# EDGAR Filing Document

**Accession Number:** 0001879754
**File Stem:** 0001185185-25-001511
**Filing Date:** 2025-10
**Character Count:** 33491
**Document Hash:** 5ff37199af4b9dd200971e2e5088bb67
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001185185-25-001511.hdr.sgml**: 20251021

**ACCESSION NUMBER**: 0001185185-25-001511

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 18

**FILED AS OF DATE**: 20251021

**DATE AS OF CHANGE**: 20251021

**EFFECTIVENESS DATE**: 20251021

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** EShallGo Inc.
- **CENTRAL INDEX KEY:** 0001879754
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-EQUIPMENT RENTAL & LEASING, NEC [7359]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-290990
- **FILM NUMBER:** 251407106

**BUSINESS ADDRESS:**
- **STREET 1:** 12F BLOCK 16, NO.1000 JINHAI ROAD
- **STREET 2:** PUDONG NEW DISTRICT
- **CITY:** SHANGHAI
- **STATE:** F4
- **ZIP:** 201206
- **BUSINESS PHONE:** 011864006005800

**MAIL ADDRESS:**
- **STREET 1:** 12F BLOCK 16, NO.1000 JINHAI ROAD
- **STREET 2:** PUDONG NEW DISTRICT
- **CITY:** SHANGHAI
- **STATE:** F4
- **ZIP:** 201206

**As filed with the Securities and Exchange Commission on October 21, 2025**

**Registration No. 333-**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM S-8**

**REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933**

**Eshallgo Inc**

(Exact Name of Registrant as Specified in its Charter)

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| | |
|:---|:---|
| **Cayman Islands** | **N/A** |
| (State or Other Jurisdiction of<br> Incorporation or Organization) | (I.R.S. Employer <br> Identification No.) |

---

---

| | |
|:---|:---|
| **No. 37, Haiyi Villa, Lane 97, Songlin Road**<br>**Pudong New District**<br>**Shanghai, China 200120** | **201206** |
| (Address of Principal Executive Offices) | (Zip Code) |

---

**Eshallgo Inc 2025 Equity Incentive Plan**

(Full Title of the Plan)

**Cogency Global Inc.**

**122 East 42nd Street, 18th Floor**

**New York, NY 10168**

(Name and Address of Agent for Service**)**

**+1 (800) 221-0102**

(Telephone Number, Including Area Code, of Agent for Service)

**Copy To:**

**William S. Rosenstadt, Esq.**

**Mengyi "Jason" Ye, Esq.**

**Yuning "Grace" Bai, Esq.<br> Ortoli Rosenstadt LLP<br> 366 Madison Avenue, 3rd Floor<br> New York, NY 10017<br> Tel: +1-212-588-0022**

**Fax: +1-212-826-9307**

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

Large accelerated filer ☐ Accelerated filer ☐ <br> Non-accelerated filer ☒ Smaller reporting company ☐ <br> 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. ◻

**EXPLANATORY NOTE**

This registration statement (this "Registration Statement") is filed by Eshallgo Inc, a Cayman Islands exempted company to register securities issuable pursuant to the Eshallgo Inc 2025 Equity Incentive Plan (as amended and restated, "the 2025 Equity Incentive Plan"). The securities registered hereby consist of 3,500,000 Class A ordinary shares of a par value of US$0.0001 each (this "Class A Ordinary Shares") of the Registrant, which represent the number of Class A Ordinary Shares that were authorized under the 2025 Equity Incentive Plan. Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the "Securities Act"), this Registration Statement also covers an indeterminate number of additional shares which may be offered and issued to prevent dilution from share splits, share dividends or similar transactions as provided in the 2025 Equity Incentive Plan. Any Class A Ordinary Shares covered by an award granted under the 2025 Equity Incentive Plan (or portion of an award) that terminates, expires, lapses or repurchased for any reason will be deemed not to have been issued for purposes of determining the maximum aggregate number of Class A Ordinary Shares that may be issued under the 2025 Equity Incentive Plan.

