or copies of accounting archives to any entities including securities companies,\nsecurities service providers and overseas regulators and individuals shall fulfill due procedures in compliance with applicable national\nregulations. However, given that the Archives Rules was recently promulgated, there are substantial uncertainties as to the implementation\nand interpretation, and we cannot predict the impact of the Trial Measures and the Archives Rules on us, including but not limited to\nthe maintenance of the listing status of our securities, or any of our future offerings of securities overseas at this stage.\n\n \n\nAs\nthere are still uncertainties regarding these new laws and regulations as well as the amendment, interpretation and implementation of\nthe existing laws and regulations related to cybersecurity and data protection, We cannot assure you that we will be able to comply with\nthese laws and regulations in all respects. The regulatory authorities may deem our activities or services non-compliant and therefore\nrequire us to suspend or terminate its business. We may also be subject to fines, legal or administrative sanctions and other adverse\nconsequences, and may not be able to become in compliance with relevant laws and regulations in a timely manner, or at all. These may\nmaterially and adversely affect its business, financial condition, results of operations and reputation.\n\n \n\n8\n\n \n\n \n\nIn\naddition, according to the institutional reform plan of the State Council approved by the National People’s Congress on March 10,\n2023, the China Banking and Insurance Regulatory Commission (the “CBIRC”), will no longer be retained. And Chinese Mainland\nwill set up a national financial regulatory administration, which will be in charge of regulating the financial industry except the securities\nsector, coordinating the protection of the rights and interests of financial consumers, strengthening risk management and prevention\nand disposal, and investigating and dealing with violations of the law. And a local financial regulatory mechanism will be developed\nwith agencies dispatched by central financial regulators as the mainstay. Also, Chinese Mainland has established the National Data Bureau\non October 25, 2023 under the administration of the National Development and Reform Commission, (the “NDRC”). The National\nData Bureau is responsible for advancing the development of data-related fundamental institutions, coordinating the integration, sharing,\ndevelopment and application of data resources, and pushing forward the planning and building of a digital Chinese Mainland, the digital\neconomy and a digital society. Due to the enhanced supervision of financial industry and data protection, we may be under heightened\nregulatory scrutiny, which may increase our compliance costs and subject us to heightened risks and challenges.\n\n \n\nAs\nsuch, our business segments may be subject to various government and regulatory interference in the provinces in which they operate.\nWe could be subject to regulation by various political and regulatory entities, including various local and municipal agencies and government\nsub-divisions. We may incur increased costs necessary to comply with existing and newly adopted laws and regulations or penalties for\nany failure to comply.\n\n \n\n**Risks\nAssociated with the Holding Foreign Companies Accountable Act**\n\n \n\nThe\nHolding Foreign Companies Accountable Act (the “HFCA Act”), was signed into law on December 18, 2020, and amended pursuant\nto the Consolidated Appropriations Act, 2023 on December 29, 2022. Under the HFCA Act and the rules issued by the SEC and the PCAOB thereunder,\nif we have retained a registered public accounting firm to issue an audit report where the registered public accounting firm has a branch\nor office that is located in a foreign jurisdiction and the PCAOB has determined that it is unable to inspect or investigate completely\nbecause of a position taken by an authority in the foreign jurisdiction, the SEC will identify us as a “covered issuer”,\nor SEC-identified issuer, shortly after we file with the SEC a report required under the Securities Exchange Act of 1934 (the “Exchange\nAct”) (such as our Annual Report on Form 10-K) that includes an audit report issued by such accounting firm; and if we were to\nbe identified as an SEC-identified issuer for two consecutive years, the SEC would prohibit our securities (including our securities)\nfrom being traded on a national securities exchange or in the over-the-counter trading market in the United States.\n\n \n\nOn\nDecember 16, 2021, the PCAOB issued a report to notify the SEC of its determination that the PCAOB was unable to inspect or investigate\ncompletely registered public accounting firms headquartered in Chinese Mainland and Hong Kong and our auditor was subject to that determination.\nThe inability of the PCAOB to conduct inspections of auditors in China in the past has made it more difficult to evaluate the effectiveness\nof our independent registered public accounting firm’s audit procedures or quality control procedures as compared to auditors outside\nof China that are subject to the PCAOB inspections. On August 26, 2022, the PCAOB signed an agreement with the China Securities Regulatory\nCommission and the Ministry of Finance of the People’s Republic of China, allowing the PCAOB to inspect and investigate registered\npublic accounting firms headquartered in mainland China and Hong Kong completely, consistent with U.S. law. After the execution of the\nagreement, the PCAOB had access to inspect or investigate the registered public accounting firms in mainland China and Hong Kong, and\ntherefore, on December 15, 2022, the PCAOB removed Chinese Mainland and Hong Kong from the list of jurisdictions where it is unable to\ninspect or investigate completely registered public accounting firms.\n\n \n\n9\n\n \n\n \n\nEach\nyear, the PCAOB will determine whether it can inspect and investigate completely audit firms in Chinese Mainland and Hong Kong, among\nother jurisdictions. If the PCAOB determines in the future that it no longer has full access to inspect and investigate completely accounting\nfirms in Chinese Mainland and Hong Kong again and we use an accounting firm headquartered in one of these jurisdictions to issue an audit\nreport on our financial statements filed with the Securities and Exchange Commission, we would be identified as an SEC-identified issuer\nfollowing the filing of the Annual Report on Form 10-K for the relevant fiscal year. In accordance with the HFCA Act, our securities\nwould be prohibited from being traded on a national securities exchange or in the over-the-counter trading market in the United States\nif we are identified as an SEC-identified issuer for two consecutive years in the future. If our securities are prohibited from trading\nin the United States, there is no certainty that we will be able to list on a non-U.S. exchange or that a market for our shares will\ndevelop outside of the United States. A prohibition of being able to trade in the United States would substantially impair your ability\nto sell or purchase our securities when you wish to do so, and the risk and uncertainty associated with delisting would have a negative\nimpact on the price of our securities. Also, such a prohibition would significantly affect our ability to raise capital on terms acceptable\nto us, or at all, which would have a material adverse impact on our business, financial condition, and prospects.