# EDGAR Filing Document

**Accession Number:** 0002082729
**File Stem:** 0001185185-26-002094
**Filing Date:** 2026-5
**Character Count:** 1614512
**Document Hash:** 73d23eda8e4f736faeb8769772455859
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001185185-26-002094.hdr.sgml**: 20260522

**ACCESSION NUMBER**: 0001185185-26-002094

**CONFORMED SUBMISSION TYPE**: F-1

**PUBLIC DOCUMENT COUNT**: 290

**FILED AS OF DATE**: 20260522

**DATE AS OF CHANGE**: 20260522

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Coolbit Technologies Ltd
- **CENTRAL INDEX KEY:** 0002082729
- **STANDARD INDUSTRIAL CLASSIFICATION:** FINANCE SERVICES [6199]
- **ORGANIZATION NAME:** 09 Crypto Assets
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** F-1
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-296197
- **FILM NUMBER:** 261014962

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** ROOM 1506, WING ON CENTRE
- **STREET 2:** 111 CONNAUGHT ROAD CENTRAL
- **CITY:** HONG KONG
- **NON US STATE TERRITORY:** HONG KONG
- **PROVINCE COUNTRY:** F4
- **ZIP:** 00000
- **BUSINESS PHONE:** (852) 3589 5718

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** ROOM 1506, WING ON CENTRE
- **STREET 2:** 111 CONNAUGHT ROAD CENTRAL
- **CITY:** HONG KONG
- **NON US STATE TERRITORY:** HONG KONG
- **PROVINCE COUNTRY:** F4
- **ZIP:** 00000

**As filed with the Securities and Exchange Commission on May 22, 2026**

**Registration No. 333-_______** 

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM F-1**

**REGISTRATION STATEMENT**

**UNDER**

**THE SECURITIES ACT OF 1933**

**COOLBIT TECHNOLOGIES LIMITED**

**(Exact name of registrant as specified in its charter)**

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| | | |
|:---|:---|:---|
| Cayman Islands | 7374 | N/A |
| **(State or other jurisdiction of<br> incorporation or organization)** | **(Primary Standard Industrial<br> Classification Code Number)** | **(I.R.S. Employer<br> Identification Number)** |

---

**5020-4000**

**No. 3 Road**

**Richmond, BC V6X 0J8, Canada**

**Telephone: 1-604-837-9263**

**(Address, including zip code, and telephone number, including area code, of Registrant's principal executive offices)** 

**Puglisi & Associates**

**850 Library Avenue, Suite 204**

**Newark, Delaware 19711**

**+1 302-738-6680**

**(Name, address, including zip code, and telephone number, including area code, of agent for service)** 

***Copies to:***

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| | |
|:---|:---|
| Henry F. Schlueter, Esq.<br> David Stefanski, Esq.<br> Schlueter & Associates, P.C.<br> 5655 South Yosemite Street, Suite 350<br> Greenwood Village, CO 80111<br> Telephone: (303) 292-3883 | Benjamin Tan<br> Sichenzia Ross Ference Carmel LLP<br> 1185 Avenue of the Americas, 26<sup>th</sup> Floor<br> New York, NY 10036<br> Telephone: (212) 930-9700 |

---

**Approximate date of commencement of proposed sale to the public: As soon as practicable after the effective date of this registration statement.** 

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box. ☒

If this form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

Indicate by check mark whether the registrant is an emerging growth company as defined in in Rule 405 of the Securities Act of 1933.

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. ☐

**The Registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933, as amended, or until the registration statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.**

**The information in this prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.** 

**Subject to completion, dated May 22, 2026**

**PRELIMINARY PROSPECTUS**

**COOLBIT TECHNOLOGIES**

**LIMITED**

**3,750,000 CLASS A ORDINARY SHARES by the Company**

**1,250,000 CLASS A ORDINARY SHARES by the Selling Shareholder**

This is an initial public offering of our class A ordinary shares of par value at US$0.0000025 par value per share ("Class A Ordinary Shares") of Coolbit Technologies Limited, a Cayman Islands company ("Coolbit," "Company," "we," "our" or "us"). We and the Selling Shareholder (as defined herein) are offering, on a firm commitment engagement basis, 3,750,000 Class A Ordinary Shares and 1,250,000 Class A Ordinary Shares, respectively, to be sold in this offering pursuant to this prospectus. We will not receive any proceeds from the sale of the Class A Ordinary Shares to be sold by the Selling Shareholder. We anticipate that the initial public offering price of the Class A Ordinary Shares will be between US$4.00 and US$5.00 per Class A Ordinary Share.

We have granted the underwriters an option, exercisable from time to time in whole or in part, to purchase up to 562,500 additional Class A Ordinary Shares from us at the initial public offering price, less underwriting discounts and commissions, within 45 days from the date of this prospectus to cover over-allotments, if any.

Prior to this offering, there has been no public market for our shares. We have applied to list our Class A Ordinary Shares on the Nasdaq Capital Market under the symbol "CBAI." This offering is contingent upon the listing of our Class A Ordinary Shares on the Nasdaq Capital Market or another national securities exchange. There can be no assurance that we will be successful in listing our Class A Ordinary Shares on the Nasdaq Capital Market or another national securities exchange.

Our Company is authorized to issue 3,700,000,000 Ordinary Shares, consisting of 3,600,000,000 Class A Ordinary Shares of par value US$0.0000025 each, and 100,000,000 Class B Ordinary Shares of par value US$0.00001 each ("Class B Ordinary Shares"). As of the date of this prospectus, we have 26,250,080 ordinary shares issued and outstanding, consisting of 16,250,000 Class A Ordinary Shares and 10,000,080 Class B Ordinary Shares. Each Class A Ordinary Share is entitled to one (1) vote, and each Class B Ordinary Share is entitled to ten (10) votes on any matter on which action of the shareholders of the Company is sought. Each Class B Ordinary Share is convertible into one Class A Ordinary Share at any time at the option of the holder thereof, but Class A Ordinary Shares are not convertible into Class B Ordinary Shares. Our Class B Ordinary Shares vote together with our Class A Ordinary Shares. Holders of Class B Ordinary Shares are not entitled to receive dividends or other distributions. Class A Ordinary Shares are the only class of ordinary shares being offered in this offering.

Coolbit is a holding company incorporated in the Cayman Islands with no material operations of its own. During the fiscal years ended March 31, 2025 and 2024, the Company's Operating Subsidiary was located in Hong Kong. Effective January 1, 2026, the Company changed its operating subsidiary from Xcentz Limited, a Hong Kong subsidiary of the Company to Coolpad Technologies CA, Inc., a wholly-owned Canadian subsidiary of the Company and Coolpad Technologies, Inc., a wholly-owned Delaware corporation ("Operating Subsidiaries").

**Investors are cautioned that the Class A Ordinary Shares they are buying are shares of Coolbit, a Cayman Islands holding company, and not shares of the Operating Subsidiaries. Investors in this offering will not directly hold equity interests in the Operating Subsidiaries.**

As you are investing in the Class A Ordinary Shares of our Company, you may never directly hold equity interests in the Operating Subsidiaries or any of our other subsidiaries.

Coolbit's authorized and issued share capital is a dual-class structure consisting of Class A Ordinary Shares and Class B Ordinary Shares. Due to the disparate voting powers associated with our two classes of ordinary shares, upon completion of this offering, our controlling shareholder, Prime Palace Investment Limited ("Prime Palace"), a British Virgin Islands corporation that is controlled by Mr. Sze Wah Sam Cheung, a director of the Company, as the owner of 7,994,702 Class A Ordinary Shares and 8,117,712 Class B Ordinary Shares, will directly own 74.31% of the total aggregate voting power, assuming that the underwriters do not exercise their over-allotment option. Therefore, Mr. Sze Wah Sam Cheung, as the beneficial owner of an aggregate of 11,941,176 Class A Ordinary Shares and 8,117,712 Class B Ordinary Shares, will control matters subject to a vote by the Company's shareholders, and the Company will be a "controlled company" as defined under Nasdaq Marketplace Rule 5615(c). As a "controlled company," the Company is permitted to elect not to comply with certain corporate governance requirements. Although we currently do not intend to rely on the "controlled company" exemptions, we may elect to rely on these exemptions in the future. If we rely on these exemptions in the future, you will not have the same protection afforded to shareholders of companies that are subject to these corporate governance requirements. See "Prospectus Summary — Implications of Being a Controlled Company" on page 8 of this prospectus.

We are an "Emerging Growth Company" and a "Foreign Private Issuer" under applicable U.S. federal securities laws and, as such, are eligible for reduced public company reporting requirements. Please see "Implications of Being an Emerging Growth Company" and "Implications of Being a Foreign Private Issuer" on page 9 of this prospectus, respectively, for more information.

**Investing in our Class A Ordinary Shares involves significant risks. The risks could result in a material change in the value of the securities we are registering for sale including the risk of losing your entire investment. See "Risk Factors" beginning on page 12 to read about factors you should consider before buying our Class A Ordinary Shares.**

No securities may be sold without delivery of this prospectus describing the method and terms of the offering of such securities.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Per Share** | **Per Share** | **Total<sup>(4)(5)</sup>** | **Total<sup>(4)(5)</sup>** |
| Offering price<sup>(1)</sup> | US$ | 4.50 | US$ | 22500000 |
| Underwriting discounts and commissions to be paid by us<sup>(2)</sup> | US$ | 0.34 | US$ | 1687500 |
| Proceeds to the Company before expenses<sup>(3)</sup> | US$ | 4.16 | US$ | 15609375 |
| Proceeds to the Selling Shareholder before expenses<sup>(3)</sup> | US$ | 4.16 | US$ | 5203125 |

---

<sup>(1)</sup> Offering price per Class A Ordinary Share is assumed to be US$4.50, being the mid-point of the offering price range.

<sup>(2)</sup> We have agreed to pay the underwriters a discount equal to 7.5% of the gross proceeds of the offering. This table does not include a non-accountable expense allowance equal to 1.0% of the gross proceeds of this offering and underwriters' expenses of up to $300,000. For a description of the other compensation to be received by the underwriters, see "Underwriting" beginning on page 114.

<sup>(3)</sup> Excludes expenses payable to the underwriters. The total amount of underwriters' expenses related to this offering is set forth in the section titled "Underwriting - Discounts and Expenses" on page 114. The Company will not receive any proceeds from the sale of Class A Ordinary Shares by the Selling Shareholder.

<sup>(4)</sup> Includes US$16,875,000 gross proceeds from the sale of 3,750,000 Class A Ordinary Shares offered by our Company and US$5,625,000 gross proceeds from the sale of 1,250,000 Class A Ordinary Shares offered by the Selling Shareholder.

<sup>(5)</sup> Assumes that the underwriters do not exercise any portion of the over-allotment option.

If the underwriters exercise the over-allotment option in full, the total underwriting discount payable will be US$1,877,344, and the total proceeds to us, before expenses, will be US$25,031,250.

If we complete this offering, net proceeds will be delivered to us and the Selling Shareholder on the closing date.

**Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed upon the accuracy or adequacy of this prospectus. Any representation to the contrary is a criminal offense.**

![](image_001.jpg)

**The date of this prospectus is [●], 2026.**

**TABLE OF CONTENTS**

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| | |
|:---|:---|
|  | **Page** |
| [ABOUT THIS PROSPECTUS](#a_001) | ii |
| [PRESENTATION OF FINANCIAL INFORMATION](#a_002) | ii |
| [MARKET AND INDUSTRY DATA](#a_003) | ii |
| [SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS](#a_004) | ii |
| [DEFINITIONS](#a_005) | iv |
| [PROSPECTUS SUMMARY](#a_007) | 1 |
| [RISK FACTORS](#a_008) | 12 |
| [ENFORCEABILITY OF CIVIL LIABILITIES](#a_009) | 48 |
| [DETERMINATION OF OFFERING PRICE](#a_010) | 50 |
| [USE OF PROCEEDS](#a_011) | 50 |
| [DIVIDEND POLICY](#a_012) | 50 |
| [CAPITALIZATION AND INDEBTEDNESS](#a_013) | 51 |
| [DILUTION](#a_014) | 52 |
| [SELECTED CONSOLIDATED FINANCIAL DATA](#a_015) | 53 |
| [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#a_016) | 54 |
| [INDUSTRY OVERVIEW](#a_017) | 70 |
| [OUR BUSINESS](#a_019) | 76 |
| [CRYPTOCURRENCY ISSUES AND CONSIDERATIONS](#a_019a) | 91 |
| [MANAGEMENT](#a_020) | 92 |
| [COMPENSATION OF EXECUTIVE OFFICERS AND DIRECTORS](#a_021) | 98 |
| [PRINCIPAL SHAREHOLDERS AND SELLING SHAREHOLDER](#a_022) | 99 |
| [CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS](#a_023) | 101 |
| [DESCRIPTION OF SHARE CAPITAL](#a_024) | 102 |
| [MATERIAL TAX CONSIDERATIONS](#a_025) | 110 |
| [SHARES ELIGIBLE FOR FUTURE SALE](#a_026) | 114 |
| [UNDERWRITING](#a_027) | 115 |
| [EXPENSES OF THIS OFFERING](#a_028) | 118 |
| [LEGAL MATTERS](#a_029) | 119 |
| [EXPERTS](#a_030) | 119 |
| [WHERE YOU CAN FIND MORE INFORMATION](#a_031) | 119 |
| [INDEX TO CONSOLIDATED FINANCIAL STATEMENTS](#a_032) | F-1 |

---

Until [●], 2026 (the 25th day after the date of this prospectus), all dealers that effect transactions in these Class A Ordinary Shares, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to the dealers' obligation to deliver a prospectus when acting as an underwriter and with respect to their unsold allotments or subscriptions.

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**ABOUT THIS PROSPECTUS**

Neither the Company, the Selling Shareholder nor the underwriters have authorized anyone to provide you with any information or to make any representations other than as contained in this prospectus or in any related free writing prospectus. Neither the Company, the Selling Shareholder nor the underwriters take responsibility for, or provide any assurance about the reliability of, any information that others may give you. This prospectus is an offer to sell only the securities offered hereby, and only under circumstances and in jurisdictions where it is lawful to do so. The information contained in this prospectus is accurate only as of the date of this prospectus, regardless of the time of delivery of this prospectus or any sale of the securities. Our business, financial condition, results of operations and prospects may have changed since that date.

For investors outside the United States: neither the Company , the Selling Shareholder nor the underwriters have done anything that would permit this offering or possession or distribution of this prospectus in any jurisdiction, other than the United States, where action for that purpose is required. Persons outside the United States who come into possession of this prospectus must inform themselves about, and observe any restrictions relating to, the offering of the Class A Ordinary Shares and the distribution of this prospectus outside the United States.

**PRESENTATION OF FINANCIAL INFORMATION**

***Basis of Presentation***

Unless otherwise indicated, all financial information contained in this prospectus is prepared and presented in accordance with International Financial Reporting Standards ("IFRS").

Certain amounts, percentages and other figures included in this prospectus have been subject to rounding adjustments. Accordingly, amounts, percentages and other figures shown as totals in certain tables or charts may not be the arithmetic aggregation of those that precede them and amounts, and figures expressed as percentages in the text may not total 100% or, when aggregated, may not be the arithmetic aggregation of the percentages that precede them.

***Financial Information in U.S. Dollars***

Our reporting currency is the U.S. dollar. We have included the financial data of our subsidiaries in the Company's financial statements as follows: (i) the functional currency of its former operating subsidiary during the fiscal years ended March 31, 2024, September 30, 2024, March 31, 2025 and September 30, 2025 in Hong Kong was the Hong Kong dollar, the former operating subsidiary's assets and liabilities are expressed in US dollars at the exchange rate on the balance sheet date, which is 0.1278, 0.1287, 0.1285 and 0.1285 as of March 31, 2024, September 30, 2024, March 31, 2025 and September 30, 2025, respectively, shareholders' equity accounts are translated at historical rates and income and expense items are translated at the average exchange rate during the period, which is 0.1278, 0.1281, 0.1283,and 0.1280 for the fiscal years ended March 31, 2024, September 30, 2024, March 31, 2025 and September 30, 2025, respectively; and (ii) the functional currency of its subsidiary, Coolpad Technologies CA, is the Canadian dollar, Coolpad Technologies CA's assets and liabilities are expressed in US dollars at the exchange rate on the balance sheet date, which is 0.7385, 0.7393, 0.6950 and 0.7184 as of March 31, 2024, September 30, 2024, March 31, 2025 and September 30, 2025, respectively, shareholders' equity accounts are translated at historical rates and income and expense items were translated at the average exchange rate during the period, which is 0.7417, 0.7319, 0.7190 and 0.7244 for the fiscal years ended March 31, 2024, September 30, 2024, March 31, 2025 and September 30, 2025, respectively. The functional currency of the Company and each other subsidiary is the US dollar.

We make no representation that the Hong Kong dollar or Canadian dollar amounts referred to in this prospectus could have been or could be converted into U.S. dollars at any particular rate or at all.

**MARKET AND INDUSTRY DATA**

Certain market data and forecasts used throughout this prospectus were obtained from internal company surveys, market research, consultant surveys (i.e., the Frost and Sullivan Report, as defined under "Definitions"), reports of governmental and international agencies and industry publications and surveys. Industry publications and third-party research, surveys and reports generally indicate that their information has been obtained from sources believed to be reliable. This information involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. Our estimates involve risks and uncertainties and are subject to change based on various factors, including those discussed under the heading "Risk Factors" in this prospectus.

**SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS**

This prospectus contains forward-looking statements that relate to our current expectations and views of future events. These forward-looking statements are contained principally in the sections entitled "Prospectus Summary," "Risk Factors," "Use of Proceeds," "Management's Discussion and Analysis of Financial Condition and Results of Operations," "Industry Overview" and "Business." These statements relate to events that involve known and unknown risks, uncertainties and other factors, including those listed under "Risk Factors," which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.

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In some cases, these forward-looking statements can be identified by words or phrases such as "believe," "plan," "expect," "intend," "should," "seek," "estimate," "will," "aim" and "anticipate," or other similar expressions, but these are not the exclusive means of identifying such statements. All statements other than statements of historical fact included in this document, including those regarding future financial position and results, business strategy, plans and objectives of management for future operations (including development plans and dividends) and statements on future industry growth are forward-looking statements. In addition, we and our representatives may from time to time make other oral or written statements that are forward-looking statements, including in our periodic reports that we will file with the SEC, other information sent to our shareholders and other written materials.

These forward-looking statements are subject to risks, uncertainties and assumptions, some of which are beyond our control. In addition, these forward-looking statements reflect our current views with respect to future events and are not a guarantee of future performance. Actual outcomes may differ materially from the information contained in the forward-looking statements as a result of a number of factors, including, without limitation, the risk factors set forth in "Risk Factors" and in this section of the prospectus.

Important factors that could cause our actual results to differ materially from those in the forward-looking statements include, but are not limited to, regional, national or global political, economic, business, competitive, market and regulatory conditions and the following:

● Bitcoin price and foreign currency exchange rate fluctuations;

● expectations with respect to the ongoing profitability, viability, operability, security, popularity and public perceptions of the Bitcoin network;

● our ability to secure additional Miners, power capacity, facilities and sites on commercially reasonable terms;

● Bitcoin network Hashrate fluctuations;

● expectations regarding availability and pricing of electricity;

● reliability and performance of our electrical infrastructure compared to expectations;

● the availability, suitability and reliability of internet connections at our facilities;

● expectations with respect to the useful life and obsolescence of hardware and our ability to secure replacement or additional hardware on commercially reasonable terms;

● delays or reductions in the supply and increases in the costs of procuring hardware;

● delays, increases in costs or reductions in the supply of other equipment used in our operations;

● the reliability of electricity supply, hardware and electrical and data center infrastructure, including electricity outages and any variance between the actual operating Hashrate of our hardware achieved compared to the nameplate Hashrate;

● our ability to operate in an evolving regulatory environment;

● malicious attacks on our property, infrastructure or IT systems;

● our ability to maintain in good standing the operating and other permits and licenses required for our operations and business;

● our ability to obtain, maintain, protect and enforce our intellectual property rights and other confidential information;

● any material costs relating to environmental, health and safety requirements or liabilities;

● damage to our property and infrastructure and the risk that any insurance we maintain may not fully cover all potential exposures;

● any regulations around Bitcoin and the Bitcoin Mining industry, including regulation on the ability to provide electricity to Bitcoin Miners;

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● climate change and natural and man-made disasters that may materially adversely affect our business, financial condition and results of operations;

● our ability to remain competitive in a dynamic and rapidly evolving industry;

● our ability to retain senior management team members and recruit qualified and experienced new team members; and

● other factors that are described in "Risk Factors," some of which may be beyond our control.

The forward-looking statements made in this prospectus relate only to events or information as of the date on which the statements are made in this prospectus. Except as required by law, we undertake no obligation to update nor revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. You should read this prospectus and the documents that we reference in this prospectus and have filed as exhibits to the registration statement of which this prospectus is a part, completely and with the understanding that our actual future results or performance may be materially different from what we expect.

This prospectus contains certain data and information that we obtained from various research and other publications. Statistical data in these publications also include projections based on a number of assumptions. The market for Bitcoin may not grow at the rate projected by such market data, or at all. Failure of our industry to grow at the projected rate may have a material and adverse effect on our business and the market price of our Class A Ordinary Shares. Furthermore, if any one or more of the assumptions underlying the market data are later found to be incorrect, actual results may differ from the projections based on these assumptions. You should not place undue reliance on these forward-looking statements.

**DEFINITIONS**

"Amended and Restated Memorandum and Articles of Association" means the memorandum and articles of association of our Company adopted on October 17, 2023 as amended and restated on May 22, 2026, and as further supplemented, amended or otherwise modified from time to time, a copy of which is filed as Exhibit 3.1 to our registration statement filed with the SEC on May 22, 2026.

"ASIC" means Application-Specific Integrated Circuit, a custom-designed integrated circuit tailored for a specific application or function, rather than being a general-purpose processor, offering optimized performance and efficiency for that particular task.

"Bitcoin" means a system of global, decentralized, scarce, digital money in which a record of transactions, especially those made in a Cryptocurrency, is maintained across computers that are linked in a peer-to-peer network.

"Bitcoin network" means the collection of all nodes running the Bitcoin Protocol. This includes Miners that use computing power to maintain the ledger and add new Blocks to the Blockchain.

"Block" means a bundle of transactions analogous with digital pages in a ledger. Transactions are bundled into Blocks, which are then added to the ledger. Miners are rewarded for "Mining" a new Block.

"Blockchain" means a software program containing a cryptographically secure digital ledger that maintains a record of all transactions that occur on the network, that enables peer-to-peer transmission of transaction information, and that follows a consensus Protocol for confirming new Blocks to be added to the Blockchain.

"Business Day" means a day (other than a Saturday, Sunday or public holiday in the U.S.) on which licensed banks in the U.S. are generally open for normal business to the public.

"CAD" means Canadian dollar(s), the lawful currency of Canada.

"Companies Act" means the Companies Act (as revised) of the Cayman Islands, as amended, supplemented and/or otherwise modified from time to time.

"Controlling Shareholder" means for the purposes of our Company, Prime Palace, a British Virgin Islands company, and, indirectly, Mr. Sze Wah Sam Cheung, Prime Palace's sole shareholder and the direct owner of 3,946,474 Class A Ordinary Shares.

"Coolbit Investment" means Coolbit Investment Holdings Limited (formerly known as Coolbit Mining Holdings Limited), a British Virgin Islands company incorporated on August 10, 2023, which is a wholly-owned subsidiary of our Company.

"Coolbit Mining Pte." means Coolbit Mining Pte. Ltd., a Republic of Singapore company incorporated on October 25, 2023, which is a wholly-owned subsidiary of Coolbit Investment.

"Coolpad Investment" means Coolpad Investment Limited, a British Virgin Islands company incorporated on June 5, 2024, which is a holding company not conducting any business operations and, immediately prior to this offering, the owner of approximately 18.8% of the total issued and outstanding shares of the Company.

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"Coolpad Technologies CA" means Coolpad Technologies CA, Inc., a Canadian company incorporated on April 26, 2019, which is a wholly-owned subsidiary of the Company.

"Coolpad Technologies US" means Coolpad Technologies Inc., a company incorporated under the laws of the State of Delaware on August 22, 2011, which is a wholly-owned subsidiary of the Company.

"Cryptocurrency" means a digital currency in which transactions are verified and records maintained by a decentralized system using cryptography, rather than by a centralized authority.

"Digital asset" means Bitcoin and alternative coins, or "altcoins," launched after the success of Bitcoin. This category is designed to serve functions including as a medium of exchange, store of value, and/or to power applications.

"Difficulty" means, in the context of Bitcoin Mining, a measure of the relative complexity of the algorithmic solution required for a Miner to Mine a Block and receive the Bitcoin reward. An increase in network Hashrate will temporarily result in faster Block times as the Mining algorithm is solved quicker - and vice versa if the network Hashrate decreases. The Bitcoin network Protocol adjusts the network Difficulty every 2,016 Blocks (approximately every two weeks) to maintain a target Block time of 10 minutes.

"Distributed Ledger" means the technological infrastructure and Protocols that allow simultaneous access, validation and record updating across a networked database.

"Exchange Act" means the United States Securities Exchange Act of 1934, as amended.

"EH/s means exahash per second. One EH/s equals one quintillion Hashes per second (1,000,000,000,000,000,000 h/s).

"Fiat currency" means a government issued currency that is not backed by a physical commodity, such as gold or silver, but rather by the government that issued it.

"Fiat liability" means a liability to be paid in Fiat currency.

"Fork" means a fundamental change to the software underlying a Blockchain, which may result in two different Blockchains, the original and the new version, each with their own token.

"Frost & Sullivan Report" means the report dated May 2024 prepared by Frost & Sullivan, a third-party global research organization, commissioned by the Company.

"Group" or "our Group" means Coolbit Technologies Limited and all of its subsidiaries as a group.

"Hash" means to compute a function that takes an input and then outputs an alphanumeric string known as the "Hash value."

"Hashrate" means the speed at which a Miner can produce computations (Hashes) using the Bitcoin network's algorithm, expressed in Hashes per second.

"HK$" or "HK dollar(s)" means Hong Kong dollar(s), the lawful currency of Hong Kong.

"IFRS" means the IFRS Accounting Standards as issued by the International Accounting Standards Board.

"Independent Third Party" means a person or company who or which is independent of and is not a 5% owner of, does not control and is not controlled by or under common control with any 5% owner and is not the spouse nor descendant (by birth or adoption) of any 5% owner of the Company.

"Magic Code" means Magic Code Inc., a Cayman Islands company incorporated on February 2, 2018, which is a wholly-owned subsidiary of the Company.

"Miner" or "Mining machine" means a computer or group of computers that competes to Mine Blocks. Bitcoin Miners that successfully Mine Blocks are rewarded with new Bitcoin as well as any transaction fees.

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"Mining" or "Mine" means the process by which new Blocks are created, and thus new transactions are added to the Blockchain.

"Mining pool" means a platform for Miners to contribute their Hashrate in exchange for Digital assets, including Bitcoin, and in some cases regardless of whether the Mining pool effectively Mines any Block. Miners tend to join Mining pools to increase payout frequency, with Mining pools generally offering daily payouts, and to externalize to the Mining pool the risk of a Block taking longer than statistically expected from the network Difficulty. Mining pools offer these services in exchange for a fee.

"MW" means megawatts: one MW equals one million watts (1,000,000 W).

"Nasdaq Market" means an online global electronic marketplace for buying and selling securities, which operates 25 markets, 1 clearinghouse and 5 central securities depositories in the United States and Europe.

"Network Hash Rate" means the Hashrate of all Miners on a particular network.

"NFT" means non-fungible tokens, which are unique cryptographic tokens that cannot be copied.

"PH/s" means petahash per second. One PH/s equals one quadrillion Hashes per second (1,000,000,000,000,000 h/s).

"Prime Palace" means Prime Palace Investment Limited, a British Virgin Islands company, which is a holding company not conducting any business operations and 100% owned by Mr. Sze Wah Sam Cheung. Prime Palace is the record owner of approximately 56.9% of the issued and outstanding Class A Ordinary Shares and 81.2% of the issued and outstanding Class B Ordinary Shares, together representing approximately 77.78% of the total voting power of our Company prior to this offering.

"Proof-of-stake" means an alternative consensus Protocol, in which a "validator" typically may use their own Digital assets to validate transactions or Blocks. Validators may "stake" their Digital assets on whichever transactions they choose to validate. If a validator validates a Block (group of transactions) correctly, it will receive a reward. Typically, if a validator verifies an incorrect transaction, it may lose the Digital assets that it staked. Proof-of-stake generally requires a negligible amount of computing power compared to Proof-of-work.

"Proof-of-work" or "PoW" means a Protocol for establishing consensus across a system that ties Mining capability to computational power. Hashing a Block, which is in itself an easy computational process, now requires each Miner to solve for a certain Difficulty variable periodically adjusted by the Bitcoin network Protocol. In effect, the process of Hashing each Block becomes a competition and, as a result, the overall process of hashing requires time and computational effort.

"Protocol" means the software that governs how a Blockchain operates.

"Securities Act" means the U.S. Securities Act of 1933, as amended.

"Selling Shareholder" means Prime Palace.

"SEC" means the United States Securities and Exchange Commission.

"TW" means terawatts: one TW equals one trillion watts (1,000,000,000,000 W)

"US$" or "US dollar(s)" means United States dollar(s), the lawful currency of the United States.

"USDT" means the stablecoin Cryptocurrency, also known as Tether, that is pegged to the US dollar, meaning its value is designed to be equivalent to one US dollar. It is utilized by traders and investors looking for a stable Cryptocurrency to minimize volatility when trading other Cryptocurrencies.

