We are a holding company incorporated in the Cayman Islands. Our Ordinary Shares offered in this prospectus are shares of our Cayman Islands holding company. As a holding company with no material operations of our own, we conduct our operations through the VIE established in the PRC. We do not have any equity ownership of the VIE; instead, we control and receive the economic benefits of the VIE’s business operations through certain contractual arrangements, or “VIE Agreements”, which are used to provide contractual exposure to foreign investment in China-based companies where Chinese law prohibits direct foreign investment in the Chinese operating companies.

The China-based VIE, Changzhou Zhongjin, and its subsidiaries, design and manufacture wheelchairs and living aids products for people with disabilities, the elderly, and people recovering from injury. Our business focuses primarily on wheelchairs. For the six months ended March 31, 2022, and 2021, and fiscal years ended September 30, 2021, and 2020, sales of wheelchairs and wheelchair components represented approximately 97.3%, 99.7%, 99.7%, and 98.9%, respectively, of our revenue, while sales of living aids products such as oxygen concentrators and bathing machines represented approximately 2.7%, 0.3%, 0.3% and 1.1%, respectively, of our revenue. Currently, our living aids products are only sold to a few selected customers to test the markets for these products. The majority of our products are sold to dealers in Japan and China, while a small number of our products are also sold to dealers located in other regions, including the United States, Canada, Australia, Korea, Israel, Singapore, and others.

 Since 2006, Changzhou Zhongjin has been designing and manufacturing wheelchairs. Almost all of its wheelchairs currently for sale are manual wheelchairs. Changzhou Zhongjin only started selling electric wheelchairs in 2018, and electric wheelchairs accounted for 0.5% and 1.0% of our revenues for the six months ended March 31, 2022, and 2021, respectively, and 1% of its revenues for the fiscal years ended Sept. 30, 2021, and 2020. The manual wheelchair product category has a wide range of products at various price points, consisting of more than thirty models. The mid to high-end wheelchairs and components are mostly geared towards customers in Japan, and the relatively lower-end wheelchairs and components are targeted for customers in China.

We believe the wheelchair markets in Japan and China are favorably exposed to multiple macro-economic growth driving factors such as rising spending power, growing popularity of outdoor and active lifestyles for the disabled population, and general needs for better mobility equipment. In addition, we believe demand for our products in Japan and China will increase over the next several decades due to the growing aging population. According to the Frost & Sullivan Report, as of early 2020, more than 25% of Japan’s population is over 65 years old, the highest proportion in the world, and by 2030, one in every three people will be 65 or older. Japanese demographers estimate that senior citizens will account for 40% of the population in Japan in 2060. Similarly, in China, according to the National Bureau of Statistics of China, the population aged 65 or above has grown at a Compound Annual Growth Rate (“CAGR”) of 6.1% from approximately 150.4 million to approximately 190.6 million from 2016 to 2020. We believe the expansion of the aging populations in Japan and China will continue in the near future, providing a real opportunity for us to grow our business. 

**Note: Net income and revenue figures are in U.S. dollars for the 12 months that ended March 31, 2022.

(Note: Jin Medical International Ltd. priced its downsized IPO at $8.00 – the bottom of its $8.00-to-$9.00 price range – and cut the number of shares priced to 1.0 million – down from 1.25 million shares in the prospectus – to raise $8.0 million. Jin Medical International Ltd. cut its IPO in an F-1/A filing dated Dec. 20, 2022, to 1.25 million ordinary shares – down from 2.25 million shares previously – and kept the price range at $8.00 to $9.00 to raise $10.625 million. The revised terms cut the deal’s size by 44.4 percent. In the Dec. 20, filing, Jin Medical also updated its financial statements through the six months that ended March 31, 2022. Jin Medical International Ltd. cut its IPO by 30.5 percent in an F-1/A filing dated Nov. 17, 2022: 2.25 million shares, down from 5.0 million shares initially, at a price range of $8.00 to $9.00, up from the initial range  of $5.00 to $6.00. Estimated IPO proceeds are now $19.13 million, down 30.5 percent from the initial estimated proceeds of $27.5 million. Jin Medical International Ltd. filed its F-1 on Sept. 24, 2021; it filed confidentially on Dec. 28, 2020.)