\n\n \n\n**Financial\nInformation Related to the Consolidated VIEs, Trusts and Partnerships**\n\n \n\nThe\nfollowing table presents the condensed consolidated schedule of financial position, results of operations and cash flow data for our\nCompany, our consolidated VIEs and other subsidiaries as of the dates or for the periods presented.\n\n \n\n**Selected\nCondensed Consolidating Statements of Operations and Comprehensive Loss**\n\n  \n\nFor the year ended February 28, 2026\n\n  \nParent company  \nIntellegence Parking and its Subsidiaries  \nHuixin\nWFOE  \nJINGBO VIEs \n \nXinghe and its Subsidiaries  \nKeqiao WFOE  \nGuangzhou Keqiao VIEs  \nAdjustments  \nCombined \n\nNet revenues \n -  \n       -  \n       -  \n 1,542,867 \n \n            -  \n -  \n -  \n       -  \n 1,542,867 \n\nCost of revenues \n -  \n -  \n -  \n (1,641,866)\n \n -  \n -  \n -  \n -  \n (1,641,866)\n\nGross loss \n -  \n -  \n -  \n (98,999)\n \n -  \n -  \n -  \n -  \n (98,999)\n\nTotal operating expenses \n (874,044) \n -  \n -  \n (5,587,983)\n \n -  \n (1,120) \n (7,436) \n -  \n (6,470,583)\n\nOperating loss \n (874,044) \n -  \n -  \n (5,686,982)\n \n -  \n (1,120) \n (7,436) \n -  \n (6,569,582)\n\nTotal other income / (expenses) \n -  \n -  \n -  \n (124,647)\n \n -  \n 67  \n 1  \n -  \n (124,579)\n\nLoss before taxes from operations \n (874,044) \n -  \n -  \n (5,811,629)\n \n -  \n (1,053) \n (7,435) \n -  \n (6,694,161)\n\nProvision for income taxes \n (8,000) \n -  \n -  \n (3,959)\n \n -  \n (2) \n -  \n -  \n (11,961)\n\nNet loss \n (882,044) \n -  \n -  \n (5,815,588)\n \n -  \n (1,055) \n (7,435) \n -  \n (6,706,122)\n\nNet loss attributable to VIE \n (882,044) \n -  \n -  \n (5,779,801)\n \n -  \n (1,055) \n (7,435) \n -  \n (6,670,335)\n\n \n\nFor the year ended February 28, 2025\n\n  \nParent company  \nIntellegence Parking and its Subsidiaries  \nHuixin\nWFOE  \nJINGBO VIEs  \nXinghe and its Subsidiaries  \nKeqiao WFOE  \nGuangzhou Keqiao VIEs \n \nAdjustments  \nCombined \n\nNet revenues \n -  \n -  \n -  \n 2,141,654  \n -  \n -  \n - \n \n -  \n 2,141,654 \n\nCost of revenues \n -  \n -  \n -  \n (2,537,765) \n -  \n -  \n (87)\n \n -  \n (2,537,852)\n\nGross loss \n    \n    \n    \n (396,111) \n -  \n -  \n (87)\n \n -  \n (396,198)\n\nTotal operating expenses \n (460,220) \n -  \n (38,132) \n (4,587,175) \n -  \n -  \n (4,227)\n \n -  \n (5,089,754)\n\nOperating loss \n (460,220) \n -  \n (38,132) \n (4,983,286) \n -  \n -  \n (4,314)\n \n -  \n (5,485,952)\n\nTotal other income / (expenses) \n 1  \n -  \n -  \n (523,105) \n -  \n (7) \n 52 \n \n -  \n (523,059)\n\nLoss before taxes from operations \n (460,219) \n -  \n (38,132) \n (5,506,391) \n -  \n (7) \n (4,262)\n \n -  \n (6,009,011)\n\nProvision for income taxes \n -  \n -  \n -  \n (7,397) \n -  \n -  \n - \n \n -  \n (7,397)\n\nNet loss \n (460,219) \n -  \n (38,132) \n (5,513,788) \n -  \n (7) \n (4,262)\n \n -  \n (6,016,408)\n\nNet loss attributable to VIE \n (460,219) \n -  \n (38,132) \n (5,490,110) \n -  \n (7) \n （4,262)\n \n -  \n (5,992,730)\n\n \n\n10\n\n \n\n** **\n\n**Selected\nCondensed Consolidating Balance Sheets Information**\n\n \n\nFor the year ended February 28, 2026\n\n  \nParent company  \nIntellegence Parking and its Subsidiaries  \nHuixin WFOE  \nJINGBO VIEs  \nXinghe and its Subsidiaries  \nKeqiao WFOE  \nGuangzhou Keqiao VIEs  \nAdjustments  \nCombined \n\nCash and cash equivalents \n 25,597  \n -  \n 42  \n 55,383  \n -  \n 1,461  \n 1,604  \n -  \n 84,087 \n\nRestricted cash \n -  \n -  \n -  \n 51,791  \n -  \n -  \n -  \n -  \n 51,791 \n\nAccounts receivable \n -  \n -  \n -  \n 25,605  \n -  \n -  \n -  \n -  \n 25,605 \n\nInventories \n -  \n -  \n -  \n 150,078  \n -  \n -  \n -  \n -  \n 150,078 \n\nAmounts due from related parties \n -  \n 20,000  \n -  \n -  \n -  \n 726,512  \n -  \n (730,512) \n 16,000 \n\nIntercompany receivables \n -  \n 20,000  \n 104,955  \n 188,497  \n 1,458  \n 291,634  \n 23,485,495  \n (24,092,039) \n - \n\nPrepaid expenses and other current assets \n -  \n -  \n -  \n 1,848,867  \n -  \n -  \n 36,455  \n -  \n 1,885,322 \n\nProperty, plant and equipment, net \n -  \n -  \n -  \n 3,974,577  \n -  \n -  \n -  \n -  \n 3,974,577 \n\nIntangible assets, net \n -  \n -  \n -  \n 7,038  \n -  \n -  \n -  \n -  \n 7,038 \n\nRight-of-use assets \n -  \n -  \n -  \n 76,474  \n -  \n -  \n -  \n -  \n 76,474 \n\nLong -term investments \n 20,000  \n 120,000  \n 9,263,602  \n -  \n 282,069  \n -  \n -  \n (9,685,671) \n - \n\nOther non-current assets \n -  \n -  \n -  \n 65,552  \n -  \n -  \n -  \n -  \n 65,552 \n\nLong-term receivable \n \n-\n  \n \n-\n  \n \n-\n  \n \n1,439,818\n  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n \n1,439,818\n \n\nTotal Assets \n 45,597  \n 160,000  \n 9,368,599  \n 7,883,680  \n 283,527  \n 1,019,607  \n 23,523,554  \n (34,508,222) \n 7,776,342 \n\nShort-term Loan \n -  \n -  \n -  \n 72,909  \n -  \n -  \n -  \n -  \n 72,909 \n\nAccounts payables \n -  \n -  \n -  \n 484,252  \n -  \n -  \n -  \n -  \n 484,252 \n\nAdvances from customers \n -  \n -  \n -  \n 3,291,785  \n -  \n -  \n -  \n -  \n 3,291,785 \n\nOther current payables \n 411,385  \n -  \n 7,293  \n 4,766,990  \n -  \n -  \n 34  \n 782 \n 5,186,484 \n\nTaxes payable \n -  \n -  \n -  \n 74,968  \n -  \n -  \n -  \n -  \n 74,968 \n\nAmounts due to related parties \n 1,991,187  \n -  \n -  \n 1,582,803  \n -  \n -  \n 3,150  \n (730,512) \n 2,846,628 \n\nIntercompany payables \n 140,883  \n 120,000  \n 40,143  \n 22,756,409  \n 293,092  \n 729,086  \n -  \n (24,079,613) \n - \n\nOperating lease liabilities, current \n -  \n -  \n -  \n 10,789  \n -  \n -  \n -  \n -  \n 10,789 \n\nOperating lease liabilities, non-current \n -  \n -  \n -  \n 62,936  \n -  \n -  \n -  \n -  \n 62,936 \n\nLong-term bank borrowing \n -  \n -  \n -  \n 1,385,264  \n -  \n -  \n -  \n -  \n 1,385,264 \n\nLong term payable \n -  \n -  \n -  \n 2,814,604  \n -  \n -  \n 22,827,279  \n -  \n 25,641,883 \n\nTotal Liabilities \n 2,543,455  \n 120,000  \n 47,436  \n 37,303,709  \n 293,092  \n 729,086  \n 22,830,463  \n (24,809,343) \n 39,057,898 \n\nTotal Stockholders’ (Deficit) Equity \n (2,497,858) \n 40,000  \n 9,321,163  \n (29,420,029) \n (9,565) \n 290,521  \n 693,091  \n (9,698,879) \n (31,281,556)\n\n**Total Liabilities and Stockholders’ (Deficit) Equity**** **\n** ****45,597**** **** **\n** ****160,000**** **** **\n** ****9,368,599**** **** **\n** ****7,883,680**** **** **\n** ****283,527**** **** **\n** ****1,019,607**** **** **\n** ****23,523,554**** **** **\n** ****(34,508,222****)**** **\n** ****7,776,342**** **\n\n \n\nFor the year ended February 28, 2025\n\n  \nParent company  \nIntellegence Parking and its Subsidiaries  \nHuixin WFOE  \nJINGBO VIEs  \nXinghe and its Subsidiaries  \nKeqiao WFOE  \nGuangzhou Keqiao VIEs  \nAdjustments  \nCombined \n\nCash and cash equivalents \n 5,272  \n -  \n 40  \n 96,985  \n -  \n 1,394  \n 1,574  \n -  \n 105,265 \n\nRestricted cash \n -  \n -  \n -  \n 9,492  \n -  \n -  \n -  \n -  \n 9,492 \n\nAccounts receivable \n -  \n -  \n -  \n 122,614  \n -  \n -  \n -  \n -  \n 122,614 \n\nInventories \n -  \n -  \n -  \n 119,006  \n -  \n -  \n -  \n -  \n 119,006 \n\nAmounts due from related parties \n -  \n 20,000  \n -  \n 54,104  \n -  \n 685,142  \n -  \n (689,142) \n 70,104 \n\nIntercompany receivables \n -  \n 20,000  \n 98,831  \n 103,155  \n 1,286  \n 274,620  \n 22,121,347  \n (22,619,239) \n - \n\nPrepaid expenses and other current assets \n -  \n -  \n -  \n 6,624,750  \n -  \n -  \n 34,328  \n -  \n 6,659,078 \n\nProperty, plant and equipment, net \n -  \n -  \n -  \n 5,020,365  \n -  \n -  \n -  \n -  \n 5,020,365 \n\nIntangible assets, net \n -  \n -  \n -  \n 8,911  \n -  \n -  \n -  \n -  \n 8,911 \n\nRight-of-use assets \n -  \n -  \n -  \n 77,318  \n -  \n -  \n -  \n -  \n 77,318 \n\nLong -term investments \n 20,000  \n 120,000  \n 9,263,602  \n -  \n 282,069  \n -  \n -  \n (9,685,671) \n - \n\nOther non-current assets \n -  \n -  \n -  \n 30,663  \n -  \n -  \n -  \n -  \n 30,663 \n\nTotal Assets \n 25,272  \n 160,000  \n 9,362,473  \n 12,267,363  \n 283,355  \n 961,156  \n 22,157,249  \n (32,994,052) \n 12,222,816 \n\nShort-term Loan \n -  \n -  \n -  \n 1,373,098  \n -  \n -  \n -  \n -  \n 1,373,098 \n\nAccounts payables \n -  \n -  \n -  \n 629,535  \n -  \n -  \n -  \n -  \n 629,535 \n\nAdvances from customers \n -  \n -  \n -  \n 3,595,420  \n -  \n -  \n -  \n -  \n 3,595,420 \n\nOther current payables \n 655  \n -  \n 6,869  \n 5,740,940  \n -  \n -  \n 32  \n 782  \n 5,749,278 \n\nTaxes payable \n -  \n -  \n -  \n 67,723  \n -  \n -  \n -  \n -  \n 67,723 \n\nAmounts due to related parties \n 1,574,573  \n -  \n -  \n 1,358,591  \n -  \n -  \n 1,812  \n (689,142) \n 2,245,834 \n\nIntercompany payables \n 65,858  \n 120,000  \n 37,800  \n 21,434,798  \n 275,906  \n 686,549  \n -  \n (22,620,911) \n - \n\nOperating lease liabilities, current \n -  \n -  \n -  \n 9,177  \n -  \n -  \n -  \n -  \n 9,177 \n\nOperating lease liabilities, non-current \n -  \n -  \n -  \n 65,791  \n -  \n -  \n -  \n -  \n 65,791 \n\nLong term payable \n -  \n -  \n -  \n -  \n -  \n -  \n 21,495,468  \n -  \n 21,495,468 \n\nTotal Liabilities \n 1,641,086  \n 120,000  \n 44,669  \n 34,275,073  \n 275,906  \n 686,549  \n 21,497,312  \n (23,309,271) \n 35,231,324 \n\nTotal Stockholders’ (Deficit) Equity \n (1,615,814) \n 40,000  \n 9,317,804  \n (22,007,710) \n 7,449  \n 274,607  \n 659,937  \n (9,684,781) \n (23,008,508 \n\n**Total Liabilities and Stockholders’\n(Deficit) Equity**** **\n** ****25,272**** **** **\n** ****160,000**** **** **\n** ****9,362,473**** **** **\n** ****12,267,363**** **** **\n** ****283,355**** **** **\n** ****961,156**** **** **\n** ****22,157,249**** **** **\n** ****(32,994,052****)**** **\n** ****12,222,816**** **\n\n \n\n11\n\n \n\n** **\n\n**Selected\nCondensed Consolidating Cash Flows Information**\n\n \n\nFor the year ended February 28, 2026\n\n  \nParent company  \nIntellegence Parking and its Subsidiaries  \nHuixin WFOE  \nJINGBO VIEs  \nXinghe and its Subsidiaries  \nKeqiao WFOE  \nGuangzhou Keqiao VIEs  \nAdjustments  \nCombined \n\nNet cash provided by/(used in) operating activities \n (396,289) \n          -  \n -  \n (1,732,585) \n -  \n (1,055) \n (7,435) \n 882 \n (2,136,482)\n\nNet cash (used in)/ provided by investing activities \n -  \n -  \n -  \n (171,675) \n -  \n -  \n 6,192  \n (6,192) \n (171,675)\n\nNet cash provided by financing activities \n 416,614  \n -  \n -  \n 1,898,586 \n -  \n 1,037  \n 1,178  \n 6,192  \n 2,323,607  \n\nEffect of exchange rate changes on cash and cash equivalents \n -  \n -  \n 2  \n 6,371  \n \n-\n  \n 85  \n 95  \n (882) \n 5,671 \n\nNet increase in cash and cash equivalents \n 20,325  \n -  \n 2  \n 697  \n -  \n 67  \n 30 \n -  \n 21,121 \n\nCash and cash equivalents at the beginning of period \n 5,272  \n -  \n 40  \n 106,477  \n -  \n 1,394  \n 1,574  \n -  \n 114,757 \n\nCash and cash equivalents at the end of period \n 25,597  \n \n-\n  \n 42  \n 107,174  \n -  \n 1,461  \n 1,604  \n -  \n 135,878 \n\n \n\nFor the year ended February 28, 2025\n\n  \nParent company  \nIntellegence Parking and its Subsidiaries  \nHuixin WFOE  \nJINGBO VIEs  \nXinghe and its Subsidiaries  \nKeqiao WFOE  \nGuangzhou Keqiao VIEs  \nAdjustments  \nCombined \n\nNet cash provided by/(used in) operating activities \n (460,369) \n -  \n (38,132) \n (560,006) \n -  \n (7) \n 64,828  \n (331,504) \n (1,325,190)\n\nNet cash provided by/(used in) investing activities \n -  \n -  \n -  \n 270,699  \n -  \n (691,845) \n (63,240) \n 1,261,380  \n 776,994 \n\nNet cash provided by financing activities \n 463,974  \n \n-\n  \n 38,171  \n 250,287  \n \n-\n  \n 693,259  \n -  \n (933,574) \n 512,117 \n\nEffect of exchange rate changes on cash and cash equivalents \n -  \n -  \n -  \n (1,340) \n -  \n (13) \n (14) \n 3,698  \n 2,331 \n\nNet increase in cash and cash equivalents \n 3,605  \n -  \n 39  \n (40,360) \n -  \n 1,394  \n 1,574  \n -  \n (33,748)\n\nCash and cash equivalents at the beginning of period \n 1,667  \n -  \n 1  \n 146,837  \n -  \n -  \n -  \n -  \n 148,505 \n\nCash and cash equivalents at the end of period \n 5,272  \n -  \n 40  \n 106,477  \n -  \n 1,394  \n 1,574  \n -  \n 114,757 \n\n \n\nService\nfee and accounts receivable due from VIE to the WFOE is not applicable for any years since the Exclusive Business Corporation Agreement\nwas signed. Based on the Agreement, the service fee is the balance of VIE income after deducting all VIE’s necessary expenses,\nfee and taxes excluding the consulting fee paid to WFOE, making up for losses in previous years and deducting other legally retained\namounts.\n\n \n\n**Transfers\nof Cash through Our Organizations**\n\n \n\nWe\nare a holding company and rely to a significant extent on dividends and other distributions on equity paid by our principal operating\nsubsidiaries, including our wholly-owned Chinese Mainland subsidiaries, the consolidated VIEs and their Chinese Mainland subsidiaries,\nfor our offshore cash and financing requirements, including the funds necessary to pay dividends and other cash distributions to our\nshareholders, fund intercompany loans, service any debt we may incur outside of Chinese Mainland and pay our expenses. When our principal\noperating subsidiaries or the consolidated VIEs incur additional debt, the instruments governing the debt may restrict their ability\nto pay dividends or make other distributions or remittances to us. Furthermore, the laws, rules and regulations applicable to our Chinese\nMainland subsidiaries and certain other subsidiaries permit payments of dividends only from part of their retained earnings, if any,\ndetermined in accordance with applicable Chinese Mainland accounting standards and regulations.