"VLAN" means a virtual local area network, which is a broadcast domain that is partitioned and isolated in a computer network at the data link layer thus behaving like a virtual switch or link that can share the same physical structure with other VLANs while staying logically separate from them.

"VPN" means a virtual private network that virtually extends a private network not in the public internet across one or multiple other networks which are either uncontrolled or need to be isolated.

"Web 3.0" means a future internet built on decentralized Blockchains, which are ledger systems currently used by Cryptocurrencies intending to give individuals more control over the web and incorporating concepts such as decentralization, Blockchain technologies and token-based economics.

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**PROSPECTUS SUMMARY**

*This summary highlights selected information from this prospectus and may not contain all of the information that is important to you in making an investment decision. Before investing in our securities, you should carefully read this entire prospectus, including our financial statements and the related notes included in this prospectus and the information set forth under the sections "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations." See also the section "Where You Can Find Additional Information."*

 

**OVERVIEW AND CORPORATE HISTORY**

**Overview**

The Company is a recently incorporated company engaged in the Bitcoin Mining sector. We employ an integrated Mining strategy (supported by hosting agreements) that utilizes U.S. and Canadian-based Mining facilities to generate Bitcoin by performing computing associated with PoW. The Company's current business plan does not include the expansion of its Mining operations to include Digital assets other than Bitcoin, or any other activities with, or the holding of, any other Cryptocurrencies other than Bitcoin, and the Company does not anticipate any changes to its business plan for the foreseeable future.

The Company's business model is focused on the U.S. and Canada, and is centered on leasing high-performance Bitmain Miners from partners and utilizing third-party hosting providers for site operations, although we intend to expand and evolve our business model by utilizing a portion of the net proceeds of the offering to purchase Bitcoin Miners directly and possibly to acquire a Company-owned Mining facility. This strategic shift to a hybrid model, incorporating both owned and leased Miners, and to owning our Mining facility is intended to provide us with greater operational flexibility. However, currently, through our current long-term leasing agreements, the Company gains access to top-tier Mining equipment without large upfront infrastructure costs. The Miners are deployed to the hosting providers' facilities, where the hosting providers handle installation, configuration, Mining pool connectivity and 24/7 monitoring and technical support. The Company rigorously tracks key indicators including online rate, Hashrate deviation rate and electricity bill verification through daily collaboration with hosts to optimize Miner performance and cost efficiency. Revenue is generated daily by contributing Hashrate to a Mining pool, which allocates Bitcoin Block rewards and transaction fees proportionally to the Company's digital wallet based on its share of valid Hashrate contributed.

As we receive Bitcoin rewards through our Mining operations, we exchange our Bitcoin for Fiat currency to fund our operations. This conversion is conducted on an as-needed basis determined by our short-term liquidity requirements and an ongoing assessment of market conditions. Our primary strategy for managing short-term Fiat currency needs is to liquidate a sufficient amount of Bitcoin to cover projected liabilities, anticipated operating expenses and capital expenditures over a forward-looking period, typically one to three months. Our management team assesses our Fiat currency needs and reviews our financial forecasts on a daily basis to determine the timing and amount of Bitcoin to be converted. Managing short-term Bitcoin exposure is a function of cash management as we accrue Bitcoin from Mining and accrue Fiat liabilities in the course of doing business. In identifying our Fiat currency needs, we assess market conditions and review our financial forecast on a daily basis. We safeguard and keep private our Bitcoin by utilizing cold storage for private keys that require multi-factor authentication and third-party custody solutions. While we are confident in the security of our Bitcoin, we will continue to evaluate additional protective measures.

In addition to holding Bitcoin available for liquidation on an as-needed basis to fund business activities, we look to realize value through the direct appreciation of Bitcoin held on our balance sheet and explore treasury management monetization opportunities. The primary use of our free cash flow is to fund and support the growth of our business. Holding Bitcoin on the balance sheet is a core piece of this strategy and we intend to look to grow this balance over time. Once these have been retained on the balance sheet, the merits of various monetization strategies, including lending them out, can be considered.

As of the date of this prospectus, we do not engage in any hedging activities, including use of derivatives. Although we currently do not use any hedging products or synthetic financial instruments, we recognize the possibility that in the future such products or instruments may be useful tools in support of our broad commercial efforts.

**History of the Company**

The Company was incorporated under the laws of the Cayman Islands on October 17, 2023. On December 5, 2023, the Company acquired all of the issued and outstanding shares of Coolbit Investment, a British Virgin Islands company and the sole shareholder of Coolbit Mining Pte. On December 29, 2023, the Company acquired all of the issued and outstanding shares of Magic Code, a Cayman Islands company and the sole shareholder of Xcentz Inc., a Delaware corporation, and Xcentz Limited, a Hong Kong corporation. Both Coolbit Investment and Magic Code were acquired from Coolpad Group Limited, which directly owned 100% of the Company's outstanding shares as of that date.

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On March 31, 2024, the Company acquired all of the issued and outstanding shares of Coolpad Technologies US, a Delaware corporation, and of Coolpad Technologies CA, a Canadian corporation, from Yulong Infotech Inc., a wholly-owned subsidiary of Coolpad Group Limited.

On July 9, 2024, Coolpad Group Limited transferred its 100% ownership of the Company to its wholly-owned subsidiary, Coolpad Investment. On February 20, 2025, the Company, Coolpad Investment and Prime Palace closed on a share purchase and subscription agreement pursuant to which Prime Palace became the majority shareholder of the Company, holding approximately 81.2% of its outstanding ordinary shares and voting power, and Coolpad Investment's ownership was reduced to approximately 18.8% of the outstanding ordinary shares and voting power of the Company. On March 14, 2025, Prime Palace transferred 17 ordinary shares of the Company to Mr. Sze Wah Sam Cheung after which Prime Palace held approximately 71.2%, Mr. Sze Wah Sam Cheung held approximately 10.0% and Coolpad Investment held approximately 18.8% of the outstanding ordinary shares and voting power of the Company.

On May 12, 2025, for purposes of a recapitalization in anticipation of the initial public offering, the Company's board of directors passed resolutions, which were approved by the shareholders on the same date, to (i) sub-divide each authorized and each issued share into 100,000 shares of par value US$0.00001 each, resulting in the Company's authorized share capital becoming US$50,000 divided into 5,000,000,000 shares of par value US$0.00001 each, with 17,000,000 issued shares; (ii) cancel US$40,000 of authorized unissued shares, resulting in the Company's authorized share capital becoming US$10,000 divided into 1,000,000,000 shares of par value US$0.00001 each, with 17,000,000 issued shares; (iii) re-designate the authorized and issued shares into US$100,000 divided into 1,000,000,000 shares with a par value of US$0.00001 each, comprised of (a) 900,000,000 Class A Ordinary Shares with a par value of US$0.00001 each, and (b) 100,000,000 Class B Ordinary Shares with a par value of US$0.00001 each, with the 17,000,000 currently outstanding shares re-designated into (a) 6,999,920 Class A Ordinary Shares, and (b) 10,000,080 Class B Ordinary Shares. These actions were effected in accordance with the laws of the Cayman Islands.

Following the above, the issued share capital of the Company was held as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Before Split** | **After Split** | **After Split** |
| <br>**Shareholder** | **Existing shares** | **Class A** | **Class B** |
| Prime Palace | 121 | 4982296 | 7117704 |
| Coolpad Investment | 32 | 1317632 | 1882368 |
| Sze Wah Sam Cheung | 17 | 699992 | 1000008 |
| **Total** | **170** | **6999920** | **10000080** |

---

Subsequently, Mr. Sze Wah Sam Cheung transferred his 1,000,008 Class B shares to Prime Palace and Prime Palace reciprocally transferred an equivalent 1,000,008 Class A shares to Mr. Sze Wah Sam Cheung. After the transfer, the issued shares of the Company were held as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **After Split** | **After Split** | **After Transfer** | **After Transfer** |
| <br>**Shareholder** | **Class A** | **Class B** | **Class A** | **Class B** |
| Prime Palace | 4982296 | 7117704 | 3982288 | 8117712 |
| Coolpad Investment | 1317632 | 1882368 | 1317632 | 1882368 |
| Sze Wah Sam Cheung | 699992 | 1000008 | 1700000 | - |
| **Total** | **6999920** | **10000080** | **6999920** | **10000080** |

---

On November 19, 2025, Mr. Guanbin Li transferred his 100% shareholding in Prime Palace to Mr. Sze Wah Sam Cheung, following which Mr. Sze Wah Sam Cheung became the sole shareholder of Prime Palace.

On May 22, 2026, for purposes of a recapitalization in anticipation of the initial public offering, the Company's board of directors passed resolutions, which were approved by the shareholders on the same date, to sub-divide each Class A Ordinary Share authorized and each issued share into 4 shares of Class A Ordinary Share par value US$0.0000025 each, resulting in the Company's authorized share capital becoming US$10,000 divided into (a) 3,600,000,000 Class A Ordinary Shares with a par value of US$0.0000025 each, and (b) 100,000,000 Class B Ordinary Shares with a par value of US$0.00001 each. These actions were effected in accordance with the laws of the Cayman Islands. Following the sub-division, on the same date, the existing shareholders surrendered 11,749,680 shares to the Company. The details of surrendered shares were as follows:

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| | | |
|:---|:---|:---|
| **Shareholder** | **Number of<br> Class A<br> Ordinary<br> Shares Surrendered** | **Number of Class A Ordinary Shares held following the Share Surrender** |
| Prime Palace | 6684450 | 9244702 |
| Coolpad Investment | 2211704 | 3058824 |
| Sze Wah Sam Cheung | 2853526 | 3946474 |
| **Total** | **11749680** | **16250000** |

---

As a result, as of the date of this prospectus, the issued shares of the Company are held as follows:

---

| | | |
|:---|:---|:---|
| **Shareholder** | **Class A** | **Class B** |
| Prime Palace | 9244702 | 8117712 |
| Coolpad Investment | 3058824 | 1882368 |
| Sze Wah Sam Cheung | 3946474 | -- |
| **Total** | **16250000** | **10000080** |

---

During the fiscal years ended March 31, 2025 and 2024, the Company's Operating Subsidiary was located in Hong Kong. Effective January 1, 2026, the Company changed its operating subsidiary from Xcentz Limited, a Hong Kong subsidiary of the Company to the Operating Subsidiaries.

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**Organizational Structure**

The following diagrams illustrate our corporate structure as of the date of this prospectus and on completion of this offering.

**Pre-Offering**

Unless otherwise stated, all percentages reflect the total voting power held by each of our shareholders. Each holder of Class A Ordinary Shares is entitled to one vote per Class A Ordinary Share and each holder of Class B Ordinary Shares is entitled to ten votes per Class B Ordinary Share.

![](image_002.jpg)

<sup>(1)</sup> Consists of 3,058,824 Class A Ordinary Shares and 1,882,368 Class B Ordinary Shares, for total voting power of approximately 18.82%.

<sup>(2)</sup> Consists of 9,244,702 Class A Ordinary Shares and 8,117,712 Class B Ordinary Shares, for total voting power of approximately 77.78%.

<sup>(3)</sup> Consists of 3,946,474 Class A Ordinary Shares and no Class B Ordinary Shares, for total voting power of approximately 3.40%.

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**Post-Offering (assuming no exercise of the underwriters' over-allotment option)**

Unless otherwise stated, all percentages reflect the total voting power held by each of our shareholders, assuming the offering is sold at the assumed offering price of $4.50 per share. Each holder of Class A Ordinary Shares is entitled to one vote per Class A Ordinary Share and each holder of Class B Ordinary Shares is entitled to ten votes per Class B Ordinary Share.

![](image_003.jpg)

<sup>(1)</sup> Consists of 3,058,824 Class A Ordinary Shares and 1,882,368 Class B Ordinary Shares, for total voting power of 18.23%. Assumes no exercise of the underwriters' over-allotment option.

<sup>(2)</sup> Consists of 7,994,702 Class A Ordinary Shares and 8,117,712 Class B Ordinary Shares, for total voting power of 74.31%. Assumes no exercise of the underwriters' over-allotment option.

<sup>(3)</sup> Consists of 3,946,474 Class A Ordinary Shares and no Class B Ordinary Shares, for total voting power of approximately 3.29%. Assumes no exercise of the underwriters' over-allotment option.

<sup>(4)</sup> Consists of 5,000,000 Class A Ordinary Shares, for total voting power of 4.17%. Assumes no exercise of the underwriters' over-allotment option.

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Purchasers in this offering are buying Class A Ordinary Shares of Coolbit Technologies Limited, a Cayman Islands company, whereas all of our operations are conducted through our Operating Subsidiaries. At no time will the Company's shareholders directly own any shares of the Operating Subsidiaries.

We are and will be a "controlled company" as defined under the Nasdaq Stock Market Rules because, immediately after the completion of this offering, Prime Palace, our Controlling Shareholder, will own 7,994,702 Class A Ordinary Shares and 8,117,712 Class B Ordinary Shares, representing 74.31% of the total voting power assuming no exercise of the over-allotment option and 73.96% of the total voting power if the over-allotment option is exercised in full. See "Implications of Being a Controlled Company" on page 8 of this prospectus.

**Cash and Asset Transfers Within Our Organization**

Coolbit Technologies Limited is a Cayman Islands holding company with no material operations of its own. We conduct our Bitcoin Mining operations through our operating subsidiaries in the United States and Canada. Our Mining activities generate Bitcoin rewards rather than fiat cash. In the ordinary course, Bitcoin mined by or for the benefit of the Company is first held in our Coinbase Wallet. When we determine that fiat currency is needed to fund our operations, we transfer the applicable amount of Bitcoin from our Coinbase Wallet to HashKey Exchange. Upon the sale of Bitcoin through HashKey Exchange, the fiat proceeds are credited to our fiat account at HashKey Exchange and are then withdrawn to our designated bank account in Hong Kong, which is maintained by our subsidiary, Xcentz Limited.

From our Hong Kong bank accounts, fiat cash is subsequently transferred to the bank accounts of our operating subsidiaries in the United States and Canada. These transferred funds are used primarily to fund operating expenses, including electricity-related charges, payroll and labor costs, hosting fees, supplier payments, general corporate expenses and working capital needs. To the extent cash is required by another entity within our group, cash may be transferred among Coolbit Technologies Limited and its subsidiaries through intercompany loans, advances, capital contributions, dividends or other distributions, subject to applicable corporate approvals, tax considerations, solvency requirements, bank compliance procedures, anti-money laundering and sanctions compliance requirements, and the contractual terms of the relevant bank, custodian or trading platform . Currently, the Group's principal banking relationships are with East West Bank, a bank located in the United States, and China Construction Bank Corporation, Hong Kong Branch, a bank located in Hong Kong. Coolpad Technologies Inc. maintains two USD-denominated bank accounts with East West Bank in the United States. Coolpad Technologies CA, Inc. maintains two CAD-denominated bank accounts and three USD-denominated bank accounts with East West Bank in the United States. Xcentz Limited maintains HKD-, USD- and CAD-denominated bank accounts with China Construction Bank Corporation, Hong Kong Branch in Hong Kong.

Based on our current corporate structure and operations, we are not aware of any material foreign exchange control restrictions under the laws of the Cayman Islands, Hong Kong, Canada or the United States that would materially restrict our ability to convert currency or transfer cash between our Company and its subsidiaries, across borders or to U.S. investors.

**Businesses of Our Subsidiaries**

***Coolpad Technologies US***

 ****

Coolpad Technologies US was incorporated under the laws of the State of Delaware on August 22, 2011. It is our operating subsidiary, with Miners located in Mining facilities in the United States.

***Coolpad Technologies CA***

Coolpad Technologies CA was incorporated under the laws of Canada on April 26, 2019. It is our operating subsidiary, with Miners located in Mining facilities in Canada.

***Coolbit Investment***

 ****

Coolbit Investment was incorporated under the laws of the British Virgin Islands on August 10, 2023. It is a holding company with one wholly-owned subsidiary, Coolbit Mining Pte. Ltd.

***Coolbit Mining Pte.***

Coolbit Mining Pte. was incorporated under the laws of the Republic of Singapore on October 25, 2023. The company currently does not conduct any operations.

***Magic Code***

 ****

Magic Code was incorporated under the laws of the Cayman Islands on February 2, 2018. It is a holding company with two wholly-owned subsidiaries: (i) Xcentz Inc.; and (ii) Xcentz Limited.

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***Xcentz Inc.***

 ****

Xcentz Inc. was incorporated under the laws of the State of Delaware on August 14, 2018. It currently does not conduct any operations.

***Xcentz Limited***

 

Xcentz Limited was incorporated under the laws of Hong Kong on May 6, 2019. It was previously engaged in Bitcoin operations. Effective January 1, 2026, the Company changed its operating subsidiary from Xcentz Limited, a Hong Kong subsidiary of the Company to the Operating Subsidiaires. As a result, effective January 1, 2026, Xcentz Limited does not have any operations.

**Competitive Strengths**

We believe the following competitive strengths differentiate us from our competitors:

***Market Positioning –*** We have identified Web 3.0 and digital currency as future development trends, providing a clear direction for growth.

***Flexibility and Risk Management*** - We minimize risks and adjust our business strategies according to market conditions by purchasing Mining equipment of different models.

***Management*** - We have a visionary management team, as well as a talented research and development team.

***Sustainability Initiatives*** – We implement energy-saving technologies and practices to further enhance energy efficiency.

***Data Analytics*** – We utilize data analytics to predict market trends and optimize Mining operations based on real-time data and market conditions.

***Geographic Diversification*** – We have established Mining operations in multiple geographic locations to mitigate risks associated with regional regulatory changes and energy costs.

***Risk Mitigation and Compliance*** – We mitigate risks from market volatility and regulatory changes through geographic diversity and through utilizing a diversified hosting service provider and supplier network. In addition, we actively adapt to and comply with regulatory policies to increase market transparency and stability.

***Capital Efficiency*** – We will ensure effective use of capital through accurate cost-benefit analysis and payback period calculations. We will also adjust our investment strategies according to fluctuations in Bitcoin prices to maximize returns on investment.

**Our Growth Strategies**

We intend to pursue the following strategies to develop our business:

***Technological Innovation*** – We will invest in new technologies and Mining hardware to maintain a competitive edge in Mining efficiency and energy efficiency.

***Cost Leadership*** – We will continue to optimize the cost structure of our Mining operations to reduce overall costs.

***Proprietary Bitcoin Mining Facilities*** – Our growth strategy following this offering is to expand into the ownership and operation of proprietary Bitcoin Mining facilities.

**Summary of Risk Factors** 

Our business is subject to numerous risks and uncertainties, including those elaborated in the section, "Risk Factors," beginning on page 12 of this prospectus, They discuss the challenges that we face in connection with the successful implementation of our strategy and the growth of our business. The following considerations, among others, may offset our competitive strengths or have a negative effect on our business strategy, which could cause a decline in the price of our securities and result in a loss of all or a portion of your investment:

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***Risks Related to the Cryptocurrency Mining Industry and to our Business***

 ****

● We have a limited operating history, which makes an evaluation of our future prospects difficult. For this complete risk factor, see page 12.

● Our failure to timely file our U.S. and Canadian income tax returns and to pay our taxes may adversely affect our financial position, cash flows and reputation among securities or industry analysts. For this complete risk factor, see page 12.

● Any restrictions on our ability to convert Bitcoin to cash or cash equivalents could negatively impact our liquidity and financial performance. For this complete risk factor, see page 12.

● Our operating results may fluctuate due to the highly volatile nature of Cryptocurrencies in general and, specifically, Bitcoin. Certain factors could cause the value of Bitcoin to decline, and if the value of Bitcoin were to continue to be low or decline further, particularly if such decline were significant or over an extended period of time, our operating results would be adversely affected, and there could be a material adverse effect on our ability to continue as a going concern or to pursue our Bitcoin strategy at all, which could have a material adverse effect on our business, prospects or operations, and harm investors in our securities. For this complete risk factor, see page 13.

● Management has concluded that material uncertainties exist which may raise substantial doubt about the Company's ability to continue as a going concern and the auditor of the Company has included an explanatory paragraph relating to the Company's ability to continue as a going concern in its auditor's report for the years ended March 31, 2025 and 2024. For this complete risk factor, see page 13.

● If demand for transactions in Bitcoin declines or is replaced by demand for other Cryptocurrencies, our business, financial condition and results of operations could be adversely affected. For this complete risk factor, see page 14.

● It may take significant time and expenditure for us to grow our Bitcoin Mining operations and our efforts may not be successful. For this complete risk factor, see page 14.

● The Company's reliance on third-party insurance with coverage limitations and uninsured Miners and Bitcoin holdings may not be sufficient to cover potential losses, which could materially and adversely affect our business and financial condition. For this complete risk factor, see page 15.

● Any limitation of electricity supply, increase in electricity costs or prolonged electricity outage could materially impact our operations and financial performance. For this complete risk factor, see page 16.

● We may be exposed to cybersecurity threats and hacks, which could have a material adverse effect on our business, financial condition and results of operations. For this complete risk factor, see page 16.

● We may face risks of internet disruptions, which could have an adverse effect on both the price of Bitcoin and our ability to operate our business. For this complete risk factor, see page 16.

● The "halving" of rewards available on the Bitcoin network, or the reduction of rewards on other networks, has had and in the future could have a negative impact on our ability to generate revenue, which could have a material adverse effect on our business, financial condition and results of operations. For this complete risk factor, see page 17.

● Bitcoin exchanges, wallets and the Bitcoin network may suffer from hacking and fraud risks, which may adversely erode user confidence in Bitcoin and negatively affect the Bitcoin price and our revenues. For this complete risk factor, see page 17.

**Risks Related to Intellectual Property**

● If we are unable to protect the confidentiality of our trade secrets or other intellectual property rights, our business and competitive position could be harmed  *.*** For this complete risk factor, see page 34.

● We may infringe on third-party intellectual property rights or other proprietary rights, which could have a material adverse effect on our business, financial condition and results of operations. For this complete risk factor, see page 34.

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**Risks Related to Regulations and Regulatory Frameworks** 

● We are subject to a highly evolving regulatory landscape and any adverse changes to, or our failure to comply with, any laws and regulations could adversely affect our business, financial condition and results of operations. For this complete risk factor, see page 34.

● Our business and financial condition may be materially adversely affected by increased regulation of energy sources. For this complete risk factor, see page 35.

● Failure to comply with anti-corruption and anti-money laundering laws, including the Foreign Corrupt Practices Act ("FCPA") and its counterparts with respect to our activities outside of the United States, could subject us to penalties and other adverse consequences. For this complete risk factor, see page 35.

 

● The regulatory and legislative developments related to climate change, may materially adversely affect our business, financial condition and results of operations. For this complete risk factor, see page 35.

● There can be no assurance that we will not be a PFIC for U.S. federal income tax purposes, which could result in adverse U.S. federal income tax consequences to U.S. investors. For this complete risk factor, see page 36.

**Risks Related to Our Securities and this Offering** 

● An active trading market for our Class A Ordinary Shares may not be established or, if established, may not continue and the trading price for our Class A Ordinary Shares may fluctuate significantly. For this complete risk factor, see page 41.

● The dual-class structure of our ordinary shares has the effect of concentrating voting control with those shareholders who hold our Class B Ordinary Shares. This ownership will limit or preclude your ability to influence important corporate matters, which may adversely affect the trading price of our Class A Ordinary Shares. For this complete risk factor, see page 41.

● We may not maintain the listing of our Class A Ordinary Shares on the Nasdaq Capital Market, which could limit investors' ability to make transactions in our Class A Ordinary Shares and subject us to additional trading restrictions. For this complete risk factor, see page 41.

● Because we do not expect to pay dividends in the foreseeable future, you must rely on price appreciation of our Class A Ordinary Shares for a return on your investment. For this complete risk factor, see page 42.

● Our Class A Ordinary Shares may trade below their offering price and may be subject to rapid and substantial price volatility unrelated to our performance, which could result in substantial losses to investors. For this complete risk factor, see page 42.

**Implications of Being a Controlled Company**

Under the Nasdaq rules a "controlled company" is a company with more than 50% of its voting power held by a single person, entity or group. Upon completion of this offering, the outstanding shares of the Company will consist of 20,000,000 Class A Ordinary Shares and 10,000,080 Class B Ordinary Shares, assuming the underwriters do not exercise their over-allotment option to purchase additional Class A Ordinary Shares, or 20,562,500 Class A Ordinary Shares and 10,000,080 Class B Ordinary Shares if the over-allotment option is exercised in full. Immediately after the completion of this offering, our Controlling Shareholder will own 11,941,176, or 59.71% of our total issued and outstanding Class A Ordinary Shares and 8,117,712, or 81.2%, of our Class B Ordinary Shares, representing in the aggregate 77.60% of the total voting power, assuming that the underwriters do not exercise their over-allotment option, or 11,941,176, or 58.07% of our total issued and outstanding Class A Ordinary Shares and 8,117,712, or 81.2%, of our Class B Ordinary Shares, representing in the aggregate 77.24% of the total voting power, if the over-allotment option is exercised in full. As a result, we will be a "controlled company" as defined under Nasdaq Listing Rule 5615I because our Controlling Shareholder will control more than 50% of the voting power in either scenario.

Under the Nasdaq rules, a controlled company is exempt from certain corporate governance requirements including:

● the requirement that a majority of the board of directors consists of independent directors;

● the requirement that a listed company has a nominating and governance committee that is composed entirely of independent directors with a written charter addressing the committee's purpose and responsibilities;

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● the requirement that a listed company have a compensation committee that is composed entirely of independent directors with a written charter addressing the committee's purpose and responsibilities; and

● the requirement for an annual performance evaluation of the nominating and governance committee and compensation committee.

We do not plan to rely on these exemptions, but we may elect to do so in the future. Controlled companies must still comply with the Nasdaq Capital Market's other corporate governance standards. These include having an audit committee and having special meetings of independent or non-management directors.

In addition, by virtue of its holding more than 50% of the total voting power of our outstanding shares after this offering, our Controlling Shareholder will be able to exert significant control over our management and affairs requiring shareholder approval, including approval of significant corporate transactions. This concentration of ownership may not be in the best interests of all of our shareholders.

**Implications of Being an Emerging Growth Company**

As a company with less than $1.235 billion in revenue during our last fiscal year, we qualify as an "emerging growth company" as defined in the Jumpstart Our Business Startups Act (the "JOBS Act"), enacted in April 2012. An emerging growth company may take advantage of reduced reporting requirements that are otherwise applicable to larger public companies. In particular, as an emerging growth company, we:

● may present only two years of audited financial statements and only two years of related Management's Discussion and Analysis of Financial Condition and Results of Operations ("MD&A");

● are not required to provide a detailed narrative disclosure discussing our compensation principles, objectives and elements and analyzing how those elements fit with our principles and objectives, which is commonly referred to as "compensation discussion and analysis";

● are not required to obtain an attestation and report from our auditors on our management's assessment of our internal control over financial reporting pursuant to the Sarbanes-Oxley Act of 2002;

● are not required to obtain a non-binding advisory vote from our shareholders on executive compensation or golden parachute arrangements (commonly referred to as the "say-on-pay," "say-on frequency" and "say-on-golden-parachute" votes); and

● are exempt from certain executive compensation disclosure provisions requiring a pay-for-performance graph and chief executive officer pay ratio disclosure.

We intend to take advantage of all of the above reduced reporting requirements and exemptions. In addition, emerging growth companies are eligible to claim longer phase-in periods for the adoption of new or revised financial accounting standards under §107 of the JOBS Act; however, the extended transition period under the JOBS Act for complying with new or revised accounting standards is not applicable to us since we report under IFRS.

We will remain an emerging growth company until the earliest of (i) the last day of the fiscal year during which we have total annual gross revenues of at least US$1.235 billion; (ii) the last day of our fiscal year following the fifth anniversary of the completion of this offering; (iii) the date on which we have, during the preceding three-year period, issued more than US$1.0 billion in non-convertible debt; or (iv) the date on which we are deemed to be a "large accelerated filer" under the Act, which would occur if the market value of our Class A Ordinary Shares that are held by non-affiliates exceeds US$700 million as of the last business day of our most recently completed second fiscal quarter. Once we cease to be an emerging growth company, we will not be entitled to the exemptions provided in the JOBS Act discussed above.

**Implications of Being a Foreign Private Issuer**

We are a "foreign private issuer" within the meaning of the rules under the Exchange Act. As such, we are exempt from certain provisions applicable to United States domestic public companies. For example:

● we are not required to provide as many Exchange Act reports, or as frequently, as a domestic public company;

● for interim reporting, we are permitted to comply solely with our home country requirements, which are less rigorous than the rules that apply to domestic public companies;

● we are not required to provide the same level of disclosure on certain issues, such as executive compensation;

● we are exempt from provisions of Regulation FD aimed at preventing issuers from making selective disclosures of material information;

● our 10% shareholders who are not officers or directors, however, are exempt from Section 16(a) reporting requirements; and

● we are not required to comply with the sections of the Exchange Act regulating the solicitation of proxies, consents or authorizations in respect of a security registered under the Exchange Act.

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Furthermore, Nasdaq Rule 5615(a)(3) provides that a foreign private issuer, such as us, may rely on our home country corporate governance practices in lieu of certain of the rules in the Nasdaq Rule 5600 Series and Rule 5250(d), provided that we nevertheless comply with Nasdaq's Notification of Noncompliance requirement (Rule 5625) and Voting Rights requirement (Rule 5640) and that we have an audit committee that satisfies Rule 5605(c)(3), consisting of committee members that meet the independence requirements of Rule 5605(c)(2)(A)(ii). If we rely on our home country corporate governance practices in lieu of certain of the rules of Nasdaq, our shareholders may not have the same protections afforded to shareholders of companies that are subject to all of the Nasdaq corporate governance requirements of Nasdaq. If we choose to do so, we may utilize these exemptions for as long as we continue to qualify as a foreign private issuer.