**PART I**

**INFORMATION REQUIRED IN THE 10(A) PROSPECTUS**

The documents containing the information specified in "Item 1. Plan Information" and "Item 2. Registrant Information and Employee Plan Annual Information" of Part I of Form S-8 will be sent or given to the participants in the 2025 Equity Incentive Plan as specified by Rule 428(b)(1) of the Securities Act. Such documents are not required to be, and are not, filed with the U.S. Securities and Exchange Commission (the "Commission") either as part of this Registration Statement or as a prospectus or prospectus supplement pursuant to Rule 424 under the Securities Act. These documents and the documents incorporated by reference herein pursuant to Item 3 of Part II of this Registration Statement, taken together, constitute a prospectus that meets the requirements of Section 10(a) of the Securities Act.

**Item 1.** **Plan Information.**

Not required to be filed with this Registration Statement.

**Item 2.** **Registrant Information and Employee Plan Annual Information.**

Not required to be filed with this Registration Statement.

**PART II**

**INFORMATION REQUIRED IN THE REGISTRATION STATEMENT**

**Item 3.** **Incorporation of Documents by Reference.**

The following documents, and all documents we subsequently file pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), prior to the filing of a post-effective amendment to this Registration Statement which indicates that all securities offered have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference in this Registration Statement and shall be deemed to be a part hereof from the date of the filing of such documents:

&nbsp;&nbsp;&nbsp;&nbsp;(1) our Annual Report on [Form 20-F](https://www.sec.gov/Archives/edgar/data/1879754/000141057825001818/tmb-20250331x20f.htm) for the fiscal year ended March 31, 2025, filed with the Commission on August 14, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;(2) our Reports on Form 6-K, filed with the Commission on [August 25, 2025](https://www.sec.gov/Archives/edgar/data/1879754/000110465925082547/tm2524272d1_6k.htm) , [October 15, 2025](http://www.sec.gov/Archives/edgar/data/1879754/000118518525001446/ehgo6kpr101525.htm) , [October 17, 2025](http://www.sec.gov/Archives/edgar/data/1879754/000118518525001479/ehgo6k101525.htm) and [October 17, 2025](http://www.sec.gov/Archives/edgar/data/1879754/000118518525001486/ehgo6kpr101725.htm) ;

&nbsp;&nbsp;&nbsp;&nbsp;(3) The description of our Class
A Ordinary Shares incorporated by reference in our registration statement on [Form 8-A](https://www.sec.gov/Archives/edgar/data/1879754/000110465924076155/tm2418523d1_8a12b.htm) , as amended (File No. 001-42154) filed with
the Commission on June 28, 2024, including any amendment and report subsequently filed for the purpose of updating that description;
and

&nbsp;&nbsp;&nbsp;&nbsp;(4) all reports filed pursuant
to Section 13(a) or 15(d) of the Exchange Act since the end of the fiscal year covered by the report referred to in (1) above.

Any statement contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed modified or superseded for purposes of this Registration Statement. In addition, this Registration Statement will incorporate by reference all other documents subsequently filed by the Registrant under Section 13(a), 13(c), 14 and 15(d) of the Exchange Act prior to the filing of a post-effective amendment to this Registration Statement indicating that all securities offered have been sold or deregistering all securities then remaining unsold. All those documents will be considered a part of this Registration Statement from the respective dates the Registrant files them. Any statement in a document incorporated or deemed to be incorporated by reference in this Registration Statement will be deemed to be modified or superseded to the extent that a statement contained in this Registration Statement or in any other later filed document that also is or is deemed to be incorporated by reference modifies or supersedes the statement. Any statement modified or superseded will not be deemed, except as modified or superseded, to be a part of this Registration Statement.

**Item 4.** **Description of Securities.**

Not applicable.

**Item 5.** **Interests of Named Experts and Counsel.**

Not applicable.

**Item 6.** **Indemnification of Directors and Officers.**

The only statute, charter provision, bylaw, contract, or other arrangement under which any controlling person, director or officer of the Company is insured or indemnified in any manner against any liability which he or she may incur in his or her capacity as such, is as follows:

The Cayman Islands law does not limit the extent to which a company's articles of association may provide for indemnification of officers and directors, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against civil fraud or the consequences of committing a crime. Our second amended and restated articles of association adopted by a special resolution passed on 26 April 2023 and effective immediately prior to the completion of the initial public offering of our Class A Ordinary Shares provide that every director (including any alternate director), secretary, assistant secretary, or other officer for the time being and from time to time of the Company (but not including the Company's auditors) and the personal representatives of the same (each an "Indemnified Person") shall be indemnified and secured harmless against all actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or sustained by such Indemnified Person, other than by reason of such Indemnified Person's own dishonesty, willful default or fraud, in or about the conduct of the Company's business or affairs (including as a result of any mistake of judgment) or in the execution or discharge of his duties, powers, authorities or discretions, including without prejudice to the generality of the foregoing, any costs, expenses, losses or liabilities incurred by such Indemnified Person in defending (whether successfully or otherwise) any civil proceedings concerning the Company or its affairs in any court whether in the Cayman Islands or elsewhere. This standard of conduct is generally the same as permitted under the Delaware General Corporation Law for a Delaware corporation.

