Exhibit No. 21.1
SUBSIDIARIES OF REGISTRANT
As of June 22, 2021, the Company has the following subsidiaries:
| 1) | PHILUX Global Funds SCA, SICAV-RAIF, a Luxembourg corporation |
| Percentage of ownership: 100% | |
| Business activity: Luxembourg bank master fund. | |
| 2) | PHI Luxembourg Development SA, a Luxembourg corporation |
| Percentage of ownership: 100% owned by PHI Group, Inc. | |
| Business activity: mother holding company for Luxembourg bank funds. | |
| 3) | PHI Luxembourg Holding SA, a Luxembourg corporation |
| Percentage of ownership: 100% owned by PHI Luxembourg Development SA. | |
| Business activity: holding company for participating shares in subfunds of PHILUX Global Funds. | |
| 4) | PHILUX Global General Partner SA, a Luxembourg corporation |
| Percentage of ownership: 100% | |
| Business activity: holding management shares in PHILUX Global Funds. | |
| 5) | PHILUX Capital Advisors, Inc., a Wyoming corporation |
| Percentage of ownership: 100% | |
| Business activity: investment advisory and M&A consulting services. | |
| 6) | PHI Vietnam Investment & Development Co., Ltd., a Vietnamese limited liability company |
| Percentage of ownership: 100% | |
| Business activity: consulting services. | |
| 7) | Asia Diamond Exchange, Inc., a Wyoming corporation |
| Percentage of ownership: 100% | |
| Business activity: holding company for the Asia Diamond Exchange to be established in Vietnam. | |
| 8) | American Pacific Plastics, Inc., a Wyoming corporation |
| Percentage of ownership: 100% | |
| Business activity: holding company for the acquisition of Vinafilms Co., a Vietnamese company. | |
| 9) | American Pacific Resources, Inc., a Wyoming corporation |
| Percentage of ownership: 100% | |
| Business activity: holding company for mineral and natural resources business. | |
| 10) | PHIVITAE Healthcare, Inc., a Wyoming corporation |
| Percentage of ownership: 100% | |
| Business activity: medical and healthcare business. |