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As filed with the Securities and Exchange Commission
on October 19, 2021






Registration Statement No. 333-____










UNITED STATES


SECURITIES AND EXCHANGE COMMISSION




Washington, D.C. 20549






FORM


S-1








REGISTRATION STATEMENT

UNDER THE SECURITIES
ACT OF 1933









IONIX TECHNOLOGY, INC.





(Exact name of registrant as specified in its charter)





















Nevada




3679




45-0713638




(State or other jurisdiction of




incorporation or organization)






(Primary Standard




Industrial Code Number)






(I.R.S. Employer




Identification Number)














400 S. 4th Street, Suite 500, Las Vegas, NV 89101




(702) 793 4085






(Address, Including Zip Code, and Telephone Number, Including Area Code, of Registrant’s Principal Executive Offices)














Cheng Li




Chief Executive Officer



400 S. 4th Street, Suite 500, Las Vegas, NV 89101



(702) 793 4085





(Name, Address, Including Zip Code, and Telephone
Number,




Including Area Code, of Agent for Service)







Copy to:






Jessica M. Lockett, Esq.




Lockett + Horwitz,




A Professional Law Corporation




2 South Pointe, Suite 275




Lake Forest, CA 92630




(949) 540-6540




(949) 540-6578 — Facsimile






Approximate date of commencement of proposed
sale of the securities to the public:

From time to time after the effective date of this registration statement.





If any of the securities being registered on this
Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933 check the following box.

x





If this Form is filed to register additional securities
for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration
statement number of the earlier effective registration statement for the same offering.

¨





If this Form is a post-effective amendment filed
pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of
the earlier effective registration statement for the same offering.

¨































If this Form is a post-effective amendment filed
pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of
the earlier effective registration statement for the same offering.

¨





Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company.
See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,”
and “emerging growth company” in Rule 12b-2 of the Exchange Act.
























Large accelerated filer


¨


Accelerated filer


¨




Non-accelerated filer




x


Smaller reporting company




x






Emerging growth company




¨







If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 7(a)(2)(B) of the Securities Act.

¨






CALCULATION OF REGISTRATION FEE

















































































Title of Securities to be Registered




Number of


shares


of common


stock to be


registered (1)





Proposed


Maximum


Offering Price


Per Share





Proposed


Maximum


Aggregate


Offering Price





Amount of


Registration


Fee



Common Stock, $0.0001 par value per share



29,106,000



$

0.10

(2)


$

2,910,600



$

269.81




















Total




29,106,000







$

2,910,600



$

269.81












(1)

This Registration Statement covers the resale under a separate resale prospectus (the “Resale Prospectus”) by selling
shareholders (“Selling Shareholders”) of the Registrant of up to 29,106,000 common stocks previously issued to the Selling
Shareholders as named in the Resale Prospectus. Pursuant to Rule 416, the securities being registered hereunder include such indeterminate
number of additional securities as may be issued after the date hereof as a result of stock splits, stock dividends or similar transactions.











(2)

Estimated solely for purposes of calculating the registration fee pursuant to Rule 457(c) under the Securities Act, based on the average
of the high and low prices for our common stock reported on the OTCQB marketplace on October 12, 2021 of $0.112


and $0.091. The shares offered hereunder may be sold by the Selling Security Holder from time to time in the open market, through privately
negotiated transactions, or a combination of these methods at market prices prevailing at the time of sale or at negotiated prices.









The registrant hereby amends this registration
statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which
specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities
Act of 1933 or until this registration statement shall become effective on such date as the Commission, acting pursuant to said Section
8(a), may determine.























2

















PRELIMINARY PROSPECTUS SUBJECT TO
COMPLETION, DATED OCTOBER 19, 2021






The information in this prospectus
is not complete and may be changed. The Selling Shareholders may not sell these securities until the registration statement filed with
the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and it is not soliciting
offers to buy these securities in any state where the offer or sale is not permitted.






IONIX TECHNOLOGY, INC.





29,106,000

Shares of Common Stock







This prospectus relates to
the offering and resale by the Selling Shareholders identified herein of up to an aggregate of 29,106,000 shares of the Company’s
common stock, par value $0.0001 per share (the “Common Stock”) as set forth in the Resale Prospectus.





Our Common Stock is traded
on the over-the-counter market (OTCQB) under the symbol “IINX”. However, the Common Stock offered by this prospectus may also
be offered by the Selling Shareholders to or through underwriters, dealers, or other agents, directly to investors, or through any other
manner permitted by law, on a continued or delayed basis. Please see “Plan of Distribution” beginning on page ## of this prospectus.





We are not selling any shares
of Common Stock in this offering, and we will not receive any proceeds from the sale of shares by the Selling Shareholders. The registration
of the securities covered by this prospectus does not necessarily mean that any of the securities will be offered or sold by the Selling
Shareholders. The timing and amount of any sale is within the respective Selling Shareholders’ sole discretion, subject to certain
restrictions.





Our Common Stock is traded
on the over-the-counter market under the symbol “IINX.” On October 12, 2021, the closing price of our Common Stock as reported
by OTC Markets Group, Inc.’s OTCQB Market was $0.11.






Investing in our securities
involves a high degree of risk. See “Risk Factors” in the section entitled “Risk Factors” on page ## of this prospectus
for a discussion of certain risk factors that should be considered by prospective purchasers of the Common Stock offered under this prospectus.






You should rely only on
the information contained in this prospectus or any prospectus supplement or amendment hereto. We have not authorized anyone to provide
you with different information.






Neither the Securities
and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed upon the adequacy
or accuracy of this prospectus. Any representation to the contrary is a criminal offense.






The date of this prospectus is October 19, 2021

















3

















TABLE OF CONTENTS














































































PROSPECTUS SUMMARY

5

THE OFFERING

9

SUMMARY CONSOLIDATED FINANCIAL INFORMATION

9

RISK FACTORS

11

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

29

SELLING SHAREHOLDERS

29

USE OF PROCEEDS

30

PLAN OF DISTRIBUTION

31

MARKET FOR COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND PURCHASES OF EQUITY


SECURITIES

32

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

34

BUSINESS

41

DIRECTORS AND EXECUTIVE OFFICERS

58

EXECUTIVE COMPENSATION

66

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

73

DESCRIPTION OF COMMON STOCK

76

INTERESTS OF NAMED EXPERTS AND COUNSEL

77

WHERE YOU CAN FIND MORE INFORMATION

77

INDEX TO FINANCIAL STATEMENTS

F-1





You may only rely on the
information contained in this prospectus or that we have referred you to. We have not authorized anyone to provide you with different
information. This prospectus does not constitute an offer to sell or a solicitation of an offer to buy any securities other than the Common
Stock offered by this prospectus. This prospectus does not constitute an offer to sell or a solicitation of an offer to buy any Common
Stock in any circumstances in which such offer or solicitation is unlawful. Neither the delivery of this prospectus nor any sale made
in connection with this prospectus shall, under any circumstances, create any implication that there has been no change in our affairs
since the date of this prospectus is correct as of any time after its date.

















4

















PROSPECTUS SUMMARY






This summary highlights
selected information appearing elsewhere in this prospectus. While this summary highlights what we consider to be important information
about us, you should carefully read this entire prospectus before investing in our Common Stock, especially the risks and other information
we discuss under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition
and Results of Operation” and our consolidated financial statements and related notes beginning on page F-1. Our fiscal year end
is June 30 and our fiscal year ended June 30, 2021 is sometimes referred to herein as fiscal year 2021. Some of the statements made in
this prospectus discuss future events and developments, including our future strategy and our ability to generate revenue, income and
cash flow. These forward-looking statements involve risks and uncertainties which could cause actual results to differ materially from
those contemplated in these forward-looking statements. See “Cautionary Note Regarding Forward-Looking Statements”. Unless
otherwise indicated or the context requires otherwise, the words “we,” “us,” “our”, the “Company”
or “our Company” or refer to Ionix Technology, Inc., a Nevada corporation.






Corporate Background





Ionix Technology, Inc. (the “Company”,
formerly known as Cambridge Projects Inc.), a Nevada corporation, was formed on March 11, 2011. The Company was originally formed
to pursue a business combination through the acquisition of, or merger with, an operating business. The Company filed a registration statement
on Form 10 with the U.S. Securities and Exchange Commission (the “SEC”) on August 23, 2011, and focused on identifying a potential
business combination opportunity.





On November 20, 2015, the Company’s former
majority shareholder and chief executive offer, Locksley Samuels (“Seller”), completed a private common stock purchase agreement
(the “SPA”) to sell his entire 21,600,000 shares of the Company’s common stock to Shining Glory Investments Limited
(“Purchaser”). In connection with the SPA, the Board appointed Ms. Doris Zhou as the Company’s Chief Executive Officer,
Chief Financial Officer, Secretary, Treasurer, and director on November 20, 2015, and Seller concurrently resigned from all positions
with the Company. As a result of the SPA, a change in control occurred as (i) Purchaser acquired approximately 65.45% of the Company’s
common stock, and (ii) the Company’s sole officer and director after the SPA was Ms. Zhou, who has since resigned.





On November 30, 2015, the Company’s board
of directors (the “Board”) and the majority of its shareholders approved that (i) the Company change its name from “Cambridge
Projects Inc.” to “Ionix Technology, Inc.”, (ii) the Company voluntarily changed its ticker symbol in connection with
the name change, and (iii) the Company execute a 3:1 forward stock split, which will increase the Company’s issued and outstanding
shares of common stock from 33,001,000 to 99,003,000 (the “Corporate Actions). The Company filed an application with the Financial
Industry Regulatory Authority (“FINRA”) to effectuate the Corporate Actions and filed a Form 8-K on December 10, 2015, in
regards to the Corporate Actions. On February 3, 2016, FINRA approved the Corporate Actions, which took effect on the market on February
4, 2016. As a result, (i) the Company’s name is now “Ionix Technology, Inc.”, (ii) its new trading symbol is “IINX”,
(iii) the 3:1 forward stock split is effective, payable upon surrender, and (iv) the Company’s new CUSIP number is 46222Q107.





On February 17, 2016, the Board ratified, approved,
and authorized the Company’s acquisition of a wholly-owned subsidiary, Well Best International Investment Limited, a limited liability
company formed under the laws of Hong Kong Special Administrative Region (“Well Best”) on September 14, 2015. Well Best was
acquired by Qingchun Yang, its current director, on November 10, 2015. One hundred percent interest in Well Best was transferred to Ionix
Technology on February 15, 2016.Well Best’s purpose is to act as an investment holding company and pursue new business ventures
conducted in the Asia Pacific region excluding China. Well Best has had no activities since inception.





On November 7, 2016, the Company’s Board
of Directors approved and ratified the incorporation of Lisite Science Technology (Shenzhen) Co., Ltd ("Lisite Science"), a
limited liability company formed under the laws of China on June 20, 2016. Well Best is the sole shareholder of Lisite Science. As a result,
Lisite Science is an indirect, wholly-owned subsidiary of the Company. Lisite Science focused on marketing the high-end intelligent electronic
equipment, specifically a power bank which is a 5 volt 2 amp, 20000mAh lithium ion battery powered portable device offering charging time
of 12-18 hours that is intended to be utilized as a power source for electronic devices such as the iphone, ipad, mp3/mp4 players, PSP
gaming systems, and cameras. Lisite Science commenced operations in September of 2016.





On November 7, 2016, the Company’s Board
of Directors approved and ratified the incorporation of Shenzhen Baileqi Electronic Technology Co., Ltd. ("Baileqi Electronic"),
a limited liability company formed under the laws of China on August 8, 2016. Well Best is the sole shareholder of Baileqi Electronic.
As a result, Baileqi Electronic is an indirect, wholly-owned subsidiary of the Company. Baileqi Electronic focused on marketing the LCD
and module for civil electronic products. The module of new energy power system refers to an LCD screen that is manufactured for small
devices such as video capable baby monitors, electronic devices such as tablets and cell phones, and for use in televisions or computer
monitors. Baileqi Electronics commenced operations in September of 2016.On September 1, 2016, Baileqi Electronics entered into a manufacturing
agreement with Shenzhen Baileqi Science and Technology Co., Ltd. ("Shenzhen Baileqi S&T") to manufacture products for Baileqi
Electronics.

















5
















On December 29, 2016, the Company’s Board
of Directors approved and ratified the acquisition of 99.9% of the issued and outstanding stock of Welly Surplus International Limited,
a limited company formed under the laws of Hong Kong on January 18, 2016, in exchange for 99,999 HK dollars (the “Acquisition”).
As a result of the Acquisition, the Company became the majority shareholder of Welly Surplus, owning 99.99% of the issued and outstanding
stock of Welly Surplus, and Welly Surplus is now a majority owned subsidiary of the Company. As the closing of the Acquisition, Ms. Zhou
was appointed as a member of the board of directors of Welly Surplus. Welly Surplus will act as the accounting and financial base for
the Company and shall focus on assisting the Company with all of the Company’s financial affairs. Welly surplus had no activities
since inception.





On April 7, 2017, Ben William Wong (“Wong”)
and Yubao Liu, an individual (“Liu”) entered into a Stock Purchase Agreement (the “Agreement”) whereby Wong agreed
to sell and Liu agreed to purchase 5,000,000 shares of the Company’s restricted preferred stock, representing 100% of the total
issued and outstanding preferred stock (“Company Preferred Stock”). In consideration for the Company Preferred Stock, Liu
agreed to pay to Wong a total of 5,000,000 RMB on or before April 30, 2017. The Agreement closed on April 20, 2017 (the “Closing”).
Additionally, on April 5, 2017, Liu and Shining Glory Investments Limited, a British Virgin Islands company (“Shining Glory”),
of which Wong is the sole officer and director, entered into a purchase agreement whereby Liu acquired 1 ordinary common stock share (the
“Shining Glory Share”) representing approximately 100% of Shining Glory’s outstanding shares of common stock. 
In consideration for the Shining Glory Share, Liu paid to Wong a total of $1 USD and Wong resigned as a Director of Shining Glory. Concurrently,
Liu was appointed as the sole director of Shining Glory. The agreement between Shining Glory and Liu closed on April 20, 2017.





On February 20, 2018, the Company ratified and
approveda the appointment of Jialin Liang as President and a member of the board of directors of Changchun Fangguan Photoelectric Display
Technology Co. Ltd ("Fangguan Photoelectric"). On February 20, 2018, the Company’s Board of Directors approved and ratified
the incorporation of Fangguan Photoelectric. Fangguan Photoelectric is a wholly owned subsidiary of Well Best International Investment
Limited and an indirect wholly-owned subsidiary of the Company. Fangguan Photoelectric focused on marketing LCDs for the Company. In October
2018, Jialin Liang resigned as President and Director of Fangguan Photoelectric. Mr Biao Shang became his successor.





On June 28, 2018, the Board of Directors of Ionix
Technology, Inc. (the “Company”) approved and ratified the incorporation of Dalian Shizhe New Energy Technology Co., Ltd.
(“Shizhe New Energy”) and the Company ratified and approved the appointment of Mr. Liang Zhang as President and a member of
the board of directors of  Shizhe New Energy . Shizhe New Energy is a wholly owned subsidiary of Well Best International Investment
Limited and an indirect wholly-owned subsidiary of Ionix Technology, Inc. In May 2019, Liang Zhang resigned as President and Director
of Shizhe New ENERGY. Mr Shikui Zhang became his successor.





On December 27, 2018, the Company entered into
a Share Purchase Agreement (the “Purchase Agreement”) with Jialin Liang and Xuemei Jiang, each of whom is shareholder (the
“Shareholders”) of Changchun Fangguan Electronics Technology Co., Ltd. (PRC) (“Fangguan Electronics”). Pursuant
to the terms of the Purchase Agreement, the Shareholders, who together own 95.14% of the ownership rights in Fangguan Electronics, agreed
to execute and deliver the Business Operation Agreement dated December 27, 2018 (the “Business Operation Agreement”), the
Equity Interest Pledge Agreement dated December 27, 2018 (the “Equity Interest Pledge Agreement”), the Equity Interest Purchase
Agreement dated December 27, 2018 (the “Equity Interest Purchase Agreement”), the Exclusive Technical Support Service Agreement
dated December 27, 2018 (the “Services Agreement”) and the Power of Attorney dated December 27, 2018 (the “Power of
Attorney” and together with the Business Operation Agreement, the Equity Interest Pledge Agreement, the Equity Interest Pledge Agreement
and the Services Agreement, the “VIE Transaction Documents”) to the Company in exchange for the issuance of an aggregate of
15,000,000 shares of the Company’s common stock, par value $.0001 per share (the “Common Stock”), thereby causing Fangguan
Electronics to become the Company’s variable interest entity. Together with Purchase Agreement, in exchange of 15 million shares
of the Company’s common stock, the Shareholders also agreed to convert shareholder loan of RMB 30 million (approximately $4.4 million)
to capital and make cash contribution of RMB 9.7 million (approximately $1.4 million) to capital. The entirety of the transaction
will hereafter be referred to as the “Transaction.”





On February 7, 2021, the Board of Directors of
the Company approved and ratified the incorporation of Shijirun (Yixing) Technology Co., Ltd. (“Shijirun”), a limited liability
company formed under the laws of the Peoples Republic of China (PRC) on February 7, 2021. Well Best International Investment Limited is
the sole shareholder of Shijirun. As a result, Shijirun is an indirect, wholly-owned subsidiary of the Company. Shijirun focuses on developing
and producing high-end intelligent new energy equipment in Yixing City, Jiangsu Province, China.





On March 30, 2021, the Board of Directors of Ionix
Technology, Inc. approved and ratified the incorporation of Huixiang Energy Technology (Suzhou) Co., Ltd. (“Huixiang Energy”),
a limited liability company formed under the laws of the Peoples Republic of China (PRC) on March 18, 2021. Well Best is the sole shareholder
of Huixiang Energy. As a result, Huixiang Energy is an indirect, wholly-owned subsidiary of the Company. Huixiang Energy shall conduct
research and development of next generation advanced battery technologies, manufacture and sales of relevant battery products, including
the solid-state rechargeable lithium ion battery for next generation EV and energy storage systems. Huixiang Energy also focuses on the
operation of battery packs, battery systems and electric vehicles sharing business with its own internet sharing platform relating to
the electric vehicles (online EV hailing services) and its relevant batteries and battery systems. Huixiang Energy operates in Suzhou
City, Jiangsu Province, China.

















6
















On May 6, 2021, the Board of Directors and the
holders of the majority of issued and outstanding voting securities of the Company approved an amendment (the “Amendment”)
to our Articles of Incorporation to increase the authorized number of shares of common stock from 200,000,000 to 400,000,000 shares consisting
of: (i) 395,000,000 shares of common stock, par value $0.0001 per share (“Common Stock”); and (ii) 5,000,000 shares of preferred
stock par value $0.0001 per share (“Preferred Stock”) (the “Authorized Share Increase”) and related Certificate
of Amendment to Articles of Incorporation. The approval was made in accordance with Sections 78.320 and 78.390 of the Nevada Revised Statues,
which provide that a corporation’s articles may be amended by written consent of the stockholders representing at least a majority
of the voting power. The Amendment was filed with the Nevada Secretary of State on June 7, 2021.







Description of VIE Transaction Documents






The material contractual agreements between Changchun
Fangguan Photoelectric Display Technology Co. Ltd. (PRC) (“Fangguan Photoelectric”), Fangguan Electronics and its shareholders
consist of the following agreements:







Business Operation Agreement



This agreement allows Fangguan Photoelectric to manage and operate Fangguan Electronics. Under the terms of the Business Operation Agreement,
Fangguan Photoelectric may direct the business operations of Fangguan Electronics, including, but not limited to, borrowing money from
any third party, distributing dividends or profits to shareholders, adopting corporate policy regarding daily operations, financial management,
and employment, and appointment of directors and senior officers.











Exclusive Technical Support Service Agreement


– This agreement allows Fangguan Photoelectric to collect 100% of the net profits of Fangguan Electronics. Under the terms of the
Service Agreement, Fangguan Photoelectric is the exclusive provider of equipment, advice and consultancy to Fangguan Electronics related
to its general business operations, among other things. Fangguan Photoelectric owns all intellectual property rights arising from its
performance under the Service Agreement.









Power of Attorney


– The Shareholders
have each executed and delivered to Fangguan Photoelectric a Power of Attorney pursuant to which Fangguan Photoelectric has been granted
the Shareholders’ voting power in Fangguan Electronics. Each Power of Attorney is irrevocable and does not have an expiration date.







Equity Interest Purchase Agreement



Fangguan Photoelectric and the Shareholders entered into an exclusive option agreement pursuant to which the Shareholders have granted
Fangguan Photoelectric or its designee(s) the irrevocable right and option to acquire all or a portion of such Shareholders’ equity
interests in Fangguan Electronics. Pursuant to the terms of the agreement, Fangguan Photoelectric and the Shareholders have agreed to
certain restrictive covenants to safeguard the rights of Fangguan Photoelectric under the Equity Interest Purchase Agreement. Fangguan
Photoelectric may terminate the Equity Interest Purchase Agreement upon prior written notice. The Option Agreement is valid for a period
of five (5) years from the effective date, which may be extended by Fangguan Photoelectric.







Equity Interest Pledge Agreement



Fangguan Photoelectric and the Shareholders entered into an agreement pursuant to which the Shareholders have pledged all of their equity
interests in Fangguan Electronics to Fangguan Photoelectric. The Equity Interest Pledge Agreement serves to guarantee the performance
by Fangguan Electronics of its obligations under the VIE Transaction Documents. Pursuant to the terms of the Equity Interest Pledge Agreement,
the Shareholders have agreed to certain restrictive covenants to safeguard the rights of Fangguan Photoelectric. Upon an event of default
under the agreement, Fangguan Photoelectric may foreclose on the pledged equity interests.





As a result of the Transaction, the Company, through
its subsidiaries and variable interest entity, is now engaged in the business of the research and development, manufacturing, and marketing
of liquid crystal materials, displays and modules in the PRC. All business operations are conducted through our wholly-owned subsidiaries,
including Fangguan Photoelectric, and through Fangguan Electronics, our variable interest entity. Fangguan Electronics is considered to
be a variable interest entity because we do not have any direct ownership interest in it, but, as a result of a series of contractual
agreements between Fangguan Photoelectric, our wholly-owned subsidiary, and Fangguan Electronics and its shareholders, we are able to
exert effective control over Fangguan Electronics and receive 100% of the net profits or net losses derived from the business operations
of Fangguan Electronics.






Prior Operations and Agreements





On August 19, 2016, the Board ratified, approved,
and authorized the Company, as the sole member of Well Best, on the formation of Xinyu Ionix Technology Company Limited (“Xinyu
Ionix”), a company formed under the laws of China on May 19, 2016. As a result Xinyu Ionix is a wholly-owned subsidiary of Well
Best and an indirect wholly-owned subsidiary of the Company. The initial plan of Xinyu Ionix was about to focus on developing and designing
lithium batteries as well as to act as an investment company that may acquire other businesses located in China. However, due to the high
cost and low efficiency, since the approval date of May 19, 2016, Xinyu Ionix conducted no business.

















7
















On April 30, 2017, Well Best International Investment
Limited (“Well Best”), a wholly-owned subsidiary of the Company, transferred all of its rights, title and interest to all
100% of the issued and outstanding common stock of Xinyu Ionix Technology Company Limited (“Xinyu Ionix”) to Zhengfu Nan for
RMB 100($14.49) pursuant to a Share Transfer Agreement dated April 30, 2017 (the “Agreement”). Following the execution of
the Agreement, Mr. Nan owns 100% of Xinyu Ionix and assumes all liabilities of Xinyu Ionix. As a result Xinyu Ionix is no longer a wholly-owned
subsidiary of Well Best or an indirect wholly-owned subsidiary of the Company.








Business Summary





Since January 2016, the Company has shifted its
focus to becoming an aggregator of energy cooperatives to achieve optimum price and efficiency in creating and producing technology and
products that emphasize long life, high output, high energy density, and high reliability. By and through its wholly owned subsidiary,
Well Best and the indirect subsidiaries, Baileqi Electronics, Lisite Science, Welly Surplus, Fangguan Photoelectric, Fangguan Electronics,Huixiang
Energy, Shijirun and Shizhe New Energy, the Company has commenced its main operations of high-end intelligent electronic equipment and
photoelectric display products, became the New energy service provider and IT solution provider, which are in the new-type rising industries.





The Company applied various operating approacehs. Baileqi
Electronics, Lisite Science, Fangguan Photoelectric, Huixiang Energy, Shijirun and Shizhe New Energy focus on the sales of goods and the
rendering of service while Fangguan Electronics has been engaged in the business of the research and development, manufacturing,
and marketing of liquid crystal materials, displays and modules in the PRC.





The Company, Well Best, Welly Surplus, Baileqi
Electronics, Lisite Science, Fangguan Photoelectric, Fangguan Electronics, Huixiang Energy, Shijirun and Shizhe New Energy are actively
seeking additional new prospects for technology enhancements, design, manufacturing and production of the Company’s operation of
high-end intelligent electronic equipment and more cutting-edge LCD technologies, such as Liquid Crystal Module (“LCM“), the
portable power banks, the battery packs and the electric furnace used in firing for lithium battery.