**Corporate Information**

We were incorporated in the Cayman Islands on October 17, 2023 for the purpose of being the holding company for the listing of our Class A Ordinary Shares on the Nasdaq Capital Market. Our registered office in the Cayman Islands is at Cricket Square, Hutchins Drive, PO Box 2681, Grand Cayman, KY-1111, Cayman Islands. Our principal executive office is at 5020-4000 No. 3 Road, Richmond, BC V6X 0J8, Canada. Our telephone number at this location is 1-604-837-9263. Our website address is https://www.coolbittech.com. The information contained on our website does not form part of this prospectus. Our agent for service of process in the United States is Puglisi & Associates, 850 Library Avenue, Suite 204, Newark, Delaware 19711.

Because we are incorporated under the laws of the Cayman Islands, you may encounter difficulty protecting your interests as a shareholder, and your ability to protect your rights through the U.S. federal court system may be limited.

Certain of our certain of our officers and directors maintain ties to mainland China or Hong Kong. Specifically, our the Company's Chief Financial Officer, Mr. Fei Ma, is a PRC national who spends a significant portion of his time in Hong Kong, and two of our independent non-executive directors, Ms. Guan Wang and Mr. Kingyin Wong, hold Hong Kong passports.

There is uncertainty as to whether the courts of the PRC would: (i) recognize or enforce judgments of United States or Cayman Islands courts obtained against us or our directors or officers predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States or of the Cayman Islands; or (ii) entertain original actions brought in the PRC to impose liabilities against us or our directors or officers predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States or of the Cayman Islands, so far as the liabilities imposed by those provisions are penal in nature. Furthermore, we have been advised that, as of the date of this prospectus, no treaty or other form of reciprocity exists between the United States, Cayman Islands and China governing the recognition and enforcement of judgments.

We have been advised by Lifang & Partners, Shenzhen Office that the recognition and enforcement of foreign judgments are provided for under the PRC Civil Procedure Law. Chinese courts may recognize and enforce foreign judgments in accordance with the requirements of the PRC Civil Procedure Law based either on treaties between China and the country where the judgment is made or on principles of reciprocity between jurisdictions. We understand that under Chinese law, courts in China will not recognize or enforce a foreign judgment against us or our directors and officers if they decide that the judgment violates the basic principles of Chinese law or national sovereignty, security or social public interest. As there exists no treaty or other form of reciprocity between China and the United States governing the recognition and enforcement of judgments as of the date of this prospectus, including those predicated upon the liability provisions of the United States federal securities laws, there is uncertainty whether and on what basis a Chinese court would enforce judgments rendered by United States courts. In addition, because there is no treaty or other form of reciprocity between the Cayman Islands and China governing the recognition and enforcement of judgments as of the date of this prospectus, there is further uncertainty as to whether and on what basis a PRC court would enforce judgments rendered by a Cayman Islands court.

Further, as to the laws of Hong Kong, our counsel, Robertsons, has advised us that there is uncertainty as to whether the courts of Hong Kong would (i) recognize or enforce judgments of U.S. courts obtained against us or our directors or officers predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States; or (ii) entertain original actions brought in Hong Kong against us or our directors or officers predicated upon the securities laws of the United States or any state in the United States.

Hong Kong has no arrangement for the reciprocal enforcement of judgments with the United States. As a result, there is uncertainty as to the enforceability in Hong Kong, in original actions or in actions for enforcement, of judgments of U.S. courts of civil liabilities predicated solely upon the federal securities laws of the United States or the securities laws of any state or territory within the United States.

Hong Kong has no arrangement for the reciprocal enforcement of judgments with the Cayman Islands. As a result, there is uncertainty as to the enforceability in Hong Kong, in original actions or in actions for enforcement, of judgments of Cayman Islands courts of civil liabilities predicated solely upon the securities laws of the Cayman Islands.

Please refer to the section titled "Risk Factors – Risks Related to our Securities and this Offering – You may have more difficulties protecting your interests than you would as a shareholder of a U.S. corporation" and "– Certain judgments obtained against us by our shareholders may not be enforceable" on page 46 of this prospectus, and "Enforceability of Civil Liabilities" on page 48 of this prospectus for more information.

**The Company's Securities**

The Company's authorized capital is US$10,000, consisting of 3,600,000,000 Class A Ordinary Shares with a par value of US$0.0000025 each and 100,000,000 Class B Ordinary Shares, US$0.00001 par value each. Holders of our Class A Ordinary Shares are entitled to one vote for each Class A Ordinary Share on all matters to be voted upon by shareholders, including the election of directors. Holders of Class B Ordinary Shares are entitled to ten votes for each Class B Ordinary Share held. Holders of our Shares do not have cumulative voting rights in the election of directors. All of our fully paid Class A Ordinary Shares are equal to each other with respect to dividend rights. Holders of our Class A Ordinary Shares are entitled to receive dividends if and when declared by our board of directors out of funds legally available therefor under Cayman Islands law. Class B Ordinary Shares have no right to the receipt of dividends or other distributions. In the event of our liquidation, the liquidator may, after having discharged the debts, if any, of the Company, divide among the shareholders on a *pari passu* basis, in specie or in kind, the whole or any part of the assets of the Company (whether they shall consist of property of the same kind or not) and may for such purpose set such value as he deems fair upon any property to be divided as aforesaid to the holders of Class A Ordinary Shares. Holders of our Shares have no preemptive rights to purchase any additional unissued shares. The board of directors has the ability to determine the rights, preferences and restrictions of preferred shares at its discretion.

As of the date of this prospectus, there are 16,250,000 of our Class A Ordinary Shares and 10,000,080 of our Class B Ordinary Shares issued and outstanding. All Shares are fully paid. We do not have any preferred shares outstanding. For a more complete description of our shares, see "Description of Share Capital," below.

**Transfer Agent**

The transfer agent for the Company's Shares is VStock Transfer, LLC, 18 Lafayette Place, Woodmere, NY 11598.

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**The Offering**

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| | |
|:---|:---|
| Offering Price | The public offering price is assumed to be US$4.50 per Class A Ordinary Share, being the mid-point of the offering price range of US$4.00 to US$5.00. |
| Class A Ordinary Shares offered by the Company | 3,750,000 Class A Ordinary Shares |
| Class A Ordinary Shares offered by the Selling Shareholder | 1,250,000 Class A Ordinary Shares |
| Shares issued and outstanding prior to this offering | 16,250,000 Class A Ordinary Shares and 10,000,080 Class B Ordinary Shares |
| Ordinary Shares to be issued and outstanding immediately after this offering | 20,000,000 Class A Ordinary Shares (20,562,500 Class A Ordinary Shares if the underwriters exercise their over-allotment option in full) and 10,000,080 Class B Ordinary Shares |
| Gross proceeds | We expect that the gross proceeds for the Company from this offering will be US$16,875,000 (or US$19,406,250 if the underwriters exercise their over-allotment option in full), assuming an offering price of US$4.50 per Class A Ordinary Share, which is the midpoint of the offering price range of US$4.00 to US$5.00. |
| Use of proceeds | We currently intend to use the net proceeds from this offering for (i) the purchase of new Mining equipment for use in new hosted Mining facilities and of Bitcoin; (ii) procure high-performance Bitcoin mining rigs to upgrade and scale our overall computational power; and (iii) general working capital. We will not receive any proceeds from the sale of Class A Ordinary Shares by the Selling Shareholder. |
| Dividend policy | We do not intend to pay any dividends on our Class A Ordinary Shares for the foreseeable future. Instead, we anticipate that all of our earnings, if any, will be used for the operation and growth of our business. See "Dividends and Dividend Policy" for more information. |
| Lock-up<br>| Each of our directors, executive officers and 5% shareholders has agreed, subject to certain exceptions, for a period of six months after the date on which the registration statement of which this prospectus forms a part is declared effective by the SEC, not to sell, transfer or otherwise dispose of, directly or indirectly, any Ordinary Shares or any securities convertible into or exercisable or exchangeable for Ordinary Shares (other than the Class A Ordinary Shares offered by the Selling Shareholder in this offering). See "Shares Eligible for Future Sale" and "Underwriting - Lock-Up Agreements." |

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|:---|:---|
| Risk factors | Investing in our Class A Ordinary Shares involves risks. See "Risk Factors" beginning on page 12 of this prospectus for a discussion of factors you should carefully consider before deciding to invest in our Class A Ordinary Shares. |
| Listing | We have applied to list our Class A Ordinary Shares on the Nasdaq Capital Market. |
| Trading symbol | CBAI |
| Transfer agent | VStock Transfer, LLC, 18 Lafayette Place, Woodmere, NY 11598 |
| Payment and settlement | The underwriters expect to deliver the Class A Ordinary Shares against payment therefor through the facilities of the Depository Trust Company on [●], 2026. |

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**RISK FACTORS**

*You should consider carefully the risks and uncertainties described below, together with all of the other information in this prospectus, including the section "Management's Discussion and Analysis of Financial Condition and Results of Operations" and our consolidated financial statements and related notes, before deciding whether to purchase any of our securities. If any of the following risks actually occurs, our business, financial condition or results of operations would likely suffer. In such case, the trading price of our securities (including our common stock) could decline due to any of these risks, and you may lose all or part of your investment.* 

**Risks Related to the Cryptocurrency Mining Industry and to our Business**

***We have a limited operating histor***y, ***which makes an evaluation of our future prospects difficult.***

We began operations in the Cryptocurrency business in the second half of 2023. Accordingly, we have a limited operating history, which makes an evaluation of our future prospects difficult. Our operating results will likely fluctuate moving forward as we focus on increasing our capacity and as the market price of Bitcoin fluctuates. We may be subject to many risks common to new and growing businesses, including cash shortages, limitations with respect to personnel, financial and other resources and lack of revenues. Additionally, we will continue to be exposed to numerous risks and volatility associated with the Bitcoin Mining and power generation sectors, including fluctuating Bitcoin to US dollar prices, the costs of Bitcoin Miners, the number of market participants Mining Bitcoin, the availability of other power generation facilities to expand operations and regulatory changes. There is no assurance that we will be successful in achieving a return on your investment or meeting other metrics of success.

Our future business plan requires incurring substantial expenses in the operation and expansion of our business and there can be no assurance that subsequent operational objectives will be achieved. Our success will ultimately depend on our ability to generate sufficient cash from our business to meet our objectives. To the extent that we do not generate sufficient cash flow and income to achieve our operational objectives, our financial performance and long-term viability may be materially and adversely affected. An investment in our securities must be considered in light of the risks, expenses and difficulties frequently encountered by companies in their early stage of development.

***Our failure to timely file our U.S. and Canadian income tax returns and to pay our taxes may adversely affect our financial position, cash flows and reputation among securities or industry analysts.***

The Company has experienced delays in the timely filing of its corporate income tax returns in both the United States and Canada. Late filing in either country may result in the imposition of interest charges, penalties and, although unlikely, other sanctions by tax authorities, and could lead to increased scrutiny or audits. The Company's failure to timely file and to pay its income taxes may have a material adverse effect on the Company's financial position, cash flows and reputation among securities or industry analysts. In addition, any unresolved tax matters may impact the Company's ability to complete future financings, mergers, or acquisitions, or to maintain good standing with tax and other regulatory authorities. The Company is currently in the process of preparing its overdue income tax returns and management believes that the Company will have the financial ability to pay the amounts due, including interest and penalties, with the filings of those returns.

***Any restrictions on our ability to convert Bitcoin to Fiat currency could negatively impact our liquidity and financial performance.***

Our primary source of revenue is the Bitcoin we Mine. Our ability to fund our operations, pay our expenses and generate profits is dependent on our ability to convert this Bitcoin into Fiat currency. Governments, financial institutions and regulatory bodies may, in the future, implement laws or policies that restrict the ability to transfer Bitcoin or convert it into Fiat currency. Such restrictions could include bans on exchanges, new anti-money laundering regulations or limitations on the use of financial institutions to process Cryptocurrency-related transactions. Any such restrictions would severely limit our ability to monetize our Bitcoin, impacting our liquidity and cash flow. This would have a material adverse effect on our business, financial condition and results of operations.

***Any volatility in the pricing of Bitcoin during our conversion of Bitcoin into Fiat Currency poses risks to our liquidity and financial performance.***

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Our liquidity is subject to risks from the volatility in the price of Bitcoin. Our business model is structured such that our revenue is generated in Bitcoin, while a majority of our operating expenses and capital expenditures are denominated in Fiat currencies, such as the U.S. dollar and Canadian dollar. This dynamic exposes us to a direct liquidity risk tied to the market price of Bitcoin. Key aspects of this risk include:

● Dependency on Bitcoin Conversion: Our ability to fund operations, pay for expenses such as hosting service fees and equipment leases, and generate profits is dependent on our ability to convert the Bitcoin we Mine into Fiat currency. A decline in the market value of Bitcoin could negatively affect our liquidity and financial performance.

● Impact of Price Volatility on Cash Flow: The price of Bitcoin is volatile. A significant decrease in the price of Bitcoin between the time we earn it and the time we convert it to Fiat currency would require us to sell a larger quantity of Bitcoin to cover the same amount of fiat-denominated expenses. This could deplete our crypto asset holdings more rapidly than anticipated and adversely impact our cash flow and financial condition.

● Timing Mismatch: There is a timing mismatch between when we receive Bitcoin revenue and when our fiat-denominated liabilities become due. Based on our operational history and treasury management strategy, the average period between our receipt of Bitcoin and its subsequent conversion into Fiat currency is two to four weeks, depending on our funding requirements and prevailing market conditions. This holding period exposes us to the risk of adverse price movements. A sudden and severe decline in Bitcoin's price during this two-to-four-week window could create a liquidity shortfall, potentially impairing our ability to meet our short-term obligations in a timely manner.

● Transaction Fees: The conversion of Bitcoin to Fiat currency is conducted through third-party platforms, such as HashKey Exchange, which charge transaction fees. These fees, currently 0.08% (https://exchange.hashkey.com/en-US/support-fee) on HashKey Exchange, are an additional cost that reduces the net fiat proceeds from our Bitcoin sales.

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***Our operating results may fluctuate due to the highly volatile nature of Cryptocurrencies in general and, specifically, Bitcoin.***

We generate our revenue from the generation and sale of Bitcoin. The price of Bitcoin is highly speculative and is not based on the performance of an underlying business. Furthermore, the price of Bitcoin could be subject to additional influence from fraudulent or illegitimate actors, real or perceived scarcity and political, economic, regulatory, tax or other conditions. Changes in the legislative or regulatory environment, or actions by governments or regulators that impact the Cryptocurrency industry generally could affect the price of Bitcoin. These factors may inhibit consumer trust in and market acceptance of Bitcoin as a means of exchange, which could have a material adverse effect on our business, prospects or operations and potentially the value of any Bitcoin we earn through our Mining operations. Moreover, these factors could cause the value of Bitcoin to decline, and if the value of Bitcoin were to continue to be low or decline further, particularly if such decline were significant or over an extended period of time, our operating results would be adversely affected, and there could be a material adverse effect on our ability to continue as a going concern or to pursue our Bitcoin strategy at all, which could have a material adverse effect on our business, prospects or operations, and harm investors in our securities.

Due to the highly volatile nature of the Cryptocurrency markets and the prices of Cryptocurrency assets, our operating results may fluctuate significantly from quarter to quarter in accordance with market sentiments and movements in the broader Cryptocurrency ecosystem. Our operating results also may fluctuate as a result of a variety of factors, many of which are unpredictable and in certain instances are outside of our control, including:

● macroeconomic conditions;

● changes in the legislative or regulatory environment, or actions by governments or regulators, including fines, orders or consent decrees;

● adverse legal proceedings or regulatory enforcement actions, judgments, settlements or other legal proceeding and enforcement-related costs;

● increases in operating expenses that we expect to incur to grow and expand our operations and to remain competitive;

● system errors, failures, outages and computer viruses, which could disrupt our ability to continue Mining;

● power outages and certain other events beyond our control, including natural disasters and telecommunication failures;

● breaches of security or privacy;

● our ability to attract and retain talent; and

● our ability to compete with our existing and new competitors.

As a result of these factors, it may be difficult for us to forecast growth trends accurately and our business and future prospects are difficult to evaluate, particularly in the short term. In view of the rapidly evolving nature of our business and the Bitcoin Mining ecosystem, period-to-period comparisons of our operating results may not be meaningful, and you should not rely upon them as an indication of future performance. Quarterly and annual expenses reflected in our financial statements may be significantly different from historical or projected rates, and our operating results in one or more future quarters may fall below the expectations of securities analysts and investors.

There is no assurance that Bitcoin will maintain its value or that there will be meaningful levels of trading activities to support markets in Bitcoin. A decline in the market value of Bitcoin or in the demand for trading Bitcoin could lead to a corresponding decline in the value of our Bitcoin.

***Management has concluded that material uncertainties exist which may raise substantial doubt about the Company's ability to continue as a going concern and the auditor of the Company has included an explanatory paragraph relating to the Company's ability to continue as a going concern in its auditor's report for the years ended March 31, 2025 and 2024.***

Management has concluded that material uncertainties exist which may raise substantial doubt about the Company's ability to continue as a going concern and the auditor of the Company has included an explanatory paragraph relating to the Company's ability to continue as a going concern in its auditor's report for the years ended March 31, 2025 and 2024. During the years ended March 31, 2025 and 2024, the Company generated $15,302,212 and $4,328,133, respectively, in revenues, profits of $1,724,493 and $336,190, respectively, and cash flows used in operating activities of $7,444,969 and $7,787,058, respectively. As at March 31, 2025, the Company had shareholders' equity of $3,281,984. Accordingly, the Company had a working capital deficit and negative operating cash flows. The continued operations of the Company is dependent on the success of this offering, future profitable operations, management's ability to manage costs and the future availability of equity or debt financing. The above events and conditions indicate a material uncertainty that may cast significant doubt about the ability of the Company to continue as a going concern and the auditor of the Company has included an explanatory paragraph relating to its ability to continue as a going concern in its auditor's report for the years ended March 31, 2025 and 2024. The financial statements included elsewhere in this filing, have been prepared on the basis that the Company will operate as a going concern, which contemplates the realization of assets and settlement of liabilities and commitments in the normal course of business. The financial statements do not include adjustments to amounts and classifications of assets and liabilities that might be necessary should the Company be unable to continue as a going concern. The financial statements of the Company do not include any adjustments that might result from the outcome of this uncertainty. In addition, the value of our Class A Ordinary Shares issued in this offering would be greatly impaired if we are unable to continue as a going concern. Our ability to continue as a going concern is dependent upon generating sufficient cash flow from operations and obtaining additional capital and financing, including funds to be raised in this offering. If our ability to generate cash flow from operations is reduced and we are unable to raise additional funding from other sources, we may be unable to continue in business even if this offering is successful.

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***If demand for transactions in Bitcoin declines or is replaced by demand for other Cryptocurrencies, our business, financial condition and results of operations could be adversely affected.***

Our business is highly dependent on strong Bitcoin demand relative to other Cryptocurrencies in the market. As such, in addition to the factors impacting the broader crypto-economy, our business may be adversely affected, and growth in our revenues may slow or decline, if market demand for Bitcoin deteriorates and is supplanted by other Cryptocurrencies such as Ethereum and Solana. In addition, negative perceptions surrounding Bitcoin relative to other Cryptocurrencies may cause Bitcoin to fall out of favor. If other Cryptocurrencies, such as Ethereum and Solana, surpass Bitcoin in market demand over a sustained period of time, such a trend could harm our business. Also, competition from public and central bank backed digital currencies could undercut the need for other Cryptocurrencies such as Bitcoin. Additionally, stablecoins (commodity-backed or fiat-backed) could undercut demand for other Cryptocurrencies, including Bitcoin. All of these factors could cause the value of Bitcoin to decline, and if the value of Bitcoin were to continue to be low or decline further, particularly if such decline were significant or over an extended period of time, our operating results would be adversely affected, and there could be a material adverse effect on our ability to continue as a going concern or to pursue our Bitcoin strategy at all, which could have a material adverse effect on our business, prospects or operations, and harm investors in our securities.

Bitcoin currently holds a "first-to-market" advantage over other Digital assets and is currently the market leader, in terms of value and recognition, in the Digital assets market. This first-to-market advantage is driven in large part by having the largest user base and, more importantly, the largest combined Mining power in use to secure the Bitcoin network. Despite the current first-to-market advantage of the Bitcoin network over other Digital asset networks, the Digital asset market continues to grow rapidly as the value of existing Digital assets rises, new Digital assets enter the market and demand for Digital assets increases. Therefore, it is possible that another Digital asset could become comparatively more popular than Bitcoin in the future. As a result, the emergence of a Digital asset that erodes Bitcoin's market share and value could have a material adverse effect on our business, financial condition and results of operations.

The utilization of Digital assets technologies is influenced by public acceptance and confidence in its integrity and potential application, and if public acceptance or confidence is lost for any reason, the use of that technology may become less attractive, with users instead utilizing alternative Digital assets. If preferences in the Digital assets markets shift away from Proof-of work networks such as Bitcoin, or the market otherwise adopts new Digital assets, this could result in a significant reduction in the value of Bitcoin, which could have a material adverse effect on our business, financial condition and results of operations, including the value of the Bitcoin that we Mine or otherwise acquire or hold for our own account.

***It may take significant time and expenditure for us to grow our Bitcoin Mining operations and our efforts may not be successful.***

Expansion of our existing Mining operations through placing new upgraded Miners into operation is subject to various factors beyond our control. There may be difficulties in integrating new equipment into existing infrastructure, constraints on our ability to connect to or procure the expected electricity supply capacity at our facilities, diversion of management resources, insufficient funding or other resource constraints. Actual costs may exceed our planned budget. All these challenges could delay or halt expansion and therefore negatively impact business performance.

Our expansion plan will require leasing, or otherwise acquiring, additional Miners, which will require significant capital. If we lack sufficient capital to put our expansion plans into effect, we may decide to seek equity capital or debt financing, which may not be available to us on acceptable terms, or at all.

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We expect that we may need to find additional Mining sites. In doing that, we will take into account a number of important characteristics such as availability of renewable energy, electrical infrastructure and related costs, geographic location and the local regulatory environment. We may have difficulty finding sites that satisfy our requirements at a commercially viable price, or that satisfy our timing requirements associated with our expansion plans. Furthermore, there may be significant competition for suitable Cryptocurrency Mining sites, and government regulators, including local permitting officials, may potentially restrict our ability to set up Cryptocurrency Mining operations in certain locations.

Delays, cost overruns, changes in market circumstances, an inability to find suitable Mining facility locations as part of our expansion and other factors may adversely affect our operations, financial position and financial performance.

***The Company's reliance on third-party insurance with coverage limitations and uninsured Miners and Bitcoin holdings may not be sufficient to cover potential losses, which could materially and adversely affect our business and financial condition.***

Insurance coverage for the Mining facilities that we use is provided by our hosted Mining facility operators. We currently do not have insurance coverage for our Miners or for our Bitcoin. Our reliance on third-party insurance and the limitations of available coverage, combined with uninsured Bitcoin holdings, may not be adequate to cover all potential losses and could materially and adversely affect our business and results of operations.

Our Mining operations are managed by third-party providers, including 10139882 Manitoba Ltd., Octagon Energy Limited and Octagon Power USA Inc., which maintain insurance policies covering their operations. For instance, 10139882 Manitoba Ltd. holds a Commercial General Liability policy (Policy No. I3-14652) with 13 Underwriting Services, providing CAD 5,000,000 in coverage per occurrence and in the aggregate for third-party bodily injury and property damage, effective from February 7, 2025 to February 7, 2026.

As part of our Mining operations, we contribute our Hashrate to third-party Bitcoin Mining pools, principally AntPool and F2Pool. We select our Mining pool operators based on an evaluation of various factors, including their operational track record, market share, reputation and perceived security protocols. Despite this diligence, our operations remain substantially dependent on the reliability, security and operational integrity of these third-party pool operators. While our assets are held by a Mining pool operator, we are exposed to counterparty risks, including risks related to the operator's liquidity and solvency, potential operational failures and the risk of cyber-attacks, theft or fraudulent misappropriation of assets by the operator or its employees. We have been advised by, or understand from, our Mining pool operators, AntPool and F2Pool, that they do not maintain insurance policies to cover the theft or loss of crypto assets held by the pool on behalf of their customers, including us. Furthermore, the transfer of crypto assets from the Mining pools to our own custody accounts is subject to network and operational risks. Transactions may be delayed, intercepted or fail, and we may be unable to recover assets lost during a transfer. In the event of a security breach, operational failure, insolvency or other loss-bearing event at AntPool or F2Pool, we may be unable to recover any crypto assets held by them on our behalf. Because these assets are not insured, we would have limited or no recourse in the event of such a loss. The loss of a significant portion of our Mining rewards, or a disruption in our ability to receive such rewards, would harm our revenue and liquidity, and could have a material adverse effect on our business, financial condition and results of operations.

We do not currently maintain separate insurance coverage for our Miners or for our Digital asset holdings although our hosting services agreements generally stipulate that we are responsible for "providing insurance covering our Miners at commercially reasonable levels," clarifying that if such insurance were to be obtained, the cost and obligation to do so would be ours. As of the date of this prospectus, our hosting providers have not demanded that we obtain such coverage. Nonetheless, a risk exists that our hosting providers could, in the future, enforce this provision and require us to procure insurance for our Miners as a condition of continuing their services. If such a demand were made, we would be obligated to seek coverage at commercially reasonable rates. If we were unable to obtain such coverage on acceptable terms, or at a commercially reasonable cost, or if we elected not to, we could be deemed in breach of our hosting agreements. A subsequent breach could lead to the termination of these agreements, which would compel us to cease operations at the affected facilities and undertake the costly and time-consuming process of relocating our Miners. Any such event would result in operational downtime and a loss of revenue, which would materially and adversely affect our business, financial condition, and results of operations.

In addition, Digital assets held in our custodian accounts and our Coinbase wallet are not subject to FDIC or Securities Investor Protection Corporation ("SIPC") protections. Furthermore, if the Bitcoin held by us is lost, stolen or destroyed under circumstances rendering a party liable to us, the responsible party may not have the financial resources sufficient to satisfy our claim. For example, as to a particular event of loss, the only source of recovery for us might be limited, to the extent identifiable, to other responsible third parties (e.g., a thief or terrorist), any of which may or may not have the financial resources (including liability insurance coverage) to satisfy a valid claim by us.

Any loss due to damage to our hosted Mining facilities or to our Miners, or any loss of our Bitcoin due to security failures, mistaken transactions or other events may not be recovered or reimbursed, potentially materially impacting our business, financial condition and results of operations.

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***Any limitation of electricity supply, increase in electricity costs or prolonged electricity outage could materially impact our operations and financial performance.***

Bitcoin Mining operations require significant amounts of electrical power, and the costs of electric power account for a significant portion of our cost of revenue. We require a significant electric power supply to conduct our Mining activity, including the power needed to operate the Mining facilities and equipment infrastructure. We rely on third parties, including utility providers, for the reliable and sufficient supply of electrical power to our infrastructure. We cannot guarantee that these third parties will be able to consistently provide sufficient levels of electrical power or will have the necessary infrastructure to deliver any additional power that we may require, or that we will be able to procure power from or recontract with them on commercially acceptable terms. Restrictions on the supply of, or our failure to procure, sufficient electricity could adversely affect our business, financial condition and results of operations.

Our access to electricity, or to sufficient electricity, may be affected by climate change, acts of God, utility equipment failure or scheduled and unscheduled maintenance that result in electricity outages to the utility's or the broader electrical network's facilities. These electricity outages may occur with limited or no warning and be of an unpredictable duration. Further, our counterparties may be unable to deliver the required amount of power for a variety of technical or economic reasons. As Bitcoin Mining is power intensive and backup power generation may be expensive to procure, any backup electricity supplies may not be sufficient to power any or all of our Bitcoin Mining equipment in an affected location for the duration of the outage. The effects of any such events, including any significant non-performance by counterparties, could have a material adverse effect on our business, financial condition, and operating results.

The price that we pay for electricity is dependent on numerous factors including sources of generation, commodity prices, regulatory environment, electricity market structure, instantaneous supply/demand balances, counterparty and procurement method. These factors may be subject to change over time and result in increasing power costs, which could have a material adverse effect on our operating results and financial condition.

***We may be exposed to cybersecurity threats and hacks, which could have a material adverse effect on our business, financial condition and results of operations.***

The threats to network and data security are increasingly diverse and sophisticated. Our computer servers and computer systems may be vulnerable to cybersecurity risks, including denial-of-service attacks, physical or electronic break-ins, employee theft or misuse and similar disruptions from unauthorized tampering with our computer servers and computer systems. The preventive actions we take to reduce the risk of cyber incidents and protect our information technology and networks may be insufficient to repel a major cyber-attack in the future. To the extent that any disruption or security breach results in a loss or damage to our network, in unauthorized disclosure of confidential information or in a loss of our Bitcoin, it could cause significant damage to our reputation, lead to claims against us and ultimately have a material adverse effect on our business, financial condition and results of operations. Additionally, we may be required to incur significant costs to protect against damage caused by these disruptions or security breaches in the future.

***We may face risks of internet disruptions, which could have an adverse effect on both the price of Bitcoin and our ability to operate our business.***

The Bitcoin network, and our business of Mining Bitcoin, are dependent upon the internet. A disruption in internet connectivity could disrupt the Bitcoin network's operations, which could have an adverse effect on the price of Bitcoin and our ability to Mine Bitcoin. A broadly accepted and widely adopted decentralized network is necessary for the Bitcoin network to function as intended. Features of the Bitcoin network, such as decentralization, open-source Protocol and reliance on peer-to-peer connectivity, are essential to preserve the stability of the Bitcoin network and decrease the risk of fraud or cyber-attacks. A disruption of the internet or the Bitcoin network could affect the ability to transfer Bitcoin, and consequently the value of Bitcoin, as well as our ability to Mine Bitcoin. A significant disruption of internet connectivity could prevent the Bitcoin network's functionality and operations until the internet disruption is resolved. Additionally, our Mining sites' activities are dependent upon internet access. Any disruption to internet connectivity at any of our Mining sites could have a negative impact on business performance.