\n\n \n\nJingbo\nTechnology Inc. conducts its business operations in China through its Chinese Mainland subsidiaries, Jingbo VIE and Guangzhou\nKeiqiao VIE. If needed, Jingbo Technology Inc. can transfer cash to the its subsidiary in China and the subsidiaries of the VIEs\n(the “PRC Subsidiaries”) through loans and/or capital contributions, and the PRC Subsidiaries can transfer cash to\nJingbo Technology Inc. through issuing dividends or other distributions. The PRC Subsidiaries can transfer cash to the VIEs through\nintercompany loans and capital contributions, and the VIEs can transfer cash to the subsidiaries of the VIEs as services fees under\nthe VIE contractual arrangements. For the years ended February 28, 2026 and 2025, there are no such activities. We do not have an\nestablished cash management policy that dictates how funds are transferred between us, our subsidiaries, consolidated VIEs and its\nsubsidiaries. We do not, at this time, intend to distribute earnings or settle amounts owed under the VIE Agreements.\n\n \n\n12\n\n \n\n \n\nCurrent\nPRC regulations permit the PRC Subsidiaries to pay dividends to its shareholders only out of their accumulated profits, if any, determined\nin accordance with PRC accounting standards and regulations. The PRC Subsidiaries are required to set aside 10% of its after-tax profits\nto fund a statutory reserve until such reserve reaches 50% of its registered capital if it distributes its after-tax profits for the\ncurrent financial year. For details, see “*Risks Relating to Doing Business in China — We rely to a significant extent\non dividends and other distributions on equity paid by our principal operating subsidiaries to fund offshore cash and financing requirements.*”\nIn addition, cash transfers from Jingbo Technology Inc. are subject to applicable PRC laws and regulations on loans and direct investment.\nFor details, see “*Risks Relating to Doing Business in China — Chinese Mainland regulation of loans to, and direct investment\nin, Chinese Mainland entities by offshore holding companies and governmental control of currency conversion may restrict or prevent us\nfrom using the proceeds of our overseas offering to make loans to our PRC Subsidiaries and our consolidated VIEs, or to make additional\ncapital contributions to our PRC Subsidiaries .*”\n\n \n\nIn\naddition, the PRC government imposes controls on the convertibility of the Renminbi into foreign currencies and, in certain cases, the\nremittance of currency out of China. The VIEs receive a significant portion of its revenues in Renminbi. Under the current corporate\nstructure, Jingbo Technology, Inc., the Nevada holding company, may rely on dividend payments from the PRC Subsidiaries to fund any cash\nand financing requirements it may have. Under existing PRC foreign exchange regulations, payments of current account items, including\nprofit distributions, interest payments and trade and service-related foreign exchange transactions, can be made in foreign currencies\nwithout prior approval of State Administration of Foreign Exchange (“SAFE”), by complying with certain procedural requirements.\nHowever, approval from or registration with appropriate government authorities is required where Renminbi is to be converted into foreign\ncurrency and remitted out of China to pay capital expenses such as the repayment of loans denominated in foreign currencies. As a result,\nwe need to obtain SAFE approval to use cash generated from the operations of the PRC Subsidiaries and VIEs to pay off their respective\ndebt in a currency other than Renminbi owed to entities outside China, or to make other capital expenditure payments outside China in\na currency other than Renminbi. If the foreign exchange control system prevents us from obtaining sufficient foreign currencies to satisfy\nour foreign currency demands, we may not be able to pay dividends in foreign currencies to its shareholders. See “*Risks Relating\nto Doing Business in China —We are subject to restrictions on currency exchange.*”\n\n \n\nAs\nof the date of this Annual Report, none of Jingbo Technology Inc.’s subsidiaries has ever issued any dividends or made other distributions\nto Jingbo Technology Inc. or their respective holding companies nor has Jingbo Technology Inc. or any of Jingbo Technology Inc.’s\nsubsidiaries ever paid dividends or made other distributions to U.S. investors. Jingbo Technology Inc. currently intends to retain all\nfuture earnings to finance its operations and to expand its business. As a result, Jingbo Technology Inc. does not expect to pay any\ncash dividends in the foreseeable future. \n\n \n\n**Corporate\nHistory**\n\n \n\nThe\nCompany was initially incorporated in the State of Nevada on March 6, 2015, by Mr. Lakwinder Singh Sidhu, the former president and sole\ndirector. The business was established with the intention of developing application software to a global vendor platform to connect people\nto businesses and provide a new shopping experience.\n\n \n\nOn\nMay 18, 2017, ownership of the Company underwent a change where New Reap Global Limited acquired 32,500,000 shares of common stock, representing\n68.4% ownership of the Company, from Mr. Sidhu. From March 2018 to June 2018, New Reap Global Limited executed a series of transactions\ninvolving the transfer of shares of common stock to various entities and individuals. Key transfers included Arden Wealth and Trust and\nshareholders such as HongLing Shang, Xuedong Zhang, Jingmei Jiang, and others. By mid-2018, New Reap Global Limited had divested significant\namounts of its holdings to entities such as EMRD Global Holdings, Fortress Advisors, LLC, and Baywall, Inc., among others.\n\n \n\nOn\nNovember 10, 2020, ten (10) shareholders, including Arden Wealth & Trust (Switzerland) AG and New Reap Global Limited, entered into\nstock purchase agreements with nineteen (19) non-U.S. accredited investors to sell an aggregate of 42,440,316 shares of common stock\nof the Company, which represented approximately 68.6% of the issued and outstanding shares of common stock of the Company.\n\n \n\nFollowing\nthe change in structure, the Company shifted in focus to providing commercial mobile technical support services in China, which consisted\nof 24/7 technical support for clients’ data platforms.\n\n \n\n13\n\n \n\n \n\nOn\nDecember 15, 2022, the Company entered into a share exchange agreement with Intellegence Parking, Chen Xinxin (“Xinxin”), the officer, director and control shareholder of Intelligence Parking and the\nshareholders of Intelligence Parking (the “Shareholders”). Under the Share Exchange Agreement, one hundred percent\n(100%) of the ownership interest of Intellegence Parking was exchanged for 1,000,000,000 shares of common stock in the Company. This\ntransaction closed on January 5, 2023, resulting in Intellegence Parking becoming the major shareholder of the Company. From this\npoint forward, the Company’s focus shifted to the business of smart urban parking solutions.\n\n \n\nOn\nMarch 8, 2023, the Company changed its name from Savmobi Technology, Inc. to Jingbo Technology, Inc.\n\n \n\nOn\nFebruary 5, 2024, the Company conducted a reverse stock split of the Company’s issued and outstanding shares of common stock, par\nvalue $0.001 per share (the “Common Stock”), at a ratio of 1-for-200 (the “Reverse Stock Split”). After the Reverse\nStock Split, the Company’s authorized capitalization is 50,000,000 shares common stock with a par value of $0.001 per share. The\nnumber of issued and outstanding shares of the Company’s Common Stock was correspondingly decreased to 5,315,412.