Paranovus Entertainment Technology Ltd.

Paranovus Entertainment Technology Ltd. operates primarily through its subsidiary, 2lab3 LLC, a Delaware-incorporated limited liability company formed on August 12, 2022. The company was initially formed as "Happiness Biotech Group Limited" on February 9, 2018, under Cayman Islands law. Its name changed to "Happiness Development Group Limited" in October 2022, and then to "Paranovus Entertainment Technology Ltd." in March 2023. Paranovus Entertainment Technology Ltd. is the sole shareholder of Paranovus Entertainment Technology Limited, incorporated in Hong Kong on May 6, 2024, which in turn is the sole shareholder of Hainan Paranovus Entertainment Technology Co., Ltd. ("Paranovus PRC"). Paranovus PRC was incorporated on June 17, 2024, in the People's Republic of China as a wholly foreign-owned entity. Currently, Paranovus, Paranovus Hong Kong, and Paranovus PRC function solely as holding companies and do not engage in active business operations. Historically, Paranovus was the sole shareholder of Happiness Hong Kong, incorporated on March 5, 2018, which was the sole shareholder of Happiness Fuzhou, incorporated on June 1, 2018, in the People's Republic of China. Neither Paranovus, Happiness Hong Kong, nor Happiness Fuzhou were actively engaged in business, acting only as holding companies. Business was conducted through Fujian Happiness, a wholly-owned subsidiary of Happiness Fuzhou, incorporated on November 19, 2004, which holds all equity in Shunchang Happiness Nutraceutical Co., Ltd.