In addition, we intend to enter into indemnification agreements with our directors and executive officers that will provide such persons with additional indemnification beyond that provided in our articles.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers or persons controlling us under the foregoing provisions, we have been informed that, in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

**Item 7.** **Exemption from Registration Claimed.**

Not applicable.

**Item 8.** **Exhibits.**

Reference is hereby made to the Exhibit Index, which is incorporated herein by reference.

**Item 9.** **Undertakings.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The undersigned Registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To include any prospectus required by Section 10(a)(3) of the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To reflect in the prospectus any facts or events arising after the effective date of this Registration Statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in this Registration Statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To include any material information with respect to the plan of distribution not previously disclosed in this Registration Statement or any material change to such information in this Registration Statement;

*provided*, *however*, that paragraphs (1)(a) and (1)(b) above do not apply if the information required to be included in a post- effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in this Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the Registrant's annual report pursuant to Section 13(a) or 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan's annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in this Registration Statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that, in the opinion of the Commission, such indemnification is against public policy as expressed in the Securities Act and is, therefore unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant certifies that it has reasonable grounds to believe that it meets all the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the city of Hangzhou, Zhejiang Province, People's Republic of China on this 21st day of October 2025.

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| | |
|:---|:---|
| **Eshallgo Inc** | **Eshallgo Inc** |
| By: | /s/ Qiwei Miao |
| Name: | Qiwei Miao |
| Title: | Chief Executive Officer |

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**POWER OF ATTORNEY**

KNOW ALL MEN BY THESE PRESENTS, the undersigned hereby constitute and appoint Qiwei Miao and Chun Lyu or either of them, his true and lawful attorney-in-facts and agent, each with full power of substitution and resubstitution, for him and in his name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) or supplements to this Registration Statement, or any related registration statement filed pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with exhibits thereto, and other documents in connection therewith, with the Commission, granting unto said attorney-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite or necessary to be done in connection therewith, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that each of said attorneys-in-fact and agents, or any of them, or their or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.

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| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ Zhidan Mao | Chairman of the Board of Directors | October 21, 2025 |
| Zhidan Mao |  |  |
| /s/ Qiwei Miao | Chief Executive Officer (Principal Executive Officer) | October 21, 2025 |
| Qiwei Miao |  |  |
| /s/ Chun Lyu | Chief Financial Officer | October 21, 2025 |
| Chun Lyu | (Principal Financial and Accounting Officer) |  |
| /s/ Xiaohui Wu | Director | October 21, 2025 |
| Xiaohui Wu |  |  |
| /s/ Weimin Xu | Director | October 21, 2025 |
| Weimin Xu |  |  |
| /s/ Weibo Weng | Director | October 21, 2025 |
| Weibo Weng |  |  |
| /s/ Kewa Luo | Director | October 21, 2025 |
| Kewa Luo |  |  |

---

**SIGNATURE OF AUTHORIZED REPRESENTATIVE IN THE UNITED STATES**

Pursuant to the Securities Act of 1933 as amended, the undersigned, the duly authorized representative in the United States of America, has signed this registration statement thereto in New York, NY on October 21, 2025.