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***The "halving" of rewards available on the Bitcoin network, or the reduction of rewards on other networks, has had and in the future could have a negative impact on our ability to generate revenue, which could have a material adverse effect on our business, financial condition and results of operations.***

Under the current Protocols governing the Bitcoin network, the reward for validating a new Block on that network is cut in half every four years, which has been referred to in our industry as the "halving." When the Bitcoin network was first launched, the reward for validating a new Block was 50 Bitcoin. In 2012, the reward for validating a new Block was reduced to 25 Bitcoin. In July 2016, the reward for validating a new Block was reduced to 12.5 Bitcoin; in May 2020, the reward was further reduced to 6.25 Bitcoin; and in April 2024, it was reduced to 3.125 Bitcoin. In addition, other networks may operate under rules that, or may alter their rules to, limit the distribution of new Digital assets. We currently rely on these rewards to generate a significant portion of our total revenue.

We have attempted to mitigate the risk to us as a result of halving, including investing in system and Miner upgrades to maintain our Mining efficiency, which is expected to cause us to incur relevant costs and expenditures in the future. To the extent that other Mining companies exit the business, remaining Miners are the direct beneficiaries from the lower competition for each 3.125 Bitcoin per Block. Achieving competitive advantages in the above ways increases the chances for us to be one of these beneficiaries. However, in spite of such mitigation efforts, if the award of Bitcoin for solving Blocks and transaction fees are not sufficiently high, the halving of available rewards on the Bitcoin network, or any reduction of rewards on other networks, would have a negative impact on our revenues and may have a material adverse effect on our business, financial condition and results of operations.

***Bitcoin exchanges, wallets and the Bitcoin network may suffer from hacking and fraud risks, which may adversely erode user confidence in Bitcoin, and negatively affect the Bitcoin price and our revenues.***

Bitcoin transactions are entirely digital and, as with any virtual system, are at risk from hackers, malware and operational glitches. Hackers can target Bitcoin exchanges and custody providers, to gain access to thousands of accounts and digital wallets where Bitcoin is stored. Bitcoin transactions and accounts are not insured by any type of government program and all Bitcoin transactions are permanent because there is no third party or payment processor. Bitcoin has previously suffered from hacking and cyber-theft which have affected its demand and price. Also, the price and exchange of Bitcoin may be subject to fraud risk. While Bitcoin uses private key encryption to verify owners and register transactions, fraudsters and scammers may attempt to sell false Bitcoin. All of the above may adversely affect the operation of the Bitcoin network, which would erode user confidence in Bitcoin and could negatively impact our business and ability to monetize the Bitcoin that we Mine.

Technological advancement in computing may make our operations and ASICs obsolete. The Mining hardware market for ASICs does not undergo rapid performance improvements anymore. Earlier in the SHA-256 ASIC development cycle when Bitcoin Mining hardware had yet to catch up to current foundry node sizes, technological leaps in Hash power and efficiency were more common and made all previous units obsolete. Since the release of the Antminer S9, these improvements have been incremental and older generation hardware is commonly run in the market. It is possible that there will be a significant breakthrough in Hash power and/or efficiency that would make existing ASIC Miners obsolete, severely impact the Company's balance sheet and forward-looking performance and, should we not have access to this technology, could render all operations non-viable.

***Our future success depends on our ability to expand our organization to match the growth of our activities, and any failure to manage our growth effectively could place strains on our managerial, operational and financial resources and could adversely affect our business, financial condition and results of operation.***

As our operations grow, the demands upon us will grow, and our success will depend upon our ability to meet those demands. We require certain financial, managerial and other resources, which could create challenges to our ability to successfully manage operations and could impact our ability to assure compliance with our policies, practices and procedures. These demands include, among others, increased executive, accounting, management and legal services, staff support and general office services. We may need to hire additional qualified personnel to meet these demands, the cost and quality of which depend in part upon market factors outside of our control. Further, we will need to effectively manage the training and growth of our staff to maintain an efficient and effective workforce, and our failure to do so could adversely affect our business, financial condition and results of operations. Currently, we have limited personnel in our organization to meet our organizational and administrative demands. If we fail to manage our growth effectively or to develop and expand our managerial, operational and financial resources and systems, we may not be able to execute on our business plan, respond to competitive pressures or take advantage of market opportunities, and our business, financial condition and results of operations could be adversely affected.

***Our success depends upon our key management personnel.***

Our success depends, to a significant extent, on the capability, expertise and continued services of key members of our management team, including Mr. Jiajun Chen, our Chief Executive Officer, Mr. Fei Ma, our Chief Financial Officer, and Mr. Sze Wah Sam Cheung, our President, as well as other members of our team who have operational experience in our business. If we were to lose the services of any key member of our management team without a suitable replacement or were unable to attract new qualified members with suitable experience to join our management team as we continue to grow, the implementation of our business strategies may be affected, which could materially and adversely affect our business, results of operations and prospects.

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We also rely on our employees, including those who monitor the productivity of our Minning equipment on a daily basis, for our daily operations and business expansion. We cannot assure you that we will be able to retain these employees or to continue to attract and retain sufficiently skilled and experienced employees in the future. If we fail to recruit, retain or train skilled employees, our business, results of operations and prospects could be materially and adversely affected.

***Our business model relies on the availability and affordability of leased Miners and hosted Mining sites, and any disruption could severely harm our operations.***

 

As of the date of this prospectus, our entire business model is based on the leasing of Bitcoin Miners and operating in Mining sites through hosting agreements, rather than owning them. We do not have direct control over the infrastructure that hosts our Mining operations. The availability and terms of these leases and hosting agreements depend on market conditions and the willingness of third-party lessors and hosts to enter into or renew agreements with us. We may be unable to renew existing hosting agreements or find new suitable hosted Mining sites on favorable terms, or at all. Furthermore, any significant increase in lease costs for Miners could substantially increase our operating expenses and reduce our profitability. The termination of any key lease agreement could result in either: (i) failure to secure leased Miners for operation; or (ii) a substantial portion of our Miners being rendered idle due to unavailability of Mining sites, either of which scenario would materially and adversely impact our Bitcoin production and financial performance.

Our business model, to date, has been based exclusively on the leasing of Bitcoin Miners, which as an asset-light approach allowed us to commence operations and scale efficiently. However, in light of the above referenced risks, following consummation of this offering, we intend to expand and evolve our business model by utilizing a portion of the net proceeds to purchase Bitcoin Miners directly. This strategic shift to a hybrid model, incorporating both owned and leased Miners, is intended to provide us with greater operational flexibility. Our current leasing fees are variable and fluctuate based on the daily market price of Bitcoin. By purchasing Miners, we can convert a portion of our variable operating expenses into a fixed, depreciating capital cost. This creates a more stable and predictable cost base for our owned assets, providing greater flexibility in financial planning and managing profitability during periods of Bitcoin price volatility, and long-term control over our Mining assets. With owned assets, we gain direct control over maintenance schedules, hardware modifications and end-of-life decisions, such as resale or disposal.

***Our reliance on third-party Mining platforms and operational partners, and their access to licensed monitoring software, exposes us to risks that could materially and adversely affect our business and profitability.***

 

Our reliance on hosted Mining platforms exposes us to several operational and financial risks, primarily stemming from the platform's centralized control, payout policies and technological dependencies. One significant risk stems from the platform's unilateral ability to modify reward structures and fee policies without prior notice, which can unpredictably impact profitability. We also could face payout delays if the platforms were to experience financial issues. Furthermore, the Mining platforms face centralization and governance risks, which generate material challenges to their long-term viability and operational models. Their failure to adequately remediate these risks would materially affect collaborative partnerships among us. Technological vulnerabilities, including server downtime, latency issues and inefficient global server distribution, can further reduce Mining efficiency and output. Security risks are another critical concern, as centralized platforms are prime targets for hacking attacks, potentially compromising our earnings or account access.

We rely on operational partners to manage and maintain our Miners and Mining sites. These partners are responsible for critical functions, including ensuring stable power supply and efficient energy consumption, managing cooling systems to prevent hardware overheating and performing timely repairs and maintenance to minimize downtime. Any failure by these partners to maintain optimal operational performance, such as extended downtime, inefficient power usage or network connectivity disruptions, could reduce our Bitcoin production and profitability.

Our reliance on Mining platforms and operational partners also raises the risk that we may not be able to secure suitable replacement partners on commercially reasonable terms, in a timely manner or at all if our current agreements were terminated or if our partners' breaches render the contracts impossible or impractical to continue. Such circumstances would materially and adversely affect our financial condition and results of operations.

In addition, our hosting providers utilize a third-party software for the 24/7 real-time monitoring of our entire fleet of Miners. For our significant operations in Texas (have been relocated from Texas to Missouri on January 13, 2026), Missouri and Manitoba, they rely on a third-party software solution, Foreman, to monitor key indicators such as Hashrate, manage maintenance workflows and assist in troubleshooting. The access to this software is governed by a subscription-based license agreement, with fees calculated on a per-Miner, per-month basis.

Our hosting providers' operational capabilities are therefore dependent on the continued performance, reliability and availability of Foreman. The license agreement for this software may be subject to non-renewal, or the provider could potentially increase subscription fees to a level that is no longer commercially viable. Furthermore, the provider of Foreman could cease operations, experience technical outages or become subject to intellectual property infringement claims, any of which could prevent them from providing us with this critical service.

If the access to this monitoring software is interrupted or terminated, and our hosting providers are unable to secure a suitable replacement in a timely or cost-effective manner, their ability to efficiently monitor our Miners, detect failures and respond to operational issues would be materially impaired. Any such disruption could lead to increased Miner downtime, reduced operational efficiency and a corresponding decrease in our Hashrate, which would, in turn, harm our business, financial condition and results of operations.

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***Our expansion strategy and business transformation is subject to various risks.***

We intend to shift our business model from an asset-light hosting strategy to a vertically integrated proprietary Mining model. We have no prior experience in owning, developing or operating Mining facilities, and we may fail to successfully execute this transition. Historically, our operations have been exclusively based on placing leased Mining equipment at third-party hosted facilities. Our current expansion plan marks a pivotal shift to acquiring, developing and operating our own facilities. We lack a track record in site selection, facility construction, energy infrastructure management and the direct operation of Mining data centers. Therefore, this transition presents significant operational, managerial and financial risks. We may encounter unforeseen difficulties in managing the complexities of facility ownership, such as maintenance, security and regulatory compliance, which we previously relied on third-party hosts to manage. If we are unable to successfully navigate these new challenges, our business, financial condition and results of operations could be materially and adversely affected.

Our expansion plan relies on the successful acquisition or development of Mining sites in North America, which involves significant execution risks, including zoning, permitting and construction delays. We plan to identify and acquire existing facilities or greenfield sites within the first 3 to 9 months after completion of this offering. However, the identification of suitable sites with access to low-cost, reliable power is highly competitive. Even if we identify a site, we may face delays or the inability to obtain necessary land rights, zoning approvals, environmental permits or grid connection agreements. The construction or retrofitting of facilities (Phases 2 and 3) involves risks of cost overruns, labor shortages, supply chain disruptions for electrical infrastructure (e.g., transformers and switchgear) and technical failures. Any significant delay in our 24-month projected timeline would delay the deployment of our Miners and the generation of revenue, potentially draining our working capital.

We may be unable to secure long-term Power Purchase Agreements ("PPAs") on commercially favorable terms, which determines the viability of our proprietary facilities. A core component of our expansion is securing strategic power resources. The market for high-capacity, low-cost power is intensely competitive, with numerous well-capitalized competitors seeking similar resources. We may be unable to negotiate PPAs that offer electricity rates low enough to ensure profitability, especially during periods of lower Bitcoin prices. Furthermore, regulatory changes in North American jurisdictions regarding energy consumption by Cryptocurrency Mining facilities could limit the availability of power or impose premium rates and taxes, rendering our planned facilities economically unviable.

Our information technology infrastructure is currently less advanced than that of our competitors, which could have historically contributed to lower Mining output, and failure to upgrade this infrastructure may hinder our operational efficiency. We plan to allocate a portion of the net proceeds from this offering to research and development and to information technology infrastructure upgrades to optimize Hashrate performance and power consumption. There is no assurance that these investments will yield the expected technical improvements. If we fail to develop or integrate sophisticated software and hardware solutions that match or exceed industry standards, our proprietary facilities may operate at lower efficiency (higher Joules per Terahash) than our competitors, negatively impacting our profit margins.

We estimate allocating approximately 60% of the net proceeds to this expansion. However, the implementation of our expansion plan is capital intensive, and the actual costs may exceed the allocated amount. The costs of real estate, electrical infrastructure (transformers and switchgear) and high-efficiency ASICs are subject to market volatility. Inflation, supply chain constraints or tariffs could significantly increase these costs. If the net proceeds from this offering are less than anticipated, or if the costs of development exceed our estimates, we may be forced to scale back our expansion, seek additional dilutive financing or abandon parts of the plan, which would harm our growth prospects.

We face intense competition for high-efficiency Mining equipment, and delivery delays could disrupt our deployment schedule. Our plan involves purchasing new, high-efficiency Miners to populate the new sites (Phase 2). We compete with larger Mining companies for access to the latest generation of ASIC Miners from top manufacturers. We may not be able to secure sufficient hardware on a timely basis or at preferred prices. Additionally, logistics challenges, customs clearance issues or manufacturing delays could prevent us from deploying these Miners in alignment with our facility readiness (Phase 3), leading to idle infrastructure and lost revenue opportunities.

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***Our Miners exported from Asia to the United States may be subject to the additional tariffs recently imposed by the U.S. government on certain products imported from China, which could adversely affect our supply chain, cost structure and results of operations.***

We are subject to risks associated with international trade policies and tariffs, particularly those affecting our supply chain in Asia. Recently, U.S. President Donald J. Trump announced that the U.S. would impose significant additional tariffs on Chinese imports, as well as impose or increase tariffs on imports from other Asian countries. There have been ongoing negotiations between U.S. and Chinese government officials regarding these tariffs and the reciprocal tariffs introduced by the government of China. At present, the effective average tariff rate on Chinese imports is up to 45%, and Chinese and U.S. officials have reached an agreement to temporarily reduce reciprocal tariffs while trade negotiations continue. Despite this temporary pause, a heightened tariff environment persists, and there is no assurance that the reduced tariff rates will be extended or that additional tariffs or other trade restrictions will not be imposed with little warning. The additional tariffs imposed by the U.S. government on certain products imported from China and other Asian countries may impact our supply chain and cost structure. All of our current Miners were manufactured by Bitmain, which is headquartered in China and manufactures its Miners in Southeast Asia, including Maylasia. Assembled machines to be used in our Missouri and Texas (have been relocated from Texas to Missouri on January 13, 2026) Mining facilities are shipped to the United States.

If new Miners that we lease or buy are subject to higher tariffs, the payments under our leases or the amount we pay for those machines may be expected to increase and the profitability of our Mining operations may be materially and negatively affected. Additionally, there is no guarantee that trade relations between the U.S. and China will remain stable in the future. Any deterioration in the relationship between the U.S. and China could further increase our costs of importing Miners to the U.S., or limit our ability to import Miners to the U.S., which could have an adverse effect on our business, financial condition and results of operations. Although Bitmain has announced that it intends to open an ASIC chip manufacturing facility in the United States, if the assembled machines are imported from Asia, they may be subject to the higher tariffs, which would likely increase the cost of purchasing, and leasing, the machines.

Finally, the evolving regulatory landscape and potential for further tariff adjustments or trade restrictions create uncertainty. Any escalation in trade tensions or additional tariffs could further disrupt our supply chain, increase our costs of leasing or limit access to new Miners and pose significant risks to our business in the United States.

***We may not be able to compete effectively against our current and future competitors, which could have a material adverse effect on our business, financial condition and results of operations.***

The Bitcoin Mining ecosystem is highly innovative, rapidly evolving and characterized by intense competition, experimentation and frequent introductions of new products and services, and is subject to uncertain and evolving industry and regulatory requirements. We expect competition to increase in the future as existing competitors expand their operations, new competitors enter the industry and new products are introduced or existing products enhanced. We compete against a number of companies operating globally that focus on Mining Digital assets.

Our existing and potential competitors may have various competitive advantages over us, such as:

● longer operating histories and larger market shares;

● greater Mining capabilities;

● more timely introduction of new technologies;

● preferred relationships with suppliers of Miners and other equipment;

● access to more competitively priced power;

● greater financial resources to purchase newer and superior Miners;

● lower labor, compliance, risk mitigation and research and development cost;

● established core business models outside of the Mining or trading of Digital assets, allowing them to operate on lesser margins or at a loss;

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● operations in certain jurisdictions with lower energy costs; and

● substantially greater financial, technical and other resources.

If we are unable to compete successfully, or if competing successfully requires us to take costly actions in response to the actions of our competitors, our business, financial condition and results of operations could be adversely affected.

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***If we fail to implement and maintain an effective system of internal controls, we may be unable to accurately or timely report our results of operations or prevent fraud, and investor confidence and the market price of our Class A Ordinary Shares may be materially and adversely affected.***

Neither our management nor our independent registered public accounting firm has ever performed an assessment of the effectiveness of our internal control over financial reporting, and our independent registered public accounting firm had not conducted an audit of our internal control over financial reporting. Effective internal control over financial reporting is necessary for us to provide reliable financial reports and, together with adequate disclosure controls and procedures, is designed to prevent fraud.

Our failure to implement and maintain effective internal controls over financial reporting could result in errors in our financial statements that could result in a restatement of our financial statements, cause us to fail to meet our reporting obligations and cause investors to lose confidence in our reported financial information, which may result in volatility in and a decline in the market price of the Class A Ordinary Shares.

Upon the completion of this offering, we will become a public company in the United States subject to the Sarbanes-Oxley Act of 2002. Section 404 of the Sarbanes-Oxley Act of 2002, or Section 404, will require that we include a report of management on our internal control over financial reporting in our annual reports on Form 20-F. In addition, if we cease to be an "emerging growth company," as such term is defined in the JOBS Act, our independent registered public accounting firm must attest to and report on the effectiveness of our internal control over financial reporting on an annual basis. Our management may conclude that our internal control over financial reporting is not effective. Moreover, even if our management concludes that our internal control over financial reporting is effective, our independent registered public accounting firm, after conducting its own independent testing, may issue a report that is qualified if it is not satisfied with our internal controls or the level at which our controls are documented, designed, operated or reviewed, or if it interprets the relevant requirements differently from us. In addition, after we become a public company, our reporting obligations may place a burden on our management, operational and financial resources and systems for the foreseeable future. We may be unable to timely complete our evaluation testing and any required remediation.

In connection with the preparation of the Company's consolidated financial statements as of and for the years ended March 31, 2024 and 2025, the Company identified one material weakness in its internal control over financial reporting as of March 31, 2025. As defined in the standards established by the PCAOB, a "material weakness" is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of a company's annual or interim consolidated financial statements will not be prevented or detected on a timely basis.

The material weakness identified related to the lack of sufficient competent financial reporting and accounting personnel with appropriate experience and knowledge to address complex accounting issues in accordance with IFRS and SEC rules and regulations and reporting requirements. The material weakness has led to the restatement of consolidated financial statements of the Company as of and for the years ended March 31, 2025, and if not remediated timely, may lead to material misstatements in the Company's consolidated financial statements in the future.

To remedy the identified material weakness, we are in the process of implementing measures designed to improve our internal control over financial reporting, including, among others: (i) recruiting more qualified personnel equipped with relevant IFRS and SEC reporting experience and qualifications to strengthen the financial reporting function and to set up a financial and system control framework; (ii) implementing regular and continuous IFRS accounting and financial reporting training programs for our accounting and financial reporting personnel; (iii) enhancing oversight over and clarifying reporting requirements for non-recurring and complex transactions to ensure consolidated financial statements and related disclosures are accurate, complete and in compliance with IFRS and SEC reporting requirements; and (iv) engaging external accounting experts to support improving our accounting processes.

***We may be affected by price fluctuations in the wholesale and retail power markets.***

Our power arrangements may vary depending on the markets in which we operate, and comprise fixed and variable power prices, including arrangements that may contain certain price adjustment mechanisms in case of certain events. Furthermore, some portion of our power arrangements may be priced by reference to published index prices and thus, reflect market movements outside of our control.

A substantial increase in electricity costs or a fall in Bitcoin exchange values could render Bitcoin Mining ineffective or not viable for us. Market prices for power, generation capacity and ancillary services are unpredictable. An increase in market prices for power, generation capacity and ancillary services may adversely affect our business, prospects, financial condition and operating results. Long and short-term power prices may fluctuate substantially due to a variety of factors outside of our control, including, but not limited to:

● increases and decreases in the quantity and type of generation capacity;

● changes in network charges;

● fuel costs;

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● new generation technologies;

● changes in power transmission constraints or inefficiencies;

● climate change and volatile weather conditions, particularly unusually hot or mild summers or unusually cold or warm winters;

● technological shifts resulting in changes in the demand for power or in patterns of power usage, including the potential development of demand-side management tools, expansion and technological advancements in power storage capability and the development of new fuels or new technologies for the production or storage of power;

● federal, state, local and foreign power, market and environmental regulation and legislation;

● changes in capacity prices and capacity markets; and

● power market structure (e.g., energy-only vs. energy and capacity markets).

If we are unable to secure power supply at prices or on terms acceptable to us, it would potentially have a material adverse effect on our business, financial condition and operating results.

***We may only have limited control over our Mining operation.***

Our Mining operation comprises Blockchain Mining technologies that depend on a network of computers to run certain software programs to solve complex transactions in competition with other Mining operations and to process transactions. Because of this less centralized model and the complexity of our Mining operation, we have limited control over the success of our Mining operations. While we participate in Mining pools to combine our Mining operations with other Mining participants to increase processing power to solve Blocks, there can be no assurance that such pools will adequately address this risk.

***We may be subject to material litigation, including individual and class action lawsuits, as well as investigations and enforcement actions by regulators and governmental authorities.***

We may from time to time become subject to claims, arbitrations, individual and class action lawsuits, government and regulatory investigations, inquiries, actions or requests, including with respect to employment matters, and other proceedings alleging violations of laws, rules and regulations, both foreign and domestic. The scope, determination and impact of such litigation, government and regulatory investigations, enforcement actions, disputes and proceedings to which we are subject cannot be predicted with certainty, and may result in:

● substantial payments to satisfy judgments, fines or penalties;

● substantial outside counsel legal fees and costs;

● additional compliance and licensure requirements;

● loss or non-renewal of existing licenses or authorizations, or prohibition from or delays in obtaining additional licenses or authorizations, required for our business;

● loss of productivity and high demands on employee time;

● criminal sanctions or consent decrees;

● barring of certain employees from participating in our business in whole or in part;

● orders that restrict or suspend our business or prevent us from offering certain products or services;

● changes to our business model and practices;

● delays and/or interruptions to planned transactions, product launches or improvements; and

● damage to our brand and reputation.

Any such matters can have an adverse impact, which may be material, on our business, operating results or financial condition because of legal costs, diversion of management resources, reputational damage and other factors.

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***The transition of Digital asset networks such as Bitcoin from Proof-of-work Mining algorithms to Proof-of-stake validation may significantly impact the value of our capital expenditures and investments in machines to support Proof-of-work Mining, which could make us less competitive and ultimately adversely affect our business and the value of our ordinary shares.***

Proof-of-stake is an alternative method of validating Distributed Ledger transactions. Proof-of-stake methodology does not rely on resource intensive calculations to validate transactions and create new Blocks in a Blockchain, but rather the validator of the next Block is determined, sometimes randomly, based on a methodology in the Blockchain software. Rewards, and sometimes penalties, are issued based on the amount of Digital assets a user has "staked" in order to become a validator.

Our business strategy currently focuses entirely on Mining Bitcoin (as opposed to other Digital assets). Additionally, all of our hardware is limited to Mining using a "Proof-of-work" Protocol based on the SHA-256 Hashing algorithm. Should Bitcoin shift from a Proof-of-work validation method to a Proof-of-stake method, the transaction verification process (i.e., "Mining" or "validating") would require less power and may render any company that maintains advantages in the current climate with respect to PoW Mining (for example, from lower-priced electricity, processing, computing power or real estate) less competitive or less profitable, including ours.

If Bitcoin shifts to Proof-of-stake validation, we may lose the benefit of our capital investments and the competitive advantage we hope to gain from our capital investments, which were intended to improve the efficiency of our Bitcoin Mining operations only with respect to Proof-of-work networks. Further, a shift in market demand from Proof-of-work to Proof-of-stake Protocols could impair our business and operations which are based on hardware that is strictly limited to Mining Digital assets based on the SHA-256 algorithm. Such events could have a material adverse effect on our ability to continue as a going concern or to pursue our business strategy at all, which could have a material adverse effect on our business, financial condition and results of operations. Our accompanying consolidated financial statements have been prepared assuming that we will continue as a going concern. As discussed in Note 1 to the consolidated financial statements, we had a working capital deficit and negative operating cash flows that raise substantial doubt about our ability to continue as a going concern.

***Our business is highly dependent on a small number of Bitcoin Mining equipment manufacturers. Failure of our lessor's suppliers to make new machines available to our lessor on an ongoing basis at prices conducive to profitable Bitcoin Mining, or supply chain and logistics issues for our lessor's suppliers could impede our profitability and delay our expansion plans.***

Our business is highly dependent upon Bitcoin Mining equipment suppliers such as Bitmain, MicroBT, Intel and others providing an adequate supply of new generation Bitcoin Miners at economical prices to us through our lessor. The growth of our business is dependent upon the availability of new generation Miners offered for sale at a price conducive to profitable Bitcoin Mining, as well as the trading price of Bitcoin. The market price and availability of new Miners fluctuates with the price of Bitcoin and can be volatile. Higher Bitcoin prices increase the demand for Mining equipment and increase the cost. In addition, as more companies seek to enter the Mining industry, the demand for Miners may outpace supply and create Mining equipment shortages. There are no assurances that Bitcoin Mining equipment suppliers, such as Bitmain, MicroBT, Intel and others, will be able to keep pace with any surge in demand for Miners or continue to supply Bitcoin Mining equipment. Further, purchase contracts for Miners are not favorable to purchasers and we may have little or no recourse in the event a manufacturer of Miners defaults on its Miner delivery commitments. If we are not able to obtain a sufficient number of Bitcoin Miners at favorable prices, our growth expectations, business, financial condition and results of operations will be negatively impacted.

In addition, the equipment used in our business is generally manufactured by third parties using a large amount of commodity inputs. Supply chain disruptions may occur from time to time due to a range of factors beyond our control, such as climate change, increased costs of labor, freight costs and raw material prices, along with a shortage of qualified workers or unforeseen global events such as the conflict between Russia and Ukraine or between Israel and Hamas. Such issues may cause delays in the delivery of, or increases in the cost of, new Bitcoin Miners, which could impede our profitability and may delay our expansion plans.

These risks will continue to apply not only to our leased Bitcoin Miners but also to Bitcoin Miners that we intend to purchase with the net proceeds from this offering.

***Our evolving business model increases the complexity of our business, which makes it difficult to evaluate our future business prospects and could have a material adverse effect on our business, financial condition and results of operation.***

We expect that our business model will evolve as Cryptocurrency assets and Blockchain technologies become more widely available and as the services and products associated with them evolve. As a result, our business model may require us to evolve as well. We may need to modify aspects of our business model relating to our strategy from time to time and we cannot offer any assurance that these or any other modifications will be successful. For example, we intend to expand and evolve our business model by utilizing a portion of the net proceeds of our offering to purchase Bitcoin Miners directly. This strategic shift to a hybrid model, incorporating both owned and leased Miners, is intended to provide us with greater operational flexibility. Our current leasing fees are variable and fluctuate based on the daily market price of Bitcoin. By purchasing Miners, we can convert a portion of our variable operating expenses into a fixed, depreciating capital cost. This creates a more stable and predictable cost base for our owned assets, providing greater flexibility in financial planning and managing profitability during periods of Bitcoin price volatility, and long-term control over our Mining assets. With owned assets, we gain direct control over maintenance schedules, hardware modifications and end-of-life decisions, such as resale or disposal. In the event that we do not effectively evaluate future business prospects, successfully implement new strategies or adapt to our evolving industry, it will have a material adverse effect on our business, financial condition and results of operations.

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***There are several new and existing competitors in our industry that are purchasing Mining equipment at scale, which may cause delays or difficulty for us in obtaining new Miners, and materially and adversely affect our business and results of operations.***

Many of the competitors in our industry have also been purchasing Mining equipment at scale, which has caused a world-wide shortage of Mining equipment and extended the corresponding delivery schedules for new Miner purchases. There are no assurances that manufacturers, including the manufacturer we currently utilize, will be able to keep pace with the surge in demand for Mining equipment. It is uncertain how manufacturers will respond to this increased global demand and whether they can deliver on the schedules promised to all of their customers.

In the event manufacturers are not able to keep pace with demand, our lessor may not be able to purchase Miners in sufficient quantities or on the delivery schedules that meet our business needs. Additionally, should manufacturers default on their purchase agreements with our lessor, it would have to pursue recourse, which would be costly and time consuming to resolve, and there is no guarantee it would succeed in recovering any of its deposits paid for such Miner purchases, in which event, it may not be willing or able to purchase the additional Miners that we need to maintain or grow our business. Such event could materially and adversely affect our business, financial condition and results of operations.