We are engaged in the business of research and
development, manufacturing, and marketing of liquid crystal materials, displays and modules, the battery packs and the electric furnace
used in firing for lithium battery in the PRC. The Company operates through a corporate structure consisting of subsidiaries, variable
interest entities (“VIE”), and contractual arrangements. A VIE is a term used by the U.S. Financial Accounting Standards Board
to describe a legal business structure whose financial support comes from another corporation which exerts control over the VIE. All of
the Company’s business operations are structured around a series of contractual agreements, the VIE Transaction Documents, including
the ones between Fangguan Photoelectric, our wholly-owned subsidiary, and Fangguan Electronics and its shareholders. Through the VIE Transaction
Documents, we are able to exert effective control over Fangguan Electronics and receive 100% of the net profits derived from the business
operations of Fangguan Electronics.








Competition





As the display market develops,
we expect to experience intense competition from numerous domestic and foreign companies, including well-established corporations possessing
worldwide manufacturing and production facilities, greater name recognition and significantly greater financial, technical and marketing
resources than us, as well as from emerging companies who may have advanced technologies. We cannot assure you that we will be able to
compete successfully against current and future competition, and the failure to do so would have a materially adverse effect upon our
business, operating results and financial condition






Our Growth Strategy





IINX is active in promoting
the worldwide application of green energy solutions. We are always pursuing more optimized green energy solutions together with our customers.
In 2021, we confront the rapid growth of the new energy industry, however, high and new technology and its relevant accessories still
play pivotal roles in the existing industrial chain. In the meantime, we have also chosen a more extensive applied terminal product in
new energy industry- the Liquid Crystal Displays (LCD), as an important composition part of our business.






Our Offices





As of October 12, 2021, our mailing address in
the US is400 S. 4th Street, Suite 500, Las Vegas, NV. Our telephone number is (702) 793 4085. Our address in China is Rm 608, Block B,
Times Square, No. 50 People Road Zhongshan District, Dalian City, Liaoning Province, China.

















8
















Lisite Scienceone of our subsidiaries’ leases
office and warehouse space from Keenest, a related party, with annual rent of approximately $1,500 (RMB10,000) for one year until July
20, 2021. On July 20, 2021, Lisite Science further extended the lease with Keenest for one more year until July 20, 2022 with annual rent
of approximately $295 (RMB2,000).





We believe that this space is adequate for our
current and immediately foreseeable operating needs.





Our website is www.iinx-tech.com.
The information contained on our website as that can be assessed through our website does not constitute part of this prospectus.






THE OFFERING































































Common stock offered by the Selling Shareholders


We are offering up to an aggregate of 29,106,000 shares of the Common Stock










Common stock outstanding before and after this offering


194,489,058 shares




Use of Proceeds


We will not receive any proceeds from the sale of common stock by the Selling Shareholders. All of the net proceeds from the sale of our common stock will go to the Selling Shareholders as described below in the sections entitled “Selling Security Holders” and “Plan of Distribution”. We have agreed to bear the expenses relating to the registration of the common stock for the Selling Shareholders.




Risk factors


This investment involves a high degree of risk. See the information contained in “Risk Factors” beginning on

page 11

of this prospectus.




Common stock symbol


Our Common Stock is listed in the over-the-counter market under the symbol “IINX”.









SUMMARY CONSOLIDATED FINANCIAL INFORMATION






The following summary consolidated
statements of operations and balance sheet data for the fiscal year ended June 30, 2021, have been derived from our audited consolidated
financial statements included elsewhere in this prospectus. The historical financial data presented below is not necessarily indicative
of our financial results in future periods, and the results for fiscal year ended June 30, 2021 is not necessarily indicative of our operating
results to be expected for the full fiscal year ending June 30, 2021 or any other period. You should read the summary consolidated financial
data in conjunction with those financial statements and the accompanying notes and “Management’s Discussion and Analysis of
Financial Condition and Results of Operations.” Our consolidated financial statements are prepared and presented in accordance with
United States generally accepted accounting principles, or U.S. GAAP. Our consolidated financial statements have been prepared on a basis
consistent with our audited financial statements and include all adjustments, consisting of normal and recurring adjustments that we consider
necessary for a fair presentation of the financial position and results of operations as of and for such periods.

















9























Ionix Technology, Inc.




Statements of Operations Data:





(in thousands, except for share and per share
data)






















































































































































































































































































Years ended June 30,










2021




(Audited)











2020




(Audited)











2019




(Audited)











2018




(Audited)




STATEMENT OF OPERATIONS DATA:













Net revenue


$

14,328



$

20,599



$

12,348



$

6,423


Cost of goods sold



12,050




17,506




10,153




5,682


Gross profit



2,278




3,093




2,195




741


Research and development expenses



598




806




323




-


General and administrative expenses



1,373




1,937




1,256




270


Operating Income (loss)



307




350




616




471


Other income (expense)



(731

)



(455

)



(69

)



-


Net Income (loss) before tax



(424

)



(105

)



547




471


Income taxes provision (benefit)



(17

)



173




150




145


Net Income (loss)



(407

)



(278

)



397




326


Net Earnings (loss) per share



(0.00

)



(0.00

)



0.00




0.00


Weighted average number of shares



138,654,876




114,077,157




106,605,740




99,003,000






Balance Sheet Data:





(in thousands)













































































































As of




June 30, 2021





As of June


30, 2020



As of June


30, 2019


BALANCE SHEET DATA:


(Audited)



(Audited)



(Audited)


Total current assets


$

12,895



$

9,166



$

8,656


Total assets



21,737




17,185




17,715


Total current liabilities



9,886




7,583




7,938


Total liabilities



9,886




7,583




7,938


Stockholders’ Equity (deficit)



11,851




9,602




9,777

















10

















RISK FACTORS






Purchasing our Common Stock
involves a high degree of risk. You should consider carefully the risks described below, together with all of the other information included
or incorporated by reference in this prospectus, including the risks and uncertainties included in other reports and filings made with
the SEC, as well as any updates thereto contained in subsequent filings with the SEC or any free writing prospectus, before deciding whether
to purchase our securities in this offering. All of these risk factors are incorporated herein in their entirety. The risks described
below and incorporated by reference are material risks currently known, expected or reasonably foreseeable by us. However, the risks described
below are not the only ones that we face. Additional risks not presently known to us or that we currently deem immaterial may also affect
our business, operating results, prospects or financial condition. If any of these risks actually materialize, our business, prospects,
financial condition, and results of operations could be seriously harmed. This could cause the trading price of our common stock and the
value of the warrants to decline, resulting in a loss of all or part of your investment.









Risks Relating to the Company’s Business












O

ur business depends on new products
and technologies.







The market for our products is characterized by
rapid changes in product design and manufacturing process technologies. Our success depends to a large extent on our ability to develop
and manufacture new products and technologies to match the varying requirements of different customers in order to establish a competitive
position and become profitable. Our growth is supported by continuous investment in time, resources and capital to identify and develop
new products and new services for the market via geographic expansion and market penetration. If we are unable to either develop new screen
or monitor products on our own or acquire licenses for new screen and monitor products from other parties, our ability to grow revenues
and market share will be adversely affected. In addition, we may not be able to recover our investment in the development and commercialization
of new screen products, given that some of our research and development projects may be interrupted, unsuccessful, not as profitable as
initially contemplated or we may not be able to obtain necessary and continuing financing to complete such development.

















11


















We generally do not have long-term contracts
with our customers



.







Our business has primarily operated on the basis
of short-term purchase orders. We receive some longer term purchase agreements and procurement contracts, but we cannot guarantee that
we will continue to do so. Our current purchase agreements, depending on the circumstances, can be cancelled or revised without penalty.
We plan production primarily on the basis of internally generated forecasts of demand based on communications with customers, and available
industry data which makes it difficult to accurately forecast revenues. If we fail to accurately forecast operating results, our business
may suffer and the market price of our shares may decline.









The manufacture of flexible OLED and LCD
screens encompasses several complex processes resulting in irregular production schedules, including production delays and interruptions,
which could adversely affect our operating results.








Our product technology and manufacturing processes
evolve from time to time which can result in production challenges and difficulties. We cannot assure you that we will be able to produce
our products in sufficient quantity and quality to maintain existing customers’ demand and attract new customers. In addition, we
cannot assure you that we will not experience manufacturing problems within our facility in Changchun, which could result in delays in
delivery of orders or product introductions if any material problems occur to us.









Several steps of our production processes
are dependent upon certain critical machines and tools which could result in delivery interruptions and foregone revenues.








We currently have little equipment redundancy
in our manufacturing facility. Some steps of our production process rely on key equipment and operators. At present, we have almost no
redundancy of production equipment, but we have set up equipment support department. In case of any major interruption in the operation
of manufacturing facilities or serious failure of key equipment, our equipment support department will start the emergency plan to repair
the equipment and replace the damaged parts as soon as possible, so as to resume production in time. If we experience any significant
disruption in the operation of our manufacturing facility or a serious failure of a critical piece of equipment, we may be unable to supply
our screen products to our customers in a timely manner. Interruptions in our manufacturing process could be caused by equipment problems,
the introduction of new equipment into the manufacturing process or delays in the delivery of new manufacturing equipment. Lead-time for
delivery, installation, testing, repair and maintenance of manufacturing equipment can be extensive. We have experienced production interruptions
in the past, which fortunately did not result in losses, however, in the event of future production interruptions no assurance can be
given that we will not lose potential sales or be unable to meet production orders due to future production interruptions in our manufacturing
line.








We rely on a limited number of source suppliers.







We depend on a limited number of source suppliers
for certain raw materials, components, and services. These include glass, silicon wafers, circuit boards, graphic integrated circuits,
passive components, materials and chemicals, and equipment support. We maintain several single-source supplier relationships either because
alternative sources are not available or because the relationship is advantageous to us due to performance, quality, support, delivery,
capacity, or price considerations (or a combination thereof). We have established long-term relationships with supplier partners as the
result of stable quality, timely delivery and reasonable price, Even where alternative sources of supply are available, qualification
of the alternative suppliers and establishment of reliable supplies could result in delays and a possible loss of sales, which could materially
and adversely affect our operating results. We do not manufacture the silicon integrated circuits on which we incorporate our OLED technology.
Instead, we provide the design layouts to semiconductor contract manufacturers who manufacture the integrated circuits on silicon wafers.
Our inability to obtain sufficient quantities of components and other materials or services on a timely basis could result in manufacturing
delays, increased costs and ultimately in reduced or delayed sales or lost orders which could materially and adversely affect our operating
results. Generally, we do not have long-term contracts or written agreements with our source suppliers but instead operate on an as-needed
basis.









Our results of operations, financial condition
and business would be harmed if we were unable to balance customer demand and capacity.








As customer demand for our products changes, and
as we enter new markets which may require higher volume mass production, we must be able to ramp up or adjust our production capacity
to meet demand or enter into relationships with high volume manufacturing partners. We are continually taking steps to address our manufacturing
capacity and needs for our products. If we are not able to expand our manufacturing capacity or enter into relationships with high volume
manufacturing partners, our prospects may be limited and our business and results of operations could be adversely impacted. If we experience
delays or unforeseen costs associated with adjusting our capacity levels, we may not be able to achieve our financial targets. We do not
order based on actual demand, we base our ordering upon market experience and forecasts, as such we have not had issues with vendor lead
times exceeding our customers' required delivery time, however, at this may create risks of over ordering if actual demand is lower than
estimated. Ordering raw material, building finished goods, and scheduling contract manufacturer production for our consumer products based
on forecasts exposes us to numerous risks, including potential inability to service customer demand within an acceptable timeframe, holding
excess inventory or having unabsorbed manufacturing overhead.

















12


















We may be subject to product liability claims,
which could divert our resources, cause us to incur substantial liabilities.






We face an inherent business risk of exposure
to product liability claims in the event that the uses of our products are alleged to have caused accidents or bodily injuries. Any marketing
or manufacturing defects pertaining to any of our products could result in product liability claims or adverse publicity. These risks
may exist for the existing products and products in development. Furthermore, we do not currently maintain product liability insurance
as we are not the end product producer, however, if we were to desire product liability insurance there could be no assurance that we
are able to acquire product liability insurance with terms that are commercially feasible.





We face an inherent risk of product liability
claims as a result of the sales of our products. For example, we may be sued if any product we develop allegedly causes injury or is found
to be otherwise unsuitable for consumer purposes. Any such product liability claims may include allegations of defects in manufacturing,
defects in design, a failure to warn of dangers inherent in the product, negligence, strict liability or a breach of warranties. If we
cannot successfully defend ourselves against product liability claims, we may incur substantial liabilities or be required to limit commercialization
of our product candidate. Regardless of the merits or eventual outcome, liability claims may result in:














decreased demand for our products and products under development;













injury to our reputation and significant negative media attention;













significant costs to defend resulting litigation;













substantial monetary awards to trial participants or injured consumers;













loss of revenue;













reduced resources of our management to pursue our business strategy; and













the inability to commercialize any products that we may develop.




We do not currently maintain general liability
insurance; and even if we have a general liability insurance in the future, there is no assurances whether insurance may fully cover potential
liabilities that we may incur. The cost of any product liability litigation or other proceeding, even if resolved in our favor, could
be substantial. Our policy premium may increase as a result of product liability litigation. In addition, insurance coverage is becoming
increasingly expensive. If we are unable to obtain or maintain sufficient insurance coverage at an acceptable cost or to otherwise protect
against potential product liability claims, it could prevent or inhibit the development and commercial production of our product candidates
and the sale of existing products, which could adversely affect our business, financial condition, results of operations and prospects.







Our internal computer systems, or those
of our third-party contractors or consultants, may fail or suffer security breaches, which could result in a material disruption of our
product development programs.






Despite the implementation of security measures,
our internal computer systems and those of our third-party contractors and consultants are vulnerable to damage from computer viruses,
unauthorized access, natural disasters, terrorism, war and telecommunication and electrical failures. While we do not believe that we
have experienced any such system failure, accident, or security breach to date, if such an event were to occur and cause interruptions
in our operations, it could result in a loss of research data for our new screen products which could result in delays in new product
commercialization efforts and significantly increase our costs to recover or reproduce the data. To the extent that any disruption or
security breach results in a loss of or damage to our data or applications or other data or applications relating to our new LCD and OLED
technologies, or inappropriate disclosure of confidential or proprietary information, we could incur liabilities and the further development
of our product candidates could be delayed.







Our success depends on attracting and retaining highly skilled
and qualified technical and consulting personnel.






We must hire highly skilled technical personnel
as employees and as independent contractors in order to develop our products. The competition for skilled technical employees is intense
and we may not be able to retain or recruit such personnel. We compete with companies that possess greater financial and other resources
than we do, and that may be more attractive to potential employees and contractors. To be competitive, we may have to increase the compensation,
including salaries, bonuses, stock options and other fringe benefits, offered to employees in order to attract and retain such personnel.
The costs of attracting and retaining new personnel may have a materially adverse effect on our operating results.







Our success depends in a large part on the
continuing service of key personnel.






Changes in management could have an adverse effect
on our business. We are dependent upon the active participation of several key management personnel and will also need to recruit additional
management in order to expand according to our business plan. The failure to attract and retain additional talented management or personnel
could have a material adverse effect on our operating results and financial performance.

















13


















Our operating results are substantially
dependent on the development and acceptance of new products and technology innovations.










Our future success may depend on our ability to
develop new and lower cost solutions for existing and new markets and for customers to accept those solutions. We must introduce new products
in a timely and cost-efficient manner, and we must secure production orders for those products from our customers. The development of
new products is a highly complex process, and we historically have experienced delays in completing the development and introduction of
new products. Some or all of those technologies or products may not successfully make the transition from the research and development
phase. Even when we successfully complete a research and development effort with respect to a particular product or technology, it may
fail to gain market acceptance. The successful development and introduction of these products depends on a number of factors, including
the following:













·


achievement of technology advances required to make commercially viable devices;










·


the accuracy of our predictions of market requirements;










·


acceptance of our new product designs;










·


acceptance of new technology in certain markets;










·


the availability of qualified research and development and product development personnel;










·


our timely completion of product designs and development;










·


our ability and available resources to expand sales;










·


our ability to develop repeatable processes to manufacture new products in sufficient quantities and at low enough costs for commercial
sales; and










·


our customers' ability to develop competitive products incorporating our products.




If any of these or other factors become problematic,
we may not be able to develop and introduce these new products in a timely or cost-effective manner.







If government agencies change the subsidies
or tax policies from which we benefit or certain customers discontinue or curtail their funding for our research and development programs,
our business may suffer.










We have received beneficial tax treatments from
the central government of the PRC because of our designation as a high-tech company from November 2016 to November 2019 and received a
small one-time governmental subsidy in 2016. If the PRC central government changes its tax policies for high-tech companies, we may not
be able to maintain our current favorable tax treatments. Furthermore, some of our subsidiaries perform research and development services
to non-profit organizations, such as universities. If the funding for some or all of our research clients is discontinued or reduced,
our research clients could limit or discontinue our research programs and our business results and financial conditions could be adversely
affected.







Our business is subject to environmental
regulations and possible liability arising from potential employee claims of exposure to harmful substances used in the development and
manufacture of our products.










We are subject to various governmental regulations
related to toxic, volatile, experimental and other hazardous chemicals used in our design and manufacturing process. Our failure to comply
with these regulations could result in the imposition of fines or in the suspension or cessation of our operations. Compliance with these
regulations could require us to acquire costly equipment or to incur other significant expenses. We develop, evaluate and utilize new
chemical compounds in the manufacture of our products. While we attempt to ensure that our employees are protected from exposure to hazardous
materials, we cannot assure you that potentially harmful exposure will not occur or that we will not be liable to injured employees as
a result.







Risks Relating to Intellectual Property










We may not be successful in protecting our intellectual property
and proprietary rights.










We rely on a combination of patents, trade secret
and know-how protection, and other arrangements to establish and protect our proprietary technologies. If we fail to successfully enforce
our intellectual property rights, our competitive position could suffer, which could harm our operating results. Patents may not be issued
for our current patent applications; third parties may challenge, invalidate or circumvent any patent issued to us; unauthorized parties
could obtain and use information that we regard as proprietary despite our efforts to protect our proprietary rights; rights granted under
patents issued to us may not afford us any competitive advantage; others may independently develop similar technology or design around
our patents; and protection of our intellectual property rights may be limited in certain foreign countries. On April 30, 2007, the U.S.
Supreme Court, in

KSR International Co. vs. Teleflex, Inc.

, mandated a more expansive and flexible approach towards a determination
as to whether a patent is obvious and invalid, which may make it more difficult for patent holders to secure or maintain existing patents.
Any future infringement or other claims or prosecutions we may bring against third parties based on our intellectual property could have
a material adverse effect on our business. Any such claims could be time consuming to assert, result in costly litigation, divert management's
attention and resources, or result in our entering into royalty or licensing agreements.

















14
















In addition to patent protection, we try to protect
our trade secrets, know-how and other non-patented proprietary information relating to our product development and manufacturing activities
through appropriate efforts to maintain its secrecy, including requiring employees and third parties to sign confidentiality agreements.
We cannot be sure that these efforts will be successful or that the confidentiality agreements will not be breached. We also cannot be
sure that we would have adequate remedies for any breach of such agreements or other misappropriation of our trade secrets or that our
trade secrets and proprietary know-how will not otherwise become known or be independently discovered by others.











Third parties may assert claims against
us which could harm our business.








We may face third party claims that our business
practices or products infringe adversely held intellectual property rights. We may face third party claims that our employees or contractors
have misappropriated and unlawfully disclosed to us for our benefit third party trade secrets or other proprietary information. Defending
any such claims, whether or not meritorious, would cause us to incur costs and may divert the attention of management and technical personnel.
Resolution of any such claims by litigation or settlement may entail payment of damages, changes to our business practices or products,
and changes in our relationships with our customers, employees, or contractors.













Risks Relating to the Display Industry










The display market is highly competitive with several competing
technologies.




We do business in intensely competitive markets
that are characterized by rapid technological change, changes in market requirements and competition from both other suppliers and our
potential OEM customers. Such markets are typically characterized by price erosion. This intense competition could result in pricing pressures,
lower sales, reduced margins, and lower market share. Our ability to compete successfully will depend on a number of factors, which can
be within or outside our control. We expect these factors to include the following:















·


our success in designing, manufacturing and delivering expected new products, including those implementing new technologies on a timely
basis;










·


our ability to address the needs of our customers;










·


the quality, performance, reliability, features, ease of use and pricing of our products;










·


successful expansion of our manufacturing capabilities and market share;










·


our efficiency of production, and ability to manufacture and ship products on time;










·


the rate at which OEM customers incorporate our product solutions into their own products;










·


the market acceptance of our new products; and










·


product or technology introductions by our competitors.




In addition, some of our customers may be reluctant
to rely on a relatively small company such as Ionix for a critical component. We cannot assure you that we will be able to compete successfully
against current and future competition, and the failure to do so would have a materially adverse effect upon our business, operating results
and financial condition.







The display industry may be subject to cyclical demand and overcapacity.










Our business strategy is primarily dependent on
certain customers’ building and selling electronic products that incorporate our LCD displays as components into those products.
Industry-wide fluctuations in demand could cause significant harm to our business. The LCD display sector may experience overcapacity
if additional capacity comes on-line which could lead to pricing pressures and a difficult market in which to sell our products.

















15


















Our competitors have many further advantages over us.










As the display market develops, we expect to experience
intense competition from numerous domestic and foreign companies, including well-established corporations possessing worldwide manufacturing
and production facilities, greater name recognition and significantly greater financial, technical and marketing resources than us, as
well as from emerging companies who may have advanced technologies. We cannot assure you that we will be able to compete successfully
against current and future competition, and the failure to do so would have a materially adverse effect upon our business, operating results
and financial condition.









In order to increase or maintain our profit
margins we may have to continuously develop new products, product enhancements and new technologies.










In some markets, prices of established products
tend to decline over time. In order to increase or maintain our profit margins over the long-term, we believe that we will need to continuously
develop new products, product enhancements and new technologies that will either slow price declines of our products or reduce the cost
of producing and delivering our products. While we anticipate many opportunities to reduce production costs over time, there can be no
assurance that these cost reduction plans will be successful, that we will have the resources to fund the expenditures necessary to implement
certain cost-saving measures, or that our costs can be reduced as quickly as any reduction in unit prices. We may also attempt to offset
the anticipated decrease in our average selling price by introducing new products with higher selling prices that may or may not offset
price declines in more mature products. If we fail to do so successfully, our results of operations could be materially and adversely
affected.









Our business operations and financial results
may suffer if the shift of the business focus to display screens turns out not to be as successful as predicted.






In March 2019, after entry into the VIE Agreements
with Fangguan, we shifted our business focus to display screens and away from portable power packs because our management believes that
the display screen business has better prospects for long term success. If our display screen business does not grow as fast and/or profitably
as we expect, our future operations and financial results may be adversely affected.







Risks Relating to Doing Business Outside
the United States








Because Ionix’s primary business activities
are conducted in the PRC, the Company is subject to the risks of doing business internationally, including periodic foreign economic downturns
and political instability, which may adversely affect the Company’s revenue and cost of doing business.






Our primary place of business is in the PRC and
we have almost all of our employees and management team in the PRC. Foreign economic downturns may affect our results of operations in
the future. Additionally, other facts relating to the operation of the Company’s business outside of the U.S. may have a material
adverse effect on the Company’s business, financial condition and results of operations, including international economic and political
changes.













·


The imposition of governmental controls or changes in government regulations, including tax laws, regulations
and treaties;










·


changes in, or impositions of, legislative or regulatory requirements regarding the display screen and
power bank industries;










·


compliance with U.S. and international laws involving international operations, including the Foreign
Corrupt Practices Act and export control laws;










·


difficulties in achieving headcount reductions due to unionized labor and works councils;










·


restrictions on transfers of funds and assets between jurisdictions;










·


China- U.S. political instability;










·


Increase on customs levies on materials and products traded between the U.S. and PRC; and










·


Outbreaks of diseases and the fears of a pandemic disease.




As the Company continues to operate its business
globally, its success will depend in part, on its ability to anticipate and effectively manage these risks. The impact of any one or more
of these factors could materially adversely affect the Company’s business, financial condition and results of operations.







Uncertainties with respect to the PRC legal
system could adversely affect us.






The PRC legal system is a civil law system based
on written statutes. Unlike the common law system, prior court decisions may be cited for reference but have limited precedential value.
The PRC legal system is evolving rapidly, and the interpretations of many laws, regulations and rules may contain inconsistencies and
enforcement of these laws, regulations and rules involves uncertainties







Our Company is incorporated in Nevada and is subject
to laws and regulations applicable to Nevada, and our subsidiaries are also subject to various Chinese laws and regulations generally
applicable to companies incorporated in China. However, since these laws and regulations are relatively new and the PRC legal system continues
to rapidly evolve, the interpretations of many laws, regulations and rules are not always uniform and enforcement of these laws, regulations
and rules involves uncertainties.

