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| | |
|:---|:---|
| Cogency Global Inc. | Cogency Global Inc. |
| By: | /s/ *Colleen A. De Vries* |
| Name: | Colleen A. De Vries |
| Title: | Senior Vice President |

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**EXHIBIT INDEX**

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| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 3.1 | [Second Amended and Restated Memorandum and Articles of Association, filed as exhibit 3.1 to the Form F-1 filed on April 27, 2023 and incorporated by reference herein](https://www.sec.gov/Archives/edgar/data/1879754/000110465923051478/tm2233006d5_ex3-1.htm) |
| 5.1\* | [Opinion of Harney Westwood & Riegels regarding the validity of the securities being registered](eshallgoex5-1.htm) |
| 10.1 | [Eshallgo Inc 2025 Equity Incentive Plan, filed as Exhibit 10.1 to the current report on Form 6-K filed on October 17, 2025 and incorporated by reference herein](http://www.sec.gov/Archives/edgar/data/1879754/000118518525001486/ehgoex10-1.htm) |
| 23.1\* | [Consent of Harney Westwood & Riegels (included in its opinion filed as Exhibit 5.1)](eshallgoex5-1.htm) |
| 23.2\* | [Consent of MarcumAsia CPAs, LLP](eshallgoex23-2.htm) |
| 23.3\* | [Consent of YCM CPA INC.](eshallgoex23-3.htm) |
| 24.1\* | [Power of Attorney (included on the signature page to this Registration Statement)](#a_001) |
| 107\* | [Filing fee table](eshallgoex-fee.htm) |

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\* Filed herewith

## Exhibit 5.1

**Exhibit 5.1**

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| | |
|:---|:---|
| ![](ex5-1_001.jpg) | Harney Westwood & Riegels<br> 3501 The Center<br> 99 Queen's Road Central<br> Hong Kong<br> Tel: +852 5806 7800<br> Fax: +852 5806 7810 |

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21 October 2025

067650.0001 **Eshallgo Inc**

P. O. Box 31119, Grand Pavilion

Hibiscus Way, 802 West Bay Road

Grand Cayman, KY1 – 1205

Cayman Islands

Dear Sir or Madam

**Eshallgo Inc** (the ***Company***)

We are attorneys-at-law qualified to practise in the Cayman Islands and have acted as Cayman Islands legal advisers to the Company in connection with the offering by the Company of an aggregate of 3,500,000 Class A ordinary shares of a par value of US$0.0001 each in the capital of the Company (the ***Shares***) issuable pursuant to the 2025 equity incentive plan of the Company (the ***Plan***) and a registration statement on Form S-8 (the ***Registration Statement***) filed with the Securities and Exchange Commission (the ***Commission***) under the United States Securities Act of 1933, as amended (the ***Securities Act***).

We are furnishing this opinion as Exhibit 5.1 to the Registration Statement.

For the purposes of giving this opinion, we have examined the Documents (as defined in Schedule 1) which we regard as necessary in order to issue this opinion. We have not examined any other documents, official or corporate records or external or internal registers and have not undertaken or been instructed to undertake any further enquiry or due diligence in relation to the transaction which is the subject of this opinion.

In giving this opinion we have relied upon the assumptions set out in Schedule 2 which we have not verified.

Based solely upon the foregoing examinations and assumptions and having regard to legal considerations which we deem relevant, and subject to the qualifications set out in Schedule 3, we are of the opinion that under the laws of the Cayman Islands:

1 Existence and Good Standing. The Company is an exempted company duly incorporated with limited liability, and is validly existing and in good standing under the laws of the Cayman Islands. It is a separate legal entity and is subject to suit in its own name.

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| | |
|:---|:---|
| The British Virgin Islands is Harneys Hong Kong office's main jurisdiction of practice.<br> Jersey legal services are provided through a referral arrangement with Harneys (Jersey) which is an independently owned and controlled Jersey law firm.<br> Resident Partners: M Chu \| JP Engwirda \| Y Fan \| SG Gray \| PM Kay \| MW Kwok \| IN Mann<br> R Ng \| ATC Ridgers \| PJ Sephton | Anguilla \| Bermuda \| British Virgin Islands<br> Cayman Islands \| Cyprus \| Hong Kong \| Jersey<br> London \| Luxembourg \| Shanghai \| Singapore<br> harneys.com |

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| | |
|:---|:---|
| 2 | Authorised Share Capital. Based on our review of the M&A (as defined in Schedule 1), the authorised share capital of the Company is US$10,000 divided into 100,000,000 ordinary shares of a par value of US$0.0001 each comprising (i) 90,000,000 Class A ordinary shares of a par value of US$0.0001 each and (ii) 10,000,000 Class B ordinary shares of a par value of US$0.0001 each. |

