Common use of PRC Subsidiaries Clause in Contracts

PRC Subsidiaries. The Company conducts substantially all of its operations and generates substantially all of its revenue through its indirect wholly-owned subsidiary, Shandong Caopu Arts & Crafts Co., Ltd. (“SCAC”), which conducts its operations through its subsidiaries and affiliates listed on Annex II hereto and listed and described in the Registration Statement and the Prospectus (such subsidiaries and affiliates, together with SCAC, collectively shall be referred to herein as the “PRC Subsidiaries”).

PRC Subsidiaries. The Company conducts substantially all of its operations and generates substantially all of its revenue through its indirect wholly-owned subsidiary, Shandong Caopu Arts & Crafts Co., Ltd. (“SCAC”), which conducts its operations through its subsidiaries and affiliates listed on Annex II [●] hereto and listed and described in the Registration Statement and the Prospectus (such subsidiaries and affiliates, together with SCAC, collectively shall be referred to herein as the “PRC Subsidiaries”).