16
















From time to time, we may have to resort to administrative
and court proceedings to enforce our legal rights. However, since PRC administrative and court authorities have significant discretion
in interpreting and implementing statutory and contractual terms, it may be more difficult to evaluate the outcome of administrative and
court proceedings and the level of protection we enjoy than in more developed legal systems. Furthermore, the PRC legal system is based
in part on government policies and internal rules, some of which are not published on a timely basis or at all, and which may have a retroactive
effect. As a result, we may not be aware of our violation of any of these policies and rules until sometime after the violation. In addition,
any administrative and court proceedings in China may be protracted, resulting in substantial costs and diversion of resources and management
attention. Such uncertainties, including uncertainty over the scope and effect of our contractual, property (including intellectual property)
and procedural rights, and any failure to respond to changes in the regulatory environment in China could materially and adversely affect
our business and impede our ability to continue our operations.







You may face difficulties in protecting
your interests and exercising your rights as a stockholder of ours since we conduct substantially all of our operations in PRC and all
of our officers and directors reside in PRC






We conduct substantially all of our operations
in the PRC. All of our current officers and directors reside outside the United States and substantially all of the assets of those persons
are located outside of the United States. Because of this factor, it may be difficult for you to conduct due diligence on our company,
our executive officers or directors and attend stockholders meetings if the meetings are held in China. As a result, our public stockholders
may have more difficulty in protecting their interests through actions against our management, directors or major stockholders than would
stockholders of a corporation doing business entirely or predominantly within the United States.









The Company may be exposed to liabilities under the U.S. Foreign
Corrupt Practices Act (“FCPA”) and Chinese anti-corruption law.






The Company is subject to the FCPA, and other
laws that prohibit improper payments or offers of payments to foreign governments, foreign government officials and political parties
by U.S. persons as defined by the statute for purposes of obtaining or retaining businesses. The Company may have agreements with third
parties who may make sales in the PRC, the United Kingdom and U.S., during the process of which the Company may be exposed to corruption.
Activities in the PRC can create the risk of unauthorized payments or offers of payments by an employee, consultant or agent of the Company,
because these parties are not always subject to the Company’s control.

















17
















Although the Company believes to date it has complied
in all material aspects with the provisions of the FCPA and Chinese anti-corruption law, the existing safeguards and any future improvements
may prove to be less than effective and any of the Company’s employees, consultants or agents may engage in corruptive conduct for
which the Company might be held responsible. Violations of the FCPA or Chinese anti-corruption law may result in severe criminal or civil
sanctions against the Company and individuals and therefore could negatively affect the Company’s business, operating results and
financial condition. In addition, the Chinese government may seek to hold the Company liable as a successor for FCPA violations committed
by companies in which the Company invests or acquires.







If the Company becomes directly subject
to the recent scrutiny, criticism and negative publicity involving U.S.- listed Chinese companies, we may have to expend significant resources
to investigate and resolve the matters. Any unfavorable results from the investigations could harm our business operations, this offering
and our reputation.






Recently, U.S. public companies that have substantially
all of their operations in China, have been subjects of intense scrutiny, criticism and negative publicity by investors, financial commentators
and regulatory agencies, such as the SEC. Much of the scrutiny, criticism and negative publicity has centered on financial and accounting
irregularities, lack of effective internal control over financial accountings, inadequate corporate governance and ineffective implementation
thereof and, in many cases, allegations of fraud. As a result of enhanced scrutiny, criticism and negative publicity, the publicly traded
stocks of many U.S. listed Chinese companies have sharply decreased in value and, in some cases, have become virtually worthless or illiquid.
Many of these companies are now subject to shareholder lawsuits and SEC enforcement actions and are conducting internal and external investigations
into the allegations. It is not clear what effects the sector-wide investigations will have on the Company. If the Company becomes a subject
of any unfavorable allegations, whether such allegations are proven to be true or untrue, the Company will have to expend significant
resources to investigate such allegations and defend the Company. If such allegations were not proven to be baseless, the Company would
be severely hampered and the price of the stock of the Company could decline substantially. If such allegations were proven to be groundless,
the investigation might have significantly distracted the attention of the Company’s management.





International operations expose the Company to
currency exchange and repatriation risks, and the Company cannot predict the effect of future exchange rate fluctuations on its business
and operating results.





The Company has its primary business operations
in the PRC. Substantial amounts of revenues are received and expenses are incurred in Chinese dollars and U.S. dollars. Thus, the Company
has exposure to currency fluctuations. The Company cannot assure you that the effect of currency exchange fluctuations will not materially
affect its revenues and net income in the future.





Ionix’s business could be adversely affected
by changes in the U.S. presidential administration and tariffs.





A new U.S. presidential administration came to
power in January 2017 and President Trump has imposed importation tariffs from certain countries such as China and Mexico, which could
affect the sales of certain products if the Company were to sell them to the U.S. Although China and U.S. reached a Phase-One trade deal
in January 2020, the Company’s international business could still be negatively affected by future custom and tariff changes imposed
by either China or the U.S. In addition, the U.S. had its presidential election in November 2020, and with new President Biden in office,
it is unclear what if any impact may result on business between the U.S. and China. Potential political changes may impose negative impacts
on the economic stability in general and adversely affect the Company’s financial performance.











Risk of Investing in China

:

Investment
exposure to China subjects the Company to risks specific to China. China may be subject to considerable degrees of economic, political
and social instability. Concerns about the rising government and household debt levels could impact the stability of the Chinese economy.
China is an emerging market and demonstrates significantly higher volatility from time to time in comparison to developed markets. Over
the last few decades, the Chinese government has undertaken reform of economic and market practices, including recent reforms to liberalize
its capital markets and expand the sphere for private ownership of property in China. However, Chinese markets generally continue to experience
inefficiency, volatility and pricing anomalies resulting from governmental influence, a lack of publicly available information and/or
political and social instability. Internal social unrest or confrontations with other neighboring countries, including military conflicts
in response to such events, may also disrupt economic development in China and result in a greater risk of currency fluctuations, currency
convertibility, interest rate fluctuations and higher rates of inflation. China has experienced security concerns, such as terrorism and
strained international relations, as well as major health crises. These health crises include, but are not limited to, the rapid and pandemic
spread of novel viruses commonly known as SARS, MERS, and COVID-19 (Coronavirus). Such health crises could exacerbate political, social,
and economic risks previously mentioned. Additionally, China is alleged to have participated in state-sponsored cyberattacks against foreign
companies and foreign governments. Actual and threatened responses to such activity, including purchasing restrictions, sanctions, tariffs
or cyberattacks on the Chinese government or Chinese companies, may impact China’s economy. Incidents involving China’s or
the region’s security, including the contagion of infectious viruses or diseases, may cause uncertainty in Chinese markets and may
adversely affect the Chinese economy and Company operations. Export growth continues to be a major driver of China’s rapid economic
growth. Elevated trade tensions between China and its trading partners, including the imposition of U.S. tariffs on certain Chinese goods
and increased international pressure related to Chinese trade policy and forced technology transfers and intellectual property protections,
may have a substantial impact on the Chinese economy. Reduction in spending on Chinese products and services, institution of additional
tariffs or other trade barriers (including as a result of heightened trade tensions between China and the U.S. or in response to actual
or alleged Chinese cyber activity), or a downturn in any of the economies of China’s key trading partners may have an adverse impact
on the Chinese economy. The continuation or worsening of the current political climate between China and the U.S. could result in additional
regulatory restrictions being contemplated or imposed on the U.S. or in China that could impact us. Chinese companies, including Chinese
companies that are listed on U.S. exchanges, are not subject to the same degree of regulatory requirements, accounting standards or auditor
oversight as companies in more developed countries. There may be significant obstacles to obtaining information necessary for investigations
into or litigation against Chinese companies and shareholders may have limited legal remedies. Investments in China may be subject to
loss due to expropriation or nationalization of assets and property or the imposition of restrictions on foreign investments and repatriation
of capital. China has implemented a number of tax reforms in recent years and may amend or revise its existing tax laws and/or procedures
in the future, possibly with retroactive effect. Changes in applicable Chinese tax law could reduce the after-tax profits of the Company,
directly or indirectly.

















18


























Risks associated with the VIE structure






On December 27, 2018, the Company entered into
a group of variable interest agreements (the “VIE Agreements”) with two shareholders of Fangguan Electronics to control 95.14%
of the ownership rights and receive 100% of the net profit or net losses derived from the business operations of Fangguan Electronics.
In exchange for the VIE agreements and an additional capital contribution, the Company issued 15 million shares of common stock to those
two shareholders of Fangguan Electronics. The Company believes that the VIE contractual arrangements with Fangguan Electronics and respective
shareholders are in compliance with PRC laws and regulations and are legally enforceable. However, uncertainties in the PRC legal system
could limit the Company’s ability to enforce the contractual arrangements. If the legal structure and contractual arrangements were
found to be in violation of PRC laws and regulations, the PRC government could:













·


revoke the business and operating licenses of Fangguan Photoelectric, one of the Company’s PRC subsidiaries
and its VIE Agreements;










·


discontinue or restrict the operations of any related-party transactions between Fangguan Photoelectric
and Fangguan Electronics;










·


limit the Company’s business expansion in China by way of entering into contractual arrangements;










·


impose fines or other requirements with which Fangguan Photoelectric and Fangguan Electronics may not
be able to comply;
















19
























·


require the Company or Fangguan Photoelectric and Fangguan Electronics to restructure the relevant ownership
structure or operations; or










·


restrict or prohibit the Company’s use of the proceeds from the public offering to finance the Company’s
business and operations in China.






The Company’s ability to conduct its business
through its VIE may be negatively affected if the PRC government were to carry out of any of the aforementioned actions. As a result,
the Company may not be able to consolidate its VIE in its consolidated financial statements as it may lose the ability to exert effective
control over its VIE and its respective shareholders and it may lose the ability to receive economic benefits from its VIE. The Company,
however, does not believe such actions would result in the liquidation or dissolution of the Company, its PRC subsidiary and its VIE.
There has been no change in facts and circumstances to consolidate the VIE. The following financial statement amounts and balances of
its VIE were included in the accompanying consolidated financial statements after elimination of intercompany transactions and balances:













































































































































































































































Balance as of


June 30, 2021



Balance as of


June 30, 2020


Cash and cash equivalents


$

702,979



$

1,266,426


Notes receivable



76,743




125,798


Accounts receivable - non-related parties



3,638,354




3,069,629


Inventory



4,899,831




2,639,839


Advances to suppliers - non-related parties



749,975




530,670


Prepaid expenses and other current assets



62,251




58,103


Total Current Assets



10,130,133




7,690,465











Property, plant and equipment, net



6,787,525




6,568,874


Intangible assets, net



1, 508,583




1,424,404


Deferred tax assets



50,105




20,743


Total Assets


$

18,476,346



$

15,704,486











Short-term bank loan


$

904,832



$

2,034,735


Accounts payable



3,960,792




2,637,792


Advance from customers



150,110




27,501


Due to related parties



2,349,518




1,407,145


Accrued expenses and other current liabilities



49,968




61,856


Total Current Liabilities



7,415,220




6,169,029


Total Liabilities


$

7,415,220



$

6,169,029





As a result of all of the above, our public shareholders
may have more difficulty in protecting their interests through actions against our management, directors or major shareholders than would
shareholders of a corporation operating and having its substantial assets in a jurisdiction in the United States.







Risks Related to Pandemic










The COVID-19 coronavirus could adversely
impact our business.






In December 2019, a novel strain of coronavirus, COVID-19, was reported
to have surfaced in Wuhan, China. Since then, the COVID-19 coronavirus has spread to multiple countries, including the United States,
and has caused significant disruptions around the world. We may experience disruptions as a result of the COVID-19 pandemic that could
severely impact our business including:













·


interruption of key development activities due to limitations on work and travel imposed or recommended
by federal or state governments, employers and others;










·


interruption of key business activities due to illness and/or quarantine of key individuals and delays
associated with recruiting, hiring and training new temporary or permanent replacements for such key individuals, both internally and
at our third party service providers;










·


difficulties in raising additional capital needed to pursue the development of our platform due to the
slowing of our economy and near term and/or long term negative effects of the pandemic on the financial, banking and capital markets;










·


changes in local regulations as part of a response to the COVID-19 coronavirus outbreak that
may require us to change the ways in which research, including development, is conducted, which may result in unexpected costs; and










·


delays in necessary interactions with regulators and other important agencies and contractors due to limitations
in employee resources, travel restrictions or forced furlough of government employees.














20


















The global outbreak of the COVID-19 coronavirus continues to
rapidly evolve. The extent to which the COVID-19 coronavirus may impact our business will depend on future developments,
which are highly uncertain and cannot be predicted with confidence, such as the ultimate geographic spread of the disease, the duration
of the outbreak, travel restrictions and social distancing in the United States and other countries, business closures or business disruptions
and the effectiveness of actions taken in the United States and other countries to contain and treat the virus.






Risks Relating to Our Stock









The price of our common stock is volatile,
which may cause investment losses for our stockholders

.







The market price of our common stock has been
and is likely in the future to be volatile. Our common stock price may fluctuate in response to factors such as:













·


Announcements by us regarding liquidity, significant acquisitions, equity investments and divestitures,
strategic relationships, addition or loss of significant customers and contracts, capital expenditure commitments and litigation;
















21
























·


Issuance of convertible or equity securities and related warrants for general or merger and acquisition
purposes;










·


Issuance or repayment of debt, accounts payable or convertible debt for general or merger and acquisition
purposes;










·


Sale of a significant number of shares of our common stock by stockholders;










·


General market and economic conditions;










·


Quarterly variations in our operating results;










·


Investor and public relation activities;










·


Announcements of technological innovations;










·


New product introductions by us or our competitors;










·


Competitive activities; and










·


Additions or departures of key personnel.




These broad market and industry factors may have
a material adverse effect on the market price of our common stock, regardless of our actual operating performance. These factors could
have a material adverse effect on our business, financial condition and results of operations.







Transfers of our securities may be restricted
by virtue of state securities “blue sky” laws, which prohibit trading absent compliance with individual state laws. These
restrictions may make it difficult or impossible to sell shares in those states.










Transfers of our common stock may be restricted
under the securities or securities regulations laws promulgated by various states and foreign jurisdictions, commonly referred to as "blue
sky" laws. Absent compliance with such individual state laws, our common stock may not be traded in such jurisdictions. Because the
securities held by many of our stockholders have not been registered for resale under the blue sky laws of any state, the holders of such
shares and persons who desire to purchase them should be aware that there may be significant state blue sky law restrictions upon the
ability of investors to sell the securities and of purchasers to purchase the securities. These restrictions may prohibit the secondary
trading of our common stock. Investors should consider the secondary market for our securities to be a limited one.







The sale of a significant number of our
shares of common stock could depress the price of our common stock.










Sales or issuances of a large number of shares
of common stock in the public market or the perception that sales may occur could cause the market price of our common stock to decline.
As of June 30, 2021, the approximate number of registered holders of our common stock was 214 and there were 164,041,058 shares of common
stock issued and outstanding and there were 5,000,000 shares of preferred stock issued and outstanding. As of October 15, 2021 there were
194,489,058


shares of common stock issued and outstanding and there were 5,000,000 shares of
preferred stock issued and outstanding. As of June 30, 2021 and October 15, 2021, there were 68,750 shares of common stock subject to
outstanding warrants, and there were no shares of common stock subject to outstanding stock options. Each share of common stock entitles
its holder to one vote on each matter submitted to the stockholders for a vote, and no cumulative voting for directors is permitted. Stockholders
do not have any preemptive rights to acquire additional securities issued by us.





Significant shares of common stock are held by
our principal stockholders, other company insiders and other large stockholders. As “affiliates” of Company, as defined under
Securities and Exchange Commission Rule 144 under the Securities Act of 1933, our principal stockholders, other of our insiders and other
large stockholders may only sell their shares of common stock in the public market pursuant to an effective registration statement or
in compliance with Rule 144. Issuance of additional securities, or exercise or conversion of existing securities could result in further
dilution to common stockholders and may affect the market price of the common stock.





On October 15, 2021, there were three promissory
notes outstanding as follows:












(1)

On December 21, 2020, the Company issued a self-amortization promissory note to Labrys Fund, L.P in the
aggregate principal amount of $300,000. The promissory note is due on or before December 21, 2021 and bears an interest rate of five percent
(5%) per annum. The note is not convertible unless in default, as defined in the agreement. The Company agreed to reserve 7,052,239 shares
of its common stock for issuance if any debt is converted. The Company executed and closed the transaction on December 31, 2020 and received
$253,500 in cash after deducting an OID in the amount of $30,000, legal fees of $3,000 and other costs of $13,500. The self-amortization
promissory note has an amortization schedule of $35,000 payment at each month end beginning April 23, 2021 through December 21, 2021.




In connection with the issuance of
promissory note, on December 31, 2020, the Company issued 447,762 shares of common stock (the “First Commitment Shares”) and
1,119,402 shares of common stock (the “Second Commitment Shares”) related to the promissory note as a commitment fee. The
Second Commitment Shares must be returned to the Company’s treasury if the promissory note is fully repaid and satisfied on or prior
to the maturity date. The Company recorded the First Commitment Shares as debt discount valued at $68,060 based on the quoted market price
at issue date and amortized over the term of the promissory note. The Company recorded the Second Commitment Shares at par.















22

























(2)

On March 10, 2021, the Company issued a self-amortization promissory note to Labrys Fund, L.P in the aggregate
principal amount of $500,000. The promissory note is due on or before March 10, 2022 and bears an interest rate of five percent (5%) per
annum. The note is not convertible unless in default, as defined in the agreement. The Company agreed to reserve 6,562,500 shares of its
common stock for issuance if any debt is converted. The Company executed and closed the transaction on March 19, 2021 and received $434,000
in cash after deducting an OID in the amount of $50,000, legal fees of $2,500 and other costs of $13,500. The self-amortization promissory
note has an amortization schedule of $58,333.33 payment at each month beginning on July 9, 2021 through March 10, 2022.




In connection with the issuance of
promissory note, on March 10, 2021, the Company issued 417,000 shares of common stock (the “First Commitment Shares”) and
1,042,000 shares of common stock (the “Second Commitment Shares”) related to the promissory note as a commitment fee. The
Second Commitment Shares must be returned to the Company’s treasury if the promissory note is fully repaid and satisfied on or prior
to the maturity date. The Company recorded the First Commitment Shares as debt discount valued at $87,153 based on the quoted market price
at issue date and amortized over the term of the promissory note. The Company recorded the Second Commitment Shares at par .












(3)

On July 5, 2021, the Company issued a self-amortization promissory note to FIRSTFIRE GLOBAL OPPORTUNITIES FUND, LLC in the aggregate
principal amount of $500,000. The promissory note is due on or before July 6, 2022 and bears an interest rate of five percent (5%) per
annum. The note is not convertible unless in default, as defined in the agreement. The Company agreed to reserve 6,562,500 shares of its
common stock for issuance if any debt is converted. The Company executed and closed the transaction on July 15,2021 and received $437,500
in cash after deducting an OID in the amount of $50,000 and other costs of $12,500. The self-amortization promissory note has an amortization
schedule of $58,333.33 payment at each month beginning November 9, 2021 through July 6, 2022.




In connection with the issuance of promissory note, on July 8, 2021,
the Company issued 300,000 shares of common stock (the “First Commitment Shares”) and 1,042,000 shares of common stock (the
“Second Commitment Shares”) related to the promissory note as a commitment fee. The Second Commitment Shares must be returned
to the Company’s treasury if the promissory note is fully repaid and satisfied on or prior to the maturity date. The Company records
the First Commitment Shares as debt discount valued at $51,000 based on the quoted market price at issue date and amortized over the term
of the promissory note and the Second Commitment Shares at par.











Future capital raises may dilute our existing
stockholders’ ownership and/or have other adverse effects on our operations.










If we raise additional capital by issuing equity
securities, our existing stockholders’ percentage ownership will be reduced and these stockholders may experience substantial dilution.
We may also issue equity securities that provide for rights, preferences and privileges senior to those of our common stock. If we raise
additional funds by issuing debt securities, these debt securities would have rights senior to those of our common stock and the terms
of the debt securities issued could impose significant restrictions on our operations, including liens on our assets. If we raise additional
funds through collaborations and licensing arrangements, we may be required to relinquish some rights to our technologies or products,
or to grant licenses on terms that are not favorable to us.







We do not anticipate paying any cash dividends
on our capital stock in the foreseeable future.










We have never declared or paid cash dividends
on our capital stock. We currently intend to retain all of our future earnings, if any, to finance the growth and development of our business,
and we do not anticipate paying any cash dividends on our capital stock in the foreseeable future. In addition, the terms of any future
debt agreements may preclude us from paying dividends. As a result, capital appreciation, if any, of our common stock will be your sole
source of gain for the foreseeable future.







Anti-takeover provisions may limit the ability
of another party to acquire our company, which could cause our stock price to decline.










Our certificate of incorporation, as amended,
our bylaws and Nevada law contain provisions that could discourage, delay or prevent a third party from acquiring our company, even if
doing so may be beneficial to our stockholders. In addition, these provisions could limit the price investors would be willing to pay
in the future for shares of our common stock.







The price of our Common Stock price has
been, and may continue to be, volatile.










The market price of our Common Stock has historically
been volatile and could be subject to significant fluctuations in the future. Some of the factors that may cause the market price of our
Common Stock to fluctuate include:













·


relatively low trading volume, which can result in significant volatility in the market price of our Common
Stock based on a relatively smaller number of trades and dollar amount of transactions;










·


the timing and results of our current and any future products;










·


the entry into or termination of key agreements, including, among others, key collaboration and license
agreements;
















23
























·


the initiation of, material developments in, or conclusion of, litigation to enforce or defend any of
our intellectual property rights;










·


failure of any of our product candidates, if approved, to achieve commercial success;










·


general and industry-specific economic conditions that may affect our research and development expenditures;










·


issues in manufacturing our products;










·


the introduction of technological innovations or new commercial products by our competitors;










·


changes in estimates or recommendations by securities analysts, if any, who cover our Common Stock;










·


future sales of our Common Stock;










·


period-to-period fluctuations in our financial results;










·


publicity or announcements regarding regulatory developments relating to our products;










·


period-to-period fluctuations in our financial results, including our cash and cash equivalents balance,
operating expenses, cash burn rate or revenue levels;










·


Common Stock sales in the public market by one or more of our larger stockholders, officers or directors;










·


our filing for protection under federal bankruptcy laws; or










·


a negative outcome in any litigation or potential legal proceeding.




The stock markets in general have experienced
substantial volatility that has often been unrelated to the operating performance of individual companies. These broad market fluctuations
may also adversely affect the trading price of our Common Stock. In the past, following periods of volatility in the market price of a
company’s securities, stockholders have often instituted class action securities litigation against those companies. Such litigation,
if instituted, could result in substantial costs and diversion of management attention and resources, which could significantly harm our
profitability and reputation.







Our Common Stock is currently traded in
the OTCQB Marketplace. Broker-dealers may experience difficulty in completing customer transactions and trading activity in our securities
may be adversely affected.










Our Common Stock currently trades in the OTCQB
Marketplace. The OTCQB is viewed by most investors as a less desirable, and less liquid, marketplace. As a result, an investor may find
it more difficult to purchase, dispose of or obtain accurate quotations as to the value of our Common Stock. Because our Common Stock
is not listed on any national securities exchange, such shares will also be subject to the regulations regarding trading in “penny
stocks,” which are those securities trading for less than $5.00 per share, and that are not otherwise exempted from the definition
of a penny stock under other exemptions provided for in the applicable regulations. The following is a list of the general restrictions
on the sale of penny stocks:

















24
















Before the sale of penny stock by a broker-dealer
to a new purchaser, the broker-dealer must determine whether the purchaser is suitable to invest in penny stocks. To make that determination,
a broker-dealer must obtain, from a prospective investor, information regarding the purchaser’s financial condition and investment
experience and objectives. Subsequently, the broker-dealer must deliver to the purchaser a written statement setting forth the basis of
the suitability finding and obtain the purchaser’s signature on such statement.





A broker-dealer must obtain from the purchaser
an agreement to purchase the securities. This agreement must be obtained for every purchase until the purchaser becomes an “established
customer.” The Securities Exchange Act of 1934 (the “Exchange Act”), requires that before effecting any transaction
in any penny stock, a broker-dealer must provide the purchaser with a “risk disclosure document” that contains, among other
things, a description of the penny stock market and how it functions, and the risks associated with such investment. These disclosure
rules are applicable to both purchases and sales by investors.





A dealer that sells penny stock must send to the
purchaser, within 10 days after the end of each calendar month, a written account statement including prescribed information relating
to the security.





These requirements can severely limit the liquidity
of securities in the secondary market because fewer brokers or dealers are likely to be willing to undertake these compliance activities.
As a result of our Common Stock not being listed on a national securities exchange and the rules and restrictions regarding penny stock
transactions, an investor’s ability to sell to a third party and our ability to raise additional capital may be limited. We make
no guarantee that market-makers will make a market in our Common Stock, or that any market for our Common Stock will continue.







Our Common Stock is highly illiquid and
the public market for the Common Stock may be minimal.










There is currently very little public trading
for our Common Stock, and trading may not significantly increase in the foreseeable future. In particular, the shares of Common Stock
are being offered and sold in this Offering in reliance upon exemptions from the registration requirements of applicable federal and state
securities laws. Those exemptions require that the Common Stock be purchased for investment purposes only, and not with a current view
toward their distribution or resale. Unless the Common Stock is subsequently registered with the Commission and any required state securities
authorities, or appropriate exemptions from registration are available, you may be unable to liquidate your investment in us – even
if your financial condition makes such liquidation necessary.





