Related Party Transactions

12 Months Ended

Dec. 31, 2023

Related Party Transactions [Abstract]

RELATED PARTY TRANSACTIONS

14. RELATED PARTY TRANSACTIONS

(a) Related parties

The principal related parties with which the Group had transactions during the years presented are as follows:

Names of related parties	Relationship with The Group
Zengqiang Lin	The principal stockholder and director of the Company
Fuqing Xinhongbo Trading Co., Ltd. (“Xinhongbo”)	An entity controlled by the principal stockholder of the Company
Fuqing Changhong Agricultural Products Supply Chain Co. Ltd.(“Changhong”)	An entity controlled by the principal stockholder of the Company

(b) Other than disclosed elsewhere, The Group had the following significant related party transactions for the years ended December 31, 2023 and 2022:

	For years ended December 31,
	2023			2022
	US$			US$
Loan from a related party:
-Zengqiang Lin		2,900,289			1,781,932
Repayment of loan from a related party:
-Zengqiang Lin		(3,199,390	)		-
Capital contribution to Hongchang Food:
-Zengqiang Lin		41,241,108			-

(c) The Group had the following related party balances as of December 31, 2023 and 2022:

	As of December 31,
	2023		2022
	US$		US$
Advance to supplier-related party
-Xinhongbo		59,324		60,885
Amount due from a related party
-Changhong		141		-
Amount due to a related party:
-Zengqiang Lin		6,682,959		6,397,578

All balances with the related parties as of December 31, 2023 and 2022 were unsecured, interest-free and had no fixed terms of repayments. The amount of Advance to supplier-related party and due from a related party have been collected in full as of the reporting date. On April 1, 2023, Hongchang Food entered into an interest-free loan agreement with Zengqiang Lin to obtain aggregate maximum loans of up to RMB60.0 million (US$8.5million) for the period from April 1, 2023 to March 31, 2026.