\n\n \n\nOn\nSeptember 3, 2024, the Board approved and adopted the Amended and Restated Bylaws (the “Amended Bylaws”), revising the principal\nbusiness location of the Company and lowering the minimum votes required for certain actions.\n\n \n\nOn\nOctober 17, 2024, the Company increased the number of authorized Common Stock from 50,000,000 shares to 50,000,000,000 shares.\n\n \n\nOn\nNovember 18, 2024, the Company entered into a share exchange agreement with Xinghe and Hangdu. The Company acquired all issued shares of Xinghe in exchange for 550,000,000 Common Stock\nto Hangdu. As a result of this transaction, Hangdu became the largest shareholder of the Company, holding approximately 99.0% issued\nand outstanding shares of the Company. Xinghe was the sole shareholder of Keqiao Limited, which held 100% of Keqiao WFOE. Keqiao WFOE entered into a series of contractual arrangements to control\nand operate the business of Guangzhou Keqiao VIE, which itself owns Shaoxing Keqiao\nZhuyi Technology Co., Ltd. (“Shaoxing Keqiao”), an innovative technology company incorporated in China specializing in intelligent\nparking projects. Through this the acquisition, the Company continues its smart parking business in Zhejiang, China.\n\n \n\n**Capital\nStock**\n\n \n\nThe\nCompany conducted a reverse stock split of the Company’s issued and outstanding shares of common stock, par value $0.001 per share,\nat a ratio of 1-for-200 (the “Reverse Stock Split”). After the Reverse Stock Split, the Company’s capitalization is\n50,000,000 common shares with a par value of $0.001 per share (the “Common Stock”). No preferred shares have been authorized\nor issued. The Company increased the number of authorized shares of Common Stock from 50,000,000 shares to 50,000,000,000 shares. Total\nnumber of shares issued and outstanding as of July 20, 2026 is 555,315,412.\n\n \n\n14\n\n \n\n** **\n\n**Corporate\nStructure**\n\n \n\n \n\n**Business\nOverview**\n\n \n\nIntellegence\nParking is a multinational technology company, with a smart parking application software and platform business ecosystem as its main\nbusiness venture. The group company, Hangzhou Zhuyi Technology Co., Ltd. (“Hangzhou Zhuyi”) a PRC holding company, was\nformed on November 3, 2017 and is engaged in the business of smart parking application software and technology development. Its\nlegal representative is Jinhua Zou. The registered capital was 60 million yuan. The company is located in Building B8, China\nZhigu, Fuchun Park, Hangzhou.\n\n \n\nIt\nspecializes in smart parking projects, smart parking mobile applications and cloud platform construction innovation. Hangzhou Zhuyi\ntakes the smart parking scene as the entry point, integrates various parking lot resources, builds static traffic data and smart\ncity services.\n\n \n\nXinghe\nprovides smart parking projects, smart parking mobile applications and cloud platform construction innovation through Shaoxing Keqiao,\nwhich is an innovative technology company specializing in intelligent parking projects in Zhejiang, China. The platform owned by Shaoxing\nKeqiao supports online payment of parking fees, enabling seamless access to parking spaces, which greatly improves the user’s parking\nexperience. Shaoxing Keqiao utilizes modern information technologies such as the Internet of Things, big data, cloud computing, and mobile\npayment to provide solutions for the intelligent management and service of urban parking resources.\n\n \n\nA\ndeeply integrated digital ecological platform for city planners, parking lot operators, car owners and cooperative businesses to provide\ncomprehensive solutions for smart parking. It also focuses on the construction of its digital platform which operates the creations and\ncontrol of businesses, assists the construction of smart cities, and creates a bright future for smart living.\n\n \n\nIntellegence\nParking operates facilities at Tianjin Xinhua International University, Fuyang People’s Hospital,\nQilu University Hospital, Shanghai Tesco Supermarket, Hubei Huanggang Central Hospital. Xinghe operates in several intelligent parking\nprojects in Zhejiang, China. We also currently have seven urban parking projects.\n\n \n\nOur\nAny-e Life platform covers Any-e stop smart city cloud platform, Any-e stop App., parking management system, ecosphere merchant system,\ninformation forums, Any-e purchase cloud mall, Any-e Shop VIP member hall, etc., Covering parking services, parking management, urban\nparking information, smart cloud e-commerce, automotive after-market merchant O2O store, car owner membership services, etc.\n\n \n\nAny-e\nShop adopts sub-chain technology and shared inclusive economy model, through WeChat’s public platform + live stream + mini programs\n+ cloud e-commerce + advertising distribution, integrated to create a shared intelligent cloud e-commerce platform, through the conversion\nof public domain traffic into private domain traffic, in order to promote merchant information sharing, traffic interaction, thus forming\na cloud ecological chain of resource sharing, benefit sharing and data sharing.\n\n \n\n15\n\n \n\n \n\nIntellegence\nParking believes that its Any-e Life platform provides an app that solves the difficulty of parking for drivers and car owners. You\ncan check and reserve parking spaces, enter and exit the parking lot without delay, pay seamlessly, fees are deducted automatically.\nOur cloud platform includes: Parking management system, platform management system, merchant system, comprehensive city management\ncloud platform and other multiple management systems, fully meet the needs of each different users. We have accumulated a vast\namount of user data, and can provide tailored services for each user such as online shopping; creates for e-commerce, which brings\nnew revenue channels and sources for the platform. Intellegence Parking has a combination of online and offline car services,\ncovering auto repair and maintenance, auto supplies, auto body shop, modifications, car wash, and commercial business around the\nautomotive industry. Auto finance: used cars, new car sales, auto loans, auto insurance, life insurance, etc.\n\n \n\nOur\nfacilities have integrated license plate recognition that includes (i) a 3-million-pixel HD license plate recognition camera, which captures\nclearer photos, higher license plate recognition rate; (ii) support for blue plate, yellow plate, green plate, double-layer license plate,\npublic security, military vehicles and other license plate recognition; (iii) integrated chassis structure design, easy installation,\nbetter dustproof and waterproof effect; (iv) four by four LED display, taking into account the function and cost performance; (v) embedded\nlicense plate recognition special fill light, with its own light-sensor, automatically turns on at night, off during the day; and (vi)\nsupport for QR code cloud calls.