In addition, none of our securities will likely
be readily acceptable as collateral for loans. Accordingly, prospective investors who require liquidity in their investments should not
invest in the Common Stock. An investment in Common Stock should only be made by those who can afford the loss of their entire investment.





Additionally, an investment in our Company will
require a long-term commitment, with no certainty of return. There is no public market for our Common Stock or any other security in our
Company, and even if we become a traded on a national exchange, of which no assurances can be given, we cannot predict whether an active
market for our stock will ever develop in the future. In the absence of an active trading market:













·


investors may have difficulty buying and selling or obtaining market quotations;










·


market visibility for shares of our stock may be limited; and










·


a lack of visibility for shares of our stock may have a depressive effect on the market price for shares
of our Common Stock.




The lack of an active market impairs your ability
to sell your shares at the time you wish to sell them or at a price that you consider reasonable. The lack of an active market may also
reduce the fair market value of your shares. An inactive market may also impair our ability to raise capital to continue to fund operations
by selling shares and may impair our ability to acquire additional intellectual property assets by using our shares as consideration.








Our charter documents and Nevada law could
make it more difficult for a third party to acquire us and discourage a takeover.





Our Certificate of Incorporation, Bylaws, and
Nevada law contain certain provisions that may have the effect of deterring or discouraging, among other things, a non-negotiated tender
or exchange offer for shares of Common Stock, a proxy contest for control of our company, the assumption of control of our company by
a holder of a large block of Common Stock, and the removal of the management of our company. Such provisions also may have the effect
of deterring or discouraging a transaction which might otherwise be beneficial to stockholders. Our certificate of incorporation also
may authorize our board of directors, without stockholder approval, to issue one or more series of preferred stock, which could have voting
and conversion rights that adversely affect or dilute the voting power of the holders of Common Stock. Nevada law also imposes conditions
on certain business combination transactions with “interested stockholders.” Our certificate of incorporation authorizes our
Board of Directors to fill vacancies or newly created directorships. A majority of the directors then in office may elect a successor
to fill any vacancies or newly created directorships. Such provisions cold limit the price that investors might be willing to pay in the
future for shares of our Common Stock and impede the ability of the stockholders to replace management.

















25
















The elimination of monetary liability against
our directors, officers, and employees under Nevada law and the existence of indemnification rights to our directors, officers, and employees
may result in substantial expenditures by us and may discourage lawsuits against our directors, officers, and employees. We also may have
entered into contractual indemnification obligations under employment agreements with our executive officers. The foregoing indemnification
obligations could result in our incurring substantial expenditures to cover the cost of settlement or damage awards against directors
and officers, which we may be unable to recoup. These provisions and resultant costs may also discourage us from bringing a lawsuit against
our directors and officers for breaches of their fiduciary duties and may similarly discourage the filing of derivative litigation by
our stockholders against our directors and officers even though such actions, if successful, might otherwise benefit our company and our
stockholders.






Our results of operations could be impacted
by unanticipated changes in tax provisions or exposure to additional income tax liabilities.





Our business operates in many locations under
government jurisdictions that impose income taxes. Changes in domestic or foreign income tax laws and regulations, or their interpretation,
could result in higher or lower income tax rates assessed or changes in the taxability of certain revenues or the deductibility of certain
expenses, and higher excise taxes thereby affecting our income tax expense and profitability. In addition, audits by income tax authorities
could result in unanticipated increases in our income tax expense.






Limited or No Public Market for our securities.





There has been a limited public market for our
Common Stock and no public market for our outstanding stock options and warrants. Our Common Stock is currently quoted on the OTCQB Market.
The daily trading volume of our Common Stock has been limited.





We cannot predict the extent to which investor
interest in our company will lead to the development of an active trading market or how liquid that market might become. The lack of an
active market may reduce the value of shares of our Common Stock and impair the ability of our stockholders to sell their shares at the
time or price at which they wish to sell them. An inactive market may also impair our ability to raise capital by selling our Common Stock
and may impair our ability to acquire or invest in other companies, products, or technologies by using our Common Stock as consideration.






We may be unable to list our stock on a national
exchange, such as NASDAQ.





There has been a limited public market for our
Common Stock. Although it is our intention to qualify for the trading of our Common Stock on a national exchange, we may not meet or maintain
certain qualifying requirements. If we are unable to meet these requirements, we may be limited to trading conducted on the OTCQB Market.






The market price of our Common Stock may be
volatile and could decline.





The market price of our Common Stock has fluctuated
substantially in the past and is likely to continue to be highly volatile and subject to wide fluctuations in the future. A number of
factors could cause the market price of our Common Stock to decline, many of which we cannot control, including the following:














our ability to execute our business plan;













actual or anticipated changed in our operating results;













variations in our quarterly results;













changes in expectations relating to our products, plans, and strategic position or those of our competitors
or customers;













announcements or introduction of technological innovations or new products by us or our competitors;













market conditions within our market;













the sale of even small blocks of Common Stock by stockholders;













price and volume fluctuations in the overall stock market from time to time;













significant volatility in the market price and trading volume of public companies in general and small
emerging companies in particular;
















26

























changes in investor perceptions;













the level and quality of any research analyst coverage of our Common Stock, changes in earnings estimates
or investment recommendations by securities analysis, or our failure to meet such estimates;













any financial guidance we may provide to the public, any changes in such guidance, or our failure to meet
such guidance;













various market factors or perceived market factors, including rumors, whether or not correct, involving
us, our customers, or our competitors;













future sales of our Common Stock;













Introductions of new products or new pricing policies by us or by our competitors;













regulatory or environmental laws that restrict the sale of ammunition containing lead;













acquisitions or strategic alliances by us or by our competitors;













litigation involving us, our competitors, or our industry;













regulatory, legislative, political, and other developments that may affect us, our customers, and the
purchasers of our products;













the gain or loss of significant customers;













the volume and timing of customers’ orders;













recruitment or departure of key personnel;













developments with respect to intellectual property rights;













our international acceptance;













market conditions in our industry, the business success of our customers, and economy as a whole; and













general global economic and political instability.




In addition, the market prices of small emerging
companies have experienced significant price and volume fluctuations that often have been unrelated or disproportionate to their operating
performance. In the past, companies that have experienced volatility in the market price of their securities have been the subject of
securities class action litigation. If we were the object of a securities class action litigation, it could result in substantial losses
and divert management’s attention and resources form other matters.






Sales of large numbers of shares could adversely
affect the price of our Common Stock





Most of our Common Stock shares currently outstanding
are restricted securities as that term is defined in Rule 144 under the Securities Act of 1933, as amended, or the Securities Act. All
outstanding shares of Common Stock are or will be eligible for resale in the public markets at various times within the next six months
with respect to affiliates, subject to compliance with the volume and manner of sale requirements of Rule 144 under the Securities Act
of 1933, as amended, and with respect to all restricted securities held by affiliates.





In general, under Rule 144 as currently in effect,
any person (or persons whose shares are aggregated for purposes of Rule 144) who beneficially owns restricted securities with respect
to which at least six months has elapsed since the later of the date the shares were acquired from us, or from an affiliate of ours, is
entitled to sell within any three-month period a number of shares that does not exceed the greater of 1% of the then outstanding shares
of our Common Stock or the average weekly trading volume in our Common Stock during the four calendar weeks preceding such sale. Sales
under Rule 144 also are subject to certain manner-of-sale provisions and notice requirements and to the availability of current public
information about us. A person who is not an affiliate, who has not been an affiliate within three months prior to sale, and who beneficially
owns restricted securities with respect to which at least six months has elapsed since the later of the date the shares were acquired
from us, or from an affiliate of ours, is entitled to sell such shares under Rule 144 without regard to any of the volume limitations
or other requirements described above. Sales of substantial amounts of Common Stock in the public market could adversely affect prevailing
market prices.

















27

















As a former shell company, resales of shares
of our restricted common stock in reliance on Rule 144 of the Securities Act are subject to the requirements of Rule 144(i).









We previously were a “shell company”
and, as such, sales of our securities pursuant to Rule 144 under the Securities Act, cannot be made unless, among other things, at the
time of a proposed sale, we are subject to the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as
amended, or the Exchange Act, and have filed all reports and other materials required to be filed by Section 13 or 15(d) of the Exchange
Act, as applicable, during the preceding 12 months, other than Form 8-K reports. Because, as a former shell company, the reporting requirements
of Rule 144(i) will apply regardless of holding period, restrictive legends on certificates for shares of our common stock cannot be removed
except in connection with an actual sale that is subject to an effective registration statement under, or an applicable exemption from
the registration requirements of, the Securities Act. Because our unregistered securities cannot be sold pursuant to Rule 144 unless we
continue to meet such requirements, any unregistered securities we issue will have limited liquidity unless we continue to comply with
such requirements.








Exercise of warrants, and issuance of incentive
stock grants may have a dilutive effective on our stock, and negatively impact the price of our Common Stock.







The details of the outstanding warrants are as
follows:









































































































































































Number of




shares







Weighted Average




Exercise Price







Remaining




Contractual Term


(years)














Outstanding at July 1, 2019



0



$

0




0


Granted



229,166




2.68




5


Exercised



0




0




0


Cancelled or expired



0




0




0


Outstanding at June 30, 2020



229,166




2.68




4.2 to 4.53


Granted



0




0




0


Exercised or settled



(160,416

)



2.63




4.05 to 4.16


Cancelled or expired



0




0




0


Outstanding at June 30, 2021



68,750



$

2.80




3.53







As of June 30, 2021, we had warrants outstanding.
Each warrant provides the holder the right to purchase up to one share of our Common Stock at a predetermined exercise price. The outstanding
warrants consist of warrants to purchase an aggregate of 68,750 shares of Common Stock at an average price of $2.8 per share until January
10, 2025.






Failure to achieve and maintain effective internal
controls in accordance with Section 404 of the Sarbanes-Oxley Act could have a material adverse effect on our ability to produce accurate
financial statements and on our stock price.





Under SEC regulations adopted pursuant to Section
404 of the Sarbanes-Oxley Act of 2002, we are required to furnish a report by our management on our internal control over financial reporting
with our Form 10-K. The internal control report must contain (1) a statement of management’s responsibility for establishing and
maintaining adequate internal control over financial reporting, (2) a statement identifying the framework used by management to conduct
the required evaluation of the effectiveness of our internal control over financial reporting, and (3) management’s assessment of
the effectiveness of our internal control over financial reporting as of the end of our most recent fiscal year, including a statement
as to whether or not internal control over financial reporting is effective.





To achieve compliance with the applicable SEC
regulations within the prescribed future period, we would be required to engage in a process to document and evaluate our internal control
over financial reporting, which is both costly and challenging. Despite our efforts, we can provide no assurance as to our conclusions
with respect to the effectiveness of our internal control over financial reporting. There is a risk that we will be able to conclude that
our internal controls over financial reporting are effective, as has been the case with a significant number of companies attempting to
comply with these regulations for the first time. This could result in an adverse reaction in the financial markets resulting from a loss
of confidence in the reliability of our financial statements.





If we fail to comply in a timely manner with the
requirements of Section 404 of the Sarbanes-Oxley Act of 2002 regarding internal control over financial reporting or to remedy any material
weaknesses in our internal controls that we may identify, such failure could result in material misstatements in our financial statements,
cause investors to lose confidence in our reported financial information, limit our ability to raise needed capital, and have a negative
effect on the trading price of our Common Stock.





















28



















CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS





This prospectus contains forward-looking
statements. Forward-looking statements give our current expectations or forecasts of future events. You can identify these statements
by the fact that they do not relate strictly to historical or current facts. Forward-looking statements involve risks and uncertainties
and include statements regarding, among other things, our projected revenue growth and profitability, our growth strategies and opportunity,
anticipated trends in our market and our anticipated needs for working capital. They are generally identifiable by use of the words “may,”
“will,” “should,” “anticipate,” “estimate,” “plans,” “potential,”
“projects,” “continuing,” “ongoing,” “expects,” “management believes,” “we
believe,” “we intend” or the negative of these words or other variations on these words or comparable terminology. These
statements may be found under the sections entitled “Management’s Discussion and Analysis of Financial Condition and Results
of Operations” and “Business,” as well as in this prospectus generally. In particular, these include statements relating
to future actions, prospective products, market acceptance, future performance or results of current and anticipated products, sales efforts,
expenses, and the outcome of contingencies such as legal proceedings and financial results.





Examples of forward-looking
statements in this prospectus include, but are not limited to, our expectations regarding our business strategy, business prospects, operating
results, operating expenses, working capital, liquidity and capital expenditure requirements. Important assumptions relating to the forward-looking
statements include, among others, assumptions regarding demand for our products, the cost, terms and availability of components, pricing
levels, the timing and cost of capital expenditures, competitive conditions and general economic conditions. These statements are based
on our management’s expectations, beliefs and assumptions concerning future events affecting us, which in turn are based on currently
available information. These assumptions could prove inaccurate. Although we believe that the estimates and projections reflected in the
forward-looking statements are reasonable, our expectations may prove to be incorrect.





Important factors that could
cause actual results to differ materially from the results and events anticipated or implied by such forward-looking statements include,
but are not limited to:














changes in the market acceptance of our products;













increased levels of competition;













changes in political, economic or regulatory conditions generally and in the markets in which we operate;













our relationships with our key customers;













our ability to retain and attract senior management and other key employees;













our ability to quickly and effectively respond to new technological developments;













our ability to protect our trade secrets or other proprietary rights, operate without infringing upon
the proprietary rights of others and prevent others from infringing on the proprietary rights of the Company; and













other risks, including those described in the “Risk Factors” discussion of this prospectus.




We operate in a very competitive
and rapidly changing environment. New risks emerge from time to time. It is not possible for us to predict all of those risks, nor can
we assess the impact of all of those risks on our business or the extent to which any factor may cause actual results to differ materially
from those contained in any forward-looking statement. The forward-looking statements in this prospectus are based on assumptions management
believes are reasonable. However, due to the uncertainties associated with forward-looking statements, you should not place undue reliance
on any forward-looking statements. Further, forward-looking statements speak only as of the date they are made, and unless required by
law, we expressly disclaim any obligation or undertaking to publicly update any of them in light of new information, future events, or
otherwise.






SELLING SHAREHOLDERS





The 29,106,000 shares of the Common Stock may
be sold from time to time pursuant to this registration statement by the Selling Shareholders identified herein.





All expenses incurred with respect to the registration
of the Common Stock will be borne by us, but we will not be obligated to pay any underwriting fees, discounts, commission or other expenses
incurred by the Selling Shareholders in connection with the sale of such shares.





Except as indicated below, neither the Selling
Shareholders nor any of their associates or affiliates has held any position, office, or other material relationship with us in the past
three years.

















29
















The following table sets forth the names of the
Selling Shareholders, the number of shares of Common Stock beneficially owned by the Selling Shareholders as of the date hereof and the
number of shares of Common Stock being offered by the Selling Shareholders. The shares being offered hereby are being registered to permit
public secondary trading, and the Selling Shareholders may offer all or part of the shares for resale from time to time. However, the
Selling Shareholders are under no obligation to sell all or any portion of such shares. All information with respect to share ownership
has been furnished by the Selling Shareholders. The “Number of Shares Beneficially Owned After the Offering” column assumes
the sale of all shares offered.





We are registering the shares of common stock
in order to permit the Selling Shareholders to offer these shares for resale from time to time.





The table below lists the Selling Shareholders
and other information regarding the beneficial ownership of the shares of common stock by each of the Selling Shareholders. The second
column lists the number of shares of common stock beneficially owned by each Selling Shareholder, based on its ownership of the shares
of common stock, as of the date hereof The third column lists the shares of common stock being offered by this prospectus by the Selling
Shareholders.





This prospectus generally covers the resale of
the sum of the number of shares of common stock underlying the Common Stock beneficially held by the Selling Shareholders.























































































































Name of Selling


Shareholder



Position, Office or Other


Material Relationship



Shares


Beneficially


Owned Prior to


the Offering



Shares to be


Offered

(1)




Shares


Beneficially


Owned After


the


Offering

(1)(2)




Percentage


Beneficially


Owned after


the


Offering

(3)



Sun Yang


1,000,000

3,380,000

4,380,000

2.25%

Lu Xiaomei


820,000

3,540,000

4,360,000

2.24%

Zhang Yan


0

1,560,000

1,560,000

0.80%

Zhang Shichen


380,000

200,000

580,000

0.30%

Cheng Fangsheng


432,900

2,000,000

2,432,900

1.25%

Li Zhenjun


0

1,000,000

1,000,000

0.51%

Tang Huijuan


2,000,000

2,000,000

4,000,000

2.06%

Song Jianhua


1,300,000

2,000,000

3,300,000

1.70%

Zhang Cuiyun


510,000

770,000

1,280,000

0.66%

Li Chengshi


656,000

656,000

1,312000

0.67%

Xi Wang


4,000,000

4,000,000

8,000,000

4.11%

Li Guangcai


0

8,000,000

8,000,000

4.11%


TOTALS




11,098,900


29,106,000


40,204,900



20.67%





(1) Beneficial ownership is
determined in accordance with Rule 13d-3 under the Securities Act and includes any shares as to which the Selling Shareholder has sole
or shared voting power or investment power, and also any shares which the Selling Shareholder has the right to acquire within 60 days
of the date hereof, whether through the exercise or conversion of any stock option, convertible security, warrant or other right. The
indication herein that shares are beneficially owned is not an admission on the part of the stockholder that it is a direct or indirect
beneficial owner of those shares. Except as indicated in the footnotes to the table above, each Selling Shareholder has voting and investment
power with respect to the shares set forth opposite such Selling Shareholder’s name.





(2) This table assumes that
each Selling Shareholder will sell all shares offered for sale by it under this registration statement.





(3) Percentages are based
upon 194,489,058 shares of our


Common Stock issued and outstanding as of October 15, 2021.








USE OF PROCEEDS





We will not receive any proceeds
from the sale of common stock by the Selling Shareholders. All of the net proceeds from the sale of our common stock will go to the Selling
Shareholders as described above in the section entitled “Selling Shareholders” and below entitled “Plan of Distribution”.
We have agreed to bear the expenses relating to the registration of the common stock for the Selling Shareholders.

















30

















PLAN OF DISTRIBUTION





The Selling Shareholders may,
from time to time, sell, transfer, or otherwise dispose of any or all of their shares of common stock on any stock exchange, market, or
trading facility on which the shares are traded or in private transactions. These dispositions may be at fixed prices, at prevailing market
prices at the time of sale, at prices related to the prevailing market price, at varying prices determined at the time of sale, or at
negotiated prices. The Selling Shareholders may use any one or more of the following methods when disposing of shares:














on any national securities exchange or quotation service on which the shares may be listed or quoted at
the time of sale;













in the over-the-counter market;













in transactions otherwise than on these exchanges or systems or in the over-the-counter market;













ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers;













block trades in which the broker-dealer will attempt to sell the shares as agent, but may position and
resell a portion of the block as principal to facilitate the transaction;













purchases by a broker-dealer as principal and resale by the broker-dealer for its account;













an exchange distribution in accordance with the rules of the applicable exchange;













privately negotiated transactions;













short sales;













through the listing or settlement of options or other hedging transactions, whether such options are listed
on an options exchange or otherwise;













broker-dealers may agree with the Selling Shareholders to sell a specified number of such shares at a
stipulated price per share;













a combination of any such methods of sale; and













any other method permitted pursuant to applicable law.




The Selling Shareholders may
also sell shares under Rule 144 under the Securities Act, if available, rather than under this prospectus.





If the Selling Shareholders
effect such transactions by selling shares of Common Stock to or through underwriters, broker-dealers or agents, such underwriters, broker-dealers
or agents may receive commissions in the form of discounts, concessions, or commissions from the Seller Shareholders or commissions from
purchasers of the shares of Common Stock for whom they may act as agent or to whom they may sell as principal (which discounts, concessions,
or commissions as to particular underwriters, broker-dealers or agents may be in excess of those customary in the types of transactions
involved). In connection with sales of the shares of Common Stock or otherwise, the Selling Shareholders may enter into hedging transactions
with broker-dealers, which may in turn engage in short sales of the shares of Common Stock in the course of hedging in positions they
assume. The Selling Shareholders may also sell shares of Common Stock short and deliver shares of Common Stock covered by this prospectus
to close out short positions and to return borrowed shares in connection with such short sales. The Selling Shareholders may also loan
or pledge shares of Common Stock to broker-dealers that in turn may sell such shares.





The Selling Shareholders may
from time to time pledge or grant a security interest in some or all of the shares of Common Stock owned by them and, if they default
in the performance of their secured obligations, the pledgees or secured parties may offer and sell the shares of Common Stock from time
to time under this prospectus after we have filed a supplement to this prospectus under Rule 424(b)(3) or other applicable provision of
the Securities Act supplementing or amending the list of Selling Shareholders to include the pledgee, transferee or other successors in
interest as Selling Shareholders under this prospectus. The Selling Shareholders also may transfer or donate the shares of Common Stock
in other circumstances, in which case the transferees, donees, pledgees, or other successors in interest will be the selling beneficial
owners for purposes of this prospectus.





Under the securities laws
of some states, the shares of Common Stock may be sold in such states only through registered or licensed brokers or dealers. In addition,
in some states the shares of Common Stock may not be sold unless such shares have been registered or qualified for sale in such state
or an exemption from registration or qualification is available and is complied with.

















31
















There can be no assurance
that any Selling Stockholder will sell any or all of the shares of Common Stock registered pursuant to the registration statement of which
this prospectus forms a part.





The Selling Shareholders and
any other person participating in such distribution will be subject to applicable provisions of the Securities Exchange Act of 1934, as
amended, and the rules and regulations thereunder, including, without limitation, the anti-manipulation rules of Regulation M of the Exchange
Act, which may limit the timing of purchases and sales of any of the Common Stock by the Selling Shareholders and any other participating
person. Regulation M may also restrict the ability of any person engaged in the distribution of the shares of Common Stock to engage in
market-making activities with respect to the shares of common stock.





In addition, to the extent
applicable we will make copies of this prospectus (as it may be supplemented or amended from time to time) available to the Selling Shareholders
for the purpose of satisfying the prospectus delivery requirements of the Securities Act. The Seller Stockholders may indemnify any broker-dealer
that participates in transactions involving the sale of the shares against certain liabilities, including liabilities arising under the
Securities Act.





We are required to pay all
expenses of the registration of the shares of Common Stock, including SEC filing fees and expenses of compliance with state securities
or “blue sky” laws; provided, however, that the Selling Shareholders will pay all underwriting discounts and selling commissions,
if any, and all fees and expenses of their respective legal counsel. We have agreed to indemnify the Selling Shareholders against liabilities,
including liabilities under the Securities Act and state securities laws, relating to the registration of the shares offered by this prospectus.
We may be indemnified by the Selling Shareholders against liabilities, including liabilities under the Securities Act, and state security
laws, that may arise from any written information furnished to us by the Selling Shareholders specifically for use in this prospectus.





Once effective, our company
has agreed to use its commercially reasonable efforts to keep such registration, and any qualifications, exemption or compliance under
state securities laws which our company determines to obtain, continuously effective, and to keep the registration statement of which
this prospectus forms a part free of any material misstatements or omissions, until the earlier of the following:(1) the date of which
the Selling Shareholders cease to hold any shares of Common Stock registered hereunder, or (2) the date all shares of Common Stock held
by the Selling Shareholders may be sold without restriction under Rule 144, including without limitation, any volume and manner of sale
restrictions which may be applicable to affiliates under Rule 144.





Once sold under the registration
statement of which this prospectus forms a part, the shares of common stock will be freely tradable in the hands of persons other than
our affiliates.










Market
for Registrant’s Common Equity, Related Stockholder Matters and Small Business Issuer Purchases of Equity Securities








Market Information





Our common stock is currently quoted on OTCQB.
Our common stock commenced quotation on the OTCQB under the trading symbol “CPJT”. On February 4, 2016, our symbol was changed
to “IINX” to reflect the Company’s name change to Ionix Technology, Inc. Our common stock began trading in April 2015.
Because we are quoted on the OTCQB, our common stock may be less liquid, receive less coverage by security analysts and news media, and
generate lower prices than might otherwise be obtained if it were listed on a national securities exchange.





The following table sets forth the high and low
bid prices for our Common Stock per quarter as reported by the OTCQB for the quarterly periods indicated below based on our fiscal year
end June 30. These prices represent quotations between dealers without adjustment for retail mark-up, markdown or commission and may not
represent actual transactions.









































































































































































Fiscal Quarter


High



Low


First Quarter (Jul. 1, 2018– Sept. 30, 2018)


$

2.50



$

1.75


Second Quarter (Oct. 1, 2018 – Dec. 31, 2018)



2.47




2.05


Third Quarter (Jan. 1, 2019– Mar. 31, 2019)



3.00




2.50


Fourth Quarter (Apr. 1, 2019– Jun. 30, 2019)



2.70




2.11











First Quarter (Jul. 1, 2019– Sept. 30, 2019)


$

2.00



$

1.70


Second Quarter (Oct. 1, 2019– Dec. 31, 2019)



1.93



$

1.33


Third Quarter (Jan. 1, 2020 – Mar. 31, 2020)



1.85



$

0.95


Fourth Quarter (Apr. 1, 2020 – Jun. 30, 2020)



1.91



$

0.975











First Quarter (Jul. 1, 2020– Sept. 30, 2020)


$

0.975



$

0.045


Second Quarter (Oct. 1, 2020– Dec. 31, 2020)



0.18




0.02


Third Quarter (Jan. 1, 2021– Mar. 31, 2021)



0.403




0.11


Fourth Quarter (Apr. 1, 2021 – Jun. 30, 2021)



0.301




0.10















32





















Record Holders





As of October 15, 2021, the approximate number
of registered holders of our common stock was 222. As of October 15, 2021, there were 194,489,058 shares of common stock issued and outstanding
and there were 5,000,000 shares of preferred stock issued and outstanding. There were 68,750 shares of common stock subject to outstanding
warrants, and there were no shares of common stock subject to outstanding stock options.