***Our future success will depend significantly on the price of Bitcoin, which is subject to risk and has historically been subject to wide swings and significant volatility.***

We generate all of our revenue from the generation and sale of Bitcoin. The price of Bitcoin is highly speculative and is not based on the performance of an underlying business. Furthermore, the price of Bitcoin could be subjected to additional influence from fraudulent or illegitimate actors, real or perceived scarcity, and political, economic, regulatory, tax or other conditions. Changes in the legislative or regulatory environment, or actions by governments or regulators that impact the Cryptocurrency industry generally, could also affect the price of Bitcoin. These factors may inhibit consumer trust in and market acceptance of Bitcoin as a means of exchange, which could have a material adverse effect on our business, prospects, or operations and potentially the value of any Bitcoin we Mine. The speculative nature of the price of Bitcoin and past dramatic volatility in pricing, particularly in recent months, may create risks for the volatile trading price of Bitcoin.

There is no assurance that Bitcoin will maintain its value or that there will be meaningful levels of trading activities to support markets in Bitcoin. A decline in the market value of Bitcoin or in the demand for trading Bitcoin could lead to a corresponding decline in the value of our Bitcoin assets and the number of transactions on the Bitcoin Blockchain network.

***The Digital asset exchanges on which Cryptocurrencies, including Bitcoin, trade are relatively new and largely unregulated, and thus may be exposed to fraud and failure. Such failures may result in a reduction in the price of Bitcoin and other Cryptocurrencies and can adversely affect an investment in our securities.***

Digital asset exchanges on which Cryptocurrencies, including Bitcoin, trade are relatively new and, in most cases, largely unregulated. Many digital exchanges do not provide the public with significant information regarding their ownership structure, management teams, corporate practices or regulatory compliance. As a result, the marketplace may lose confidence in, or may experience problems relating to, Cryptocurrency exchanges, including prominent exchanges handling a significant portion of the volume of Digital asset trading.

We are continuing to monitor and evaluate our risk management procedures. Although we believe our current risk management procedures are reasonably designed and effective, a perceived lack of stability in Digital asset exchanges and a potential decline in the value of Bitcoin could adversely affect an investment in our securities. Furthermore, any decrease in the price of Bitcoin would cause a risk of increased losses or impairments to the extent that the price of Bitcoin falls below our carrying value.

***We are vulnerable to risks associated with climate change, severe weather conditions, natural and man-made disasters and warfare, as well as power outages and other industrial incidents, which could severely disrupt the normal operation of our business and adversely affect our results of operations.***

Our business may be subject to the risks of climate change, severe weather conditions and natural and man-made disasters, including earthquakes, fires, floods, hurricanes, tornadoes, severe storms (including impacts from rain, snow, lightning and wind), and warfare, as well as power outages and other industrial incidents, any of which could result in system failures, power supply disruptions and other interruptions that could harm our business. The potential physical impacts of climate change on our operations are highly uncertain and would be particular to the geographic circumstances in areas in which we operate. These may include changes in rainfall and storm patterns and intensities, water shortages and changing temperatures. The impacts of climate change may materially and adversely impact the cost, production and financial performance of our operations. Further, any impacts to our business, financial condition and results of operations as a result of climate change are likely to occur over a sustained period of time and are therefore difficult to quantify with any degree of specificity. For example, extreme weather events may disrupt our supply chain and ultimately our business operations. Also, disruption of transportation, power and distribution systems could result in reduced operational efficiency. Additionally, unforeseen global events such as the conflicts between Russia and Ukraine between Israel and Hamas could adversely affect our business and results of operations.

We do not currently, and may not in the future, carry business interruption insurance sufficient to compensate for the losses that may result from interruptions in our operations as a result of inability to operate or failures of equipment and infrastructure at hosted facilities. A system outage could have a material adverse effect on our business, financial condition and results of operations.

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***We are currently operating in a period of economic uncertainty and capital markets disruption, which has been significantly impacted by geopolitical instability due to the ongoing military conflicts between Russia and Ukraine and between Israel and Hamas. Our business, financial condition and results of operations may be materially adversely affected by any negative impact on the global economy and capital markets resulting from the conflicts in Ukraine, Israel and the Gaza Strip or any other geopolitical tensions.***

The United States and global markets are experiencing volatility and disruption following the escalation of geopolitical tensions and the start of the military conflicts between Russia and Ukraine and between Israel and Hamas. In late February 2022, Russian military forces launched significant military action against Ukraine. Although the length and impact of the ongoing military conflict is highly unpredictable, the conflicts in Ukraine, Israel and the Gaza Strip could lead to market disruptions, including significant volatility in commodity prices and in credit and capital markets, as well as supply chain interruptions for some of our Mining equipment components. Our operations would be particularly vulnerable to potential interruptions in the supply of certain critical materials and metals, such as neon gas and palladium, which are used in semiconductor manufacturing. Any interruption to semiconductor chip supply could significantly impact our ability to receive new Mining equipment. Furthermore, any potential increase in geopolitical tensions in Asia could also significantly disrupt existing semiconductor chip manufacturing and increase the prospect of an interruption to the semiconductor chip supply across the world. The world's largest semiconductor chip manufacturer is located in Taiwan and a large part of equipment and materials for our Bitcoin Mining, including ASIC chips, is manufactured in, and imported from, Taiwan. A setback to the current state of relative stability in Asia could compromise existing semiconductor chip production and have downstream implications for our Company. We are continuing to monitor the situations in Ukraine, Israel the Gaza Strip and globally and assessing their potential impact on our business, including any future impairment or other charges.

Additionally, Russia's prior annexation of Crimea, recent recognition of two separatist republics in the Donetsk and Luhansk regions of Ukraine and subsequent military interventions in Ukraine have led to a broad array of new or expanded sanctions, export controls and other measures against Russia and others supporting Russia's economy or military efforts being levied by the United States, the European Union and other countries against Russia, Belarus, the Crimea Region of Ukraine, the so-called Donetsk People's Republic and the so-called Luhansk People's Republic, including agreement to remove certain Russian financial institutions from the Society for Worldwide Interbank Financial Telecommunication payment system.

Any of the abovementioned factors could affect our business, prospects, financial condition and operating results. The extent and duration of the military action, sanctions and resulting market disruptions are impossible to predict, but could be substantial. Any such disruptions may also magnify the impact of other risks described in this prospectus.

***Our cash and cash equivalents could be adversely affected if the financial institutions at which we hold our cash and cash equivalents fail.***

We currently maintain and may in the future maintain our cash and cash equivalents in accounts with U.S and Hong Kong banks and financial institutions at levels that exceed insured limits. Eligible deposits with Hong Kong banks are protected under the Deposit Protection Scheme, which is administered by the Hong Kong Deposit Protection Board, up to HK$800,000 per deposit if the bank maintaining the account is a member of the Scheme. Eligible deposits are protected regardless of the currency in which the deposits are denominated. Eligible deposits include all types of ordinary deposits such as current account deposits, savings account deposits, secured deposits and time deposits with a maturity not exceeding five years. However, time deposits with a maturity longer than five years, structured deposits (such as foreign exchange linked and equity linked deposits), bearer instruments (such as bearer certificates of deposit) and offshore deposits are not protected by the Scheme.

Our access to our cash and cash equivalents in amounts adequate to finance our operations could be significantly impaired if the financial institutions with which we have arrangements directly face liquidity constraints or failures. Investor concerns regarding the U.S. or international financial systems could result in less favorable commercial financing terms, including higher interest rates or costs and tighter financial and operating covenants, or systemic limitations on access to credit and liquidity sources, thereby making it more difficult for us to acquire financing on acceptable terms or at all. Any material decline in available funding or our ability to access our cash and cash equivalents could adversely impact our results of operations and liquidity.

***The price of new Miners may be linked to the market price of Bitcoin and other Cryptocurrencies, and our costs of obtaining new and replacement Miners may increase along with the market price of Bitcoin and other Cryptocurrencies, which may have a material and adverse effect on our financial condition and results of operations.***

Our business, financial condition and results of operations are dependent on our ability to sell our Bitcoin at a price greater than our costs to earn that Bitcoin. We incur significant up-front capital costs each time we acquire new Miners, and, if future prices of Bitcoin are not sufficiently high, we may not realize the benefit of these capital expenditures. As the price for new Miners we buy increases, our cost to Mine a single Bitcoin also increases, therefore requiring a corresponding increase in the price of Bitcoin for us to maintain our results of operations, to the extent we sell the Bitcoin shortly after Mining it.

The global supply chain for Miners is presently constrained due to unprecedented demand coupled with a global semiconductor (including microchip) shortage, with a significant portion of available Miners being acquired by companies with substantial resources. Semiconductors are utilized in various devices and products and are a crucial component of Miners. Supply chain constraints coupled with increasing demand have led to increased pricing and limited availability for semiconductors. Prices for both new and older models of Miners have been on the rise and these supply constraints are expected to continue for the foreseeable future. China, a major supplier of Miners, has seen a production slowdown as a result of COVID-19. Should similar outbreaks or other disruptions to the China-based global supply chain for Mining hardware occur, we may not be able to obtain adequate replacement parts for our existing Miners or to obtain additional Miners on a timely basis, if at all, or we may only be able to acquire Miners at premium prices. Such events could have a material adverse effect on our ability to pursue our strategy, which could have a material adverse effect on our business and the value of our securities.

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***Bitcoin exchanges and trading platforms are subject to possible fraud and manipulation.***

Cryptocurrencies that are represented and trade on a ledger-based platform may not necessarily benefit from viable trading markets. Stock exchanges have rules and regulations regarding marketplace conduct, and monitor investors transacting on such platforms for fraud and other improprieties. These conditions may not necessarily be replicated on a Digital assets trading platform, depending on the platform's controls and other policies, and there are no controls regarding transactions that take place outside of organized exchanges. Although some Digital assets trading platforms are subject to regulation and monitor for illegal activity, because the Bitcoin market itself is unregulated, there are few means to prevent manipulation of prices for the overall market. These factors may decrease liquidity or volume or may otherwise increase volatility of Bitcoin, which may have a material adverse effect on our ability to monetize the Bitcoin we Mine.

***If a malicious actor or botnet obtains control of more than 50% of the processing power on the Bitcoin Blockchain, such actor or botnet could manipulate the Bitcoin Blockchain, which would adversely affect your investment in us or our ability to operate.***

If a malicious actor or botnet (a volunteer or hacked collection of computers controlled by networked software coordinating the actions of the computers) obtains a majority of the processing power dedicated to Mining a Digital asset, it may be able to alter the Digital asset network or Blockchain on which transactions of the Digital asset are recorded by constructing fraudulent Blocks or preventing certain transactions from completing in a timely manner, or at all. The malicious actor or botnet could control, exclude, or modify the ordering of transactions, though it could not generate new Bitcoin or Digital assets or transactions using such control. The malicious actor could "double-spend" its own Bitcoin or Digital assets (i.e., spend the same Bitcoin or Digital assets in more than one transaction) and prevent the confirmation of other users' transactions for so long as it maintained control. To the extent that such malicious actors or botnets do not yield their control of the processing power on the Bitcoin or other network, or the Bitcoin or other community do not reject the fraudulent Blocks as malicious, reversing any changes made to the Blockchain may not be possible.

Although there are no known reports of malicious activity or control of the Bitcoin Blockchain achieved through controlling over 50% of the processing power on the network, it is believed that certain Mining pools may have exceeded the 50% threshold. The approach towards and possible crossing of the 50% threshold indicate a greater risk that a single Mining pool could exert authority over the validation of Digital asset transactions. To the extent that the Digital assets ecosystems do not act to ensure greater decentralization of Digital asset Mining processing power, the feasibility of a malicious actor obtaining in excess of 50% of the processing power on any Digital asset network (e.g., through control of a large Mining pool or through hacking such a Mining pool) will increase, which may adversely affect our business, financial condition and results of operations.

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***To the extent that the profit margins of Digital asset Mining operations are not high, Mining participants are more likely to sell their earned Bitcoin, which could constrain Bitcoin prices.***

Over the past few years, Digital asset Mining operations have evolved from individual users Mining with computer processors, graphics processing units and first-generation ASIC servers. Currently, new processing power is predominantly added by incorporated and unincorporated "professionalized" Mining operations. Professionalized Mining operations may use proprietary hardware or sophisticated ASIC machines acquired from ASIC manufacturers. They require the investment of significant capital to acquire this hardware, to lease or develop operating space (often in Mining facilities or warehousing facilities), and to pay the costs of electricity and labor to operate the Mining farms. As a result, professionalized Mining operations are of a greater scale than prior Mining operations and have more defined and regular expenses and liabilities. These regular expenses and liabilities require professionalized Mining operations to maintain profit margins on the sale of Digital assets.

To the extent the price of Digital assets declines and such profit margin is constrained, professionalized Mining participants are incentivized to more immediately sell Digital assets earned from Mining operations, whereas it is believed that individual Mining participants in past years were more likely to hold newly Mined Digital assets for more extended periods. The immediate selling of newly Mined Digital assets greatly increases the trading volume of the Digital assets, creating downward pressure on the market price of Digital asset rewards. The extent to which the value of Digital assets Mined by a professionalized Mining operation exceeds the allocable capital and operating costs determines the profit margin of such operation. A professionalized Mining operation may be more likely to sell a higher percentage of its newly Mined Digital assets rapidly if it is operating at a low profit margin and it may partially or completely cease operations if its profit margin is negative. In a low profit margin environment, a higher percentage could be sold more rapidly, thereby potentially depressing Digital asset prices. Lower Digital asset prices could result in further tightening of profit margins for professionalized Mining operations creating a network effect that may further reduce the price of Digital assets until Mining operations with higher operating costs become unprofitable forcing them to reduce Mining power or cease Mining operations temporarily. Such circumstances could have a material adverse effect on our business, prospects or operations and potentially the value of Bitcoin and any other Digital assets we Mine or otherwise acquire or hold for our own account.

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In addition, the reduction of rewards may reduce our profit margins, which could result in us selling a substantial portion of our Bitcoin, which is subject to high volatility. If we are forced to sell Bitcoin at low prices, it could have a material adverse effect on our business, financial condition, prospects and results of operations.

***We may not be able to realize the benefits of Forks, and Forks in the Bitcoin network may occur in the future that may affect our operations and financial performance.***

The future development and growth of Bitcoin is subject to a variety of factors that are difficult to predict and evaluate. As Bitcoin is built on an open-source Protocol without a centralized governing authority, there is a possibility Bitcoin develops in ways which are not foreseeable. An example is modification of the Bitcoin Protocol by a sufficient number of users (known as a "Fork").

The Bitcoin Protocol has been subject to "Forks" that resulted in the creation of new networks, including Bitcoin Cash, Bitcoin Cash SV, Bitcoin Diamond, Bitcoin Gold and others. Some of these Forks have caused fragmentation among trading platforms as to the correct naming convention for the forked Digital assets. Due to the lack of a central registry or rulemaking body, no single entity has the ability to dictate the nomenclature of forked Digital assets, causing disagreements and a lack of uniformity among platforms on the nomenclature of forked Digital assets, which results in further confusion to individuals as to the nature of assets they hold on Digital asset trading platforms. In addition, several of these Forks were contentious and, as a result, participants in certain Digital asset user and developer communities may harbor ill will toward other communities. As a result, certain community members may take actions that adversely impact the use, adoption and price of Bitcoin or any of its forked alternatives.

Furthermore, hard Forks can lead to new security concerns. For instance, when the Bitcoin Cash and Bitcoin Cash SV network split in November 2018, "replay" attacks, in which transactions from one network were rebroadcast on the other network to achieve "double-spending," plagued platforms that traded Bitcoin, resulting in significant losses to some Digital asset trading platforms. Another possible result of a hard Fork is an inherent decrease in the level of security due to the splitting of some Mining power across networks, making it easier for a malicious actor to exceed 50% of the Mining power of that network, thereby making Digital asset networks that rely on Proof-of-work more susceptible to attack in the wake of a Fork.

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***Because our Miners are designed specifically to Mine Bitcoin, our future success will depend in large part upon the value of Bitcoin, and any sustained decline in its value could adversely affect our business, financial condition and results of operations.***

Our operating results will depend in large part upon the value of Bitcoin because it is the only Cryptocurrency we currently Mine. Specifically, our revenues from our Bitcoin Mining operations are based upon two factors: (1) the number of Bitcoin rewards we successfully earn and (2) the fair market value of Bitcoin on the date earned. In addition, our operating results are directly impacted by changes in the value of Bitcoin because under the value measurement model, both realized and unrealized changes will be reflected in our statement of operations (i.e., we mark Bitcoin to fair value each quarter). This means that our operating results will be subject to swings based upon increases or decreases in the value of Bitcoin. The introduction of alternative Cryptocurrencies, such as those backed by central banks known as Central Bank Digital Currencies, could significantly reduce the demand for Bitcoin. This would reduce both our ability to earn Mining rewards and transaction fees, and would also impair our ability to monetize the Bitcoin we earn in accordance with our financial projections.

***Digital asset trading platforms for Bitcoin may be subject to varying levels of regulation, which exposes our Bitcoin to risks.***

Platforms on which Digital assets may trade, such as Hashkey Exchange, which we use to monetize our Bitcoin, pose special risks, as these platforms are generally new, the rules governing their activities are less settled and their activities may be largely unregulated or under-regulated, and therefore they may be more exposed to theft, fraud and failure than established, regulated exchanges for other products. Digital asset platforms may be startup businesses with limited institutional backing, limited operating history and no publicly available financial information. This can lead to increased price volatility. In addition, a failure of an important Digital asset trading platform could result in a loss of confidence in Digital assets generally, resulting in our inability to monetize the Bitcoin we earn in accordance with our financial projections.

Bitcoin traded on the Bitcoin Blockchain do not rely on a trusted intermediary or depository institution. The participation in trading platforms requires users to take on credit risk by transferring Bitcoin from a personal account to a third party's account. Accordingly, we are exposed to the Digital asset trading platform's credit risk with respect to each Bitcoin transaction we make. Digital asset exchanges may also impose daily, weekly, monthly or customer-specific transaction or distribution limits or suspend withdrawals entirely, rendering the exchange of Digital assets for Fiat currency difficult or impossible. Additionally, Digital asset prices and valuations on exchanges may be volatile and subject to influence by many factors, including the levels of liquidity on particular platforms and operational interruptions and disruptions. The prices and valuation of Digital assets (e.g., Bitcoin) remain subject to any volatility experienced by trading platforms, and any such volatility can adversely affect the value of the Bitcoin that we Mine. It is possible that while engaging in transactions with various Digital asset platforms located throughout the world, any such platform may cease operations voluntarily or involuntarily due to theft, fraud, security breach, liquidity issues or government investigation without any recourse available to us.

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Digital asset platforms for Bitcoin may be appealing targets for cybercrime, hackers and malware and have been shut down or experienced losses of assets placed on the exchange as a result of cybercrime, and any such event is likely to result in the complete loss of assets placed on such a platform. Any governmental or regulatory action against such a Digital asset trading platform may cause assets on such exchange to become frozen for a substantial period of time or forfeited, and could result in material opportunity costs or even in the total loss of such assets. In addition, banks may refuse to process or support wire transfers to or from Digital asset trading platforms.

There are a limited number of Digital asset trading platforms for Bitcoin in operation, and many operate in jurisdictions outside of the United States. Trading on Digital asset platforms outside of the United States may involve certain risks not applicable to trading on Digital asset exchanges that operate in the United States. Foreign markets may be subject to instability, lack of regulation, temporary closures due to fraud, business failure, local capital requirements or government-mandated regulations. Digital asset platforms located outside the United States may not be subject to regulatory, investigative or prosecutorial authority through which an action or complaint regarding missing or stolen Digital assets may be brought. Additionally, due to lack of globally consistent treatment and regulation of Digital assets, certain platforms located outside the United States may not be currently available to, or may in the future become unavailable to, certain persons or entities based on their country of domicile, including the United States.

While we perform diligence on our counterparties and any Digital asset trading platforms that we may use, it may be difficult, or even impossible, to sufficiently verify the ultimate ownership and control of a Digital asset trading platform and other information for evaluating the risks associated with such counterparty or platform. Any of our Digital assets that reside on a trading platform that shuts down may be permanently unrecoverable, misapplied or otherwise lost. Additionally, to the extent that the Digital asset platforms representing a substantial portion of the trading volume in a particular Digital asset are involved in fraud or experience security failures or other operational issues, such failures may result in loss or less favorable prices of the Digital assets, which may adversely affect our business and results of operations, and consequently, an investment in our securities.

***Because there is limited guidance for financial accounting for Bitcoin and other Digital assets, the determinations that we have made for how to account for Digital asset transactions may be subject to change.***

Because there is limited guidance for the financial accounting for Bitcoin and other Digital assets and related revenue recognition has been provided by the International Accounting Standards Board or the SEC, it is unclear how we may in the future be required to account for Digital asset transactions and assets and related revenue recognition. Changes in regulatory or financial accounting standards could require us to change the accounting methods we currently intend to employ in respect of our anticipated revenues and assets and restate any financial statements produced based on those methods. Such a change or restatement could require increased professional fees and expenses and time commitment by management to address matters related to the change or restatement, increased scrutiny by the SEC and other regulatory bodies, civil or criminal penalties or stockholder litigation, which could adversely affect our business, prospects, financial condition and results of operation.

***Bitcoin transactions are irrevocable and, if stolen or incorrectly transferred, Bitcoin may be irretrievable. As a result, any incorrectly executed Bitcoin transactions could have a material adverse effect on our business, financial condition and results of operations.***

Bitcoin transactions are irrevocable, and stolen or incorrectly transferred Bitcoin may be irretrievable. As a result, any incorrectly executed or fraudulent Bitcoin transactions could adversely affect our investments and assets. Bitcoin transactions are not, from an administrative perspective, reversible without the consent and active participation of the recipient of the Bitcoin from the transaction. Once a transaction has been verified and recorded in a Block that is added to a Blockchain, an incorrect transfer of Bitcoin or a theft thereof generally will not be reversible and if an incorrect transfer or theft occurs, we may not have sufficient recourse to recover our losses from any such transfer or theft. It is possible that, through computer or human error, or through theft or criminal action, our Bitcoin rewards could be transferred in incorrect amounts or to unauthorized third parties, or to uncontrolled accounts. Further, at this time, we are not aware of any specifically enumerated U.S. or foreign governmental, regulatory, investigative or prosecutorial authority or mechanism through which to bring an action or complaint regarding missing or stolen Bitcoin. As a result, if there is human error, theft, or criminal action, we will need to rely on existing private investigative entities to investigate any potential loss of our Bitcoin assets. These third-party service providers rely on data analysis and compliance of internet service providers with traditional court orders to reveal information such as the IP addresses of any attackers who may target us. Our inability to recover any losses from such action, error or theft, could have a material adverse effect on our business, financial condition and results of operations.

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***Political or economic crises may motivate large-scale sales of Bitcoin, which could result in a reduction in some or all of Bitcoin's values and adversely affect our business, financial condition and results of operations.***

Geopolitical crises may motivate large-scale purchases of Bitcoin, which could increase the price of Bitcoin rapidly. This may increase the likelihood of a subsequent price decrease as crisis-driven purchasing behavior dissipates, adversely affecting the value of our inventory following such downward adjustment. Such risks are similar to the risks of purchasing commodities in general in uncertain times, such as the risk of purchasing, holding or selling gold. Alternatively, as an emerging asset class with limited acceptance as a payment system or commodity, global crises and general economic downturn may discourage investment in Bitcoin as investors focus their investment on less volatile asset classes as a means of hedging their investment risk.

As an alternative to Fiat currencies that are backed by central governments, Bitcoins are subject to supply and demand forces based upon the desirability of an alternative, decentralized means of buying and selling goods and services, and it is unclear how such supply and demand will be impacted by geopolitical events. Nevertheless, political or economic crises may motivate large-scale acquisitions or sales of Bitcoins either globally or locally. Large-scale sales of Bitcoins would result in a reduction in some or all Bitcoins' values and may adversely affect our business, financial condition and results of operations.

***Our operations, investment strategies and profitability may be adversely affected by competition from other methods of investing in Bitcoin or tracking Bitcoin markets.***

We compete with other users and/or companies that are Mining Bitcoin and other potential financial vehicles that seek to provide exposure to Bitcoin, including securities backed by, or linked to, Bitcoins. Market and financial conditions, and other conditions beyond our control, may make it more attractive to invest in certain financial vehicles, or to invest in Bitcoin directly, which could limit the market for our securities and reduce their liquidity. In addition, the emergence of other financial vehicles and exchange-traded funds that provide exposure to Bitcoin prices have been scrutinized by regulators and such scrutiny and the negative impressions or conclusions resulting from such scrutiny could be applied to our business and impact our ability to successfully pursue our strategy or operate at all, or to establish or maintain a public market for our securities.

The global market for Bitcoin is generally characterized by supply constraints that may differ from those present in the markets for commodities or other assets such as gold and silver. The mathematical protocols under which Bitcoin is Mined permit the creation of a limited, predetermined amount of currency, while others have no limit established on total supply. To the extent that other vehicles investing in Bitcoin or tracking Bitcoin markets form and come to represent a significant proportion of the demand for Digital assets, large redemptions of the securities of those vehicles and the subsequent sale of Bitcoin by such vehicles could negatively affect Bitcoin prices and therefore affect the value of any Bitcoin inventory we hold.

***Currently, we believe there is relatively limited use of Bitcoin in the retail and commercial marketplace in comparison to relatively sizable use by speculators, thus contributing to price volatility that could adversely affect an investment in our securities.***

We believe Bitcoin has not yet gained widespread acceptance as a means of payment for goods and services by any major retail or commercial outlets. We believe a significant portion of the demand for Bitcoin is generated by speculators and investors, some of whom may have no knowledge of the inner workings of Bitcoin. Certain of these investors may seek to profit from the short-term or long-term holding of Bitcoin, and thus, may contribute to Bitcoin price volatility. A lack of expansion in the use of Bitcoin in retail and commercial markets, or a contraction of such use, may result in increased price volatility of Bitcoin or a reduction in the market price of Bitcoin or in the demand for Bitcoin which would reduce the performance of the business and the value of Bitcoin held by us, any of which could have a material adverse effect on our business, financial condition and results of operations.

***As more processing power is added to a network, our relative percentage of total processing power on that network is expected to decline absent significant capital investment, which has an adverse impact on our ability to generate revenue from processing transactions on that network and could have a material adverse effect on our business, financial condition and results of operations.***

Processing power on networks has been increasing rapidly over time while the rewards and transaction fees available on those networks tend to decline over time. In order to grow or maintain the revenue we generate from processing transactions on such networks, we are required to invest significant capital to acquire new computer servers, expand our power capacity and otherwise increase our effective processing power on such networks. In the event we are unable to invest sufficient capital to grow or maintain the level of our processing power on a network relative to the total processing power of such network, our revenue from the applicable network will decline over time and as a result, it could have a material adverse effect on our business, financial condition and results of operations.

In addition, a decrease in the price of computer servers may result in an increase in transaction processors, which may lead to more competition for fees in a particular network. In the event we are unable to realize adequate fees on a network due to increased competition, our revenue from the applicable network will decline over time and in turn, it could have a material adverse effect on our business, financial condition and results of operations.

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***Our transactions in Bitcoin may expose us to countries, territories, regimes, entities, organizations and individuals that are subject to sanctions and other restrictive laws and regulations.***

The Office of Foreign Assets Control of the U.S. Department of the Treasury ("OFAC") and the U.S. Department of State administer and enforce economic sanctions programs based on foreign policy and national security goals against targeted countries, territories, regimes, entities, organizations and individuals. These laws and regulations may be implicated by a number of Digital assets activities, including investing or trading. Because of the anonymous nature of Blockchain transactions, we may not be able to determine the ultimate identity of the individuals with whom we transact when buying or selling Digital assets or receive Bitcoin through Mining (e.g., transaction fees, or rewards from Mining pool), and thus may inadvertently engage in transactions with persons, or entities or territories that are the target of sanctions or other restrictions. Moreover, U.S. federal law prohibits any U.S. person from knowingly or unknowingly possessing any visual depiction of child pornography. We are aware of recent media reports that have suggested that persons have imbedded such depictions on one or more Blockchains. To the extent government enforcement authorities enforce these and other laws and regulations that are impacted by Blockchain technology, we may be subject to investigation, administrative or court proceedings, and civil or criminal monetary fines and penalties, all of which could harm our reputation and affect the value of our securities.

***The market price of Bitcoin may be extremely volatile, including due to potential under-regulation. Rapid decreases in the price of Bitcoin could have a materially adverse effect on our business, financial condition and results of operations.***

Bitcoin is represented and trades on a ledger-based platform that may not necessarily benefit from a viable trading market. Stock exchanges have rules and regulations regarding marketplace conduct, and monitor investors transacting on such platforms for fraud and other improprieties. These conditions may not necessarily be replicated on a Bitcoin trading platform, depending on the platform's controls and other policies, and there are no controls regarding transactions that take place outside of organized exchanges. The market price of Bitcoin has been and may in the future continue to be extremely volatile. These factors may decrease liquidity or volume or may otherwise increase volatility of Bitcoin, which will have a material adverse effect on our ability to monetize the Bitcoin we Mine and therefore have an adverse effect on our business, financial condition and results of operations.

***Regulatory actions in one or more countries could severely affect the right to acquire, own, hold, sell or use Bitcoin or to exchange them for Fiat currency.***

One or more countries, such as India or Russia, may take regulatory actions in the future that could severely restrict the right to acquire, own, hold, sell or use Bitcoin or to exchange them for Fiat currency. In some nations, including China, it is illegal to accept payment in Bitcoin for consumer transactions and banking institutions are barred from accepting deposits of Cryptocurrencies. Such restrictions may adversely affect us as the large-scale use of Bitcoin as a means of exchange is presently confined to certain regions.