\n\n \n\nThey\nalso have DC brushless road gates that (i) are DC brush-less 24V motor, heat resistant, silent operation, power gate operating life span\nexceeds 5 million times; (ii) include digital control box, adjustable power gate speed between 1.5 - 6 seconds depends on pole length;\n(iii) retract upon collision, prevents tailgating, delayed automatic power-down function; (iv) self-raise during malfunctions, external\npower supply automatically disconnects, to ensure normal passage of the lot; and (v) have red and green status lights, green light indicates\nopen, red light indicates gate is currently closed.\n\n \n\nIntellegence\nParking’s parking cloud platform is a one-stop-shop unified management platform for on-street parking, off-street parking,\nthree-dimensional garage, with high- and low-level monitoring, geomagnetic, charging station and other equipment. We use an SAAS\narchitecture cloud platform, which can achieve an all-in-one hosting platform from project creation, deployment, operation and\nmaintenance of the whole package. Applied in the parking industry, it is most suitable for unattended parking management.\n\n \n\nNo\ndatabase needed on site; the cloud platform supports a high data processing capacity up to billions. All data can be permanently stored\nin the cloud platform, and the platform supports one-key hot upgrade when new updates and features are released, or customized functions\nare upgraded. It supports cameras access to almost all current license plate recognition manufacturers on the market, does not require\nany technical cooperation from equipment manufacturers. There is seamless access to the parking cloud platform without replacing any\nhardware equipment on site. All gate control and vehicle billing are controlled by the cloud platform, the site does not need a management\nbooth or computer, reports and real-time monitoring can be viewed in real time through the cloud. One Smart Cloud Box can access up to\n48 channels of cameras, in most cases requires only one configuring box for each project. After the front-end license plate is captured,\nthe box carries out secondary comparison by analyzing the captured photo, and once there is a camera recognition error, it can be corrected\nwithin 200ms, truly achieving 99.9% license plate recognition rate.\n\n \n\nIntellegence\nParking and Xinghe expect to derive revenue from (i) both contract and partnership parking operations, and there are both city-level\nparking lots and single-unit projects that make profits from parking lot operations; (ii) business model design and the accumulation\nof platform users, we establish a platform ecosystem, realize the fundamental value of users, provide longer service span for users.\nShared resources and business models for the platform merchants, provide system support for merchants to build digital operations,\nand help merchants to build their own digital assets; (iii) selling our parking hardware and developing software; (iv) the\nplatform’s hardware and software systems, where we connect docking lots, and its users then assist with cash flow, even though\nwe do not participate in the operations; and (v) the preliminary project construction and equipment installation of parking\nlots.\n\n \n\n16\n\n \n\n \n\nThrough\nthe development of a series of reward and incentive policies (including cash), we will carry out comprehensive marketing and\nresource integration with different parties such as internal branches, regional agents, various different parking lots, as well as\npartner merchants and VIP users. The internal marketing department is responsible for marketing support and training, and is divided\ninto several large regions for management and layout according to national regions. Intellegence Parking will provide regional\nmarket development by local agents in local markets, regional marketing guidelines provided by Intellegence Parking, and our\nheadquarters to provide support.\n\n \n\nParking\nlots are the main entrance to get users, so we should focus on the expansion of parking lot users and add a new incentive mechanism to\npromote parking lot users. We want to make parking lot users into assets. We intend to develop an incentive structure for the promotion\nof users in the ecosystem, to increase the enthusiasm of cooperating merchants to promote users, so that each cooperating merchant plays\nan important role in user promotion.\n\n \n\nThe Company’s bottom line subsidiaries include\nXide Zhuyi Technology Co., a PRC company which was formed on October 14, 2021 and is engaged in the business of smart parking application\nsoftware and technology development. Its legal representative is Guowei Zhang; Hubei Tongpo Parking Management Co., a PRC company which\nwas formed on November 4, 2020 and is engaged in the business of smart parking application software and technology development. Its legal\nrepresentative is Guowei Zhang; Zhuyi Technology (Taining) Co., a PRC company which was formed on May 18, 2021 and is engaged in the business\nof smart parking application software and technology development. Its legal representative is Guowei Zhang; and Shaoxing Keqiao Zhuyi\nTechnology Co., Ltd, a PRC company which was formed on February 18, 2022 and is engaged in the business of intelligent parking projects.\nIts legal representative is Chen Xiujuan; Leshan Zhuyi Qifeng Intelligent Technology Development Co., a PRC company which was formed on\nMarch 14, 2024 and is engaged in the business of smart parking application software and technology development. Its legal representative\nis Chi Changsen; Zhongxiang Huji Town Zhuyi Technology Co., a PRC company which was formed on August 14, 2023 and is engaged in the business\nof smart parking application software and technology development. Its legal representative is Guowei Zhang; Tianjin Yuntu Internet Technology\nCo., a PRC company which was formed on February 6, 2026 and is engaged in the business of smart parking application software and technology\ndevelopment. Its legal representative is Wu Leilei.\n\n \n\n**Our\nGoals**\n\n \n\n1.\nBuilding smart digital parking cloud platform.\n\n \n\n2.\nForming a harmonious digital ecosystem around smart parking.\n\n \n\n3.\nConstructing intelligent cities across the globe.\n\n \n\n4.\nCreating a brighter future for smart living.\n\n \n\nOur\ncore goal is to integrate resources, build a platform ecosystem, users focused, achieve multi-scenario satisfaction of user needs and\ntransactions, and become an ecological operator of smart parking digital platform.\n\n \n\n1.\nOperating a parking lot: Contracting to operate a parking lot as the main business of the parking lot operators, whose main profit is\nparking fees (For example, contract contractors to operate parking lots for a variety of different operations).\n\n \n\n2.\nPayment: Paid smart parking as the system’s main goal (such as ETC payment).\n\n \n\n3.\nBuilding a platform, encourage derived businesses, integrating resources, building business circle, making rules and business model:\nOnly by treating users as a fundamental part of the business, doing mobile application software + cloud platform + ecosystem would become\nour real challenge. Ultimately to establish multiple inner ecosystems and provide values to users. Establish self-sustained digital operations\nand open up more opportunities through our business model.