Dividends





On November 30, 2015, the Company’s board
of directors and majority of its shareholders approved a 3:1forward stock split which increased the Company’s issued and outstanding
shares of common stock from 33,001,000 to 99,003,000 (the “Forward Split”). The Forward Split was approved by FINRA and took
effect on the market on February 4, 2016. The Forward Split shares were payable upon surrender of certificates to the Company’s
transfer agent.





We have not declared or paid any cash dividends
on our common stock nor do we anticipate paying any in the foreseeable future. Furthermore, we expect to retain any future earnings to
finance our operations and expansion. The payment of cash dividends in the future will be at the discretion of our Board of Directors
and will depend upon our earnings levels, capital requirements, any restrictive loan covenants and other factors the Board considers relevant.






Securities Authorized for Issuance under Equity
Compensation Plans





None.

















33

















MANAGEMENT’S DISCUSSION AND ANALYSIS OF
FINANCIAL


CONDITION AND RESULTS OF OPERATIONS






The following discussion and analysis of our
financial condition and results of operations should be read together with our consolidated financial statements and accompanying notes
appearing elsewhere in this prospectus. This discussion contains forward-looking statements, based upon our current expectations and related
to future events and our future financial performance, that involve risks and uncertainties. Our actual results may differ materially
from those anticipated in these forward-looking statements as a result of various factors, including those set forth under “Risk
Factors,” “Forward-Looking Statements,” and elsewhere in this prospectus.






Results of Operation for the Years Ended June 30, 2021 and
2020





Calendar year 2020 and the first half of 2021 was challenging and disruptive
for the world, with the COVID-19 pandemic adding to the headwind of an already challenging global economy. Almost no industry was unaffected
by the pandemic. The unprecedentedly adverse global operating environment had a major impact on our business and reversed the Company's
continuous growth.





The operations of the Company During the year ended June 30, 2021 experienced
some minor delays and were adversely affected by the COVID-19 travel restrictions and lockdowns implemented nationwide. Decreases in revenue
and operating profits during the year ended June 30, 2021 were a result of the unprecedented adverse market condition caused by the outbreak
of COVID-19 pandemic since January 2020.





During the year ended June 30, 2021, the significant decrease in sales
revenue is mainly attributable to the adverse impact of COVID-19 in various ways, from the continuous weakening demand in the PRC consumer
market and continuous competition from other brands against the goods which the Company has been trading coupled with the unfavorable
and ongoing adverse trading environment and the disruptions caused by COVID-19, limitation of marketing efforts, disruptions of product
delivery to the Company’s customers due to certain customers 's reducing their budgets or delaying their procurement plans, leading
to a decrease in the new orders placed with the Company. The Company believes that such effect is temporary and will not have major impact
on the long-term performance of the Company.





During the year ended June 30, 2021, the gross profit decreases were
mainly attributable to: (1) the drop in production volume of the Company as a result of the adverse impact of the COVID-19; (2) in certain
areas in Northeast of China, the PRC government, as a preventive measure in response to the COVID-19, had implemented the movement control
order which involved prohibition of movement of people which adversely affected the Company’s supply chain in raw materials. And
the poor market sentiment has led to the significant drop in demand and selling prices of the Company’s products, while the prices
of glass, which is the raw material for the Company's production, have increased substantially due to tightened supply of glass from the
supply chain reform in the PRC; and (3) in addition to the economic contraction caused by prolonged outbreak of COVID-19, the fact that
Changchun City where Fangguan Electronics was located had endured dozens of blizzards in November and December 2020, also led to the slow-down
of the businesses of the Company.





Nevertheless, the Company survived and thrived against all odds: besides
carrying out a more stringent cost control through the Company’s persistent effort in cost reduction, the Company implemented the
workplace safety measures as per government guidelines, including work from home arrangements whenever appropriate, and protected the
client relationships by maintaining communication and working with them to deal with the delaying or canceling orders. With the gradual
stabilization of the domestic photoelectric display industry, the Company would anticipate a steady increase in the sales of LCM and LCD.





Based on the Company’s well-established reputation in the market,
management of the Company believes that the demand for the Company's products would increase during the economic rebounding and the overall
financial and business positions of the Company would remain sound, and the Company is well positioned to take advantage of any upturn
in the market.

















34
















Considering that such effects of COVID-19 is temporary and will not
have major impact on the long-term performance of the Company, the Company believes that the increase in turnover and gross profit margin
of the Company as caused by the gradual recovery of the economy of PRC would maintain in the future. As such, the Company remains cautiously
optimistic about its sustainable development.





During the first half of calendar year 2021, the anticipated recovery
in the economy of PRC realized gradually while the negative impact of COVID-19 remains. The Company maintains optimistic cautious and
is paying close attention to the evolving development of, and the disruption to business and economic activities caused by the COVID-19
outbreak and evaluates its impact on the financial position, cash flows and operating results of the Company. Given the dynamic nature
of the COVID-19 outbreak, it is not practicable to provide a reasonable estimate of its impacts on the Company’s financial position,
cash flows and operating results at the present.







Revenues






During the year ended June 30, 2021, COVID-19 continued to affect the
operational and financial performance of the Company. However, the gradual recovery of revenue that was ever expected previously already
realized.





During the year ended June 30, 2021 and 2020, total revenues were $14,328,326
and $20,599,228 respectively. The total revenues decreased by $6,270,902 or 30% from the year ended June 30, 2020 to the year ended June
30, 2021.





Among the significant decrease of $6,270,902 in total revenues for
the year ended June 30, 2021, the decrease of $3,998,841 came from the decrease in revenue of Fangguan Electronics which was acquired
on December 27, 2018 The decrease during the year ended June 30, 2021 can be directly attributed to the fact that in certain cities and
provinces the continuous outbreak of COVID-19 induced the numerous shutdowns and commercial activities suspensions which have made the
significantly adverse effects on the business of the Company. In addition, the decrease in total revenues during the year ended June 30,
2021 was partially attributed to the decreases of $2,374,200 in service contract and smart energy segments as compared with the year ended
June 30, 2020.as under the negative impact of COVID-19 on service contract business, none of any new contracts were signed while majority
of the existing contracts in this business segment had been completed.





The decrease in total revenues during the year ended June 30, 2021
was partially offset by the increase in revenues of $1,084,083 sourced from lithium battery - related business which was the new business
segment established by the Company in 2021.







Cost of Revenue






Cost of revenues included the cost of raw materials, labor, depreciation,
overhead and finished products purchased.







During the year ended June 30, 2021 and 2020, the total cost of revenues
was $12,050,402 and $17,506,433 respectively. The total cost of revenues decreased by $5,456,031 or 31% from the year ended June 30, 2020
to the year ended June 30, 2021.





Among the significant decrease of $5,456,031 in total cost of revenues
for the year ended June 30, 2021, the decrease of $3,649,199 came from the decrease in cost of revenue of Fangguan Electronics which was
acquired on December 27, 2018. In addition, the decrease in total cost of revenues during the year ended June 30, 2021 was partially attributed
to the decreases of $2,065,078 in cost of revenue of service contract and smart energy segments as compared with the year ended June 30,
2020.





The decrease in cost of revenues can be directly attributed to the
decrease of revenues.





The decrease in total cost of revenues during the year ended June 30,
2021 was partially offset by the increase in cost of revenues of $982,814 sourced from lithium battery - related business which was the
new business segment established by the Company in 2021.







Gross Profit






During the year ended June 30, 2021 and 2020, the gross profit was
$2,277,924 and $3,092,795, respectively.





The gross profit decreased by 26% from the year ended June 30, 2020
to the year ended June 30, 2021. Our gross profit margin maintained stable as it was 15.9% during the year ended June 30, 2021 as compared
to 15.0% for the year ended June 30, 2020.

















35


















Selling, General and Administrative Expenses






Our selling, general and administrative expenses are mainly comprised
of payroll expenses, transportation, office expense, professional fees, freight and shipping costs, rent, and other miscellaneous expenses.





During the year ended June 30, 2021 and 2020, selling, general and
administrative expenses were $1,372,589 and $1,937,054 respectively.





The decrease in selling, general and administrative expenses can be
attributed to the stricter cost control during the year ended June 30, 2021.







Research and Development Expenses






Our research and development expenses are mainly comprised of payroll
expenses of research staff, costs of materials used for research and other miscellaneous expenses.





During the year ended June 30, 2021 and 2020, research and development
expenses were $598,338 and $805,570 respectively. All research and development expenses were incurred by Fangguan Electronics (a variable
interest entity of the Company since December 27, 2018).





The decrease in research and development expenses during the year ended
June 30, 2021 can be attributed to the decrease of materials expenditures used for research during the year ended June 30, 2021.







Other Incomes (Expenses)






Other expenses consisted of interest expense, net of interest income.
Other incomes consisted primarily of subsidy income and gain on extinguishment of debt, net of loss on extinguishment of debt. Change
in fair value of derivative liability was an expense for the year ended June 30, 2021 and an income for the year ended June 30, 2020.





During the year ended June 30, 2021 and 2020, other incomes (expenses)
were $(731,080) and $(455,040) respectively. The other expenses increased by $276,040 or 61% from the year ended June 30, 2020 to the
year ended June 30, 2021.





The difference of interest expense was mainly due to the decrease of
debt discount as the convertible notes either approached the maturity date or were settled during the year ended June 30, 2021 as compared
with the corresponding period of 2020.





The subsidy income was government subsidies received by Fangguan Electronics
and Baileqi Electronic during the year ended June 30, 2021 and 2020.





The change in fair value of derivative liability can be attributed
to the fact that stock price of the Company were more volatile during the year ended June 30, 2021 as compared with corresponding period
of 2020.





The gain on extinguishment of debt of $202,588 during the year ended
June 30, 2021 can be primarily attributed to the gain of $459,227 from settlement of four convertible notes (including warrants and all
accrued and unpaid interests), offset by loss of $256,639 from the conversion of convertible notes to 9,470,630 common shares in the principal
amount of $273,200 for the year ended June 30, 2021. The loss on extinguishment of debt can be attributed to the conversion of convertible
notes in the principal amount of $170,516 during the year ended June 30, 2020.







Net Income (Loss)






During the year ended June 30, 2021 and 2020, our net income (loss)
was $(406,607) and $(277,668), respectively. The total net loss increased by $128,939 or 46% from the year ended June 30, 2020 to the
year ended June 30, 2021.





The significant increase in net loss from the year ended June 30, 2020
to the year ended June 30, 2021 is primarily attributed to: (1) a decrease in the Company’s revenue by approximately 30% resulting
from the disruption of the Company’s business operations caused by the COVID-19; (2) a significant increase in non-recurring other
expenses such as change in fair value of derivative liability; and offset by (3) a decrease in the Company’s operating expenses
by approximately 28% resulting from cost saving measures including the reduction in salary, rent and R&D expenditures etc. Excluding
the aforementioned non-recurring change in fair value of derivative liability, the increase (decrease) of the net income from the year
ended June 30, 2020 to the year ended June 30, 2021 would be changed from ($ 0.1) million into approximately $0.7 million instead.

















36

















Liquidity and Capital Resources







Cash Flow from Operating Activities






During the year ended June 30, 2021, net cash
used in operating activities was $578,073 compared to the cash provided by operating activities of $936,479 for the year ended June 30,
2020. The change was mainly due to a decrease of $128,939 in net income and an increase of $1,496,437 in cash outflow from changes in
operating assets and liabilities in the year ended June 30, 2021 compared to the year ended June 30, 2020.







Cash Flow from Investing Activities






During the year ended June 30, 2021, net cash
used in investing activities was $189,974 compared to net cash provided by investing activities of $50,492 during the year ended June
30, 2020. The change was primarily due to the fact that there were proceeds from sale of equipment at the amount of $244,189 during the
year ended June 30, 2020 while proceeds from sale of equipment was merely $15,687 during the year ended June 30, 2021.







Cash Flow from Financing Activities






During the year ended June 30, 2021, cash provided
by financing activities was $38,557 compared to net cash used in financing activities of $190,501 during the year ended June 30, 2020.
The change was primarily due to the further advances from the major shareholders of the Company, the proceeds from issuance of promissory
notes ,and the proceeds from issuance of common stock for private placement during the year ended June 30, 2021.





As of June 30, 2021, we have a working capital
of $3,009,020.





Our total current liabilities as of June 30, 2021
were $9,886,398 and mainly consisted of $904,832 for short-term bank loans, $4,942,881 in accounts payable, the amount due to related
parties of $3,053,818 advance from customers of $334,101 and the self-amortized promissory notes of $533,316. The Company’s major
shareholder is committed to providing for our minimum working capital needs for the next 12 months, and we do not expect the previous
related party loan be payable for the next 12 months. However, we do not have a formal agreement that states any of these facts. The remaining
balance of our current liabilities relates to audit and consulting fees and such payments are due on demand and we expect to settle such
amounts on a timely basis based upon shareholder loans to be granted to us in the next 12 months.

















37

















Future Financings





We consider taking on long-term or short-term
debt from financial institutions in the immediate future. Besides for the bank funding, we are dependent upon our director and the major
shareholder to provide continued funding and capital resources. If continued funding and capital resources are unavailable at reasonable
terms, we may not be able to implement our plan of operations. The financial statements do not include any adjustments related to the
recoverability of assets and classification of liabilities that might be necessary should the Company be unable to continue in operation.





We will require approximately $430,000 to fund
our working capital needs as follows:









































Audit and accounting



220,000


Legal Consulting fees



70,000


Salary and wages



100,000


Edgar/XBRL filing, transfer agent and miscellaneous



40,000


Total


$

430,000






Off-Balance Sheet Arrangements





We do not have any off-balance sheet arrangements
that have or are reasonably likely to have a current or future effect on the Company’s financial condition, changes in financial
condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to investors.






Critical Accounting Policies







While our significant accounting policies are
more fully described in Note 2 to our financial statements, we believe the following accounting policies are the most critical to aid
you in fully understanding and evaluating this management discussion and analysis






Revenue recognition





The Company adopted the new accounting standard,
ASC 606, Revenue from Contracts with Customers, and all the related amendments (new revenue standard) to all contracts using the modified
retrospective method beginning on July 1, 2018. The adoption did not result in an adjustment to the retained earnings as of June 30, 2018.
The comparative information was not restated and continued to be reported under the accounting standards in effect for those periods.
The adoption of the new revenue standard has no impact on either reported sales to customers or net earnings.





The Company bases its estimates of return on historical results, taking
into consideration the type of customers, the type of transactions and the specifics of each arrangement.





Revenues are recognized when control of the promised
goods or services are transferred to a customer, in an amount that reflects the consideration that the Company expects to receive in exchange
for those goods or services. The Company applies the following five steps in order to determine the appropriate amount of revenue to be
recognized as it fulfills its obligations under each of its agreements:













·


identify the contract with a customer;










·


identify the performance obligations in the contract;
















38
























·


determine the transaction price;










·


allocate the transaction price to performance obligations in the contract; and










·


recognize revenue as the performance obligation is satisfied.




Under these criteria, for revenues from sale of
products, the Company generally recognizes revenue when its products are delivered to customers in accordance with the written sales terms.
For service revenue, the Company recognizes revenue when services are performed and accepted by customers.






Comprehensive income





ASC Topic 220, “Comprehensive Income”,
establishes standards for reporting and display of comprehensive income, its components and accumulated balances. Comprehensive income
as defined includes all changes in equity during a period from non-owner sources. Accumulated other comprehensive income, as presented
in the accompanying consolidated statement of stockholders’ equity, consists of changes in unrealized gains and losses on foreign
currency translation. This comprehensive income is not included in the computation of income tax expense or benefit.








Convertible Instruments





The Company evaluates and accounts for conversion
options embedded in convertible instruments in accordance with ASC 815 “Derivatives and Hedging Activities”.





Applicable GAAP requires companies to bifurcate
conversion options from their host instruments and account for them as free standing derivative financial instruments according to certain
criteria. The criteria include circumstances in which (a) the economic characteristics and risks of the embedded derivative instrument
are not clearly and closely related to the economic characteristics and risks of the host contract, (b) the hybrid instrument that embodies
both the embedded derivative instrument and the host contract is not re-measured at fair value under other GAAP with changes in fair value
reported in earnings as they occur and (c) a separate instrument with the same terms as the embedded derivative instrument would be considered
a derivative instrument.





The Company accounts for convertible instruments
(when it has been determined that the embedded conversion options should not be bifurcated from their host instruments) as follows: The
Company records when necessary, discounts to convertible notes for the intrinsic value of conversion options embedded in debt instruments
based upon the differences between the fair value of the underlying common stock at the commitment date of the note transaction and the
effective conversion price embedded in the note. Debt discounts under these arrangements are amortized over the term of the related debt
to their stated date of redemption.





The Company accounts for the conversion of convertible
debt when a conversion option has been bifurcated using the general extinguishment standards. The debt and equity linked derivatives are
removed at their carrying amounts and the shares issued are measured at their then-current fair value, with any difference recorded as
a gain or loss on extinguishment of the two separate accounting liabilities.








Accounts receivable





Accounts receivable are recorded at the invoiced
amount and do not bear interest, which are due within contractual payment terms, generally 30 to 90 days from shipment. Credit is extended
based on evaluation of a customer’s financial condition, the customer’s credit-worthiness and their payment history. Accounts
receivable outstanding longer than the contractual payment terms are considered past due. Past due balances over 90 days and over a specified
amount are reviewed individually for collectability. At the end of each period, the Company specifically evaluates individual customer’s
financial condition, credit history, and the current economic conditions to monitor the progress of the collection of accounts receivables.
The Company will consider the allowance for doubtful accounts for any estimated losses resulting from the inability of its customers to
make required payments. For the receivables that are past due or not being paid according to payment terms, the appropriate actions are
taken to exhaust all means of collection, including seeking legal resolution in a court of law. Account balances are charged off against
the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Company does
not have any off-balance-sheet credit exposure related to its customers.






Use of Estimates





The Company’s consolidated financial statements
have been prepared in accordance with US GAAP. This requires management to make estimates and assumptions that affect the reported amounts
of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and
reported amounts of revenue and expenses during the reporting period. The significant areas requiring the use of management estimates
include, but are not limited to, the allowance for doubtful accounts receivable, estimated useful life of intangible assets, provision
for staff benefits, recognition and measurement of deferred income taxes and valuation allowance for deferred tax assets. Although these
estimates are based on management’s knowledge of current events and actions management may undertake in the future, actual results
may ultimately differ from those estimates and such differences may be material to our consolidated financial statements.

















39

















Foreign currencies translation





Transactions denominated in currencies other than
the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction.
Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency
using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the statement of operations.





The reporting currency of the Company is the United
States Dollar ("US$"). The Company’s subsidiaries in the People’s Republic of China (“PRC”) maintain
their books and records in their local currency, the Renminbi Yuan ("RMB"), which is the functional currency as being the primary
currency of the economic environment in which these entities operate.





In general, for consolidation purposes, assets
and liabilities of its subsidiaries whose functional currency is not the US$ are translated into US$, in accordance with ASC Topic 830-30,
“Translation of Financial Statement”, using the exchange rate on the balance sheet date. Revenues and expenses are translated
at average rates prevailing during the period. Stockholders’ equity is translated at historical rates. The gains and losses resulting
from translation of financial statements of foreign subsidiaries are recorded as a separate component of accumulated other comprehensive
income within the statement of stockholders’ equity.

















40
















The exchange rates used to translate amounts in
RMB into U.S. Dollars for the purposes of preparing the consolidated financial statements are as follows:







































2021



2020


Balance sheet items, except for equity accounts



6.4601




7.0795


Items in statements of comprehensive income (loss) and cash flows



6.7698




7.0307






Recently Issued Accounting Pronouncements





In February 2016, the FASB issued ASU 2016-02,
Leases (Topic 842). Under this guidance, lessees will be required to recognize on the balance sheet a lease liability and a right-of-use
asset for all leases, with the exception of short-term leases. The lease liability represents the lessee’s obligation to make lease
payments arising from a lease, and will be measured as the present value of the lease payments. The right-of-use asset represents the
lessee’s right to use a specified asset for the lease term, and will be measured at the lease liability amount, adjusted for lease
prepayment, lease incentives received and the lessee’s initial direct costs. The standard also requires a lessee to recognize a
single lease cost allocated over the lease term, generally on a straight-line basis. The new guidance is effective for fiscal years beginning
after December 15, 2018. ASU 2016-02 is required to be applied using the modified retrospective approach for all leases existing as of
the effective date and provides for certain practical expedients. Early adoption is permitted. The Company is currently evaluating the
potential impact of adopting this new standard on its consolidated statements and related disclosures.





In February 2018, FASB issued ASU 2018-02, Income
Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income.
ASU 2018-02 provides entities the option to reclassify certain "stranded tax effects" resulting from the recent US tax reform
from accumulated other comprehensive income ("AOCI") to retained earnings. Under the ASU, reporting entities will select an
accounting policy to either reclassify all stranded tax effects caused by tax reform from AOCI to retained earnings, or continue recycling
stranded effects (including those caused by tax reform) through earnings in future periods. Further, disclosure of either policy is required
in all cases. The reclassification from AOCI to retained earnings is presented in the statement of shareholders equity. The ASU is effective
for all entities in fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted
for public business entities for which financial statements have not yet been issued, and for all other entities for which financial statements
have not yet been made available for issuance. Entities have the option to record the reclassification either retrospectively to each
period in which the income tax effects of tax reform are recognized, or at the beginning of the annual or interim period in which the
amendments are adopted. The Company determined that the adoption of this new standard has no material impact on its consolidated statements
and related disclosures.





Compensation—Stock Compensation. In June
2018, the FASB issued ASU 2018-07, Compensation—Stock Compensation (Topic 718): Improvement to Nonemployee Share-based Payment Accounting
to amend the accounting for share-based payment awards issued to nonemployees. Under the revised guidance, the accounting for awards issued
to nonemployees will be similar to the model for employee awards. The update is effective for public business entities for fiscal years
beginning after December 15, 2018, including interim periods within that fiscal year. The Company adopted this new standard effective
on January 1, 2019. The adoption of ASU 2018-07 did not have a material impact on the Group’s consolidated financial statements.





Fair Value Measurement. In August 2018, the FASB
issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value
Measurement, which eliminates, adds and modifies certain disclosure requirements for fair value measurements. Under the guidance, public
companies will be required to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair
value measurements. The guidance is effective for all entities for fiscal years beginning after December 15, 2019 and for interim periods
within those fiscal years, but entities are permitted to early adopt either the entire standard or only the provisions that eliminate
or modify the requirements. The Company is currently in the process of evaluating the impact of the adoption of this guidance on its consolidated
financial statements.






Contractual Obligations





We are a smaller reporting company as defined
by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.








Business








Corporate Background



Ionix Technology, Inc. (the “Company”,
formerly known as Cambridge Projects Inc.), a Nevada corporation, was formed on March 11, 2011. The Company was originally formed
to pursue a business combination through the acquisition of, or merger with, an operating business. The Company filed a registration statement
on Form 10 with the U.S. Securities and Exchange Commission (the “SEC”) on August 23, 2011, and focused on identifying a potential
business combination opportunity.

















41
















On November 20, 2015, the Company’s former
majority shareholder and chief executive offer, Locksley Samuels (“Seller”), completed a private common stock purchase agreement
(the “SPA”) to sell his entire 21,600,000 shares of the Company’s common stock to Shining Glory Investments Limited
(“Purchaser”). In connection with the SPA, the Board appointed Ms. Doris Zhou as the Company’s Chief Executive Officer,
Chief Financial Officer, Secretary, Treasurer, and director on November 20, 2015, and Seller concurrently resigned from all positions
with the Company. As a result of the SPA, a change in control occurred as (i) Purchaser acquired approximately 65.45% of the Company’s
common stock, and (ii) the Company’s sole officer and director after the SPA was Ms. Zhou, who has since resigned.





On November 30, 2015, the Company’s board
of directors (the “Board”) and the majority of its shareholders approved that (i) the Company change its name from “Cambridge
Projects Inc.” to “Ionix Technology, Inc.”, (ii) the Company voluntarily changed its ticker symbol in connection with
the name change, and (iii) the Company execute a 3:1 forward stock split, which will increase the Company’s issued and outstanding
shares of common stock from 33,001,000 to 99,003,000 (the “Corporate Actions). The Company filed an application with the Financial
Industry Regulatory Authority (“FINRA”) to effectuate the Corporate Actions and filed a Form 8-K on December 10, 2015, in
regards to the Corporate Actions. On February 3, 2016, FINRA approved the Corporate Actions, which took effect on the market on February
4, 2016. As a result, (i) the Company’s name is now “Ionix Technology, Inc.”, (ii) its new trading symbol is “IINX”,
(iii) the 3:1 forward stock split is effective, payable upon surrender, and (iv) the Company’s new CUSIP number is 46222Q107.





