Company: CHOW
Filing Date: 2025-03-19
Form Type: DRS/A
Source: 0001493152-25-010898
Chunk: 159

Company: ChowChow Cloud International Holdings Ltd
Filing Date: 2025-03-19
Form: DRS/A
Chunk 159
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all of whom may be subject to tax rules that differ significantly from those discussed below.

Each U.S. Holder is urged to consult its tax advisor regarding the application of U.S. federal taxation to its particular circumstances, and the state, local, non-U.S. and other tax considerations of the ownership and disposition of the Ordinary Shares.

| 104 |

General

For purposes of this discussion, a “U.S. Holder” is a beneficial owner of the Ordinary Shares that is, for U.S. federal income tax purposes:

| ● | an                                                            
 individual who is a citizen or resident of the United States; |

| ● | a                                                                                               
 corporation (or other entity treated as a corporation for U.S. federal income tax purposes)     
 created in or organized under the law of the United States or any state thereof or the District 
 of Columbia;                                                                                    |

| ● | an                                                                                            
 estate the income of which is includible in gross income for U.S. federal income tax purposes 
 regardless of its source; or                                                                  |

| ● | a                                                                                           
 trust (A) the administration of which is subject to the primary supervision of a U.S. court 
 and which has one or more U.S. persons who have the authority to control all substantial    
 decisions of the trust or (B) that has otherwise validly elected to be treated as a U.S.    
 person under the Code.                                                                      |

If a partnership (or other entity treated as a partnership for U.S. federal income tax purposes) is a beneficial owner of the Ordinary Shares, the tax treatment of a partner in the partnership will generally depend upon the status of the partner and the activities of the partnership. Partnerships holding the Ordinary Shares and their partners are urged to consult their tax advisors regarding an investment in the Ordinary Shares.

For U.S. federal income tax purposes, a U.S. Holder of Ordinary Shares will generally be treated as the beneficial owner of the underlying shares represented by the Ordinary Shares. The remainder of this discussion assumes that a U.S. Holder of the Ordinary Shares will be treated in this manner. Accordingly, deposits or withdrawals of Ordinary Shares will generally not be subject to U.S. federal income tax.

Passive Foreign Investment Company Considerations

A non-U.S. corporation, such as our company, will be a PFIC, for U.S. federal income tax purposes for any taxable year, if either (i) 75% or more of its gross income for such year consists of certain types of “passive” income or (ii