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| | |
|:---|:---|
| 3 | Valid Issuance of Shares. The allotment and issue of the Shares as contemplated by the Plan and the Registration Statement have been duly authorised and, when allotted, issued and fully paid for in accordance with the Plan and the Registration Statement, and when the names of the shareholders are entered in the register of members of the Company, the Shares will be validly issued, fully paid and non-assessable, and there will be no further obligation of the holders of any of the Shares to make any further payment to the Company in respect of such Shares. |

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This opinion is confined to the matters expressly opined on herein and given on the basis of the laws of the Cayman Islands as they are in force and applied by the Cayman Islands courts at the date of this opinion. We have made no investigation of, and express no opinion on, the laws of any other jurisdiction. We express no opinion as to matters of fact. Except as specifically stated herein, we make no comment with respect to any representations and warranties which may be made by or with respect to the Company in the Registration Statement. We express no opinion with respect to the commercial terms of the transactions the subject of this opinion.

In connection with the above opinion, we hereby consent to the filing of this opinion as an exhibit to the Registration Statement. In giving such consent, we do not thereby admit that we come within the category of persons whose consent is required under Section 7 of the Securities Act or the Rules and Regulations of the Commission thereunder.

This opinion is limited to the matters referred to herein and shall not be construed as extending to any other matter or document not referred to herein.

This opinion shall be construed in accordance with the laws of the Cayman Islands.

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| |
|:---|
| Yours faithfully |
| <br> /s/ **Harney Westwood & Riegels** |
| **Harney Westwood & Riegels** |

---

**Schedule 1** 

List of Documents Examined

1 A copy of the certificate of incorporation of the Company dated 16 June 2021;

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| | |
|:---|:---|
| 2 | A copy of the second amended and restated memorandum and articles of association of the Company adopted by a special resolution passed on 26 April 2023 and effective immediately prior to the completion of the initial public offering of the Company's Class A Ordinary Shares (the ***M&A***); |

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3 A copy of the certificate of good standing in respect of the Company issued by the Registrar of Companies of the Cayman Islands dated 10 October 2025;

4 A copy of the register of directors and officers of the Company provided to us on 30 September 2025;

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| | |
|:---|:---|
| 5 | A copy of the written resolutions of the directors of the Company dated 15 October 2025 (the ***Resolutions***); |

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| | |
|:---|:---|
| 6 | A copy of a certificate issued by a director of the Company dated 15 October 2025, a copy of which is attached hereto (the ***Director's Certificate***); |

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7 A copy of the Plan; and

8 The Registration Statement.

(1 to 5 above are the ***Corporate Documents***, and 1 to 8 above are the ***Documents***).

**Schedule 2** 

Assumptions

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| | |
|:---|:---|
| 1 | **Authenticity of Documents.** All original Documents are authentic, all signatures, initials and seals are genuine, and all copies of Documents are true and correct copies. |

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| | |
|:---|:---|
| 2 | **Corporate Documents.** All matters required by law to be recorded in the Corporate Documents are so recorded, and all corporate minutes, resolutions, certificates, documents and records which we have reviewed are accurate and complete, and all facts expressed in or implied thereby are accurate and complete. |

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| | |
|:---|:---|
| 3 | **Director's Certificate**. The contents of the Director's Certificate are true and accurate as at the date of this opinion and there is no information not contained in the Director's Certificate that will in any way affect this opinion. |

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| | |
|:---|:---|
| 4 | **No Steps to Wind-up**. The directors and shareholders of the Company have not taken any steps to have the Company struck off or placed in liquidation, no steps have been taken to wind up the Company and no receiver has been appointed over any of the property or assets of the Company. |

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| | |
|:---|:---|
| 5 | **Resolutions.** The Resolutions have been duly executed by or on behalf of the directors, and the signatures and initials thereon are those of a person or persons in whose name the Resolutions have been expressed to be signed. The Resolutions remain in full force and effect. |

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| | |
|:---|:---|
| 6 | **Unseen Documents.** Save for the Documents provided to us there are no resolutions, agreements, documents or arrangements which materially affect, amend or vary the transactions envisaged in the Registration Statement. |

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| | |
|:---|:---|
| 7 | **Constitutional Documents.** The M&A is the latest memorandum and articles of association of the Company in effect as of the time of the opinion. |

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**Schedule 3**

Qualifications

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| | |
|:---|:---|
| 1 | **Foreign Statutes.** We express no opinion in relation to provisions making reference to foreign statutes in the Registration Statement. |