On February 17, 2016, the Board ratified, approved,
and authorized the Company’s acquisition of a wholly-owned subsidiary, Well Best International Investment Limited, a limited liability
company formed under the laws of Hong Kong Special Administrative Region (“Well Best”) on September 14, 2015. Well Best was
acquired by Qingchun Yang, its current director, on November 10, 2015. One hundred percent interest in Well Best was transferred to Ionix
Technology on February 15, 2016.Well Best’s purpose is to act as an investment holding company and pursue new business ventures
conducted in the Asia Pacific region excluding China. Well Best has had no activities since inception.





On November 7, 2016, the Company’s Board
of Directors approved and ratified the incorporation of Lisite Science Technology (Shenzhen) Co., Ltd ("Lisite Science"), a
limited liability company formed under the laws of China on June 20, 2016. Well Best is the sole shareholder of Lisite Science. As a result,
Lisite Science is an indirect, wholly-owned subsidiary of the Company. Lisite Science focused on marketing the high-end intelligent electronic
equipment, specifically a power bank which is a 5 volt 2 amp, 20000mAh lithium ion battery powered portable device offering charging time
of 12-18 hours that is intended to be utilized as a power source for electronic devices such as the iphone, ipad, mp3/mp4 players, PSP
gaming systems, and cameras. Lisite Science commenced operations in September of 2016.





On November 7, 2016, the Company’s Board
of Directors approved and ratified the incorporation of Shenzhen Baileqi Electronic Technology Co., Ltd. ("Baileqi Electronic"),
a limited liability company formed under the laws of China on August 8, 2016. Well Best is the sole shareholder of Baileqi Electronic.
As a result, Baileqi Electronic is an indirect, wholly-owned subsidiary of the Company. Baileqi Electronic focused on marketing the LCD
and module for civil electronic products. The module of new energy power system refers to an LCD screen that is manufactured for small
devices such as video capable baby monitors, electronic devices such as tablets and cell phones, and for use in televisions or computer
monitors. Baileqi Electronics commenced operations in September of 2016.On September 1, 2016, Baileqi Electronics entered into a manufacturing
agreement with Shenzhen Baileqi Science and Technology Co., Ltd. ("Shenzhen Baileqi S&T") to manufacture products for Baileqi
Electronics.

















42
















On December 29, 2016, the Company’s Board
of Directors approved and ratified the acquisition of 99.9% of the issued and outstanding stock of Welly Surplus International Limited,
a limited company formed under the laws of Hong Kong on January 18, 2016, in exchange for 99,999 HK dollars (the “Acquisition”).
As a result of the Acquisition, the Company became the majority shareholder of Welly Surplus, owning 99.99% of the issued and outstanding
stock of Welly Surplus, and Welly Surplus is now a majority owned subsidiary of the Company. As the closing of the Acquisition, Ms. Zhou
was appointed as a member of the board of directors of Welly Surplus. Welly Surplus will act as the accounting and financial base for
the Company and shall focus on assisting the Company with all of the Company’s financial affairs. Welly surplus had no activities
since inception.





On April 7, 2017, Ben William Wong (“Wong”)
and Yubao Liu, an individual (“Liu”) entered into a Stock Purchase Agreement (the “Agreement”) whereby Wong agreed
to sell and Liu agreed to purchase 5,000,000 shares of the Company’s restricted preferred stock, representing 100% of the total
issued and outstanding preferred stock (“Company Preferred Stock”). In consideration for the Company Preferred Stock, Liu
agreed to pay to Wong a total of 5,000,000 RMB on or before April 30, 2017. The Agreement closed on April 20, 2017 (the “Closing”).
Additionally, on April 5, 2017, Liu and Shining Glory Investments Limited, a British Virgin Islands company (“Shining Glory”),
of which Wong is the sole officer and director, entered into a purchase agreement whereby Liu acquired 1 ordinary common stock share (the
“Shining Glory Share”) representing approximately 100% of Shining Glory’s outstanding shares of common stock. 
In consideration for the Shining Glory Share, Liu paid to Wong a total of $1 USD and Wong resigned as a Director of Shining Glory. Concurrently,
Liu was appointed as the sole director of Shining Glory. The agreement between Shining Glory and Liu closed on April 20, 2017.





On February 20, 2018, the Company ratified and
approveda the appointment of Jialin Liang as President and a member of the board of directors of Changchun Fangguan Photoelectric Display
Technology Co. Ltd ("Fangguan Photoelectric"). On February 20, 2018, the Company’s Board of Directors approved and ratified
the incorporation of Fangguan Photoelectric. Fangguan Photoelectric is a wholly owned subsidiary of Well Best International Investment
Limited and an indirect wholly-owned subsidiary of the Company. Fangguan Photoelectric focused on marketing LCDs for the Company. In October
2018, Jialin Liang resigned as President and Director of Fangguan Photoelectric. Mr Biao Shang became his successor.





On June 28, 2018, the Board of Directors of Ionix
Technology, Inc. (the “Company”) approved and ratified the incorporation of Dalian Shizhe New Energy Technology Co., Ltd.
(“Shizhe New Energy”) and the Company ratified and approved the appointment of Mr. Liang Zhang as President and a member of
the board of directors of  Shizhe New Energy . Shizhe New Energy is a wholly owned subsidiary of Well Best International Investment
Limited and an indirect wholly-owned subsidiary of Ionix Technology, Inc. In May 2019, Liang Zhang resigned as President and Director
of Shizhe New ENERGY. Mr Shikui Zhang became his successor.





On December 27, 2018, the Company entered into
a Share Purchase Agreement (the “Purchase Agreement”) with Jialin Liang and Xuemei Jiang, each of whom is shareholder (the
“Shareholders”) of Changchun Fangguan Electronics Technology Co., Ltd. (PRC) (“Fangguan Electronics”). Pursuant
to the terms of the Purchase Agreement, the Shareholders, who together own 95.14% of the ownership rights in Fangguan Electronics, agreed
to execute and deliver the Business Operation Agreement dated December 27, 2018 (the “Business Operation Agreement”), the
Equity Interest Pledge Agreement dated December 27, 2018 (the “Equity Interest Pledge Agreement”), the Equity Interest Purchase
Agreement dated December 27, 2018 (the “Equity Interest Purchase Agreement”), the Exclusive Technical Support Service Agreement
dated December 27, 2018 (the “Services Agreement”) and the Power of Attorney dated December 27, 2018 (the “Power of
Attorney” and together with the Business Operation Agreement, the Equity Interest Pledge Agreement, the Equity Interest Pledge Agreement
and the Services Agreement, the “VIE Transaction Documents”) to the Company in exchange for the issuance of an aggregate of
15,000,000 shares of the Company’s common stock, par value $.0001 per share (the “Common Stock”), thereby causing Fangguan
Electronics to become the Company’s variable interest entity. Together with Purchase Agreement, in exchange of 15 million shares
of the Company’s common stock, the Shareholders also agreed to convert shareholder loan of RMB 30 million (approximately $4.4 million)
to capital and make cash contribution of RMB 9.7 million (approximately $1.4 million) to capital. The entirety of the transaction
will hereafter be referred to as the “Transaction.”





On February 7, 2021, the Board of Directors of
the Company approved and ratified the incorporation of Shijirun (Yixing) Technology Co., Ltd. (“Shijirun”), a limited liability
company formed under the laws of the Peoples Republic of China (PRC) on February 7, 2021. Well Best International Investment Limited is
the sole shareholder of Shijirun. As a result, Shijirun is an indirect, wholly-owned subsidiary of the Company. Shijirun focuses on developing
and producing high-end intelligent new energy equipment in Yixing City, Jiangsu Province, China.





On March 30, 2021, the Board of Directors of Ionix
Technology, Inc. approved and ratified the incorporation of Huixiang Energy Technology (Suzhou) Co., Ltd. (“Huixiang Energy”),
a limited liability company formed under the laws of the Peoples Republic of China (PRC) on March 18, 2021. Well Best is the sole shareholder
of Huixiang Energy. As a result, Huixiang Energy is an indirect, wholly-owned subsidiary of the Company. Huixiang Energy shall conduct
research and development of next generation advanced battery technologies, manufacture and sales of relevant battery products, including
the solid-state rechargeable lithium ion battery for next generation EV and energy storage systems. Huixiang Energy also focuses on the
operation of battery packs, battery systems and electric vehicles sharing business with its own internet sharing platform relating to
the electric vehicles (online EV hailing services) and its relevant batteries and battery systems. Huixiang Energy operates in Suzhou
City, Jiangsu Province, China.

















43
















On May 6, 2021, the Board of Directors and the
holders of the majority of issued and outstanding voting securities of the Company approved an amendment (the “Amendment”)
to our Articles of Incorporation to increase the authorized number of shares of common stock from 200,000,000 to 400,000,000 shares consisting
of: (i) 395,000,000 shares of common stock, par value $0.0001 per share (“Common Stock”); and (ii) 5,000,000 shares of preferred
stock par value $0.0001 per share (“Preferred Stock”) (the “Authorized Share Increase”) and related Certificate
of Amendment to Articles of Incorporation. The approval was made in accordance with Sections 78.320 and 78.390 of the Nevada Revised Statues,
which provide that a corporation’s articles may be amended by written consent of the stockholders representing at least a majority
of the voting power. The Amendment was filed with the Nevada Secretary of State on June 7, 2021.















44


















Description of VIE Transaction Documents






The material contractual agreements between Changchun
Fangguan Photoelectric Display Technology Co. Ltd. (PRC) (“Fangguan Photoelectric”), Fangguan Electronics and its shareholders
consist of the following agreements:







Business Operation Agreement



This agreement allows Fangguan Photoelectric to manage and operate Fangguan Electronics. Under the terms of the Business Operation Agreement,
Fangguan Photoelectric may direct the business operations of Fangguan Electronics, including, but not limited to, borrowing money from
any third party, distributing dividends or profits to shareholders, adopting corporate policy regarding daily operations, financial management,
and employment, and appointment of directors and senior officers.











Exclusive Technical Support Service Agreement


– This agreement allows Fangguan Photoelectric to collect 100% of the net profits of Fangguan Electronics. Under the terms of the
Service Agreement, Fangguan Photoelectric is the exclusive provider of equipment, advice and consultancy to Fangguan Electronics related
to its general business operations, among other things. Fangguan Photoelectric owns all intellectual property rights arising from its
performance under the Service Agreement.









Power of Attorney


– The Shareholders
have each executed and delivered to Fangguan Photoelectric a Power of Attorney pursuant to which Fangguan Photoelectric has been granted
the Shareholders’ voting power in Fangguan Electronics. Each Power of Attorney is irrevocable and does not have an expiration date.







Equity Interest Purchase Agreement



Fangguan Photoelectric and the Shareholders entered into an exclusive option agreement pursuant to which the Shareholders have granted
Fangguan Photoelectric or its designee(s) the irrevocable right and option to acquire all or a portion of such Shareholders’ equity
interests in Fangguan Electronics. Pursuant to the terms of the agreement, Fangguan Photoelectric and the Shareholders have agreed to
certain restrictive covenants to safeguard the rights of Fangguan Photoelectric under the Equity Interest Purchase Agreement. Fangguan
Photoelectric may terminate the Equity Interest Purchase Agreement upon prior written notice. The Option Agreement is valid for a period
of five (5) years from the effective date, which may be extended by Fangguan Photoelectric.







Equity Interest Pledge Agreement



Fangguan Photoelectric and the Shareholders entered into an agreement pursuant to which the Shareholders have pledged all of their equity
interests in Fangguan Electronics to Fangguan Photoelectric. The Equity Interest Pledge Agreement serves to guarantee the performance
by Fangguan Electronics of its obligations under the VIE Transaction Documents. Pursuant to the terms of the Equity Interest Pledge Agreement,
the Shareholders have agreed to certain restrictive covenants to safeguard the rights of Fangguan Photoelectric. Upon an event of default
under the agreement, Fangguan Photoelectric may foreclose on the pledged equity interests.





As a result of the Transaction, the Company, through
its subsidiaries and variable interest entity, is now engaged in the business of the research and development, manufacturing, and marketing
of liquid crystal materials, displays and modules in the PRC. All business operations are conducted through our wholly-owned subsidiaries,
including Fangguan Photoelectric, and through Fangguan Electronics, our variable interest entity. Fangguan Electronics is considered to
be a variable interest entity because we do not have any direct ownership interest in it, but, as a result of a series of contractual
agreements between Fangguan Photoelectric, our wholly-owned subsidiary, and Fangguan Electronics and its shareholders, we are able to
exert effective control over Fangguan Electronics and receive 100% of the net profits or net losses derived from the business operations
of Fangguan Electronics.






Prior Operations and Agreements





On August 19, 2016, the Board ratified, approved,
and authorized the Company, as the sole member of Well Best, on the formation of Xinyu Ionix Technology Company Limited (“Xinyu
Ionix”), a company formed under the laws of China on May 19, 2016. As a result Xinyu Ionix is a wholly-owned subsidiary of Well
Best and an indirect wholly-owned subsidiary of the Company. The initial plan of Xinyu Ionix was about to focus on developing and designing
lithium batteries as well as to act as an investment company that may acquire other businesses located in China. However, due to the high
cost and low efficiency, since the approval date of May 19, 2016, Xinyu Ionix conducted no business.















45


















On April 30, 2017, Well Best International Investment
Limited (“Well Best”), a wholly-owned subsidiary of the Company, transferred all of its rights, title and interest to all
100% of the issued and outstanding common stock of Xinyu Ionix Technology Company Limited (“Xinyu Ionix”) to Zhengfu Nan for
RMB 100($14.49) pursuant to a Share Transfer Agreement dated April 30, 2017 (the “Agreement”). Following the execution of
the Agreement, Mr. Nan owns 100% of Xinyu Ionix and assumes all liabilities of Xinyu Ionix. As a result Xinyu Ionix is no longer a wholly-owned
subsidiary of Well Best or an indirect wholly-owned subsidiary of the Company.







Business Summary






Since January 2016, the Company has shifted its
focus to becoming an aggregator of energy cooperatives to achieve optimum price and efficiency in creating and producing technology and
products that emphasize long life, high output, high energy density, and high reliability. By and through its wholly owned subsidiary,
Well Best and the indirect subsidiaries, Baileqi Electronics, Lisite Science, Welly Surplus, Fangguan Photoelectric, Fangguan Electronics,Huixiang
Energy, Shijirun and Shizhe New Energy, the Company has commenced its main operations of high-end intelligent electronic equipment and
photoelectric display products, became the New energy service provider and IT solution provider, which are in the new-type rising industries.





The Company applied various operating approacehs. Baileqi
Electronics, Lisite Science, Fangguan Photoelectric, Huixiang Energy, Shijirun and Shizhe New Energy focus on the sales of goods and the
rendering of service while Fangguan Electronics has been engaged in the business of the research and development, manufacturing,
and marketing of liquid crystal materials, displays and modules in the PRC.





The Company, Well Best, Welly Surplus, Baileqi
Electronics, Lisite Science, Fangguan Photoelectric, Fangguan Electronics, Huixiang Energy, Shijirun and Shizhe New Energy are actively
seeking additional new prospects for technology enhancements, design, manufacturing and production of the Company’s operation of
high-end intelligent electronic equipment and more cutting-edge LCD technologies, such as Liquid Crystal Module (“LCM“), the
portable power banks, the battery packs and the electric furnace used in firing for lithium battery.





We are engaged in the business of research and
development, manufacturing, and marketing of liquid crystal materials, displays and modules, the battery packs and the electric furnace
used in firing for lithium battery in the PRC. The Company operates through a corporate structure consisting of subsidiaries, variable
interest entities (“VIE”), and contractual arrangements. A VIE is a term used by the U.S. Financial Accounting Standards Board
to describe a legal business structure whose financial support comes from another corporation which exerts control over the VIE. All of
the Company’s business operations are structured around a series of contractual agreements, the VIE Transaction Documents, including
the ones between Fangguan Photoelectric, our wholly-owned subsidiary, and Fangguan Electronics and its shareholders. Through the VIE Transaction
Documents, we are able to exert effective control over Fangguan Electronics and receive 100% of the net profits derived from the business
operations of Fangguan Electronics.







Products and Projects





Civil Electronics





With the high-speed development in the new energy
industry, the high-tech and relevant key accessories still play an essential role in the energy industry supply chain. LCD displays and
lithium battery packs are widely used in the end products of the new energy industry.





Since the beginning of 2017, the Company has expanded
its focus to development and production of LCD’s and modules for civil electronic products, lithium battery packs. By and through
its wholly owned subsidiary, Well Best and the indirect wholly owned subsidiary, Baileqi Electronics and Fangguan Photoelectric, the Company
has commenced its operations in China. Baileqi is working on an upgrade to traditional LCD screens with display modules that use the crystal
method (“TCM”) and control muddle system integration for professional manufacturing. Today, TCM is widely used in many areas,
including electronic operation data displays for renewable energy vehicles, BMS information feedback, HD projectors, communication equipment,
and particularly in intelligent robots.















46


















The LCD screens are manufactured for small devices
such as video capable baby monitors, electronic devices such as tablets and cell phones, and for use in televisions or computer monitors.





Since the beginning of 2021, we has explored the
business opportunities in lithium battery -related industry and have formulated a vertically integrated business model that will cover
all important aspects of the value chain including deep processing of upstream Lithium Compounds, production and installation of midstream
kun furnaces used in firing the lithium battery, and production of downstream LFP battery packs





The lithium battery packs and the electric furnace
used in firing for lithium battery have been supplied by the subsidiaries of the Company.





The Company also provides service and IT solution
for new energy industry.






1. Fanguguan Electronic













Products of Fanguguan Electronic


Product Model: FG814B-


001034B





Resolution: Segment LCD



LCD Active Area: 44*67



Outline Dimensions:


50.0*81.0*5.9





Display Colors: Black and


White



View Direction: 6 O’clock




















47




























Product Model: FG12832B-


002161A





Resolution: 128*32



LCD Active Area:


42.22*11.50



Outline


Dimensions:47.85*21.0*3.3





Display Colors: Black and


White



View Direction: 12 O’clock






Product Model: FG160100J-


000039P





Resolution: 160*100



LCD Active Area:


39.98*28.96



Outline Dimensions:


50.0*44.0*4.5





Display Colors: Black and


White



View Direction: 6 O’clock


















48



















2. Fangguan Photoelectric












Products of Fangguan Photoelectric



Product Model:


FG240160N-000666M





Resolution: 240*160



LCD Active Area:


77.58*51.6



Outline Dimensions:


85.00*62.80*4.5





Display Colors: Black and


White



Viewing Direction: 6


O’clock






















49




























Product Model:


FG12864D-001002X





Resolution: 128*64



LCD Active Area: 66*38



Outline Dimensions:


69*46*2.95





Display Colors: Black and


White



View Direction: 6 O’clock










Product Model:


FG12864E8-003744K





Resolution: 128*64



LCD Active Area:


26.58*14.86



Outline Dimensions:


28.47*19.48*4.45





Display Colors: Black and


White



View Direction: 6 O’clock






















50



















3. Lisite Science
















Products of Lisite Science



Product Model: W200


Color(s): White\Black


Fire Rating: V0





Battery Type: 18650-2500mAh*8


Battery Capacity: 20000mAh / 3.7V


Rated Energy: 74Wh (TYP)



Rated Output: 5V / 2.1A (Max)





Input: Micro-USB



Lightning


Output: USB-A



Input Parameter: MAX10W


Micro-USB : DC5V A


Output Parameter: MAX10.5W



USB -A-1 : DC5V/1A


USB -A-1 : DC5V/2.1A Shared 2.1A





Size: 165.2*78*23MM



Weight: 437g










Product Model: T3


Color(s): white-grey\white-red


Fire Rating: V0





Battery Type: Polymer 805573*2


Battery Capacity: 10000mAh/3.8V


Rated Energy: 37W (TYP)



Rated Output: 5V/2.1A (Max)


Input: Micro-USB


Output: USB-A*2



Input Parameter: MAX10W


Micro-USB : DC5V / 2A


TYPE-C(USB-C): DC5V/2A



Output Parameter: MAX10.5W


USB-A-1 : DC5V/2.1A


USB-A-1:DC5V/1A



USB-A-2: DC5V/2.1A Shared 2.1A


Size: 100*62*22.5MM


Weight: 300g



























51



















4.Shijirun









Large atmosphere kun furnace



for firing lithium batteries

























52



















5.Huixiang Energy









Product Model: lithium iron phosphate ("LFP") battery packs





Specification:



16S1P
General Use type





Unit



NH-33138-HE_15Ah_LFP


















53


















6.

Baileqi Electronic:


















Products of Baileqi Electronic



Module No.: Y50029N00T



Size:5.0 inch





Resolution:800(H)*3(RGB)*480(V)TFT LCD



Active Area:108.00*64.80mm



Outline


Dimensions:120.70(H)x75.80(V)x4.25(T)



Interface Type:24BITRGBInterface





Display Colors:16.7M



Brightness:300cd/mm



View Direction:12O’clock










Module No.:Y43001N04N



Size:4.3 inch





Resolution:480RGB×272



LCD Active Area:95.04(H)×53.86(V)



Outline Dimensions:


105.4(H)×67.10(V)×2.95(D)



Interface Type: RGB 24 BIT





Display Colors:16.7M



Brightness:480cd/mm(7S)



View Direction:12O’clock


















Module No.:Y10108M00N Size:10.1 inch





Resolution:1280RGB×800



LCD Active Area:216.96(H)×135.60(V)



Outline Dimensions: 229.46(H)×


149.10(V)×3.00(D)



Interface Type: LVDS (Low Voltage


Differential Signal)





Display Colors:16.7M



Brightness:300cd/mm(3S-13P)



View Direction:6O’clock






















54




















Industry Overview








Synergies throughout the lithium battery Industry Value
Chain






In China, the current explosive growth in the new energy vehicle industry
has led to a significant increase in demand for lithium iron phosphate batteries and the corresponding increase in demand for lithium
compounds, with the industry gradually shifting from a balanced supply and demand to a tight supply situation. Under the dual stimulation
of the gradually weakening impact of policies and the rising industry demand, the price of lithium compound is gradually rebounding. As
a "rising star" start-up player in the lithium battery-related business, we endeavor to capitalize on the opportunities arising
from industry reshuffle, continue to enhance our competitiveness and further improve our industrial position.





We have a vertically integrated business model that will cover all
important aspects of the value chain including deep processing of upstream Lithium Compounds, production and installation of midstream
kun furnaces used in firing the lithium battery, and production of downstream LFP battery packs. We started as a supplier of the midstream
kun furnaces used in firing the lithium battery and has been striving for expanding to the upstream and downstream of the industrial value
chain to obtain a competitive supply of LFP battery packs, thereby ensuring cost and operational efficiency, synergy among multiple business
lines, and access to the latest market information and development of cutting-edge technologies.





We adhere to the development strategy of “upstream and downstream
integration of the LFP battery-related industry” given the features of LFP (higher value for money and safer than other kinds of
lithium batteries)





Our products as below are expected to be widely used in the manufacturing
of electric vehicles, aerospace products, and functional materials in the future. And we will focus on developing the major players in
their respective industries aforementioned as our customers.





We strive for offering our customers the comprehensive suite of product
as below to effectively address the unique and diverse needs of our customers.










Furnace used in firing for lithium battery

: At the core of our
"throughout value chain" business model is the furnace used in firing for lithium battery, mainly including (1) large atmosphere
kun furnace for firing lithium batteries (2) Atmosphere kun furnace for firing lithium batteries (3) Push plate furnace used in ferrite
firing. Such furnaces are widely used in manufacturing lithium battery fields. Our customers are expected to be primarily global lithium
battery manufacturers.






Lithium compounds

: Our lithium compounds are expected to be
mainly including (1) battery-grade lithium hydroxide; (2) battery-grade lithium carbonate; (3) lithium nickel cobalt manganate. Such lithium
compounds are widely used as lithium battery materials for electric vehicles, portable electronics, as well as in chemical and pharmaceutical
fields. Our customers are expected to primarily consist of global battery cathode materials manufacturers, battery suppliers.






Lithium batteries

: The Company produces lithium battery. Such
batteries are mainly used in electric vehicles, a variety of energy storage equipment and all kinds of consumer electronic devices, such
as mobile phones, tablets, and laptops. Meanwhile, we will also proactively carries forward the research, development, production and
commercial application of solid-state lithium batteries. As per the electric vehicles, our most important end- users, the monthly sales
in China’s electric vehicle market has continued to show a significant year-on-year growth since July 2020. In 2020, the production
and sales amounted to 1.366 million and 1.367 million respectively, representing a year-on-year increase of 7.5% and 10.9% respectively,
and hitting a record high. With reference to the target of 20% sales of new electric vehicles as mentioned in the Electric Vehicle Industry
Development Plan (2021–2035), there still exists broad development space for the electric vehicle industry, and remains high certainty
on the long-term growth trend of the electric vehicle industry chain.