Furthermore, in the future, foreign governments may decide to subsidize or in some other way support certain large-scale Bitcoin Mining projects, thus adding Hashrate to the overall network. Such circumstances could have a material adverse effect on the amount of Bitcoin we may be able to Mine, the value of Bitcoin and any other Cryptocurrencies we may potentially acquire or hold in the future and, consequently, our business, financial condition and results of operations.

***Bitcoin Mining activities are energy-intensive, which may restrict the geographic locations of Miners, in particular, to locations with renewable sources of power. Government regulators may potentially restrict the ability of electricity suppliers to provide electricity to Bitcoin Miners, including us, or Bitcoin Mining activities generally.***

Mining Bitcoin requires significant amounts of electrical power, and electricity costs account for a material portion of our operating costs. There has been a substantial increase in the demand for electricity for Bitcoin Mining, and this has had varying level of impact on local electricity supplies. The availability and cost of electricity will impact the geographic locations in which we conduct Mining activities.

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Additionally, renewable sources of power currently form a large portion of our power mix and we expect them to continue to do so in the future. Renewable power may, depending on the source, be intermittent or variable and not always available. Some electrical grids have little storage capacity, and the balance between electricity supply and demand must be maintained at all times to avoid blackouts or other cascading problems. Intermittent sources of renewable power can provide challenges as their power can fluctuate over multiple time horizons, forcing the grid operator to adjust its day-ahead, hour-ahead, and real-time operating procedures. Any shortage of electricity supply or increase in electricity costs in any location where we operate or plan to operate may negatively impact the viability and the expected economic return for Bitcoin Mining activities in that location.

Should our operations require more electricity than can be supplied in the areas where our Mining facilities are located or should the electrical transmission grid and distribution systems be unable to provide the regular supply of electricity required, we may have to limit or suspend activities or reduce the speed of our proposed expansion, either voluntarily or as a result of either quotas imposed by energy companies or governments, or increased prices for certain users (such as us). If we are unable to procure electricity at a suitable price, we may have to shut down our operations in that particular jurisdiction either temporarily or permanently.

There may be significant competition for suitable Bitcoin Mining sites, and government regulators, including local permitting officials, may potentially restrict our ability to set up Mining sites in certain locations. The significant consumption of electricity may have a negative environmental impact, including contribution to climate change, which may give rise to public opinion against allowing the use of electricity for Bitcoin Mining activities.

If Bitcoin Mining becomes more widespread, government scrutiny related to Bitcoin Mining facilities and their energy consumption may significantly increase. This could lead to new governmental measures restricting or prohibiting the use of electricity for Bitcoin Mining activities, or Bitcoin Mining activities generally.

If we are forced to reduce our operations due to the availability or cost of electrical power, or restrictions on Bitcoin Mining activities, this will have an adverse effect on our business, prospects, financial condition and operating results.

***The open-source structure of the Bitcoin network Protocol means that the contributors to the Protocol are generally not directly compensated for their contributions in maintaining and developing the Protocol.***

The Bitcoin network operates based on an open-source Protocol, not represented by an official organization or authority. Instead, it is maintained by a group of core contributors, largely on the Bitcoin Core project on GitHub.com. This group of contributors is currently headed by Wladimir J. van der Laan, the current lead maintainer. As the Bitcoin network Protocol is not sold and its use does not generate revenues for contributors, contributors are generally not compensated for maintaining and updating the Bitcoin network Protocol. Although the MIT Media Lab's Digital Currency Initiative funds the current maintainer Wladimir J. van der Laan, among others, this type of financial incentive is not typical. The lack of guaranteed financial incentive for contributors to maintain or develop the Bitcoin network and the lack of guaranteed resources to adequately address emerging issues with the Bitcoin network may reduce incentives to address the issues adequately or in a timely manner.

There can be no guarantee that developer support will continue or be sufficient in the future. Additionally, some development and developers are funded by companies whose interests may be at odds with other participants in the network or with investors' interests. To the extent that material issues arise with the Bitcoin network Protocol and the core developers and open-source contributors are unable or unwilling to address the issues adequately or in a timely manner, the Bitcoin network and consequently our business, prospects, financial condition and operating results could be adversely affected.

***Significant contributors to all or a network for any particular Digital asset, such as Bitcoin, could propose amendments to the respective network's Protocols and software that, if accepted and authorized by such network, could adversely affect our business.***

The Bitcoin network is maintained by a group of contributors, largely on the Bitcoin Core project on GitHub.com, currently headed by Wladimir J. van der Laan. These individuals can propose refinements or improvements to the Bitcoin network's source code through one or more software upgrades that alter the Protocols and software that govern the Bitcoin network and the properties of Bitcoin, including the irreversibility of transactions and limitations on the Mining of new Bitcoin. Proposals for upgrades and discussions relating thereto take place on online forums.

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If a developer or group of developers proposes a modification to the Bitcoin network that is not accepted by a majority of Miners and users, but that is nonetheless accepted by a substantial plurality of Miners and users, two or more competing and incompatible Blockchain implementations could result, with one running the pre-modification software program and the other running the modified version (i.e., a second "Bitcoin network"). Such a hard Fork in the Blockchain typically would be addressed by community-led efforts to reunite the forked Blockchains, and several prior Forks have been resolved successfully. However, a hard Fork in the Blockchain could materially and adversely affect the perceived value of Bitcoin as reflected on one or both incompatible Blockchains. Additionally, a hard Fork will decrease the number of users and Miners available to each Fork of the Blockchain as the users and Miners on each Fork Blockchain will not be accessible to the other Blockchain and, consequently, there will be fewer Block rewards and transaction fees may decline in value. Any of the above could have a material adverse effect on our business, prospects, financial condition, and operating results.

***The development and acceptance of cryptographic and algorithmic Protocols governing the issuance of and transactions in Cryptocurrencies is subject to a variety of factors that are difficult to evaluate.***

Digital assets, such as Bitcoin, that may be used, among other things, to buy and sell goods and services are a new and rapidly evolving industry of which the Digital asset networks are prominent, but not unique, parts. The growth of the Digital asset industry, in general, and the Digital asset networks, in particular, are subject to a high degree of uncertainty. The factors affecting the further development of the Digital asset industry, as well as the Digital asset networks, include:

● continued worldwide growth in the adoption and use of Bitcoin and other Digital assets;

● government and quasi-government regulation of Bitcoin and other Digital assets and their use, or restrictions on or regulation of access to and operation of the Digital asset network or similar Digital assets systems;

● the maintenance and development of the open-source software Protocol of the Bitcoin network and Ether network;

● changes in consumer demographics and public tastes and preferences;

● the availability and popularity of other forms or methods of buying and selling goods and services, including new means of using Fiat currencies;

● general economic conditions and the regulatory environment relating to Digital assets; and

● the impact of regulators focusing on Digital assets and digital securities and the costs associated with such regulatory oversight.

The outcome of these factors could have negative effects on our ability to pursue our business strategy, which could have a material adverse effect on our business, prospects, financial condition, and operating results as well as potentially negative effect on the value of Bitcoin or any other Cryptocurrencies we may potentially acquire or hold in the future.

***Banks and financial institutions may not provide bank accounts, or may cut off certain banking or other financial services, to Bitcoin investors or businesses that engage in Bitcoin-related activities or that accept Bitcoin as payment.***

Although a number of significant U.S. banks and investment institutions have indicated they plan to begin allowing customers to carry and invest in Bitcoin, Bitcoin's acceptance and use by banks are relatively uncommon and may never become mainstream. Indeed, a number of companies and individuals engaged in Bitcoin have been unable to find banks or financial institutions that are willing to provide them with banking services.

Similarly, a number of companies and individuals or businesses associated with Bitcoin may have had and may continue to have their existing banking services discontinued with financial institutions in response to government action. We also may be unable to obtain or maintain these services for our business. The difficulty that many businesses that provide Bitcoin have and may continue to have in finding banks and financial institutions willing to provide them services may be decreasing the usefulness of Bitcoin as a payment system and harming public perception of Cryptocurrencies, and could decrease Bitcoin's usefulness and harm its public perception in the future.

The public perception of Bitcoin could be damaged if banks or financial institutions were to close the accounts of businesses engaging in Bitcoin. This could occur as a result of compliance risk, cost, government regulation or public pressure. The risk applies to securities firms, clearance and settlement firms, national stock and derivatives on commodities exchanges, the over-the-counter market and the Depository Trust Company. The adoption or implementation of similar policies, rules or regulations by these or similar entities could negatively affect our relationships with financial institutions and impede our ability to convert Bitcoin to Fiat currencies. Such factors could have a material adverse effect on our business, financial condition or results of operations.

***We are subject to counterparty risk with respect to our Bitcoin custodian.***

We use Hashkey to act as custodian for our Mined Bitcoin which are transferred from our Coinbase wallet. Our Bitcoin custodied with Hashkey are not "deposits" within the meaning of U.S. federal or state banking law, and thus balances of Digital assets held in our custodian accounts are not subject to FDIC or SIPC protections. The nature of Digital assets means that any technological difficulties experienced by Hashkey may prevent us from accessing or using our Bitcoin custodied with them. All the Hashkey's client assets are held on a pooled basis and in accordance with the Hong Kong Securities and Futures Commission ("SFC") guidelines applicable to licensed virtual asset trading platform operators. Approximately 98% of client virtual assets are generally held in cold storage and approximately 2% are generally held in hot storage. Hashkey holds their own private keys to their wallets and the Company has no access to Hashkey's private keys. A loss of such private key relating to, or a hack or other compromise of, our digital wallet would adversely affect our ability to access or sell our Bitcoin. No physical, operational and cryptographic system for the secure storage of private keys is completely secure, and loss or theft due to operational or other failure of Hashkey's operations is always possible.

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While we believe that our agreement with Hashkey provide our business with reasonable protections for our operations and the safe storage of our Bitcoin, we make no assurances that storing our Bitcoin with Hashkey is free from risk.

Recent Chapter 11 bankruptcy filings by FTX, Celsius and other Digital asset market participants have raised issues concerning ownership of the Digital assets held by such Digital asset market participants, the outcome of which is still largely unsettled. Even if it were finally determined that the customer owns the assets on deposit, the custodian may be unable to return the customer's assets in kind because of intermingling of assets and other factors. In addition, if Hashkey were to become subject to Chapter 11 bankruptcy, there is a risk that our assets held might not be recovered in full or in part.

The Company is currently seeking alternative compliant digital asset custodians and trading platforms. We intend to open a new account through our U.S. subsidiary, Coolpad Technologies, Inc. This custodian has requested the Company not disclose its name pending opening of the account. We anticipate completing the onboarding process and executing a definitive agreement with this new custodian by late June 2026 and completing the transition by the end of July 2026. Upon the successful onboarding and establishment of this new account, we plan to transition the custody and trading of our Bitcoin assets to the new platform and subsequently phase out our reliance on the Hashkey account. Prior to completing the establishment of the new U.S. third-party custodian account, we intend to continue to use the HashKey Exchange Platform.

***We may temporarily store our Bitcoin on Digital asset trading platforms which could subject our Bitcoin to the risk of loss or access.***

Although we sell our Mined Bitcoin from time to time, we may temporarily store all or a portion of our Bitcoin on various Digital asset trading platforms which requires us to rely on the security protocols of these trading platforms to safeguard our Bitcoin. Typically, when we need to sell our Bitcoin, we transfer our Bitcoin from Coinbase Wallet, a self-custodied wallet where we retain full control of our private keys (with access strictly limited to authorized personnel located in Canada),, to HashKey Exchange. All Bitcoin Mined is first 100% stored in our Coinbase Wallet. When we need to sell the Bitcoin, we transfer the Bitcoin to Hashkey Exchange. However, the Bitcoin transferred to HashKey Exchange cannot be sold immediately. Therefore, we will set an expected selling price on the HashKey Exchange platform. If the market price of Bitcoin does not reach our target, then the Bitcoin will remain temporarily stored on HashKey Exchange until either the Bitcoin price reaches our preset level and the order is executed, or we proactively lower the selling price to facilitate the transaction.

No security system is perfect and trading platforms have been subject to hacks resulting in the loss of businesses' and customers' Digital assets in the past. Such trading platforms may not be well capitalized and may not have adequate insurance necessary to cover any loss or may not compensate for loss where permitted under the laws of the relevant jurisdiction. In addition, malicious actors may be able to intercept our Bitcoin when we transact in or otherwise transfer our Bitcoin or while we are in the process of selling our Bitcoin via such trading platforms. Digital asset trading platforms have been a target for malicious actors in the past, and given the growth in their size and their relatively unregulated nature, we believe these trading platforms may continue to be targets for malicious actors. An actual or perceived security breach or data security incident at the Digital asset trading platforms with which we have accounts could harm our ability to operate, result in loss of our assets, damage our reputation and negatively affect the market perception of our effectiveness, all of which could adversely affect the value of our securities.

**Custody Location and Jurisdictional Risk Disclosure**

Assets held with HashKey Exchange may be custodied or administered through entities or infrastructure located in one or more jurisdictions, including Hong Kong, Singapore, Japan, and Bermuda, depending on the specific product, account structure, and operational arrangements.

Each of these jurisdictions is subject to its own legal, regulatory, and supervisory regimes, which may differ materially in terms of regulatory oversight, investor protections, insolvency frameworks, and enforcement mechanisms.

● **Hong Kong:** Hong Kong has an evolving regulatory framework for virtual asset service providers. While recent regulatory developments have increased oversight, changes in laws, regulatory interpretations, or policy direction—including those arising from broader geopolitical considerations—could affect the custody, transferability, or recovery of digital assets held in Hong Kong. In the event of insolvency or regulatory action, asset recovery processes may be subject to local laws and court proceedings, which could result in delays or losses.

● **Singapore:** Singapore maintains a well-developed regulatory regime for digital asset activities; however, regulatory requirements may change, and authorities retain broad powers to impose restrictions or requirements that could impact asset access, custody, or liquidity.

● **Japan:** Japan applies a highly prescriptive regulatory framework to crypto-asset service providers, including segregation and custody requirements. While this may enhance consumer protection, compliance obligations or regulatory interventions could affect operational flexibility or asset availability.

● **Bermuda:** Bermuda has positioned itself as a digital-asset-friendly jurisdiction with a bespoke regulatory regime. However, as a smaller jurisdiction, its legal and insolvency frameworks are less tested at scale, and enforcement outcomes may be less predictable than in larger financial centers.

There can be **no assurance** that the legal or regulatory protections available in any of these jurisdictions will be equivalent to those available in other markets. Political, legal, or regulatory developments in any relevant jurisdiction may adversely affect the custody, valuation, transferability, or recovery of assets held with HashKey Exchange. Where such risks are material, they may result in loss, delay, or restrictions on access to assets.

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**Risks Related to Intellectual Property** 

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***If we are unable to protect the confidentiality of our trade secrets or other intellectual property rights, our business and competitive position could be harmed.***

Our ability to conduct our business in a profitable manner relies in part on our protection of our trade secrets. We rely upon trade secret and other intellectual property laws, physical and technological security measures and contractual commitments to protect our trade secrets and other intellectual property rights, including entering into non-disclosure agreements with employees, consultants and third parties with access to our trade secrets. However, such measures may not provide adequate protection and the value of our trade secrets could be lost through misappropriation or breach of our confidentiality agreements. For example, an employee with authorized access may misappropriate our trade secrets and provide them to a competitor, and the recourse we take against such misconduct may not provide an adequate remedy to protect our interests fully, because enforcing a claim that a party illegally disclosed or misappropriated a trade secret can be difficult, expensive and time consuming, and the outcome is unpredictable. Thus, if any of our trade secrets were to be disclosed or misappropriated, our competitive position could be harmed. In addition to the risk of misappropriation and unauthorized disclosure, our competitors may develop similar or better methods independently in a manner that could prevent legal recourse by us, which could result in costly product redesign efforts, discontinuance of certain product offerings or other competitive harm. Furthermore, any of our intellectual property rights could be challenged, invalidated, circumvented, infringed, diluted, disclosed or misappropriated and adequate legal recourse may be unavailable. Thus, there can be no assurance that our trade secrets or other intellectual property rights will be sufficient to protect against competitors operating their business in a manner that is substantially similar to us.

***We may infringe on third-party intellectual property rights or other proprietary rights, which could have a material adverse effect on our business, financial condition and results of operations.***

Our commercial success depends on our ability to operate without infringing third-party intellectual property rights or other proprietary rights. For example, there may be issued patents of which we are not aware that our services or products infringe on. Also, there may be patents we believe we do not infringe on, but that we may ultimately be found to by a court of law or government regulatory agency. Moreover, patent applications are in some cases maintained in secrecy until patents are issued. Because patents can take many years to issue, there may be currently pending applications of which we are unaware that may later result in issued patents that our services or products allegedly infringe on.

Third parties could accuse us of misappropriating their trade secrets. Any claims of patent infringement or trade secret misappropriation, even claims without merit, could be costly and time-consuming to defend and could require us to divert resources away from operations. In addition, if any third party has a meritorious or successful claim that we are infringing their intellectual property, we may be forced to redesign our operations or secure a license from such third parties, which may be costly or impractical. We also may be subject to significant damages or injunctions that may cause a material adverse effect to our business and operations, if we cannot license or develop an alternative for any infringing aspect of its business, and may result in a material loss in revenue, which could adversely affect the trading price of our shares and harm our investors.

**Risks Related to Regulations and Regulatory Frameworks** 

***We are subject to a highly evolving regulatory landscape and any adverse changes to, or our failure to comply with, any laws and regulations could adversely affect our business, financial condition and results of operations.***

As Bitcoin has grown in both popularity and market size, governments around the world have reacted differently. Certain governments, such as China, have deemed Bitcoin illegal or have severely curtailed the use of Digital assets by prohibiting the acceptance of payment in Bitcoin and other Digital assets for consumer transactions and barring banking institutions from accepting deposits of Bitcoin. Other nations, however, allow Bitcoin to be used and traded without restriction. In some jurisdictions, such as in the U.S., Bitcoin is subject to extensive, and in some cases overlapping, unclear and evolving regulatory requirements. There is a risk that relevant authorities in any jurisdiction may impose more onerous regulation on Bitcoin, for example banning its use, regulating its operation or otherwise changing its regulatory treatment. Such changes may introduce a cost of compliance, or have a material impact on our business model, and therefore our financial performance and shareholder returns. If the use of Bitcoin is made illegal in jurisdictions where Bitcoin is currently traded in heavy volumes, the available market for Bitcoin may contract.

Digital asset trading platforms may also be subject to increased regulation and there is a risk that increased compliance costs are passed through to users, including us, as we exchange Bitcoin earned through our Mining activities. There is a risk that a lack of stability in the Bitcoin exchange market and the closure or temporary shutdown of Bitcoin exchanges due to fraud, business failure, hackers or malware, or government-mandated restrictions may reduce confidence in the Bitcoin network and result in greater volatility in or suppression of Bitcoin's value and consequently have an adverse impact on our operations and financial performance.

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Many of these governmental agencies and organizations, as well as public advocacy groups, have called for heightened regulatory oversight and issued advisories describing the risks posed by Digital assets to users and investors. The Bitcoin economy is novel and has little access to policymakers and lobbying organizations in many jurisdictions. Competitors from other, more established industries, including traditional financial services, may have greater access to lobbyists or governmental officials, and regulators that are concerned about the potential for illicit usage of Bitcoin and other Digital assets may effect statutory and regulatory changes with minimal input from the Digital asset sector. As a result, new laws and regulations may be proposed and adopted in the United States and internationally, or existing laws and regulations may be interpreted in new ways, that could harm the Bitcoin and Digital asset industry, which could adversely impact our business. Increasing regulation and regulatory scrutiny may result in new costs for us and our management may have to devote increased time and attention to regulatory matters or change aspects of our business. Increased regulation may also result in limitations on the uses of Bitcoin. In addition, the complexity and evolving nature of our business and the significant uncertainty surrounding the regulation of the Cryptocurrency industry requires us to exercise our judgment as to whether certain laws, rules and regulations apply to us, and it is possible that governmental bodies and regulators may disagree with our conclusions. To the extent we do not comply with such laws, rules and regulations, we could be subject to significant fines, penalties and other governmental actions, limitations on our ability to conduct operations and other regulatory consequences, each of which may be significant and could adversely affect our business, financial condition and results of operations.

***Our business and financial condition may be materially adversely affected by increased regulation of energy sources.***

There is a risk that regulatory constraints placed on energy intense industries, such as ours, may restrict the operation of, or increase the cost of operating, Mining facilities and Bitcoin Mining activities. Additionally, although we target markets with high levels of renewable energy penetration and, according to our host providers, our energy is primarily sourced from renewable sources, including approximately 9.85% from wind power and 49.25% from hydropower, we also rely on non-renewable energy sources in those facilities, including approximately 23.34% on natural gas and 10% on power generated from coal, for our energy needs. Governmental authorities have and may continue to pursue and implement legislation and regulation that seeks to limit the amount of carbon dioxide produced from electricity generation, which, as the Mining facilities we use are powered partially by non-renewable energy sources, would affect our hosts' ability to source electricity from fossil fuel-fired electric generation in a potentially material adverse manner. For example, in November 2022, New York passed a law banning certain Bitcoin Mining operations that run on carbon-based power sources. For the next two years, unless a company engaged in PoW Mining, such as ours, which requires sophisticated gear and large amounts of electricity, uses 100% renewable energy, it was not allowed to expand or renew permits, and new entrants were not allowed to come online. If the jurisdictions in which we have Mining operations implement such restrictions, the potential increases in costs arising from compliance and environmental monitoring may adversely affect our operations and financial performance.

***Failure to comply with anti-corruption and anti-money laundering laws, including the Foreign Corrupt Practices Act ("FCPA") and its counterparts with respect to our activities outside of the United States, could subject us to penalties and other adverse consequences.***

We operate an international business and may have direct or indirect interactions with officials and employees of government agencies or state-owned or affiliated entities. We are subject to the FCPA and other applicable anti-corruption and anti-money laundering laws in countries in which we conduct activities. The FCPA prohibits providing, offering, promising or authorizing, directly or indirectly, anything of value to government officials, political parties or political candidates for the purpose of obtaining or retaining business or securing any improper business advantage.

In many foreign countries, including countries in which we may conduct business, it may be a local custom that businesses engage in practices that are prohibited by the FCPA and other applicable laws and regulations. We face significant risks if we or any of our directors, officers, employees, contractors, agents or other partners or representatives fail to comply with these laws, and governmental authorities in the United States and elsewhere could seek to impose substantial civil and/or criminal fines and penalties, which could have a material adverse effect on our business, operating results, prospects and financial condition.

Any violation of the FCPA and other applicable anti-corruption laws or anti-money laundering laws could result in whistleblower complaints, adverse media coverage, investigations, loss of export privileges, severe criminal or civil sanctions and other repercussions, any of which could have a materially adverse effect on our business, operating results, prospects and financial condition. In addition, responding to any enforcement action or internal investigation related to alleged misconduct may result in a significant diversion of management's attention and resources and significant defense costs and other professional fees.

We are also subject to the rules enforced by the OFAC, including regarding sanctions and requirements not to conduct business with persons named on its specially designated nationals list. However, because of the pseudonymous nature of Blockchain transactions, we may inadvertently and without our knowledge engage in transactions with persons named on OFAC's specially designated nationals list, which may expose us to regulatory sanctions and adversely affect our business, financial condition and results of operations.

***The regulatory and legislative developments related to climate change, may materially adversely affect our business, financial condition and results of operations.***

A number of governments or governmental bodies have introduced or are contemplating legislative and regulatory changes in response to the increasing focus on climate change and its potential impact, including from governmental bodies, interest groups and stakeholders. Given the very significant amount of electrical power required to operate Bitcoin Miners, as well as the environmental impact of Mining for the rare earth metals used in the production of Mining servers, the Bitcoin Mining industry may become a target for future environmental and energy regulation. Legislation and increased regulation regarding climate change could impose significant costs on us and our suppliers, including costs related to increased energy requirements, capital equipment, environmental monitoring and reporting, costs to purchase renewable energy credits or allowances and other costs to comply with such regulations. Specifically, imposition of a tax or other regulatory fee in a jurisdiction where the Mining facilities we use are located, or on electricity that our Mining facility operators purchase, could result in substantially higher energy costs, which we pay, and due to the significant amount of electrical power required to operate Bitcoin Miners, could in turn put us at a competitive disadvantage. Any future climate change regulations could negatively impact our ability to compete with companies situated in areas not subject to such limitations.

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Given the political significance and uncertainty around the impact of climate change and how it should be addressed, we cannot predict how legislation and regulation will affect our financial condition, operating performance and ability to compete. Furthermore, even without such regulation, increased awareness and any adverse publicity in the global marketplace about potential impacts on climate change by us or other companies in our industry could harm the popularity and, therefore, the value of Bitcoin. Any of the foregoing could have a material adverse effect on our business, financial position and results of operations.

***There can be no assurance that we will not be a PFIC for U.S. federal income tax purposes, which could result in adverse U.S. federal income tax consequences to U.S. investors.***

We are a non-U.S. corporation and, as such, we will be classified as a passive foreign investment company, which is known as a PFIC, for any taxable year if, for such year, either

● At least 75% of our gross income for the year is passive income; or

● The average percentage of our assets (determined at the end of each quarter) during the taxable year that produce passive income or that are held for the production of passive income is at least 50%.

Passive income generally includes dividends, interest, rents, royalties (other than rents or royalties derived from the active conduct of a trade or business) and gains from the disposition of passive assets.

If we are determined to be a PFIC for any taxable year (or portion thereof) that is included in the holding period of a U.S. taxpayer who holds our securities, the U.S. taxpayer may be subject to increased U.S. federal income tax liability and may be subject to additional reporting requirements.

It is possible that, for our current taxable year or for any subsequent year, more than 50% of our assets may be assets which produce passive income. We will make this determination following the end of any particular tax year. We treat our affiliated entities as being owned by us for United States federal income tax purposes, not only because we exercise effective control over the operation of such entities but also because we are entitled to substantially all of their economic benefits, and, as a result, we consolidate their operating results in our consolidated financial statements. For purposes of the PFIC analysis, in general, a non-U.S. corporation is deemed to own its pro rata share of the gross income and assets of any entity in which it is considered to own at least 25% of the equity by value.

For a more detailed discussion of the application of the PFIC rules to us and the consequences to U.S. taxpayers if we were determined to be a PFIC, see "Material Tax Considerations - United States Federal Income Tax Considerations - Passive Foreign Investment Company Considerations" on page 111 of this prospectus.

***A determination that Bitcoin is a "security" may adversely affect the value of Bitcoin and our business.***

Bitcoin has been the source of much regulatory consternation, resulting in differing definitional outcomes without a single unifying statement. Bitcoin is viewed differently by different regulatory and standards setting organizations globally as well as in the United States on the federal and state levels. For example, in the U.S., the Financial Action Task Force ("FATF") and the IRS consider Bitcoin as currency or an asset or property. Further, the IRS applies general tax principles that apply to property transactions to transactions involving virtual currency. The U.S. Commodity Futures Trading Commission ("CFTC") and Hong Kong classify Bitcoin as a commodity. The SEC has also publicly stated that it considers Bitcoin to be a commodity, but that some Digital assets should be categorized as securities. How a Digital asset such as Bitcoin is characterized by a regulator impacts the rules that apply to activities related to that Digital asset.

Any determination by the SEC or any international or state securities regulator asserting that Bitcoin is a security, or a court decision to that effect, would be expected to have an immediate material adverse impact on the trading value of Bitcoin, as well as our business. This is because the business models behind most Digital assets are incompatible with regulations applying to transactions in securities. If Bitcoin is determined or asserted to be a security, it is likely to become difficult or impossible for it to be traded, cleared or custodied through the same channels used by non-security Digital assets, which in addition to materially and adversely affecting the trading value of Bitcoin is likely to significantly impact its liquidity and market participants' ability to convert it into US dollars and other currencies.

***We may be at a higher risk of litigation and other legal proceedings due to heightened regulatory scrutiny of the Cryptocurrency industry, which could ultimately be resolved against us, requiring material future cash payments or charges, which could impair our business, financial condition and results of operations.***

The nature and complexity of our business could make it susceptible to various claims, both in litigation and binding arbitration proceedings, legal proceedings and government investigations, due to the heightened regulatory scrutiny following the recent disruptions in the crypto asset markets. We believe that since Cryptocurrency Mining, and the Digital asset industry generally, is a relatively new business sector, it is more likely subject to government investigation and regulatory determination. Any claims, regulatory proceedings or litigation that could arise in the course of our business could have a material adverse effect on our business or operations, or the industry as a whole.

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***If we were deemed an "investment company" under the Investment Company Act of 1940, applicable restrictions could make it impractical for us to continue our business as contemplated and could have a material adverse effect on our business.***

An issuer will generally be deemed to be an "investment company" for purposes of the Investment Company Act of 1940 (the "1940 Act") if:

● it is an "orthodox" investment company because it is or holds itself out as being engaged primarily, or proposes to engage primarily, in the business of investing, reinvesting or trading in securities; or

● it is an inadvertent investment company because, absent an applicable exemption, it owns or proposes to acquire "investment securities" having a value exceeding 40% of the value of its total assets (exclusive of U.S. government securities and cash items) on an unconsolidated basis.

We believe that we are not and will not be primarily engaged in the business of investing, reinvesting or trading in securities, and we do not hold ourselves out as being engaged in those activities. We intend to hold ourselves out as a Bitcoin Mining business. Accordingly, we do not believe that we are an "orthodox" investment company as described in the first bullet point above.

