RE:RE:RE:RE:RE:RE:RE:Beichen denies it is a subsidiary of the GREGRE was originally set up using a VIE but it was converted to 100% equity ownership in 2011. So the Canadian parent company does own all of the assets and has substanital rights that could be enforce dunder Chinese law. However, if all of the money has been stolen or if it never existed then shareholders could still be left with nothing.
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On December 12, 2011, Green Star has further completed a corporate reorganization and its subsidiary, HKCo, acquired
100% equity interest in Fujian Green Star. WFOE has also entered into termination agreements with Fujian Green Star
and its shareholders to terminate all contractual agreements with respect to the VIE structure previously in place between
WFOE and Fujian Green Star, with such termination taking effect upon completion of the reorganization. Each of the
termination agreements contains a clause stating that in the event the reorganization is held to be invalid or void by the
PRC government in the future, the original VIE agreements will become effective. Upon the completion of the
reorganization, Fujian Green Star became a 100% equity owned subsidiary of Green Star. The foregoing arrangement
did not affect the Corporation’s control over Fujian Green Star.