\n\n \n\n17\n\n \n\n \n\n4.\nEquipment Sales: Mainly focus on the production and sales of equipment, simultaneously develop platform operations, the digital platform\nis mainly for the purpose of equipment sales, software is limited to parking management.\n\n \n\nWith\nthe development of global economy, going abroad has become an essential step in the development process of every enterprise. In the process\nof globalization layout, the first phase will promote the brand in a more diversified form, focusing on the global business perspective,\nextending to Asian and European markets in the next three years, and then opening a global market service system.\n\n \n\n**Franchising\nPolicies** \n\n \n\nThe\nfranchising policy mainly includes four aspects:\n\n \n\n1.\nRegional Partner Policy; where regional agents need to have industry network resources, marketing team, and be able to interlock parking\nlots and ecosystem businesses, with a deposit of 100,000 yuan. There will be parking lot interlock incentives, merchant interlock incentives,\nuser promotion incentives and regional market incentives.\n\n \n\n2.\nJoint Parking Lot Policy; where (a) with single-operating parking lot cooperation, Intellegence Parking invests in hardware\nequipment and software system, service charges are charged according to the number of channels, and parking charges are deposited\ninto the parking lot owner’s account within 7 days, (b) contracted parking lot is paid monthly or quarterly according to the\nannual contract amount, and the parking lot operated by joint cooperation is paid monthly according to the contracted share ratio,\n(c) there are non-operating parking lot policy: Policy documents need to be issued by local government departments, and (d)\nurban-level parking lots are tendered or set up joint ventures according to each project, with various cooperation models such as\nPPP, BOT, EPC+O, etc.\n\n \n\n3.\nPlatform Merchant Franchising Policy; where there must a legal business license and physical store, willing to join the platform ecosystem,\npre-joined merchants are free to join. The platform collects a certain percentage of service fee based on the transaction volume. Merchants\nwho refer users can get a 5% reward for each users’ total amount spent in any of the platform’s businesses. VIP users can\nget a 10% reward for pre-paying their account, merchants who refer can get a 1% reward of merchants’ transaction flow in the platform.\n\n \n\n4.\nVIP User Policy; where users retain VIP status once account pre-pay amount reaches 1,000 yuan, pre-paid amount can be used for parking\npayment, direct payment to platform merchants, and any spending in the platform online store. Users who refer VIP users can get 10% of\ntheir pre-paid amount and 5% of their referred users’ spending in the platform ecosystem, referring merchants can get 1% of their\nplatform sales.\n\n \n\n**Market\nAnalysis**\n\n \n\nUnder\nthe traditional parking management system, China’s parking industry has two significant problems: the shortage of parking spaces\nand low utilization rate. At present, the average utilization rate of parking spaces in China is about 40%, the larger the scale of the\nparking lot, the lower the utilization rate, such as the largest commercial complex parking lot, but the average daily utilization rate\nis only 37%, which is lower than the average level of other types of parking lots. Over 90% of cities in China have an overall parking\nutilization rate of less than 50%, and the parking utilization rate in major cities such as Beijing, Shanghai and Guangzhou is in the\nrange of 40-50%, which is a waste of parking resources.\n\n \n\nUnder\nthe traditional parking space management system, the degree of specialization in parking management is low, the industry is highly fragmented,\nand there is a lack of large specialized parking management companies. There are many types of market participants with different standards,\nthe uneven level of control prevents the centralized management of traditional parking spaces, which further hinders the effective use\nof parking spaces and is not conducive to the improvement of parking space utilization.\n\n \n\nAccording\nto Sullivan’s data, the coverage rate of intelligent parking lots in major cities such as Beijing, Shanghai, Guangzhou and Shenzhen\nis less than 10%, and most domestic parking lots still adopt the traditional “card and ticket” entrance/exit management method,\nwith manual charging as the main method. The backward management method leads to the problems of slow access, difficulty in finding parking\nspace and difficulty in finding a car. The length of time and difficulty for car owners to find cars increases with the scale of the\ncar park.\n\n \n\n18\n\n \n\n \n\nFor\nexample, the parking lot of commercial complex is generally large in scale and complex in structure, and the user’s search time\nis often 4-6 times of the average search time of other types of parking lots (residential, commercial office buildings, transportation\nhubs, etc.). The backward management method greatly lengthens the time of occupied parking spaces, hinders the improvement of parking\nspace turnover rate, and even directly causes poor user parking experience.\n\n \n\nWith\nthe problem of “difficult parking” becoming more and more prominent, the commercial and social value of the smart parking\nindustry has also become more and more prominent. Smart parking management mode can effectively improve the utilization of parking resources,\nthus alleviating the problem of urban parking difficulties. It is sought after by all social forces (capital, policy, technology, users,\netc.) and can promote the further development of the industry.\n\n \n\nChina’s\nsmart parking industry has not yet issued a national unified construction standard, the construction of parking information systems in\nlocal cities across the country lacks a unified normative basis, and the smart parking systems built by various office buildings, hotels,\nshopping malls, and communities lack integrated planning and architecture specifications, especially for applications in commercial areas\nand communities, with significant differences in architecture between systems, leading to difficulties in information exchange and system\nintegration. There are a large number of smart parking enterprises and derivatives on the market, each smart parking products and service\nproviders is on their own, the products and systems launched are not compatible with each other. In the smart parking application field,\nthe market is not yet standardized nationwide via a single parking app, all parking apps information is not incorporated or shared, forming\nmany singled out information islands, which is against the original intention of revitalizing the market of smart parking. These apps\nalso have different user experiences, which brings a lot of inconvenience to consumers, and eventually abandoned by many of them, which\nis not beneficial to the expansion and popularity of smart parking network.