Furthermore, while certain Cryptocurrencies may be deemed to be securities, we do not believe that certain other Cryptocurrencies, in particular Bitcoin, are securities. Our Mining activities focus on Bitcoin, which we believe should not be treated as an investment security for purposes of the 1940 Act. Therefore, we believe that less than 40% of our total assets (exclusive of U.S. government securities and cash items) on an unconsolidated basis will comprise certain other Cryptocurrencies or assets that could be considered investment securities. Accordingly, we do not believe that we are an inadvertent investment company by virtue of the 40% inadvertent investment company test as described in the second bullet point above. However, although the SEC and courts are providing increasing guidance on the treatment of Digital assets for purposes of federal securities law, this continues to be an evolving area of law. Previous statements by the SEC that Bitcoin should not be considered a security are not official policy statements by the SEC and reflect only the speakers' views, which are not binding on the SEC or any other agency or court. Therefore, it is possible that the SEC or a court could take a position that Bitcoin constitutes an investment security for purposes of the 1940 Act, which might require us to register as an investment company.

If we were to be deemed an inadvertent investment company, we may seek to rely on Rule 3a-2 under the 1940 Act, which allows an inadvertent investment company a grace period of one year from the earlier of (a) the date on which the issuer owns securities and/or cash having a value exceeding 50% of the issuer's total assets on either a consolidated or unconsolidated basis; or (b) the date on which the issuer owns or proposes to acquire investment securities having a value exceeding 40% of the value of such issuer's total assets (exclusive of U.S. government securities and cash items) on an unconsolidated basis. We are putting in place policies that we expect will work to keep the investment securities held by us at less than 40% of our total assets, which may include acquiring assets with our cash, liquidating our investment securities or seeking no-action relief or exemptive relief from the SEC if we are unable to acquire sufficient assets or liquidate sufficient investment securities in a timely manner. As Rule 3a-2 is available to an issuer no more than once every three years, and assuming no other exclusion is available to us, we would have to keep within the 40% limit for at least three years after we cease being an inadvertent investment company. This may limit our ability to make certain investments or enter into joint ventures that could otherwise have a positive impact on our earnings. In any event, we do not intend to become an investment company engaged in the business of investing and trading securities. However, there can be no assurance that we will not be deemed to be an investment company and thereby be subject to the 1940 Act.

Finally, we believe we are not an investment company under Section 3(b)(1) of the 1940 Act because we are primarily engaged in a non-investment company business.

The 1940 Act and the rules thereunder contain detailed parameters for the organization and operations of investment companies. Among other things, the 1940 Act and the rules thereunder limit or prohibit transactions with affiliates, impose limitations on the issuance of debt and equity securities, prohibit the issuance of stock options and impose certain governance requirements. We intend to continue to conduct our operations so that we will not be deemed to be an investment company under the 1940 Act. However, if anything were to happen that would cause us to be deemed to be an investment company under the 1940 Act, requirements imposed by the 1940 Act, including limitations on our capital structure, ability to transact business with affiliates and ability to compensate key employees, could make it impractical for us to continue our business as currently conducted. Compliance with the requirements of the 1940 Act applicable to registered investment companies may make it difficult for us to continue our current operations and in activities related to Bitcoin Mining, and this would materially and adversely affect our business, financial condition and results of operations.

If we were required to register as an investment company but failed to do so, the consequences could be severe. Among the various remedies it may pursue, the SEC may seek an order of a court to enjoin us from continuing to operate as an unregistered investment company. In addition, all contracts that we have entered into in the course of our business, including securities that we have offered and sold to investors, will be rendered unenforceable except to the extent of any equitable remedies that might apply. An affected investor in such case may pursue the remedy of rescission.

***If regulatory changes or interpretations of our activities require us to register under the regulations promulgated by FinCEN or FINTRAC, or otherwise under state laws where our Miners are located or under the laws of Canada, where we operate, we may incur significant compliance costs, which could be substantial or cost-prohibitive. If we become subject to these regulations, our costs in complying with them may have a material negative effect on our business and the results of our operations.* **

The Financial Crimes Enforcement Network of the U.S. Treasury Department ("FinCEN") and the Federal Bureau of Investigation ("FBI") have begun to examine the operations of the Bitcoin network, Bitcoin users and the Bitcoin exchange market with a focus on how Bitcoin can be used to launder the proceeds of illegal activities or fund criminal or terrorist enterprises, as well as the safety and soundness of platforms and other service providers that hold Bitcoin and other Digital assets for users.

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Cryptocurrencies are treated as "money" by FinCEN, and businesses engaged in the transfer of money or other payment services are subject to registration and licensure requirements at the U.S. federal level and also under U.S. state laws. While FinCEN has issued guidance that Cryptocurrency Mining, without engagement in other activities, generally does not require registration and licensure with FinCEN, this could be subject to change as FinCEN and other regulatory agencies continue their scrutiny of the Bitcoin network and Digital assets generally. To the extent that our business activities cause us to be deemed a "money services business" under the regulations promulgated by FinCEN, we may be required to comply with FinCEN regulations, including those that would mandate us to implement anti-money laundering programs, make certain reports to FinCEN and maintain certain records.

To the extent that our activities would cause us to be deemed a "money transmitter" or equivalent designation, under state law in any state in which we may operate, we may be required to seek a license or otherwise register with a state regulator and comply with state regulations that may include the implementation of anti-money laundering programs, maintenance of certain permissible investments in relation to the customer funds that we hold, recordkeeping and other operational requirements. For example, in August 2015, the New York State Department of Financial Services enacted the first U.S. regulatory framework for licensing participants in "virtual currency business activity." The regulations, known as the "BitLicense," are intended to focus on consumer protection and regulate the conduct of businesses that are involved in "virtual currencies" in New York or with New York customers and prohibit any person or entity involved in such activity to conduct activities without a license.

Such additional federal or state regulatory obligations may cause us to incur extraordinary expenses. Furthermore, we may not be capable of complying with certain U.S. federal or state regulatory obligations applicable to money services businesses and money transmitters. If we are deemed to be subject to and determine we are not able to comply with such additional regulatory and registration requirements, we may be forced to dissolve and liquidate.

FINTRAC, the anti-money laundering and anti-terrorist financing regulator in Canada, has already subsumed within its regulatory provisions the transfer of "virtual currencies," including Bitcoin, in the manner of money service businesses. Consequently, the risk referred to above relating to FinCEN applies in like manner to FINTRAC in Canada. Under Canadian law, a transferor of Cryptocurrencies might be classified as a "reporting entity" according to FINTRAC. Such classification would lead to the transferor having an obligation to report certain transactions and to submit suspicious transaction reports to FINTRAC. We do not believe that we are considered a reporting entity as we do not transfer Cryptocurrency to or for third parties; however, if we became a transferor or were deemed by FINTRAC to be a transferor in the future, we could be required to submit such reports.

***The application of the Commodity Exchange Act ("CEA") and the regulations promulgated thereunder by the Commodity Futures Trading Commission ("CFTC") to our business is unclear and is subject to change in a manner that is difficult to predict. To the extent we are deemed to be or subsequently become subject to regulation by the CFTC in connection with our business activities, we may incur additional regulatory obligations and compliance costs, which may be significant.***

The CFTC has stated and judicial decisions involving CFTC enforcement actions have confirmed that Bitcoin and other Digital assets fall within the definition of a "commodity" under the CEA, and the regulations promulgated by the CFTC thereunder ("CFTC Rules"). As a result, the CFTC has general enforcement authority to police against manipulation and fraud in the spot markets for Bitcoin and other Digital assets. From time to time, manipulation, fraud and other forms of improper trading by other participants involved in the markets for Bitcoin and other Digital assets have resulted in, and may in the future result in, CFTC investigations, inquiries, enforcement action and similar actions by other regulators and government agencies, as well as civil litigation. Such investigations, inquiries, enforcement actions and litigation may cause negative publicity for Bitcoin and other Digital assets, which could adversely impact Mining profitability.

In addition to the CFTC's general enforcement authority to police against manipulation and fraud in spot markets for Bitcoin and other Digital assets, the CFTC has regulatory and supervisory authority with respect to commodity futures, options and/or swaps ("Commodity Interests") and certain transactions in commodities offered to retail purchasers on a leveraged, margined or financed basis. Although we do not currently engage in such transactions, changes in our activities, the CEA, CFTC Rules or the interpretations and guidance of the CFTC may subject us to additional regulatory requirements, licenses and approvals which could result in significant increased compliance and operational costs.

Furthermore, trusts, syndicates and other collective investment vehicles operated for the purpose of trading in Commodity Interests may be subject to regulation and oversight by the CFTC and the National Futures Association ("NFA") as "commodity pools." If our Mining activities or transactions in Bitcoin and other Digital assets were deemed by the CFTC to involve Commodity Interests and the operation of a commodity pool for our shareholders, we could be subject to regulation as a commodity pool operator and required to register as such. Such additional registrations may result in increased expenses, thereby materially and adversely impacting an investment in our securities. If we determine it is not practicable to comply with such additional regulatory and registration requirements, we may seek to cease our operations. Any such action may adversely affect an investment in our business.

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While we are not aware of any provision of the CEA or CFTC Rules currently applicable to the Mining of Bitcoin and other Digital assets, this is subject to change. We cannot be certain how future changes in legislation, regulatory developments or changes in CFTC Rules, interpretations and policy may impact the treatment of Bitcoin and the Mining of Bitcoin. Any resulting requirements that apply to or relate to our Mining activities or our transactions in Bitcoin may cause us to incur additional extraordinary, non-recurring expenses, thereby materially and adversely impacting an investment in our securities.

***We are subject to governmental regulation and other legal obligations related to data privacy, data protection and information security. If we are unable to comply with these, we may be subject to governmental enforcement actions, litigation, fines and penalties or adverse publicity.***

We collect and process data, including personal, financial and confidential information about individuals, including our employees and business partners. The collection, use, processing and storage of such data about individuals are governed by data privacy laws, regulations, guidelines and rules. We do not currently have any formal data privacy policies and procedures in place and have not completed an assessment of whether we are in compliance with all applicable data privacy laws and regulations. Data privacy laws and regulations are complex, continue to evolve, and on occasion may be inconsistent between jurisdictions leading to uncertainty in interpreting such laws and it is possible that these laws, regulations and requirements may be interpreted and applied in a manner that is inconsistent with our existing information processing practices, and many of these laws are significantly litigated and/or subject to regulatory enforcement. The implication of this includes that various federal, state and foreign legislative or regulatory bodies may enact or adopt new or additional laws and regulations concerning data privacy, data retention, data transfer and data protection. Such laws may continue to add to our compliance costs, restrict or dictate how we collect, maintain, combine and disseminate information and could have a material adverse effect on our business, results of operations, financial condition and prospects.

In the United States, according to the Federal Trade Commission ("FTC"), failure to take appropriate steps to keep consumers' personal information secure constitutes unfair acts or practices in or affecting commerce in violation of Section 5(a) of the Federal Trade Commission Act, 15 U.S.C. § 45(a). The FTC expects a company's data security measures to be reasonable and appropriate in light of the sensitivity and volume of consumer information it holds, the size and complexity of its business and the cost of available tools to improve security and reduce vulnerabilities. Individually identifiable health information is considered sensitive data that merits stronger safeguards. State privacy and security laws vary from state to state and, in some cases, can impose more restrictive requirements than U.S. federal law. For example, California enacted the California Consumer Privacy Act ("CCPA") on June 28, 2018, which went into effect on January 1, 2020. The CCPA creates individual privacy rights for California consumers and increases the privacy and security obligations of entities handling certain personal data. The CCPA provides for civil penalties for violations, as well as a private right of action for data breaches that is expected to increase data breach litigation. Many similar laws have been proposed and/or enacted in other states and at the federal level.

Any actual or perceived failure by us or the third parties with whom we work to comply with data privacy laws, regulations, guidelines, rules or industry standards, or any security incident that results in the unauthorized release or transfer of personally identifiable information, may result in governmental enforcement actions and investigations, including by U.S. federal and state regulatory authorities, fines and penalties, litigation and/or adverse publicity, including by consumer advocacy groups, and could have a material adverse effect on our business, results of operations, financial condition and prospects.

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***Concerns about greenhouse gas emissions and global climate change may result in environmental taxes, charges, assessments or penalties and could have a material adverse effect on our business, financial condition and results of operations.***

The effects of human activity on global climate change have attracted considerable public and scientific attention, as well as the attention of the United States and other foreign governments. Efforts are being made to reduce greenhouse gas emissions, particularly those from coal combustion power plants, some of which plants we may rely upon for power. The added cost of any environmental taxes, charges, assessments or penalties levied on such power plants could be passed on to us, increasing the cost to run our facilities. Any enactment of laws or promulgations of regulations regarding greenhouse gas emissions by the United States, or any domestic or foreign jurisdiction in which we conduct business, could have a material adverse effect on our business, financial condition or results of operations.

***Increasing scrutiny and changing expectations from investors, lenders, customers, government regulators and other market participants with respect to our Environmental, Social and Governance ("ESG") policies may impose additional costs on us or expose us to additional risks.***

Certain institutional investors, investor advocacy groups, investment funds, creditors and other influential financial markets participants have become increasingly focused on companies' ESG practices in evaluating their investments and business relationships, including the impact of Bitcoin Mining operations on the environment. Certain organizations also provide ESG ratings, scores and benchmarking studies that assess companies' ESG practices. Although there are no universally adopted standards for such ratings, scores or benchmarking studies, they are used by some investors to inform their investment and voting decisions. It is possible that our future shareholders or organizations that report on, rate or score ESG practices will not be satisfied with our ESG strategy or performance. Unfavorable press about or ratings or assessments of our ESG strategies or practices, regardless of whether or not we comply with applicable legal requirements, may lead to negative investor sentiment toward us, which could have a negative impact on our stock price and our access to and cost of capital.

The increased global focus and activism related to ESG may hinder our access to capital, as investors and lenders may reconsider their capital investment allocation as a result of their assessment of our ESG practices. If we do not adapt to or comply with investor, lender or other industry shareholder expectations and standards and potential government regulations, which are evolving but may relate to the suitable deployment of electric power, or if we are perceived to have not responded appropriately to the growing concern for ESG issues, our reputation could suffer which would have a material adverse effect on our business, financial condition and results of operations.

***Our compliance and risk management methods might not be effective and may result in outcomes that could adversely affect our operating results and financial condition.***

Our ability to comply with applicable complex and evolving laws, regulations and rules is largely dependent on the establishment and maintenance of our compliance, audit and reporting systems, as well as our ability to attract and retain qualified compliance and other risk management personnel. We cannot assure you that our policies and procedures will be effective or that we will be successful in monitoring or evaluating the risks to which we are or may be exposed in all market environments or against all types of risks, including unidentified or unanticipated risks. Our risk management policies and procedures rely on a combination of technical and human controls and supervision that are subject to error and failure. Some of our methods for managing risk are discretionary by nature and are based on internally developed controls and observed historical market behavior, and also involve reliance on standard industry practices. These methods may not adequately prevent losses, particularly as they relate to extreme market movements, which may be significantly greater than historical fluctuations in the market. Our risk management policies and procedures also may not adequately prevent losses due to technical errors if our testing and quality control practices are not effective in preventing failures. In addition, we may elect to adjust our risk management policies and procedures to allow for an increase in risk tolerance, which could expose us to the risk of greater losses.

***Fluctuations in exchange rates could have a material adverse effect on our results of operations and the price of our Class A Ordinary Shares.***

Our business is conducted in Canada and the United States through our Operating Subsidiaries; therefore, our books and records are reported in Canadian dollars. The financial statements that we file with the SEC and provide to our shareholders are presented in US dollars.

Our reporting currency is the U.S. dollar. The functional currency of our Canadian subsidiary, Coolpad Technologies CA, is the Canadian dollar, Coolpad Technologies CA's assets and liabilities are expressed in US dollars at the exchange rate on the balance sheet date, which is 0.7385 ,0.7393, 0.6950 and 0.7184 as of March 31, 2024, September 30, 2024 , March 31, 2025 and September 30, 2025 respectively, shareholders' equity accounts are translated at historical rates and income and expense items were translated at the average exchange rate during the period, which is 0.7417,0.7319, 0.7190 and 0.7244 for the fiscal years ended March 31, 2024, September 30, 2024, March 31, 2025 and September 30, 2025, respectively. The functional currency of the Company and each other subsidiary is the US dollar.

Future changes in the exchange rate between the Canadian dollar and the US dollar may affect the value of our assets and the results of our operations in US dollars. Any significant revaluation of the Canadian dollar may materially and adversely affect our cash flows, revenue and financial condition.

We cannot assure you that the Canadian dollar to the US dollar will not be changed in the future. If the Canadian dollar suffers devaluation, the Canadian dollar cost of our expenditures denominated in foreign currency may increase. This would in turn adversely affect the operations and profitability of our business.

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**Risks Related to Our Securities and this Offering**

***An active trading market for our Class A Ordinary Shares may not be established or, if established, may not continue and the trading price for our Class A Ordinary Shares may fluctuate significantly.***

We cannot assure you that a liquid public market for our Class A Ordinary Shares will be established. If an active public market for our Class A Ordinary Shares does not occur following the completion of this offering, the market price and liquidity of our Class A Ordinary Shares may be materially and adversely affected. The public offering price for our Class A Ordinary Shares in this offering was determined by negotiation between us and the underwriter based on several factors, and we can provide no assurance that the trading price of our Class A Ordinary Shares after this offering will not decline below the public offering price. As a result, investors in our Class A Ordinary Shares may experience a significant decrease in the value of their Class A Ordinary Shares.

***The dual-class structure of our ordinary shares has the effect of concentrating voting control with those shareholders who hold our Class B Ordinary Shares. This ownership will limit or preclude your ability to influence important corporate matters, which may adversely affect the trading price of our Class A Ordinary Shares.***

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Each Class B Ordinary Share has ten votes per share and is convertible into one Class A Ordinary Share, whereas each Class A Ordinary Share has one vote per share and is not convertible into Class B Ordinary Shares. Following completion of this offering, giving effect to the sale of the Class A Ordinary Shares being offered hereby, Mr. Sze Wah Sam Cheung, through his control of Prime Palace and his direct ownership of 3,946,474 Class A Ordinary Shares, will control 11,941,176 Class A Ordinary Shares and 8,117,712 Class B Ordinary Shares, together representing approximately 77.60% of the total voting power of our Company, assuming that the underwriters do not exercise their over-allotment option. Because of the disparate voting ratio between our Class B and Class A Ordinary Shares, the holders of our Class B Ordinary Shares could continue to control a majority of the combined voting power of our ordinary shares and therefore control all matters submitted to our shareholders for approval. This concentrated control may limit or preclude your ability to influence corporate matters, including the election of directors, amendments to our organizational documents and any merger, consolidation, sale of all or substantially all of our assets or other major corporate transactions requiring shareholder approval. In addition, this concentrated control may prevent or discourage unsolicited acquisition proposals or offers for our capital shares that you may feel are in your best interest as one of our shareholders. Lastly, any future issuances of Class B Ordinary Shares may be dilutive to holders of Class A Ordinary Shares. As a result, such concentrated control may adversely affect the market price of our Class A Ordinary Shares.

***We may not maintain the listing of our Class A Ordinary Shares on the Nasdaq Capital Market, which could limit investors' ability to make transactions in our Class A Ordinary Shares and subject us to additional trading restrictions.***

We intend to list our Class A Ordinary Shares on the Nasdaq Capital Market concurrently with this offering. In order to continue listing our shares on the Nasdaq Capital Market, we must maintain certain financial and share price levels and we may be unable to meet these requirements in the future. We cannot assure you that our shares will continue to be listed on Nasdaq in the future.

If Nasdaq delists our Class A Ordinary Shares and we are unable to list our shares on another national securities exchange, we expect that our Class A Ordinary Shares could be quoted on an over-the-counter market in the United States. If this were to occur, we could face significant material adverse consequences, including:

● a limited availability of market quotations for our Class A Ordinary Shares;

● reduced liquidity for our Class A Ordinary Shares;

● a determination that our Class A Ordinary Shares are "penny stock," which will require brokers trading in our shares to adhere to more stringent rules and possibly result in a reduced level of trading activity in the secondary trading market for our Class A Ordinary Shares;

● a limited amount of news and analyst coverage; and

● a decreased ability to issue additional securities or obtain additional financing in the future.

As long as our Class A Ordinary Shares are listed on Nasdaq, U.S. federal law prevents or preempts states from regulating their sale. However, the law does allow states to investigate companies if there is a suspicion of fraud, and, if there is a finding of fraudulent activity, then states can regulate or bar their sale. Further, if we are no longer listed on Nasdaq, we would be subject to regulations in each state in which we offer our shares.

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***Because we do not expect to pay dividends in the foreseeable future, you must rely on price appreciation of our Class A Ordinary Shares for a return on your investment.***

We currently intend to retain all of our available funds and any future earnings after this offering to fund the development and growth of our business. As a result, we do not expect to pay any cash dividends in the foreseeable future. Therefore, you should not rely on an investment in our Class A Ordinary Shares as a source for any future dividend income. Our board of directors has complete discretion as to whether to distribute dividends. Even if our board of directors decides to declare and pay dividends, the timing, amount, and form of future dividends, if any, will depend on, among other things, our future results of operations and cash flow, our capital requirements and surplus, the amount of distributions, if any, received by us from our subsidiaries, our financial condition, contractual restrictions, and other factors as determined by our board of directors. Accordingly, the return on your investment in our Class A Ordinary Shares will likely depend entirely upon any future price appreciation of our Class A Ordinary Shares. There is no guarantee that our Class A Ordinary Shares will appreciate in value after this offering or even maintain the price at which you purchased our shares. You may not realize a return on your investment in our Class A Ordinary Shares and you may even lose your entire investment.

***Our Class A Ordinary Shares may trade below their offering price and may be subject to rapid and substantial price volatility unrelated to our performance, which could result in substantial losses to investors.***

We cannot predict the prices at which our Class A Ordinary Shares will trade. The initial public offering price of our Class A Ordinary Shares will be determined by negotiations between us and the underwriter of this offering and may not bear any relationship to the market price at which our Class A Ordinary Shares will trade after this offering or to any other established criterion of the value of our business and prospects.

Our Class A Ordinary Shares also may be subject to rapid and substantial price volatility and their trading price could fluctuate widely due to factors beyond our control. Upon the consummation of this offering, we will have a relatively small public float due to the relatively small size of this offering, and the concentrated ownership of our Class A Ordinary Shares among our executive officers and directors. As a result of our small public float, our Class A Ordinary Shares may be less liquid and have greater stock price volatility than the shares of companies with broader public ownership. In addition to market and industry factors, the price and trading volume for our Class A Ordinary Shares may be highly volatile for factors specific to our Operating Subsidiaries' operations, including the following:

● fluctuations in our Operating Subsidiaries' revenues, earnings and cash flow;

● changes in financial estimates by securities analysts;

● additions or departures of key personnel;

● release of lock-up or other transfer restrictions on our outstanding equity securities or sales of additional equity securities; and

● potential litigation or regulatory investigations.

Any of these factors may result in significant and sudden changes in the volume and price at which our shares will trade.

In addition, the stock price of a number of companies involved in initial public offerings, particularly among companies with relatively smaller public floats, has experienced extreme price and volume fluctuations that have often been unrelated or disproportionate to the operating performance of these companies. Such rapid and substantial price volatility, including any stock run-up, may be unrelated to our actual or expected operating performance and financial condition or prospects, making it difficult for prospective investors to assess the rapidly changing value of our stock. This volatility may prevent you from being able to sell your securities at or above the price you paid for your securities. If the market price of our Class A Ordinary Shares after this offering does not exceed the initial public offering price, you may not realize any return on your investment in us and may lose some or all of your investment.

Furthermore, in the past, shareholders of public companies have often brought securities class action suits against those companies following periods of instability in the market price of their securities. If we were involved in a class action suit, it could divert a significant amount of our management's attention and other resources from our business and operations and require us to incur significant expenses to defend the suit, which could harm our results of operations. Any such class action suit, whether or not successful, could harm our reputation and restrict our ability to raise capital in the future. In addition, if a claim is successfully made against us, we may be required to pay significant damages, which could have a material adverse effect on our financial condition and results of operations.

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***Nasdaq may apply additional and more stringent criteria for our continued listing.***

Nasdaq Listing Rule 5101 provides Nasdaq with broad discretionary authority over the initial and continued listing of securities in Nasdaq and Nasdaq may use such discretion to deny initial listing, apply additional or more stringent criteria for the initial or continued listing of particular securities, or suspend or delist particular securities based on any event, condition, or circumstance that exists or occurs that makes initial or continued listing of the securities on Nasdaq inadvisable or unwarranted in the opinion of Nasdaq, even though the securities meet all enumerated criteria for initial or continued listing on Nasdaq. In addition, Nasdaq has used its discretion to deny initial or continued listing or to apply additional and more stringent criteria in the instances, including but not limited to where the company engaged an auditor that has not demonstrated sufficient resources, geographic reach, or experience to adequately perform the company's audit; (ii) where a company planned a small public offering, which would result in insiders holding a large portion of the company's listed securities, Nasdaq was concerned that an offering size was insufficient to establish the company's initial valuation, and there would not be sufficient liquidity to support a public market for the company; and (iii) where the company did not demonstrate sufficient nexus to the U.S. capital market, including having no U.S. shareholders, operations or members of the board of directors or management. We may be subject to the additional and more stringent criteria of Nasdaq for our continued listing, which might cause delay or even denial of our listing application for our Class A Ordinary Shares.

***We currently report our financial results under IFRS, which differs in certain significant respects from U.S. GAAP.***

We report our financial statements under IFRS. There are and there may in the future be certain significant differences between IFRS and U.S. GAAP. As a result, our financial information and reported earnings for historical or future periods could be significantly different if they were prepared in accordance with U.S. GAAP. In addition, we do not intend to provide a reconciliation between IFRS and U.S. GAAP unless it is required under applicable law. As a result, you may not be able to meaningfully compare our financial statements under IFRS with those companies that prepare their financial statements under U.S. GAAP.

***The sole director of our Controlling Shareholder will continue to have significant influence over us after this offering, including control over decisions that require the approval of holders of our Class A Ordinary Shares.***

Sze Wah Sam Cheung, one of our Executive Directors, is currently the beneficial owner of 13,191,176 Class A Ordinary Shares and 8,117,712 Class B Ordinary Shares, which represent approximately 81.2% of the issued and outstanding Class A Ordinary Shares and 81.2% of the issued and outstanding Class B Ordinary Shares or 81.2% of the total aggregate voting power. Mr. Cheung will beneficially own approximately 77.60% of the total voting power of the Company's issued and outstanding share capital immediately following this offering, assuming that the underwriters do not exercise their over-allotment option. Therefore, Mr. Cheung will continue to be able to exert significant voting influence over our business, including decisions regarding mergers, consolidations and the sale of all or substantially all of our assets, the election of directors and other significant corporate actions. These actions may be taken even if they are opposed by our other shareholders, including those who purchase Class A Ordinary Shares in this offering. Moreover, this concentration of ownership may discourage, delay or prevent a change in control of the Company, which could deprive our shareholders of an opportunity to receive a premium for their shares as part of a sale of the Company and might have an adverse effect on the price of our Class A Ordinary Shares. Mr. Cheung may have interests that are different from yours and may vote in a way with which you disagree and that may be adverse to your interests.

***Our officers and directors presently have, and any of them in the future may have, additional fiduciary or contractual obligations to another entity, Coolpad Group Limited, and, accordingly, may have conflicts of interest in allocating their time between us and Coolpad Group Limited.***

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Mr. Chen and Mr. Ma, our Chief Executive Officer and Chief Financial Officer, respectively, are also executive officers and directors of Coolpad Group Limited. Each have committed in their service contract with the Company to devote not less than 40 hours a week to the operations and/or management of the Group, as the case may be. There may be a conflict of interest between their fiduciary duties and contractual obligations to Coolpad Group Limited and their duties and obligations to our Company and they may prioritize the other company's interests over ours, including the amount of time devoted to each company's affairs. Each of our officers and directors in the future may have additional fiduciary, contractual or other obligations or duties to one or more other entities pursuant to which, among other things, such officer or director may be required to dedicate a greater portion of their time to such entity than they devote to our Company. See "Management - Conflict of Interest," on page 95 of this prospectus.

Our officers and directors are not required to commit their full time to our affairs and will allocate their time to other businesses. We presently expect each of our employees to devote such amount of time as they reasonably believe is necessary to our business (which could range from only a few hours a week to a majority of their time, depending on the operational business circumstances at hand). The past successes of our executive officers and directors do not guarantee that we will continue to have successful operations.

***Because our public offering price per Class A Ordinary Share is substantially higher than our book value per share, you will experience immediate and substantial dilution.***

If you purchase Class A Ordinary Shares in this offering, you will pay substantially more than our net tangible book value per Class A Ordinary Share. As a result, you will experience immediate and substantial dilution of US$4.00 per share, representing the difference between our as adjusted net tangible book value per Class A Ordinary Share of US$0.50 as of September 30, 2025, after giving effect to the net proceeds to us from this offering, assuming no change to the number of Class A Ordinary Shares offered by us as set forth on the cover page of this prospectus and an assumed public offering price of US$4.50 per share, which is the mid-point of the public offering price range. See "Dilution" for a more complete description of how the value of your investment in our Class A Ordinary Shares will be diluted upon the completion of this offering.

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***As an exempted company incorporated in the Cayman Islands, we are permitted to adopt certain home country practices in relation to corporate governance matters that differ significantly from Nasdaq Capital Market corporate governance listing standards. These practices may afford less protection to shareholders than they would enjoy if we complied fully with Nasdaq Capital Market corporate governance listing standards.***

As a foreign private issuer that has applied to list our Class A Ordinary Shares on the Nasdaq Capital Market, we rely on a provision in the Nasdaq Capital Market corporate governance listing standards that allows us to follow Cayman Islands law with regard to certain aspects of corporate governance. This allows us to follow certain corporate governance practices that differ in significant respects from the corporate governance requirements applicable to U.S. companies listed on the Nasdaq Capital Market.