Our vertically integrated business model contributes to the constant
launches of new products and services, which allows us to solidify the strategic relationships with our customers and end-users.







Development trend of photoelectric display products:






IINX is active in promoting the worldwide application
of green energy solutions. We are always pursuing more optimized green energy solutions together with our customers. Recently, we confronted
the rapid growth of the new energy industry, however, high and new technology and its relevant accessories still play pivotal roles in
the existing industrial chain. In the meantime, we have also chosen a more extensive applied terminal product in new energy industry-
the Liquid Crystal Displays (LCD), as an important composition part of our business.















55




















LCD-From Global Perspective






The global demand of LCD panels is continually
increasing. The output area of global LCD panels achieved 181 million square meters in 2017, this figure was tripled compared to 2007,
and the average annual growth is approximately 13 million square meters. According to the prediction, the global demand of LCD panels
will be 215 million square meters in 2021.From 2017 to 2021, the compound average growth rate (CAGR) of such demand will be about 4.37%,
though the growth seems to slow down compared with the CAGR of 5% for the most recent 3 years, however, without considering base effect,
the demand will maintain an average increase of approximately 8.5 million square meters per annum.





The demand of twisted nematic (TN) and supper
twisted nematic (STN) liquid crystal materials remains generally stable. Due to their characteristics such as low cost, wide range of
applications, the low-end TN and STN liquid crystal materials will still take a certain portion of market for terminal products which
require a relatively low level of display. Basically, since 2004, the market demand of TN and STN liquid crystal materials has been stable,
with the annual quantity demand maintaining at approximately between 60 and 70 tons, to compute based on the average price of about 5000
Yuan/kg for TN and STN liquid crystal materials, the predicted market scale for TN and STN liquid crystal materials would be approximately
300 million to 350 million Yuan.





There is a strong demand of thin film transistor
(TFT) liquid crystal materials in the global market as well. TFT liquid crystal materials account for over 80% of total output value in
the global liquid crystal materials market. With the rapid development of LCD television, laptop, desktop display and mobile communication,
the demand of TFT liquid crystal panel keeps increasing. To measure and calculate on the basis of 80% of effective display area, a liquid
crystal material usage of 4.5kg per square meter area of panel and an average price of 15,000 Yuan per kilogram for mixed liquid crystal
materials, the quantity demand of global TFT mixed liquid crystals in 2016 was about 617 tons and market scale was around 9.3 billion
Yuan. The global quantity of TFT mixed liquid crystals is estimated to be about 666 tons and the market scale will be about 10 billion
Yuan in 2021.







LCD-From China’s Perspective






China is one of the largest display panel producers
in the world, according to the data provided by China Optics and Optoelectronics Industry Association LCB. Recently, the liquid crystal
panels in mainland China reached the top rank in the world in terms of both revenue and output area. China is and has been a big display
manufacturing country, however, China is now at a crucial time for change and attempting to evolve from a big country to a powerful display
manufacturing country. China is developing out of a “catch up” position into a phase of advance or equal footing with other
competing countries and has an opportunity to become an industrial leader in the near future. It is understood that in the past year,
there were multiple panel manufacturing lines have been put into production or started construction in China, especially the Gen 10.5/11
panel manufacturing lines and many Gen 6 AMOLED manufacturing lines were under construction, which just brings China closer and closer
to the position of being one of, if not the largest production regions for display panels in the world. China has a number of OLED panel
lines put into production or expansion. The scale of investment in OLED is expected to reach $30 billion to $50 billion over the next
3-5 years. BOE, CSOT, Visionox, Tianma and many other manufacturers have launched products such as flexible display, full-screen display,
special-shaped display and so on, the domestic high-end displays in China are developing rapidly. The capacity of display panels of China
is expected to become the first among all the countries in 2022.







LCD-From Industrial Perspective






At present, the OLED panel Market for mobile phones
is almost monopolized by South Korea, with Samsung display accounting for 93.5% and LGD accounting for 2.1%. The influence of Chinese
manufacturers is very small, with 2.0% of VINSIONOX, 1.4% of

EverDisplay Optronics

(EDO)
and 0.6% of BOE, which together are less than 5%. From 2019, China began to exert influence on the OLED market. It is estimated that BOE's
shipment will reach 50 million pieces (with an annual increase of 1900%), EDO 30 million (with an annual increase of 417%), Vinsionox's
20 million pieces (with an annual increase of 150%), and Tianma's 10 million pieces (with an annual increase of 1011%).







Distribution Methods of Products










The Company’s products are currently directly shipped from the
manufacturers to the distributors and retailers. Marketing and sales departments were established through the Company’s indirect
subsidiaries to cope with the growth of the Company. We explore the potential customer bases using internal resources. Currently, we have
both the long-term contracts with our customers and manufacture according to the purchase orders received. In the future, we will continue
to seek additional channels of distribution for our products to include wholesale stores and mass retailers. The Company plans to focus
primarily on distributing its products regionally, starting in Greater China, and will then seek to expand its distribution channels across
the U.S. and internationally.















56




















Suppliers of Materials






The elements necessary for our products are and
will be sourced from several different suppliers located primarily in China on an order-by-order basis. These materials include ITO coated
conductive glasses, liquid crystals, lithium material for battery, integrated circuits and etc. Some of the materials in our products
are not readily available in large quantities or are available on a limited basis only. Further, the limited availability of some of these
materials could cause significant fluctuations in their costs.




The Company,
Baileqi Electronics, Fangguan Electronics, Huixiang Energy and Shijirun acquire materials from the following list of principal suppliers,
dependent on availability and price points:













·


Panshi Tengfei Electronics Ltd












·


Shenzhen Yonglitong Electric Technology Ltd












·


Yixing Weifeng Regong Technology Ltd












·


Shenzhen Huachuang Zhongwei Electric Ltd.




*This list of suppliers is subject to change at any time.





Our management researches and develops our sources
of materials used in the manufacturing of our products. The materials that we source are and will be sent to our manufacturer in China
to create our products. The Company does not have any long-term contracts with our suppliers and we cannot be assured that they will be
able to meet our demands.







Intellectual Property






As part of our business, we will seek to protect
our intellectual property rights in various ways, including through trademarks, copyrights, trade secrets, including know-how, patents,
patent applications, employee and third-party nondisclosure agreements, intellectual property licenses and other contractual rights.







Government Regulations Affecting Our Business






At this stage in our business, we are unaware
of any government regulations that are directly affecting our business, however, as we grow our business activities may become subject
to various governmental regulations in different countries in which we operates, including regulations relating to: various business/investment
approvals; trade affairs, including customs, import and export control; competition and antitrust; anti-bribery; advertising and promotion;
intellectual property; broadcasting, consumer and business taxation; foreign exchange controls; personal information protection; product
safety; labor; human rights; conflict; occupational health and safety; environmental; and recycling requirements.







Employees of the Company






The Company has no significant employees other
than our officers and directors. As of June 30, 2021, the Company has no employees, however, our indirect subsidiary Baileqi Electronic
has four employees, Lisite Science has three employees, Fangguan Photoelectric has 2 employees, Shijirun has 6 employees, Fangguan Electronics
has about 207 employees and Dalian Shizhe New Energy has 6 employees. We intend to increase the size of our management team and hire additional
employees in the future to manage the continued growth of our company and to increase our sales force and marketing efforts.















57





















Directors,
Executive Officers and Corporate Governance









Identification of Directors and Executive Officers and Term of
Office






The following table sets forth the names and ages
of our current directors and executive officers and those of our wholly owned direct subsidiary and indirect wholly owned subsidiaries.
Our Board of Directors appoints our executive officers. Each director of the Company serves for a term of one year or until the successor
is elected at the Company’s annual shareholders’ meeting and is qualified, subject to removal by the Company’s shareholders.
Each officer serves, at the pleasure of the Board of Directors, for a term of one year and until the successor is elected at the annual
meeting of the Board of Directors and is qualified. There are no family relationships among our directors or executive officers. None
of our directors or officers has been affiliated with any company that has filed for bankruptcy within the last five years. The Company
is not aware of any proceedings to which any of the Company’s officers or directors, or any associate of any such officer or director,
is a party adverse to the Company or any of the Company’s subsidiaries or has a material interest adverse to it or any of its subsidiaries.






Ionix Technology, Inc.















































































Name



Age



Position



Date of Appointment


Cheng Li

66

Chief Executive Officer, Director, and Chairman of the Board

April 25, 2019

Yue Kou

47

Chief Financial Officer

May 27, 2016

Yang Yan

41

President and Treasurer

March 16, 2020

Yubao Liu

47

Director

May 16, 2018

Jialin Liang

53

Director

January 22, 2019

Xuemei Jiang

46

Director

January 22, 2019

Liyan Wang

50

Independent Director

October 27, 2020

Yongping Wang

53

Independent Director

May 25, 2020

Zhenyu Wang

46

Independent Director

July 31, 2019

Yongsheng Fu

66

Independent Director

July 31, 2019

Xiaolin Wei

31

Independent Director

October 27, 2020










Subsidiaries:







Welly Surplus International Limited





The following table sets forth the names and
ages of Welly Surplus’s directors and executive officers as of June 30, 2021.



















Name



Age



Position



Date of Appointment


Xin Sui

40

President and Director

December 29, 2016





Well Best International Investment Limited





The following table sets forth the names and
ages of Well Best’s directors and executive officers as of June 30, 2021.



















Name



Age



Position



Date of Appointment


Qingchun Yang

57

President and Director

February 17, 2016





Lisite Science Technology (Shenzhen)
Co., Ltd.





The following table sets forth the names and
ages of Lisite Science’s directors and executive officers as of June 30, 2021.



















Name



Age



Position



Date of Appointment


Yun Yang

38

President and Director

November 7, 2016





Shenzhen Baileqi Electronic Technology
Co., Ltd





The following table sets forth the names and
ages of Baileqi Electronic’s directors and executive officers as of June 30, 2021.



















Name



Age



Position



Date of Appointment


Baozhu Deng

34

President and Director

November 15, 2017














58



















Changchun Fangguan Photoelectric Display
Technology Co. Ltd





The following table sets forth the names and
ages of Fangguan Photoelectric’s directors and executive officers as of June 30, 2021.



















Name



Age



Position



Date of Appointment


Biao Shang

42

President and Director

October 20, 2018





Dalian Shizhe New Energy Technology
Co., Ltd





The following table sets forth the names and
ages of Dalian Shizhe New Energy’s directors and executive officers as of June 30, 2021.



















Name



Age



Position



Date of Appointment


Shikui Zhang

46

President and Director

June 28, 2018





Shijirun (Yixing) Technology Co., Ltd



The following table sets forth the names and ages of Shijirun’s
directors and executive officers as of June 30, 2021.



















Name



Age



Position



Date of Appointment


Yunqiang Xie

68

President and Director

February 7, 2021





Huixiang Energy Technology (Suzhou) Co., Ltd





The following table sets forth the names and ages of Huixiang Energy’s
directors and executive officers as of June 30, 2021.



















Name



Age



Position



Date of Appointment


Hongke Li

51

President and Director

March 30, 2021








Information about our Executive Officers






The business experience during the past five years
of the person presently listed above as an Officer or Director of the Company is as follows:





Cheng Li - Mr. Cheng
Li has participated in the operation and management of the Company since 2015. From April 2013 to March 2015, Mr. Li served as the general
Manager and financial controller of Dalian Huanyu Venture Capital Co., Ltd, where he engaged in project approvals, financing, and investments
and accumulated substantial experience in the field of high-tech and financing operations. From 1996 to 2012, Mr. Li served in the Ministry
of Industry and Information Technology of Jiamusi city, Heilongjiang Province and the Association for Science and Technology of Jiamusi.
He received his undergraduate degree in 1980 from Liaoning Normal University.





Yue Kou- Ms. Kou is a member of the Hong Kong
Institute of Certified Public Accountants, the Association of Chartered Certified Accountants, and the Chinese Institute of Certified
Public Accountants. Ms. Kou has 20 years of solid experience in statutory auditing, international accounting, and publicly listed companies.
Ms. Kou started her career as Chief Accountant (1996-1999) with Xinmao Tech Holding Limited, a company in China. From 1999-2002, she was
employed as a staff accountant in the Ernst & Young, Beijing Branch focusing on external audit and international accounting conversions.
From 2002-2006, she worked as an account manager with China Data Broadcasting Holding Ltd, a publicly listed company on the Hong Kong
Stock Exchange. From 2006 to present, Ms. Kou worked as an auditor and financial controller for three different audit firms:  (i)
Zhongyi (HK) CPA Limited, (ii) Thomas Lee and Partners, and (iii) GDT CPA Limited. Since May 27, 2016, Ms. Kou has worked for Ionix Technology
Inc., as the Chief Financial Officer.















59


















Yang Yan - Mr. Yang Yan was graduated from Dongbei
University of Finance and Economics in 2002 with a Bachelor Degree of Intenational Finance. From April 2003 to December 2006, he served
as the manager of Finance Department in Industrial and Commercial Bank of China, Dalian Xigang Branch which was mainly responsible for
international settlement business. From March 2007 to October 2016, he served as the general manager of Dalian Huanyu Venture Capital
Ltd., which was mainly responsible for investment and financing business. In October 2016, he joined Ionix Technology, Inc. as vice-president
of the Company which was mainly responsible for asset restructuring, mergers, investment and financing and other business activities.





Yubao Liu – Mr.
Liu was graduated and acquired a Bachelor degree from Harbin University of Science and Technology in 1996, where he majored in Economic
Management, and was honorably entitled as a National Economist in 2002. From 2004 to June of 2012, Mr. Liu was employed by Dalian
Carbon Fiber Technology Limited (China), where he served in the position of vice managing director. During this period, Mr. Liu was awarded
as an International Enterprise (IEM) Senior Management Specialist. With multiple years of working practice, Mr. Liu has published many
papers and participated in the development and testing of national new energy Lithium battery and pure electromobiles, and was also involved
in formulating related standards.





From July of 2012 to
April of 2018, Mr. Liu was employed by Dalian Yinlong Accounting & Law Firm, where he was assigned to take charge of operational control,
internal auditing, and recapitalization among other things. Mr. Liu possesses both intelligence and virtue, persists in exploiting great
causes with enthusiasm, and has made a remarkable contribution to the resource reorganization of enterprise. Mr. Liu is considered to
be an expert of his field and a valuable asset to the business, which we believe will ensure rapid company growth and enhance the level
of business management.





Jialin Liang – Mr. Liang was graduated from
Nankai University in 1985 with a major in Microelectronics.  Mr. Liang has an extensive experience in microelectronics, and since
2007, serves as general manager of Changchun Fangguan Electronics Technology Co., Ltd. Mr. Liang served as vice general manager of Jilin
Zijing Electronics Co., Ltd. from 1997 to 2007. Mr. Liang is a beneficial owner of 8.3% of the Company’s outstanding common stock.
Mr. Liang received his bachelor degree in microelectronics from Nankai University.





Xuemei Jiang – Ms. Jiang has over 10 years
of experience in finance and taxation. Since 20017, she serves as vice general manager of Changchun Fangguan Electronics Technology Co.,
Ltd. Ms. Jiang received her bachelor degree in accounting from Jilin Finance and Taxation College in China.





Yongping Wang – Ms. Wang was graduated and
acquired a Bachelor’s degree from China Dongbei University of Finance and Economics in 1992 where she majored in Accounting. From
1992 to 1997, Ms. Wang served as Director of accounting for the Bihai Villa Hotel in Dalian. In this role, Ms. Wang was responsible for
daily financial management which included ensuring compliance with regulatory matters such as taxation and banking. During this time,
Ms. Wang also became qualified as an Intermediate Accountant of China. From 1997 to 2008, Ms. Wang took over management of the financial
department of Dalian Daxian Limited (China) where she aided in the financial audits, was responsible for daily financial management, and
she spearheaded a complete capital restructuring of the company. With multiple years of practical experience and knowledge under her belt,
Ms. Wang began managing her own business. Since 2008, Ms. Wang has been sharing her knowledge of accounting with others through her accountant
training studio by teaching accounting principles through the use of practical teaching methods.





Zhenyu Wang – Mr. Wang, has over 20 years
of experience in the management and marketing. Since 2011, Mr. Wang has served as a project manager at LG Group, focusing in the overall
operation of projects. From 1998 to 2011, Mr. Wang was engaged in marketing work for TCL. Mr. Wang graduated from Jiamusi University in
1998 with a bachelor degree in accounting.





Yongsheng Fu – Mr. Fu has retired from his
service in 2015. Prior to his retirement, from 1999 to 2015, he served as vice director of Jiamusi Electric Heater Factory and was responsible
for the production and operation of the factory. Mr. Fu graduated from Jiamusi University in 1982 with a bachelor degree in Economic Statistics.





Xiaolin Wei, is originally from Dalian,
Liaoning Province, China. Ms. Wei received a Bachelor degree in Advertising and Marketing in 2014 from the British Columbia Institute
of Technology (BCIT) in Canada. From 2015 to present, Ms. Wei has acted as the General Manager of Shenzhen Hongbo Fund Management, where
she has participated in angel round investments and subsequent stage financing of domestic projects. Ms. Wei has valuable practical experience
in the capital market.





Liyan Wang, was graduated from Dongbei University
of Finance and Economics majoring in accounting, and has been a senior accountant and senior economic analyst. From October 2012 to present,
Wang has worked as Financial Director, Audit Manager, and Manager of audit and supervision department, of the Dalian Branch of China Ping
An Life Insurance Co., Ltd. From November 1993 to September 1995, Wang worked at Jiamusi Plastic No. 8 Factory as a cashier. From October
1995 to August 1999, she worked at Jiamusi Great Wall Company as a cost accountant. From April 2000 to October 2012, Wang worked at Shanghai
Jiaji Express Co., Ltd. as a financial manager.















60


















Xin Sui – Mr. Sui received a bachelor degree
in Finance from Jiamusi University in 2002. Mr. Sui worked as assistant to the Chairman for Dalian Great Wall Economic and Trade Company
from 2007 to 2015 where he assisted in the drafting of regulations and laws of the company, ensured the Company was achieving its business
goals, and attended business negotiations on behalf of the Chairman. Mr. Sui incorporated Welly Surplus in 2016 to serve as an investment
holding company. Mr. Sui is dedicated to seeking financial resources for Welly Surplus.





Qingchun Yang – Mr. Yang was majored in
Economic Management and graduated as an Economist in 1987. From 2007 to 2011, Mr. Yang worked as the senior executive in Dalian Huanyu
Venture Capital Co. where he was involved in wealth management experiences and high ability of resources integration. In 2012, Mr. Yang
co-founded Jiamusi Huanqiu New Energy Company Limited, where he was in charge of drafting strategic plans and operating plan of the company,
including the overall human recourse strategy plan, which is suitable for the short-term and long-term development of companies. Since
February 17, 2016, Mr. Yanghas worked as the president and director of Well Best.





Yun Yang – Mr. Yang served as the Chief
Technology Officer of Shenzhen Jinlisite Science and Technology Corporation Ltd. from July 2007 until May of 2016. Mr. Yang
was employed as an assistant to the Chief Engineer of the Shenzhen Jinsiwei Technology Co., Ltd. from 2004 to 2007.From 2016 to present,
Mr. Yang has worked as the president and director of Lisite Science Technology(Shenzhen) Co. Ltd. Mr. Yang graduated from Hebei University
of Science and Technology wheree majored in Electronic Information Science and Technology and received a bachelor of science degree upon
graduation.





Baozhu Deng – Ms. Deng was graduated from
Shenzhen University with a bachelor degree in International Trade and English. From March 2010 to October 2014, she worked for Shenzhen
Baileqi Science and Technology Co., Ltd.as a Marketing Manager. From October 2014 to March 2016, she worked for Shenzhen Guoxian Technology
Co., Ltd. as a Purchasing Manager. She has been working for Shenzhen Baileqi Electronic Technology Co., Ltd. since March 2016, firstly
as manager. Then on November 15, 2017, she was promoted as the new president and director of Baileqi Electronic.





Biao Shang – Mr. Shang has an extensive
experience in microelectronics, and since October 2018, he serves as the President and Director of Fangguan Photoelectric.





Shikui Zhang – Mr. Zhang was graduated from
Liaoning University of Technology, majored in Material Science and Engineering. He used to work in the Material Research Institute of
Changchun Bus Factory and served as Project Manager in Shichong Power Development Co., Ltd. He serves as the legal person and General
Manager of Dalian Shizhe New Energy Technology Co., Ltd since May 2019.





Long Xie-Mr. Xie was graduated from Liaoning University
of Technology, majoring in industrial and civil architecture. He successively worked in Dalian TV station as an editor, Wantangshiye Development
Co., Ltd. as project manager. Mr. Xie joined the Company since March 2016. He resigned on July 23,2021.





Yunqiang Xie – Mr. Xie has accumulated an
extensive experience in manufacturing and marketing the alloy materials after the several years of working in this industry. He began
to serve as the legal person of Shijirun (Yixing) Technology Co., Ltd in February 2021.





Hongke Li – Mr. Li was graduated from University
of South Australia with MBA degree.He accumulated the extensive experience in Internet of Things and the new energy industry after several
years of working with Beijing Dianxiaoer Network Technology Co.,Ltd. He began to serve as the legal person of Huixiang Energy Technology
(Suzhou) Co., Ltd in March 2021.















61




















Identification of Significant Employees










We have no significant employees other than our
officers and directors.











Family Relationship










We currently do not have any officers or directors
of our Company who are related to each other.







Potential Conflicts of Interest






We are not aware of any conflicts of interest
with any of our executive officers or directors.







Involvement
in Certain Legal Proceedings










During the past ten years no director, executive
officer, promoter or control person of the Company has been involved in the following:












(1)

A petition under the Federal bankruptcy laws or any state insolvency law which was filed by or against,
or a receiver, fiscal agent or similar officer was appointed by a court for the business or property of such person, or any partnership
in which he was a general partner at or within two years before the time of such filing, or any corporation or business association of
which he was an executive officer at or within two years before the time of such filing;











(2)

Such person was convicted in a criminal proceeding or is a named subject of a pending criminal proceeding
(excluding traffic violations and other minor offenses);











(3)

Such person was the subject of any order, judgment, or decree, not subsequently reversed, suspended or
vacated, of any court of competent jurisdiction, permanently or temporarily enjoining him from, or otherwise limiting, the following activities:




i.  Acting as a futures
commission merchant, introducing broker, commodity trading advisor, commodity pool operator, floor broker, leverage transaction merchant,
any other person regulated by the Commodity Futures Trading Commission, or an associated person of any of the foregoing, or as an investment
adviser, underwriter, broker or dealer in securities, or as an affiliated person, director or employee of any investment company, bank,
savings and loan association or insurance company, or engaging in or continuing any conduct or practice in connection with such activity;





ii.   Engaging in any type
of business practice; or





iii.  Engaging in any activity
in connection with the purchase or sale of any security or commodity or in connection with any violation of Federal or State securities
laws or Federal commodities laws;












(4)

Such person was the subject of any order, judgment or decree, not subsequently reversed, suspended or
vacated, of any Federal or State authority barring, suspending or otherwise limiting for more than 60 days the right of such person to
engage in any activity described in paragraph (f)(3)(i) of this section, or to be associated with persons engaged in any such activity;











(5)

Such person was found by a court of competent jurisdiction in a civil action or by the Commission to have
violated any Federal or State securities law, and the judgment in such civil action or finding by the Commission has not been subsequently
reversed, suspended, or vacated;











(6)

Such person was found by a court of competent jurisdiction in a civil action or by the Commodity Futures
Trading Commission to have violated any Federal commodities law, and the judgment in such civil action or finding by the Commodity Futures
Trading Commission has not been subsequently reversed, suspended or vacated;











(7)

Such person was the subject of, or a party to, any Federal or State judicial or administrative order,
judgment, decree, or finding, not subsequently reversed, suspended or vacated, relating to an alleged violation of:




i.  Any Federal or State
securities or commodities law or regulation; or





ii.  Any law or regulation
respecting financial institutions or insurance companies including, but not limited to, a temporary or permanent injunction, order of
disgorgement or restitution, civil money penalty or temporary or permanent cease-and-desist order, or removal or prohibition order; or















62


















iii.  Any law or regulation
prohibiting mail or wire fraud or fraud in connection with any business entity; or












(8)

Such person was the subject of, or a party to, any sanction or order, not subsequently reversed, suspended
or vacated, of any self-regulatory organization (as defined in Section 3(a)(26) of the Exchange Act (15 U.S.C. 78c(a)(26))), any registered
entity (as defined in Section 1(a)(29) of the Commodity Exchange Act (7 U.S.C. 1(a)(29))), or any equivalent exchange, association, entity
or organization that has disciplinary authority over its members or persons associated with a member.






Committees






On August 9, 2019, the Board of Directors established
an Audit Committee and a Compensation Committee, and on August 14, 2019, the Board established a Nominating Committee and a Corporate
Governance Committee, each of which operates under a charter that has been approved by the Board.






Audit Committee







The Audit Committee (a) assists the Board in fulfilling
its oversight of: (i) the quality and integrity of the Company’s financial statements; (ii) the Company’s compliance with
legal and regulatory requirements relating to the Company’s financial statements and related disclosures; (iii) the qualifications
and independence of the Company’s independent auditors; and (iv) the performance of the Company’s independent auditors; and
(b) prepares any reports that the rules of the Securities and Exchange Commission (the “SEC”) require be included in the Company’s
annual proxy statement.