\n\n \n\nIn\naddition, the development of the industry is not standardized, there are some providers who do not have the resources to research, develop\nand provide post-sale services, who end up reducing prices to sell low-quality products. No real competing power, disrupting the market\norder, causing quality manufacturers a certain amount of competitive pressure, intensifying a degree of competition in the industry,\nwhich is not favorable to a healthy development of the industry.\n\n \n\nIn\nthe past three years, internet companies have entered the smart parking industry in a big way with capital. in February 2018, Ant Group\nunder Alibaba took a 200-million-yuan stake in J-Parking. In August of the same year, Tencent made a strategic investment in Xiamen Ketuo\nCo.\n\n \n\nInternet\ncompanies have combined their advantages in artificial intelligence, mobile payment and other technologies with smart parking platforms\nfor strategic cooperation. This strategic cooperation between internet companies and smart parking platforms has made unattended and\nsensor less payment the trend of industry development. The mainstream smart parking operation platform has access to Alipay, WeChat payment\nand other mobile payment technologies. In May 2018, Baidu and ETCP reached a strategic cooperation, through the “parking payment”\npage of Baidu Map or the “ETCP Parking” APP, car owners can check parking information in real time, navigate to the parking\nlot, and enjoy smart parking services such as electronic payment for entering and exiting the parking lot without parking, achieving\na harmonious system of shared data and integrated platform.\n\n \n\nBaidu,\nAli, Tencent and other Internet giants have entered the game one after another, not only to provide a solid financial basis for the transformation\nof parking services, also the integration of on-line operations and smart parking, which boosts rapid and steady development of the industry,\ndriving the industry into a new stage of development. As the head enterprises in the smart parking industry accelerate their capital\noperation, the industry will accelerate the pace of high-quality parking resources, and will also surge a wave of mergers and acquisitions,\nresulting industry integration to be further accelerated.\n\n \n\nAccording\nto some developed countries, the ratio of car to parking spaces is 1:1.3, while the average in China is less than 1:0.5, which is a serious\nimbalance between supply and demand, car owners and drivers usually cannot find a parking space after driving out to the destination,\ndue to the difficulty of finding parking spaces leading to unlawful parking, road congestion, traffic accidents and other problems, bringing\nconcerns to the government’s urban traffic.\n\n \n\n19\n\n \n\n \n\nAnalysis\nfrom the perspective of the needs of car owners and drivers: This part of the user demand we call C-end user demand, its demand for parking\nis extremely urgent and rigid, they hope to be able to check the availability of parking spaces near the destination in advance before\nleaving home, you can reserve a parking space in advance. At the same time, as car owners and drivers, they hope that the platform can\nprovide them with more user-friendly, more detailed and comprehensive services and better experience.\n\n \n\nAnalysis\nfrom the perspective of different parking space owners and operators: They want to realize unattended and automated payments; they want\nto reduce operating costs and improve operational efficiency; they want to realize intelligent and digital management and turn their\nresources into their digital assets.\n\n \n\nAnalysis\nfrom the perspective of city planners: They want to have a software, a system and a platform to integrate the parking spaces of different\nproperty rights in the whole city, to achieve data integration and sharing, and to realize real-time data update, query, regulation and\nscheduling.\n\n \n\nAnalysis\nfrom the perspective of the state, to promote the industry and industrial development: The smart parking industry covers a wide range,\nlong industry chain, the state hopes to have a comprehensive digital, industry-wide platform for industry resource integration and information\nsharing, in order to promote the development of the whole industry.\n\n \n\n**Competitive\nAdvantages**\n\n \n\nWe\nbelieve that Intellegence Parking has significant advantages in terms of development strategy, technology, team, business model and\ncapital operation. After years of cultivation and accumulation, Intellegence Parking has its own intellectual property rights of\nsmart parking mobile application software, parking management system, merchant system and smart parking cloud platform. We have a\nprofessional and well-structured technical team, management team, operation team, and marketing team.\n\n \n\n**Business\nModel**\n\n \n\nIntellegence\nParking and Xinghe intend to carry out software and hardware system conversion for existing parking lots, to achieve a smart,\ndigital, platform operation, from constructing to profiting. We shall integrate resources and processing transactions by undergoing\nsoftware development and using our own merchant marketing management software. The Company will operate the lots by contracting them\nout and profiting from the parking fees. We utilize modern information technologies such as the Internet of Things, big data, cloud\ncomputing, and mobile payment to deliver intelligent solutions for the management and operation of urban parking resources. We hope\nto gain revenue through the sales of various smart parking hardware, including smart car stopper, smart parking machine, smart cloud\nbox, geomagnetic, etc. We also have E-commerce, membership, sales profit and sales commission on Any-e platform and want to utilize\nthe platform’s database, build an O2O business model for the automotive aftermarket, which brings more opportunities, more\nstable and sufficient cash flow and ultimately revenue to the platform. We believe there are advantages to our partnership operation\nmodel, capital operation model, digital, ecological, and platform operation business model. Intelligence Parking and Xinghe have a\nstrong resource integration capability, from parking, car owners, online and offline merchants, industry support to O2O platform,\netc. Multi-platform resource integration to open up each service channel, to achieve shared user resources in the ecosystem, to\nbetter assist each and every user.\n\n \n\n20\n\n \n\n** **\n\n**Employees**\n\n \n\nAs\nof February 28, 2026:\n\n \n\n**Company\nname**\n** **\n\n**Part-time/Full-time**\n\n** **\n**Number\nof employees**\n\nJingbo\nTechnology, Inc. (formerly SavMobi Technology, Inc.)\n \nFull-time\n \n1\n\nIntellegence\nParking Group Limited and its subsidiaries\n \nFull-time\n \n0\n\nZhejiang\nJingbo Ecological Technology Co. and its subsidiaries\n \nFull-time\n \n161\n\nShaoxing\nKeqiao and its subsidiaries\n \nFull-time\n \n2\n\n \n\nWe\nanticipate hiring additional employees in the next twelve months. We anticipate hiring necessary personnel based on an as needed basis\nonly on a per contract basis to be compensated directly from revenues."}