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| | |
|:---|:---|
| 2 | **Commercial Terms.** Except as specifically stated herein, we make no comment with respect to any representations and warranties which may be made by or with respect to the Company in any of the documents or instruments cited in this opinion or otherwise with respect to the commercial terms of the transactions the subject of this opinion. |

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| | |
|:---|:---|
| 3 | **Meaning of Non-Assessable.** In this opinion the phrase ***non-assessable*** means, with respect to the issuance of Shares, that a shareholder shall not, in respect of the relevant Shares, have any obligation to make further contributions to the Company's assets (except in exceptional circumstances, such as involving fraud, the establishment of an agency relationship or an illegal or improper purpose or other circumstances in which a court may be prepared to pierce or lift the corporate veil). |

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| | |
|:---|:---|
| 4 | **Good Standing.** The Company shall be deemed to be in good standing at any time if all fees (including annual filing fees) and penalties under the Companies Act (Revised) of the Cayman Islands (the ***Companies Act***) have been paid and the Registrar of Companies has no knowledge that the Company is in default under the Companies Act. |

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| | |
|:---|:---|
| 5 | **Economic Substance.** We have undertaken no enquiry and express no view as to the compliance of the Company with the International Tax Co-operation (Economic Substance) Act (Revised). |

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**Annex**

**Director's Certificate**

## Exhibit 23.2

**Exhibit 23.2**

![A black background with a black square AI-generated content may be incorrect.](ex23-2_001.jpg)

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM'S CONSENT**

We consent to the incorporation by reference in this Registration Statement on Form S-8 of our report dated July 31, 2024, except for the Note 20, as to which the date is December 13, 2024 relating to the financial statements appearing in the Annual Report on Form 20-F of Eshallgo Inc for the year ended March 31, 2025.

/s/ Marcum Asia CPAs LLP

New York, NY

October 21, 2025

NEW YORK OFFICE ● 7 Penn Plaza ● Suite 830 ● New York, New York ● 10001

Phone 646.442.4845 ● Fax 646.349.5200 ● www.marcumasia.com

## Exhibit 23.3

**Exhibit 23.3**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the incorporation by reference in this Registration Statement of Eshallgo Inc on Form S-8 of our report dated August 14, 2025 relating to the consolidated financial statements of Eshallgo Inc as of March 31, 2025, and for the year then ended. We also consent to the reference to our firm under the heading "Experts" in such Registration Statement.

/s/ YCM CPA INC.

PCAOB ID 6781

Irvine, California

October 21, 2025

## Ex-Filing

?xml version='1.0' encoding='ASCII'? Filing Fee Exhibit

**Ex-Filing Fees**

**CALCULATION OF FILING FEE TABLES**

**S-8**

**ESHALLGO INC**

**Table 1: Newly Registered Securities**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Type** | **Security Class Title** | **Notes** | **Fee Calculation<br> Rule** | **Amount Registered** | **Proposed Maximum Offering<br> Price Per Unit** | **Maximum Aggregate Offering Price** | **Fee Rate** | **Amount of Registration Fee** |
| Equity | Class A Ordinary Shares, US$0.0001 par value per share | (1) | Other | 3500000 | $0.58 | $2030000.00 | 0.0001381 | $280.34 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | $2030000.00 |  | 280.34 |
| Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: |  |  | 0.00 |
| Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: |  |  | $280.34 |

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**__________________________________________ Offering Note(s)**

&nbsp;&nbsp;&nbsp;&nbsp;(1) This Registration Statement on Form S-8 covers additional shares of Class A Ordinary Shares, US$0.0001 par value per share of ESHALLGO INC("Registrant") issuable pursuant to the 2025 Equity Incentive Plan (as amended and restated, the "2025 Equity Incentive Plan") of the Registrant. Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the "Securities Act"), this registration statement is deemed to cover an indeterminate number of ordinary shares which may be offered and issued to prevent dilution resulting from share splits, share dividends or similar transactions as provided in the 2025 Equity Incentive Plan. The proposed maximum offering price per share, which is estimated solely for the purposes of calculating the registration fee under Rule 457(h) and Rule 457(c) under the Securities Act, is based on US$0.580 per Class A ordinary share, the average of the high and low prices for the Registrant's Class A ordinary share as quoted on the Nasdaq Capital Market on October 20, 2025.