The initial members of the Audit Committee
were Hui Zhang, as Chairman, Anthony Saviano, and Zhenyu Wang.On May 25, 2020, Mr. Hui Zhang resigned as an independent Director and Chairman
of the Audit Committee of Ionix Technology, Inc., a Nevada corporation (the “Company”). The resignation was not the result
of any disagreement with the Company on any matter relating to the Company’s operations, policies, or practices.





On May 25, 2020, effective upon Mr. Zhang’s
resignation, Ms. Yongping Wang (“Ms. Wang”) was appointed to serve as an independent Director of the Company and Chairman
of the Audit Committee and has accepted such appointment. The Board has determined that Ms. Wang is an “audit committee financial
expert” as defined by applicable SEC rules and has the requisite financial sophistication as defined under the applicable Nasdaq
rules and regulations.





On October 27, 2020, Anthony Saviano (“Mr.
Saviano”) resigned as independent director and member of the Audit Committee. The resignations of Mr. Saviano was not the result
of any disagreement with the Company on any matter relating to the Company’s operations, policies, or practices.





On October 27, 2020, effective upon Mr. Saviano’s
resignation, Ms. Liyan Wang (“Ms. Wang”) was appointed to serve as an independent Director of the Company and as a member
of the Audit Committee of the Company; and Ms. Wang has accepted such appointment.





The Board has determined that all of the members
of the Audit Committee are “independent,” as defined under the Nasdaq Listing Rule 506(a)(2). In addition, all members of
the Audit Committee meet the independence requirements contemplated by Rule 10A-3 under the Securities Exchange Act of 1934, as amended
(the “Exchange Act”). Further, all members of the Audit Committee meet the requirements for financial literacy under the applicable
rules and regulations of the SEC and the Nasdaq Capital Market. A current copy of the Audit Committee’s charter is available on
the Company’s website at www.iinx-tech.com.






Compensation Committee





The Compensation Committee (a) assists the Board
in discharging its responsibilities with respect to compensation of the Company’s executive officers and directors, (b) evaluates
the performance of the executive officers of the Company, and (c) administers the Company’s stock and incentive compensation plans
and recommends changes in such plans to the Board as needed.





The members of the Compensation Committee are
Zhenyu Wang, as Chairman, Yongsheng Fu and Qinghua Shi. The Board has determined that each of the members of the Compensation Committee
is “independent,” as defined under the Nasdaq Listing Rule 506(a)(2). A current copy of the Compensation Committee’s
charter is available on the Company’s website at www.iinx-tech.com.





On October 27, 2020, Mr. Qinghua Shi (“Mr.
Shi”), resigned as independent director and member of the Compensation Committee and Nominating and Corporate Governance Committee.
The resignations of Mr. Shi was not the result of any disagreement with the Company on any matter relating to the Company’s operations,
policies, or practices.





On October 27, 2020, effective upon Mr. Shi’s
resignation, Ms. Xiaolin Wei (“Ms. Wei”) was appointed to serve as an independent Director of the Company and a member of
all the Compensation Committee, Nominating Committee and Corporate Governance Committee of the Company; and Ms. Wei has accepted such
appointment.















63



















Nominating and Corporate Governance Committee







The Nominating and Corporate Governance Committee
assists the Board in (a) identifying qualified individuals to become directors, (b) determining the composition of the Board and its committees,
(c) developing succession plans for executive officers, (d) monitoring a process to assess Board effectiveness, and (e) developing and
implementing the Company’s corporate governance procedures and policies.





The members of the Nominating and Corporate Governance
Committee are Yongsheng Fu, as a chairman, Zhenyu Wang and Qinghua Shi. The Board has determined that each of the members of the Nominating
and Corporate Governance Committee is “independent,” as defined under the rules of the Nasdaq Capital Market. A current copy
of the Nominating and Corporate Governance Committee’s charter is available on the Company’s website at www.iinx-tech.com.





On October 27, 2020, Mr. Qinghua Shi (“Mr.
Shi”), resigned as independent director and member of the Compensation Committee, Nominating and Corporate Governance Committee.
The resignations of Mr. Shi was not the result of any disagreement with the Company on any matter relating to the Company’s operations,
policies, or practices.





On October 27, 2020, effective upon Mr. Shi’s
resignation, Ms. Xiaolin Wei (“Ms. Wei”) was appointed to serve as an independent Director of the Company, and a member of
all the Compensation Committee, Nominating and Corporate Governance Committee of the Company; and Ms. Wei has accepted such appointment.








Code of Ethics





On September 29, 2019, our Board of Directors
adopted a Code of Ethics which is applicable to our officers, directors, and senior executives, including our Chief Financial Officer,
Treasurer and Chief Accounting Officer. This Code embodies our commitment to conduct business in accordance with the highest ethical standards
and applicable laws, rules and regulations. The Company has posted the text of the Code of Ethics on its Internet Website www.iinx-tech.com.
We will provide any person a copy of our Code of Ethics, without charge, upon written request to the Company Secretary. Requests should
be addressed in writing to 400 S. 4th Street, Suite 500, Las Vegas, NV 89101






Delinquent Section 16(a) Reports





Section 16(a) of the Securities Exchange Act of
1934 requires our directors and executive officers and persons who beneficially own more than ten percent of a registered class of our
equity securities to file with the SEC initial reports of ownership and reports of change in ownership of Common Stock and other equity
securities of the Company. Based solely upon a review of Forms 3 and 4 and 5 and amendments filed on EDGAR for the year ended June 30,
2021, the Company determined that the following filers were delinquent in their filings of Form 3 and Form 4, but they all filed their
Form 5 reporting their Form 3 and Form 4 holdings timely, except for one director, as shown below:


























































































Person

Filing Type

Transaction Date

Required File Date

Actual File Date

Cheng Li

3 (1)

April 25, 2019

May 6, 2019

September 27, 2019

Anthony Saviano

3 (2)

July 31, 2019

August 11, 2019

September 27, 2019

Hui Zhang

3 (3)

July 31, 2019

August 11, 2019

September 30, 2019

Zhenyu Wang

3 (4)

July 31, 2019

August 11, 2019

September 27, 2019

Yongsheng Fu

3 (5)

July 31, 2019

August 11, 2019

September 27, 2019

Qinghua Shi

3 (6)

July 31, 2019

August 11, 2019

September 27, 2019

Anthony Saviano

4 (7)

August 28, 2019

September 2, 2019

September 27, 2019

Yongping Wang

3 (8)

May 25, 2020

June 4, 2020

June 19, 2020

Yang Yan

3 (9)

March 16, 2020

March 26, 2020

June 19, 2020

Shuyu Li

3(10)

January 7, 2020

January 17, 2020

January 22, 2020

Long Xie

3(11)

January 7, 2020

January 17, 2020

January 22, 2020




(1)              On
April 25, 2019, Cheng Li was appointed as a director of the Company and Chairman of the Board. Mr. Li filed a Form 5 on September 27,
2019 reporting Form 3 holdings. Mr. Li owns 0 shares of the Company’s stock.



(2)              On
July 31, 2019, Anthony Saviano was appointed as an independent director of the Company. Mr. Saviano filed a Form 5 on September 27, 2019
reporting Form 3 holdings. Mr. Saviano owns 0 shares of the Company’s stock. The Form 5 was filed timely.



(3)              On
July 31, 2019, Hui Zhang was appointed as an independent director of the Company. Mr. Zhang filed a Form 5 on September 30, 2019 reporting
Form 3 holdings. Mr. Zhang owns 0 shares of the Company’s stock. The Form 5 was filed timely.



(4)              On
July 31, 2019, Zhenyu Wang was appointed as an independent director of the Company. Mr. Wang filed a Form 5 on September 27, 2019 reporting
Form 3 holdings. Wang owns 0 shares of the Company’s stock. The Form 5 was filed timely.



(5)              On
July 31, 2019, Yongsheng F was appointed as an independent director of the Company. Mr. Fu filed a Form 5 on September 27, 2019 reporting
Form 3 holdings. Mr. Fu owns 0 shares of the Company’s stock. The Form 5 was filed timely.















64


















(6)              On
July 31, 2019, Qinghua Shi was appointed as an independent director of the Company. Mr. Shi filed a Form 5 on September 27, 2019 reporting
Form 3 holdings. Mr. Shi owns 0 shares of the Company’s stock. The Form 5 was filed timely.



(7)              On
August 28, 2019, Anthony Saviano purchased 30,000 shares from a natural person shareholder, Enan Wang (Ahnan) through a Stock Purchase
Agreement, and the transaction was fully settled on September 13, 2019. Mr. Saviano filed a Form 5 on September 27, 2019 reporting Form
4 holdings. The Form 5 was filed timely.



(8)              On
May 25, 2020, Yongping Wang was appointed as an independent director of the Company. Ms. Wang filed a Form 3 on June 19, 2020 reporting
Form 3 holdings. The original filing was amended to reflect the correct amount of shares owned on September 28, 2021. Ms. Wang owns 500,000
shares of the Company’s stock. The delay in Ms. Wang’s filing was a result of delay in obtaining a CIK code due to COVID-19
interruptions in business.



(9)              On
March 16, 2020, Yang Yan was appointed as President and Treasurer of the Company. Form 3 on June 19, 2020 reporting Form 3 holdings. Mr.
Yan owns 0 shares of the Company’s stock. The delay in Mr. Yan’s filing was a result of delay in obtaining a CIK code due
to COVID-19 interruptions in business.



(10)            On
January 7, 2020, Shuyu Li was appointed as President and Treasurer of the Company. Mr. Li filed a Form 3 on January 22, 2020 reporting
Form 3 holdings of 0 shares of the Company’s stock.



(11)            On
January 7, 2020, Long Xie was appointed as Secretary of the Company. Mr. Long Xie filed a Form 3 on January 22, 2020 reporting Form 3
holdings of 100,000 shares of the Company’s stock.















65

























Executive
Compensation








Summary Compensation Table





The following table sets forth the compensation
paid to our executive officers, and those of Well Best and its subsidiaries, and Welly Surplus for the year ended June 30, 2021 and 2020.
Unless otherwise specified, the term of each executive officer is that as set forth under that section entitled, “Directors, Executive
Officers, Promoters and Control Persons -- Term of Office”.
















































































































































































































































































Name and Principal




Position



Year




Ended




June




30,



Salary




($)



Bonus




($)



Stock




Awards




($)



Option




Awards




($)




Non-Equity


Incentive Plan


Compensation




($)





Nonqualified


Deferred


Compensation


Earnings




($)




All Other




Compensation


($)



Total




($)



Cheng Li(1)




Chief Executive Officer, Director and Chairman of the


Company



2020

$2,174

Nil

Nil

Nil

Nil

Nil

Nil

$2,174

2021

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil


Yue Kou(2)




Chief Financial Officer of the Company



2020

$8,900

Nil

Nil

Nil

Nil

Nil

Nil

$8,900

2021

$8,900

Nil

Nil

Nil

Nil

Nil

Nil

$8,900


Yang Yan(3)




Treasurer and President of the Company



2020

$1,258

Nil

Nil

Nil

Nil

Nil

Nil

$1,258

2021

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil


Yubao Liu(4)




Director of the Company



2020

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

2021

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil


Xin Sui (5)




President and Director of Welly Surplus



2020

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

2021

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil


Qingchun Yang(6)




President and Director of Well Best



2020

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

2021

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil


Yun Yang (7)




President and Director of Lisite Science



2020

$310

Nil

Nil

Nil

Nil

Nil

Nil

$310

2021

$320

Nil

Nil

Nil

Nil

Nil

Nil

$320


Shuyu Li(8)




Former President &Treasurer, Director of Overseas


Business



2020

$1,258

Nil

Nil

Nil

Nil

Nil

Nil

$1,258

2021

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil


Biao Shang(9)




Director of Fangguan Photoelectric



2020

$,8,300

Nil

Nil

Nil

Nil

Nil

Nil

$8,300

2021

$8,400

Nil

Nil

Nil

Nil

Nil

Nil

$8,400


Baozhu Deng(10)




President and Director of Baileqi Electronics



2020

$5,382

Nil

Nil

Nil

Nil

Nil

Nil

$5,382

2021

$5,382

Nil

Nil

Nil

Nil

Nil

Nil

$5,382


Shikui Zhang (11)




President and Director of Shizhe New Energy



2020

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

2021

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil














66







































































































































Long Xie (12)




Former secretary of the Company



2020

$1,258

Nil

Nil

Nil

Nil

Nil

Nil

$1,258

2021

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil


Jialin Liang (13)




Director of the Company



2020

$17,143

Nil

Nil

Nil

Nil

Nil

Nil

$17,143

2021

$18,760

Nil

Nil

Nil

Nil

Nil

Nil

$18,760


Xuemei Jiang (14)




Director of the Company



2020

$15,714

Nil

Nil

Nil

Nil

Nil

Nil

$15,714

2021

$17,430

Nil

Nil

Nil

Nil

Nil

Nil

$17,430


Yunqiang Xie (15)




Director of Shijihui



2020

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

2021

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil


Li Hongke (16)




Director of Huixiang Energy



2020

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

2021

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil






Notes to Summary Compensation Table:








(1) On April 25, 2019, the Board appointed Cheng
Li as a director and Chairman of the Board. On January 7, 2020, Mr. Li was appointed as Chief Executive Officer of the Company. Mr. Li’s
salary is $0 for the year ended June 30, 2021





(2) Ms. Kou was appointed as Chief Financial Officer
of the Company on May 27, 2016. Ms. Kou’s salary is $8,900 for the year ended June 30, 2021.





(3) Mr. Yan was appointed to serve as the president
and treasurer of the Company March 16, 2020. Mr. Yan's salary is $0 for the year ended June 30, 2021.





(4) Mr. Liu was appointed to serve as the Company’s
Chief Executive Officer, President, Secretary, Treasurer and as Chairman of the Board of Directors of the Company on May 16, 2018. . On
January 22, 2019, Mr. Liu resigned from his position as chairman of the Board of Directors (the “Board”); and on January 7,
2020, he effectively resigned from all positions held in the Company. On January 15, 2020 he was appointed as a director of the Company
again.Mr. Liu’s salary is $0 for the year ended June 30, 2021.





(5) Mr. Sui was appointed as Director of Welly
Surplus on December 29, 2016. Mr. Sui’s salary is $0 for the year ended June 30, 2021.





(6) Mr. Q. Yang was appointed as a director of
Well Best, a wholly owned subsidiary of the Company, on February 17, 2016. His salary is $0 for the year ended June 30, 2021.





(7) Mr. Yun Yang was appointed as President and
a director of Lisite Science on November 7, 2016. His annual salary package is $320 for the year ended June 30, 2021.





(8) Mr. Li was appointed as President and Treasurer
on January 7, 2020 and resigned on March 16, 2020. He remained director of overseas business until April 12, 2020, when he resigned.





(9) Mr. Shang was appointed as Fangguan Photoelectric’s
directors and executive officers on October 20, 2018. Mr. Shang's salary is $8,400 for the year ended June 30, 2021.





(10) Ms. Baozhu Deng was appointed as President
and a director of  Baileqi Electronics on November 15, 2017. Ms.Deng's salary is $5,382 for the fiscal years ended June 30, 2021.





(11)Mr. Zhang was appointed as President and a
member of the board of directors of Shizhe New Energy on May 24, 2019. Shizhe New Energy is a wholly owned subsidiary of Well Best
and an indirect wholly-owned subsidiary of the Company. Mr. Zhang’s salary is $0 for the year ended June 30, 2021.





(12) Mr. Xie was appointed as Secretary of the
Company on January 7, 2020. Mr. Xie’s salary is $0 for the year ended June 30, 2021.















67


















(13) Mr. Liang was appointed as a Director of
the Company on January 22, 2019.Mr. Liang’s salary is $18,760 for the year ended June 30, 2021.





(14) Ms.Jiang was appointed as a Director of the
Company on January 22, 2019.Ms. Jiang salary is $17,430 for the year ended June 30, 2021.





(15) Mr. Xie was appointed to serve as Director
of Shijihui on February 7,2021.Mr. Xie's salary is $0 USD for the year ended June 30, 2021.





(16) Mr. Li was appointed to serve as Director
of Huixiang Energy on March 30,2021. Mr. Li's salary is $0 USD for the year ended June 30, 2021.






Narrative Disclosure to Summary Compensation
Table





As of June 30, 2021 and 2020



none of Ionix Technology, Welly Surplus, and Well Best or its subsidiaries, had any compensatory plans or arrangements, including payments
to be received from Ionix, Welly Surplus, Well Best or its subsidiaries with respect to any executive officer, that would result in payments
to such person because of his or her resignation, retirement or other termination of employment with the Company, Well Best, or its subsidiaries,
any change in control, or a change in the person’s responsibilities following a change in control of the Company, Well Best, or
its subsidiaries.















68



















Independent Directors Compensation Table






















































































































































































Name of Independent Director



Year




Ended




June




30,



Salary




($)



Bonus




($)



Stock




Awards




($)



Option




Awards




($)




Non-Equity




Incentive Plan




Compensation




($)





Nonqualified




Deferred




Compensation




Earnings




($)




All Other




Compensation ($)



Total




($)



Anthony Vincent Saviano (1)





2020

55,000

Nil

Nil

Nil

Nil

Nil

Nil

55,000

2021

15,000

Nil

Nil

Nil

Nil

Nil

Nil

15,000


Yongsheng Fu (2)





2020

430

Nil

Nil

Nil

Nil

Nil

Nil

430

2021

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Zhenyu Wang (3)

2020

430

Nil

Nil

Nil

Nil

Nil

Nil

430

2021

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Qinghua Shi (4)

2020

430

Nil

Nil

Nil

Nil

Nil

Nil

430

2021

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Xiaolin Wei(6)

2020

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

2021

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Yongping Wang (5)

2020

860

Nil

Nil

Nil

Nil

Nil

Nil

860

2021

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Liyan Wang(7)

2020

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

2021

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil






Notes to Independent Director Compensation Table:






(1) On July 31, 2019, our Board appointed Anthony
Vincent Saviano, age 52, as a director of the Board. On October 27, 2020, he resigned.



(2) On July 31, 2019 our Board appointed Yongsheng
Fu, age 66, as a director of the Board.



(3) On July 31, 2019 our Board appointed Zhenyu
Wang, age 46, as a director of the Board.



(4) On July 31, 2019, our Board appointed Qinghua
Shi, age 45, as a director of the Board.On October 27, 2020, he resigned.



(5) On May 25, 2020, our Board appointed Yongping
Wang, age 53, as a director of the Board.



(6) On October 27, 2020, our Board appointed Xiaolin
Wei, age 31, as a director of the Board.



(7) On October 27, 2020, our Board appointed Liyan
Wang, age 50, as a director of the Board.






Outstanding Equity Awards





There are no equity awards outstanding as of June
30, 2021 for Ionix Technology, Welly Surplus, Well Best or its subsidiaries.








Stock Options/SAR Grants





During the fiscal year ended June 30, 2021 there
were no options granted to our named officers or directors.















69



















Option Exercises





During the fiscal year ended June 30, 2021 there
were no options exercised by our named officers


.







Compensation of Directors





As of June 30, 2021, an aggregate $15,000 in cash
compensation was paid to directors for their service on our board of directors. We have an agreement with Mr. Saviano, dated July 29,
2019, for his services as a director for $5,000 a month for a term of one year or until his death, resignation, termination or removal.
On October 27, 2020, he resigned.





Other than the agreement with Mr. Saviano, we have no other agreements
for compensating our directors for their services in their capacity as directors, although such directors are expected in the future to
receive stock options to purchase shares of our common stock as awarded by our board of directors.






Pension, Retirement or Similar Benefit
Plans





There are no arrangements
or plans in which we provide pension, retirement or similar benefits for directors or executive officers. We have no material bonus or
profit sharing plans pursuant to which cash or non-cash compensation is or may be paid to our directors or executive officers, except
that stock options may be granted at the discretion of the board of directors or a committee thereof.






Indebtedness of Directors, Senior Officers,
Executive Officers and Other Management





None of our directors
or executive officers or any associate or affiliate of our company during the last two fiscal years, is or has been indebted to our company
by way of guarantee, support agreement, letter of credit or other similar agreement or understanding currently outstanding.



















70

























SECURITY
OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS








Security Ownership of Certain Beneficial Owners and Management





The following table lists, as of October 12


,
2021, the number of shares of common stock that are beneficially owned by (i) each person or entity known to the Company to be the beneficial
owner of more than 5% of the outstanding common stock; (ii) each officer and director of the Company; and (iii) all officers and directors
as a group. Information relating to beneficial ownership of common stock by principal shareholders and management is based upon information
furnished by each person using “beneficial ownership” concepts under the rules of the Securities and Exchange Commission.
Under these rules, a person is deemed to be a beneficial owner of a security if that person has or shares voting power, which includes
the power to vote or direct the voting of the security, or investment power, which includes the power to vote or direct the voting of
the security. The person is also deemed to be a beneficial owner of any security of which that person has a right to acquire beneficial
ownership within 60 days. Under the Securities and Exchange Commission rules, more than one person may be deemed to be a beneficial owner
of the same securities, and a person may be deemed to be a beneficial owner of securities as to which he or she may not have any pecuniary
beneficial interest. Except as noted below, each person has sole voting and investment power.



































































































































































































































































Name of Beneficial Owner,




Directors and Officers:




Amount and Nature of


Beneficial Ownership



Percentage of Beneficial


Ownership (1)


Cheng Li(2)


0




0

%

Yue Kou (3)


0




0

%

Yang Yan(4)


0




0

%

Yubao Liu (5)


29,109,000




14.97

%

Jialin Liang (6)


9,500,000




4.88

%

Xuemei Jiang (7)


5,500,000




2.83

%

Xiaolin Wei(8)


0




0

%

Yongsheng Fu(9)


0




0

%

Zhenyu Wang(10)


0




0

%

Liyan Wang(11)


0




0

%

Yongping Wang(12)


500,000




0.26

%

Xin Sui (13)


0




0

%

Qingchun Yang (14)


0




0

%

Yun Yang (15)


0




0

%

Biao Shang (16)


1,560,000




0.80

%

Baozhu Deng (17)


0




0

%

Shikui Zhang (18)


60,000




0.03

%

Long Xie (19)


100,000




0.05

%

Yunqiang Xie(20)


558,350




0.29

%

Hongke Li (21)


0




0





All executive officers and directors as a group (20 people)


46,887,350




24.11

%









Beneficial Shareholders of Common Stock greater than 5%








-


-




-























Beneficial Owners of Preferred Stock(1):




Amount and Nature of




Beneficial Ownership







Percentage of Beneficial




Ownership (1)



Yubao Liu(5)


5,000,000




100%


(1) Applicable percentage of ownership is based
on

194,489,058

shares of common stock outstanding on October 12, 2021 and 5,000,000 shares
of Preferred Stock issued and outstanding on October 12, 2021. Percentage totals are calculated separately based on each class of capital
stock. Each share of Preferred Stock entitles the holder to vote 100 shares of common stock; the Preferred Stock is not convertible into
common stock. Percentage ownership is determined based on shares owned together with securities exercisable or convertible into shares
of common stock within 60 days of October 12, 2021, for each stockholder. Beneficial ownership is determined in accordance with the rules
of the SEC and generally includes voting or investment power with respect to securities.  Shares of common stock subject to
securities exercisable or convertible into shares of common stock that are currently exercisable or exercisable within 60 days of October
12, 2021, are deemed to be beneficially owned by the person holding such securities for the purpose of computing the percentage of ownership
of such person, but are not treated as outstanding for the purpose of computing the percentage ownership of any other person.





(2) Cheng Li is the CEO, Chairman, and a Director
of the Company. Mr. Li’s beneficial ownership includes 0 shares of common stock and 0 shares issuable upon the exercise of stock
options.















71


















(3) Yue Kou is the CFO of Ionix Technology. Ms.
Kou’s beneficial ownership includes 0 shares of common stock and 0 shares issuable upon the exercise of stock options.





(4) Yang Yan is the President and treasurer of
Ionix Technology. Mr. Yan’s beneficial ownership includes 0 shares of common stock and 0 shares issuable upon the exercise of stock
options.





(5) Yubao Liu, is the Former CEO, and current
Director of Ionix Technology. Mr. Liu’s ownership includes 100,000 directly and 29,009,000 indirectly through Shining Glory Investments
Limited; additionally Mr. Liu is the beneficial owner of 5,000,000 shares of preferred stock which has the authority to vote a total of
500,000,000 common stock votes. Mr. Liu owns 0 shares issuable upon exercise of stock options. Mr. Liu is the sole officer and director
of Shining Glory Investments Limited and has dispositive voting and investment control over the shares held by Shining Glory. Thus, in
total, Shining Glory and its sole officer and director collectively owns an aggregate 79.68% of the total outstanding voting securities
of the Company.





(6) Jialin Liang is the Director of the Company.
Mr. Liang’s beneficial ownership includes 9,500,000 shares of common stock and 0 shares issuable upon the exercise of stock options.





(7) Xuemei Jiang is the Director of the Company.
Ms. Jiang’s beneficial ownership includes 5,5