For example, we are exempt from Nasdaq Capital Market regulations that require a listed U.S. company to:

● have a majority of the board of directors consist of independent directors;

● require non-management directors to meet on a regular basis without management present;

● have an independent compensation committee;

● have an independent nominating committee; and

● seek shareholder approval for the implementation of certain equity compensation plans and dilutive issuances of Ordinary Shares, such as transactions, other than a public offering, involving the sale of 20% or more of our Ordinary Shares for less than the greater of the book or market value of the shares.

As a foreign private issuer, we are permitted to follow home country practice in lieu of the above requirements. Our audit committee is required to comply with the provisions of Rule 10A-3 of the Exchange Act, which is applicable to U.S. companies listed on the Nasdaq Capital Market. Therefore, we intend to have a fully independent audit committee upon effectiveness of the registration statement of which this prospectus is a part, in accordance with Rule 10A-3 of the Exchange Act. However, because we are a foreign private issuer, our audit committee is not subject to additional Nasdaq Capital Market corporate governance requirements applicable to listed U.S. companies, including the requirements to have a minimum of three members and to affirmatively determine that all members are "independent," using more stringent criteria than those applicable to us as a foreign private issuer.

Further, because we are a foreign private issuer under the Exchange Act, we are exempt from certain provisions of the securities rules and regulations in the United States that are applicable to U.S. domestic issuers, including:

● the rules under the Exchange Act requiring the filing of quarterly reports on Form 10-Q or current reports on Form 8-K with the SEC;

● the sections of the Exchange Act regulating the solicitation of proxies, consents, or authorizations in respect of a security registered under the Exchange Act;

● the sections of the Exchange Act requiring insiders to file public reports of their share ownership and trading activities and liability for insiders who profit from trades made in a short period of time;

● Our 10% shareholders who are not officers or directors are exempt from Section 16(a) reporting requirements; and

● the selective disclosure rules by issuers of material non-public information under Regulation FD.

We will be required to file an annual report on Form 20-F within four months of the end of each fiscal year. In addition, we intend to publish our financial results on a semi-annual basis through press releases distributed pursuant to the rules and regulations of the Nasdaq Capital Market. Press releases relating to financial results and material events will also be furnished to the SEC on Form 6-K. However, the information we are required to file with or furnish to the SEC will be less extensive and less timely compared to that required to be filed with the SEC by U.S. domestic issuers. As a result, you may not be afforded the same protections or information that would be made available to you if you were investing in a U.S. domestic issuer.

***We may lose our foreign private issuer status in the future, which could result in significant additional costs and expenses to us.***

As discussed above, we are a foreign private issuer and, therefore, we are not required to comply with all of the periodic disclosure and current reporting requirements of the Exchange Act. The determination of foreign private issuer status is made annually on the last Business Day of an issuer's most recently completed second fiscal quarter, and, accordingly, the next determination will be made with respect to us on September 30, 2026. In the future, we would lose our foreign private issuer status if: (i) more than 50% of our outstanding voting securities are owned by U.S. residents; and (ii) a majority of our directors or executive officers are U.S. citizens or residents, or we fail to meet additional requirements necessary to avoid the loss of foreign private issuer status. If we were to lose our foreign private issuer status, we would be required to file with the SEC periodic reports and registration statements on U.S. domestic issuer forms, which are more detailed and extensive than the forms available to a foreign private issuer. We would also have to comply with U.S. federal proxy requirements and our 10% shareholders who are not officers or directors would no longer be exempt from Section 16(a) reporting requirements. In addition, we would lose our ability to rely upon exemptions from certain corporate governance requirements under the listing rules of Nasdaq. As a U.S. listed public company that is not a foreign private issuer, we would incur significant additional legal, accounting, and other expenses that we do not incur as a foreign private issuer.

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***We will incur significantly increased costs and devote substantial management time as a result of the listing of our Class A Ordinary Shares on the Nasdaq Capital Market.***

We will incur additional legal, accounting and other expenses as a public reporting company, particularly after we cease to qualify as an emerging growth company. For example, we will be required to comply with the additional requirements of the rules and regulations of the SEC and Nasdaq rules, including applicable corporate governance practices. We expect that compliance with these requirements will increase our legal and financial compliance costs and will make some activities more time-consuming and costly. In addition, we expect that our management and other personnel will need to divert attention from operational and other business matters to devote substantial time to these public company requirements. We cannot predict or estimate the number of additional costs we may incur as a result of becoming a public company or the timing of such costs.

In addition, changing laws, regulations and standards relating to corporate governance and public disclosure are creating uncertainty for public companies, increasing legal and financial compliance costs, and making some activities more time-consuming. These laws, regulations and standards are subject to varying interpretations, in many cases due to their lack of specificity, and, as a result, their application in practice may evolve over time as new guidelines are provided by regulatory and governing bodies. This could result in continuing uncertainty regarding compliance matters and higher costs necessitated by ongoing revisions to disclosure and governance practices. We intend to invest resources to comply with evolving laws, regulations and standards, and this investment may result in increased general and administrative expenses and a diversion of management's time and attention from revenue-generating activities to compliance activities. If our efforts to comply with new laws, regulations and standards differ from the activities intended by regulatory or governing bodies due to ambiguities related to their application and practice, regulatory authorities may also initiate legal proceedings against us, and our business may be adversely affected.

***You may have more difficulties protecting your interests than you would as a shareholder of a U.S. corporation.***

We are an exempted company incorporated under the laws of the Cayman Islands with limited liability. Our corporate affairs are governed by our Amended and Restated Memorandum and Articles of Association, the Companies Act and the common law of the Cayman Islands. The rights of shareholders to take action against our directors and us, actions by minority shareholders and the fiduciary duties of our directors to us under Cayman Islands law are to a large extent governed by the common law of the Cayman Islands. The common law of the Cayman Islands is derived in part from comparatively limited judicial precedent in the Cayman Islands as well as from English common law, the decisions of whose courts are of persuasive authority, but are not binding, on a court in the Cayman Islands. The rights of our shareholders and the fiduciary duties of our directors under Cayman Islands law are not as clearly established as they would be under statutes or judicial precedent in some jurisdictions in the United States. In particular, the Cayman Islands has a less developed body of securities laws than the United States. Some U.S. states, such as Delaware, have more fully developed and judicially interpreted bodies of corporate law than the Cayman Islands. In addition, Cayman Islands companies may not have the standing to initiate a shareholder derivative action in a federal court of the United States.

Shareholders of Cayman Islands exempted companies like us have no general rights under Cayman Islands law to obtain copies of the register of members or corporate records of the company. They will, however, have such rights as may be set out in the company's articles of association. A Cayman Islands exempted company may maintain its principal register of members and any branch registers in any country or territory, whether within or outside the Cayman Islands, as the company may determine from time to time. There is no requirement for an exempted company to make any returns of members to the Registrar of Companies in the Cayman Islands. The names and addresses of the members are, accordingly, not a matter of public record and are not available for public inspection. However, an exempted company shall make available at its registered office, in electronic form or any other medium, such register of members, including any branch register of member, as may be required of it upon service of an order or notice by the Tax Information Authority pursuant to the Tax Information Authority Act (2013 Revision) of the Cayman Islands. This may make it more difficult for you to obtain the information needed to establish any facts necessary for a shareholder resolution or to solicit proxies from other shareholders in connection with a proxy contest.

Certain corporate governance practices in the Cayman Islands, which is our home country, may differ significantly from requirements for companies incorporated in other jurisdictions such as U.S. states. Currently, we plan to rely on home country practice with respect to certain corporate governance matters. Accordingly, our shareholders may be afforded less protection than they otherwise would under rules and regulations applicable to U.S. domestic issuers.

As a result of all of the above, shareholders may have more difficulty in protecting their interests in the face of actions taken by our management, members of our board of directors or our Controlling Shareholder than they would as shareholders of a company incorporated in a U.S. state. For a discussion of significant differences between the provisions of the Companies Act and the laws applicable to companies incorporated in a U.S. state and their shareholders, see "Description of Share Capital — **Differences in Corporate Law**" on page 104 of this prospectus.

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***Certain judgments obtained against us by our shareholders may not be enforceable.***

We are a Cayman Islands exempted company and a large portion of our assets are located outside of the United States. In addition, all of our current directors and officers are nationals and residents of countries other than the United States and substantially all of the assets of these persons are located outside the United States. As a result, it may be difficult for a shareholder to effect service of process within the United States upon these persons or to enforce against us or them judgments obtained in United States courts, including judgments predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States. Even if you are successful in bringing an action of this kind, the laws of the Cayman Islands may render you unable to enforce a judgment against our assets or the assets of our directors and officers. For more information regarding the relevant laws of the Cayman Islands, see "Enforceability of Civil Liabilities" on page 48 of this prospectus. As a result of all of the above, our shareholders may have more difficulties in protecting their interests through actions against us or our officers, directors or major shareholders than would shareholders of a corporation incorporated in a jurisdiction in the United States.

Our executive management's day-to-day management activities are principally conducted outside of mainland China and Hong Kong. Our Chief Executive Officer, Mr. Jiajun Chen, and our President, Mr. Sze Wah Sam Cheung, are Canadian nationals who are primarily based outside mainland China and Hong Kong. They dedicate the vast majority of their time to traveling internationally and managing business affairs across key global markets, including the United States, Singapore, Japan and Canada. Furthermore, among our independent non-executive directors, Ms. Cynthia Sin Yee Cheung is an Australian national. This globally distributed management structure significantly mitigates our reliance on any single geographic region.

However, investors should note that certain of our officer and directors maintain ties to mainland China or Hong Kong. Specifically, our Chief Financial Officer, Mr. Fei Ma, is a PRC national who spends a significant portion of his time in Hong Kong, and two of our independent non-executive directors, Ms. Guan Wang and Mr. Kingyin Wong, hold Hong Kong passports. As advised by our PRC counsel, Lifang & Partners Shenzhen Office and Hong Kong counsel, Robertsons, respectively, the United States does not have treaties providing for the reciprocal recognition and enforcement of judgments of courts with the PRC or Hong Kong in civil and commercial matters.

As a result of this lack of reciprocity, if any of these specific individuals are served with process, or if shareholders seek to enforce judgments obtained in United States courts against them or their assets located in mainland China or Hong Kong, shareholders will face significant legal hurdles. Effecting service of process or enforcing such judgments may require initiating new legal proceedings or undergoing complex, uncertain judicial recognition processes in these local jurisdictions, which inherently impose substantial time constraints and prohibitive financial costs on investors. For more information regarding the relevant laws of the United States, Hong Kong and the PRC, see "Enforceability of Civil Liabilities" on page 48 of this prospectus.

***We are an emerging growth company within the meaning of the Securities Act and may take advantage of certain reduced reporting requirements.***

We are an "emerging growth company," as defined in the JOBS Act, and we may take advantage of certain exemptions from various requirements applicable to other public companies that are not emerging growth companies including, most significantly, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act for so long as we are an emerging growth company. As a result, if we elect not to comply with such auditor attestation requirements, our investors may not have access to certain information they may deem important.

The JOBS Act also provides that an emerging growth company does not need to comply with any new or revised financial accounting standards until such date that a private company is otherwise required to comply with such new or revised accounting standards. In other words, an "emerging growth company" can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. However, the extended transition period under the JOBS Act for complying with new or revised accounting standards is not applicable to us since we report under IFRS.

***If securities or industry analysts do not publish research or publish unfavorable or inaccurate research about our business or about the business of Cryptocurrency Mining in general, the market price and trading volume of our Class A Ordinary Shares could decline.***

The market price and trading volume of our Class A Ordinary Shares following the completion of this offering will be heavily influenced by the way analysts interpret our financial information and other disclosures and by reports that industry or securities analysts publish about our business or the Cryptocurrency Mining business in general. We do not have control over these analysts. If few securities analysts commence coverage of us or if securities or industry analysts cease coverage of us, downgrade our Class A Ordinary Shares or publish negative reports about our business or the business of Cryptocurrency Mining in general, the trading price and trading volume of our Class A Ordinary Shares could decline.

***The sale or availability for sale of substantial amounts of our Class A Ordinary Shares could adversely affect their market price.***

Sales of substantial amounts of our Class A Ordinary Shares in the public market after the completion of this offering, or the perception that these sales could occur, could adversely affect the market price of our Class A Ordinary Shares, and could materially impair our ability to raise capital through equity offerings in the future. Prior to the sale of our Class A Ordinary Shares in this offering, we have 16,250,000 Class A Ordinary Shares issued and outstanding. The Class A Ordinary Shares sold in this offering will be freely tradable without restriction or further registration under the Securities Act, and Class A Ordinary Shares held by our existing shareholders may also be sold in the public market in the future, subject to the restrictions in Rule 144 and Rule 701 under the Securities Act and applicable lock-up agreements. There will be 20,000,000 Class A Ordinary Shares outstanding immediately after this offering assuming the underwriters do not exercise their overallotment option. In connection with this offering, our directors and officers named in the section "Management" and certain shareholders have agreed not to sell any securities until 180 days after the effective date of the registration statement of which this prospectus is a part without the prior written consent of the underwriter (save for the Class A Ordinary Shares offered by the Selling Shareholder in this offering). However, the underwriter may release these securities from these restrictions at any time. We cannot predict what effect, if any, market sales of securities held by our Controlling Shareholder or any other shareholder or the availability of these securities for future sale will have on the market price of our Class A Ordinary Shares. See "Shares Eligible for Future Sale" and "Underwriting" on pages 113 and 114, respectively, of this prospectus for a more detailed description of the restrictions on selling our securities after this offering.

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***Short selling may drive down the market price of our Class A Ordinary Shares.***

Short selling is the practice of selling shares that the seller does not own but rather has borrowed from a third party with the intention of buying identical shares back at a later date to return to the lender. The short seller hopes to profit from a decline in the value of the shares between the sale of the borrowed shares and the purchase of the replacement shares, as the short seller expects to pay less in that purchase than it received in the sale. As it is in the short seller's interest for the price of the shares to decline, many short sellers publish, or arrange for the publication of, negative opinions and allegations regarding the relevant issuer and its business prospects in order to create negative market momentum and generate profits for themselves after selling the shares short. These short attacks have, in the past, led to the selling of shares in the market. If we were to become the subject of any unfavorable publicity, whether such allegations are proven to be true or untrue, we could have to expend a significant amount of resources to investigate such allegations and/or defend ourselves. While we would strongly defend against any such short seller attacks, we may be constrained in the manner in which we can proceed against the relevant short seller by principles of freedom of speech, applicable state law or issues of commercial confidentiality.

***You must rely on the judgment of our management as to the uses of the net proceeds from this offering, and such uses may not produce income or increase our share price.***

We plan to use the net proceeds of this offering primarily as follows: (i) approximately 60% for the purchase of Bitcoin Mining equipment for use in additional hosted Mining facilities, for Bitcoin and for the execution of our expansion plan, which includes the acquisition and development of proprietary Mining facilities and investment in critical power and information technology infrastructure; (ii) approximately 20% to procure high-performance Bitcoin mining rigs to upgrade and scale our overall computational power; and (iii) approximately 20% for general working capital. However, our actual use of the net proceeds may vary substantially from the uses contemplated herein and you may not agree with management's choices in that regard. We will not receive any of the proceeds from the sale of the Selling Shareholder's shares through the underwriter. In addition, such uses may not produce income or increase our share price. See "Use of Proceeds" on page 50 of this prospectus.

***Perception of continuing Hong Kong related risks and potential future exposure if operations resume in Hong Kong or the PRC***

Given our historical ties to Hong Kong and the PRC and the heightened regulatory and political sensitivity surrounding issuers with any PRC-related nexus, we may continue to face increased scrutiny from regulators and investors, and negative market sentiment toward PRC or Hong Kong related companies could adversely affect the trading price and liquidity of our Class A Ordinary Shares, even though we no longer maintain operations in Hong Kong or the PRC. If in the future we re-establish operations, assets or subsidiaries in Hong Kong or the PRC, the legal, regulatory and political risks associated with operating in those jurisdictions, including potential intervention or oversight by PRC authorities, could again become applicable to our business and could materially and adversely affect our operations, financial condition and the value of our Class A Ordinary Shares.

***You may experience difficulties in effecting service of legal process, enforcing foreign judgments or bringing actions in Hong Kong against us or our management named in this prospectus based on Hong Kong laws.***

Investors should note that certain of our officer and directors maintain ties to mainland China or Hong Kong. Specifically, our Chief Financial Officer, Mr. Fei Ma, is a PRC national who spends a significant portion of his time in Hong Kong, and two of our independent non-executive directors, Ms. Guan Wang and Mr. Kingyin Wong, hold Hong Kong passports. The United States does not have treaties providing for the reciprocal recognition and enforcement of judgments of courts with the PRC or Hong Kong in civil and commercial matters.

You may experience difficulties in effecting service of legal process, enforcing foreign judgments or bringing actions in Hong Kong against us or our Mr. Fei Ma, Ms. Guan Wang and Mr. Kingyin Wong, as judgments entered in the United States can be enforced in Hong Kong only at common law. If you want to enforce a judgment of the United States in Hong Kong, it must be a final judgment conclusive upon the merits of the claim, for a liquidated amount in a civil matter and not in respect of taxes, fines, penalties or similar charges, the proceedings in which the judgment was obtained must not be contrary to natural justice and the enforcement of the judgment must not be contrary to public policy of Hong Kong. Such a judgment must be for a fixed sum and must also come from a "competent" court as determined by the private international law rules applied by the Hong Kong courts. For more information regarding the relevant laws of the Cayman Islands and Hong Kong, see "Enforceability of Civil Liabilities" on page 48 of this prospectus.

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**ENFORCEABILITY OF CIVIL LIABILITIES**

Our Company is an exempted company incorporated with limited liability under the laws of the Cayman Islands. We are incorporated in the Cayman Islands because of certain benefits associated with being a Cayman Islands company, such as political and economic stability, an effective judicial system, a favorable tax system, the absence of foreign exchange control or currency restrictions and the availability of professional and support services. However, the Cayman Islands has a less developed body of securities laws as compared to the United States and provides less protection for investors. In addition, Cayman Islands companies may not have standing to sue before the U.S. federal courts.

Our Miners are located in the United States and Canada. Our Bitcoin rewards and transaction fees are paid directly to our Operating Subsidiaries in Canada and the United States. In addition, our senior executive officers are located in Hong Kong for a significant portion of the time and are Hong Kong, Canadian or PRC nationals. As a result, it may be difficult for our shareholders to effect service of process upon us or those persons or to enforce in Hong Kong any judgment obtained in a U.S. court against us or any of such persons, including judgments based upon the civil liability provisions of the U.S. securities laws or any U.S. state or territory.

We have appointed Puglisi & Associates, 850 Library Avenue, Suite 204, Newark, Delaware 19711 as our agent upon whom process may be served in any action brought against us under the securities laws of the United States.

**Cayman Islands**

Conyers Dill & Pearman, our counsel as to Cayman Islands law, has advised us that there is uncertainty as to whether the courts of the Cayman Islands would (i) recognize or enforce judgments of the U.S. courts obtained against us or our directors or executive officers that are predicated upon the civil liability provisions of the U.S. securities laws or any U.S. state; or (ii) entertain original actions brought in the Cayman Islands against us or our directors or executive officers that are predicated upon the U.S. securities laws or the securities laws of any U.S. state.

We have been advised by Conyers Dill & Pearman that although there is no statutory enforcement in the Cayman Islands of judgments obtained in the federal or state courts of the United States (and the Cayman Islands are not a party to any treaties for the reciprocal enforcement or recognition of such judgments), the courts of the Cayman Islands would recognize as a valid judgment, a final and conclusive judgment *in personam* obtained in the federal or state courts of the United States against the Company under which a sum of money is payable (other than a sum of money payable in respect of multiple damages, taxes or other charges of a like nature or in respect of a fine or other penalty) or, in certain circumstances, an *in personam* judgment for non-monetary relief, and would give a judgment based thereon provided that (a) such courts had proper jurisdiction over the parties subject to such judgment; (b) such courts did not contravene the rules of natural justice of the Cayman Islands; (c) such judgment was not obtained by fraud; (d) the enforcement of the judgment would not be contrary to the public policy of the Cayman Islands; (e) no new admissible evidence relevant to the action is submitted prior to the rendering of the judgment by the courts of the Cayman Islands; and (f) there is due compliance with the correct procedures under the laws of the Cayman Islands. However, the Cayman Islands courts are unlikely to enforce a judgment obtained from United States courts under civil liability provisions of the U.S. federal securities law if such judgment is determined by the courts of the Cayman Islands to give rise to obligations to make payments that are penal or punitive in nature. Because such a determination has not yet been made by a court of the Cayman Islands, it is uncertain whether such civil liability judgments from U.S. courts would be enforceable in the Cayman Islands. A Cayman Islands court may stay enforcement proceedings if concurrent proceedings are being brought elsewhere.

**Canada**

We have been advised by our Canadian counsel, Aird & Berlis LLP, that the Cayman Islands and Canada are not parties to any treaties for the reciprocal enforcement or recognition of judgments. However, judgments of the Cayman Islands Grand Court (each, a "Judgment") nevertheless may be enforced in Canada under the following circumstances: in any proceeding in a court of competent jurisdiction in the Province of Ontario, the Province of Manitoba or a federally constituted court in Canada (a "Canada Court") for the enforcement of the Judgment, the Canada Court would apply the laws of the Cayman Islands ("Cayman Islands Law"), in accordance with the parties' choice of Cayman Islands Law, to all issues that are to be determined in accordance with Cayman Islands Law as the chosen law of the contract, provided that: (i) the parties' choice of Cayman Islands Law is *bona fide* and legal and there is no reason for avoiding the choice on the grounds of public policy, as such term is interpreted under the laws of Canada ("Canadian Public Policy"); and (ii) in any such proceeding, and notwithstanding the parties' choice of law, the Canada Court will: (a) not take judicial notice of the provisions of Cayman Islands Law but only apply such provisions if they are pleaded and proven by expert testimony, (b) not apply any Cayman Islands Law and will apply the laws of Canada to matters that would be characterized under the laws of Canada as procedural, (c) apply provisions of the laws of Canada that have overriding effect, (d) not apply any Cayman Islands Law if such application would be characterized under the laws of Canada as the direct or indirect enforcement of a foreign revenue, expropriation, penal or other public law or if its application would be contrary to Canadian Public Policy and (e) not enforce the performance of any obligation that is illegal under the laws of any jurisdiction in which the obligation is to be performed. A Canada Court would render a judgment based on a final and conclusive *in personam* judgment of the Cayman Islands Grand Court for a sum certain, obtained with respect to a claim arising out of the Judgment of the Cayman Islands Grand Court without reconsideration of the merits, provided that an action to enforce the Cayman Islands Judgment must be commenced in the Canada Court within any applicable limitation period; the Canada Court has the discretion to stay or decline to hear an action on the Cayman Islands Judgment if that judgment is under appeal or there is another subsisting judgment in any jurisdiction relating to the same cause of action, the Canada Court will render judgment only in Canadian dollars; and, an action in the Canada Court on the Cayman Islands Judgment may be affected by bankruptcy, insolvency or other similar laws affecting the enforcement of creditors' rights generally; and the Cayman Islands Judgment is subject to a defense if it was obtained by fraud or in a manner contrary to the principles of natural justice, is for a claim that under Canadian law would be characterized as based on foreign revenue, expropriation, penal or other public law, is contrary to Canadian Public Policy or to an order made by the Attorney General of Canada under the Foreign Extraterritorial Measures Act (Canada) or by the Competition Tribunal under the Competition Act (Canada) in respect of certain judgments referred to in those statutes, or has been satisfied or is void under Cayman Islands Law. Aird & Berlis LLP has also advised that any waiver of jury trial would also be effective in any legal action in Canada in respect of the enforcement of the Cayman Islands Judgment.

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We have been further advised by Aird & Berlis LLP that, while there is no treaty for the reciprocal enforcement or recognition of judgments between Canada and the United States, the principles set out above would apply in equal measure to the enforcement of U.S. judgments in Canada. However, certain provinces of Canada, including particularly, Manitoba, where a number of our Miners are located, have reciprocal enforcement treaties with Washington State and with the state of Idaho.

**Hong Kong**

Certain of our officer and directors maintain ties to mainland China or Hong Kong. Specifically, our Chief Financial Officer, Mr. Fei Ma, is a PRC national who spends a significant portion of his time in Hong Kong, and two of our independent non-executive directors, Ms. Guan Wang and Mr. Kingyin Wong, hold Hong Kong passports. As advised by our PRC counsel and Hong Kong counsel respectively, the United States does not have treaties providing for the reciprocal recognition and enforcement of judgments of courts with the PRC or Hong Kong in civil and commercial matters.

Our counsel as to the laws of Hong Kong, Robertsons, has advised us that there is uncertainty as to whether the courts of Hong Kong would (i) recognize or enforce judgments of U.S. courts obtained against us or our directors or officers predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States; or (ii) entertain original actions brought in Hong Kong against us or our directors or officers predicated upon the securities laws of the United States or any state in the United States.

A judgment of a court in the United States predicated upon U.S. federal or state securities laws may be enforced in Hong Kong at common law by bringing an action in a Hong Kong court on that judgment for the amount due thereunder, and then seeking summary judgment on the strength of the foreign judgment, provided that the foreign judgment, among other things, is (i) for a debt or a definite sum of money (not being taxes or similar charges to a foreign government taxing authority or a fine or other penalty); and (ii) final and conclusive on the merits of the claim, but not otherwise. Such a judgment may not, in any event, be so enforced in Hong Kong if (a) it was obtained by fraud; (b) the proceedings in which the judgment was obtained were opposed to natural justice; (c) its enforcement or recognition would be contrary to the public policy of Hong Kong; (d) the court of the United States was not jurisdictionally competent, or (e) the judgment was in conflict with a prior Hong Kong judgment.

Hong Kong has no arrangement for the reciprocal enforcement of judgments with the United States. As a result, there is uncertainty as to the enforceability in Hong Kong, in original actions or in actions for enforcement, of judgments of U.S. courts of civil liabilities predicated solely upon the federal securities laws of the United States or the securities laws of any state or territory within the United States.

**The PRC**

There is uncertainty as to whether the courts of the PRC would: (i) recognize or enforce judgments of United States courts obtained against us or our directors or officers predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States; or (ii) entertain original actions brought in the PRC to impose liabilities against us or our directors or officers predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States, so far as the liabilities imposed by those provisions are penal in nature. Furthermore, we have been advised by Lifang & Partners, Shenzhen Office that, as of the date of this prospectus, no treaty or other form of reciprocity exists between the Cayman Islands and China governing the recognition and enforcement of judgments.

We have further been advised that the recognition and enforcement of foreign judgments are provided for under the PRC Civil Procedure Law. Chinese courts may recognize and enforce foreign judgments in accordance with the requirements of the PRC Civil Procedure Law based either on treaties between China and the country where the judgment is made or on principles of reciprocity between jurisdictions. We understand that under Chinese law, courts in China will not recognize or enforce a foreign judgment against us or our directors and officers if they decide that the judgment violates the basic principles of Chinese law or national sovereignty, security or social public interest. As there exists no treaty or other form of reciprocity between China and the United States governing the recognition and enforcement of judgments as of the date of this prospectus, including those predicated upon the liability provisions of the United States federal securities laws, there is uncertainty whether and on what basis a Chinese court would enforce judgments rendered by United States courts. In addition, because there is no treaty or other form of reciprocity between the Cayman Islands and China governing the recognition and enforcement of judgments as of the date of this prospectus, there is further uncertainty as to whether and on what basis a PRC court would enforce judgments rendered by a Cayman Islands court.

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**DETERMINATION OF OFFERING PRICE**

Prior to this offering, there has not been a public market for our securities in the U.S., and the public offering price for our Class A Ordinary Shares will be determined through negotiations between the Company and the underwriter. Among the factors to be considered in these negotiations will be prevailing market conditions, our financial information, market valuations of other companies that the Company and the underwriter believe to be comparable to us, estimates of our business potential, the present state of our development and other factors deemed relevant.

We offer no assurances that the initial public offering price will correspond to the price at which our Class A Ordinary Shares will trade in the public market subsequent to this offering or that an active trading market for our Class A Ordinary Shares will develop and continue after this offering.

**USE OF PROCEEDS** 

If the underwriters do not exercise their over-allotment option, we expect to receive approximately US$[●] of net proceeds from this offering, based on the public offering price of US$4.50 per Class A Ordinary Share, after deducting underwriting discounts and commissions of US$$1,265,625, a non-accountable expense allowance to the underwriters of US$168,750 and estimated offering expenses of approximately US$[●] payable by us. If the underwriters exercise their over-allotment option in full, we expect to receive approximately US$[●] of net proceeds from this offering after deducting underwriting discounts and commissions of US$1,455,469, a non-accountable expense allowance to the underwriter of US$194,063 and estimated offering expenses of approximately US$[●]. We will not receive any proceeds from the sale of the Class A Ordinary Shares by the Selling Shareholder.

We currently intend to use the net proceeds received from this offering primarily as follows:

(i) approximately US$[●] (US$[●] if the over-allotment option is exercised in full), or approximately [●]% of the net proceeds, for the purchase of Bitcoin Mining equipment for use in additional hosted Mining facilities, for Bitcoin and for the execution of our expansion plan, which includes the acquisition and development of proprietary Mining facilities and related investment in critical power and information technology infrastructure;

**(ii)** approximately US$[●] (US$[●] if the over-allotment option is exercised in full), or approximately [●]% of the net proceeds, to procure high-performance Bitcoin mining rigs to upgrade and scale our overall computational power; and

(iii) approximately US$[●] (US$[●] if the over-allotment option is exercised in full), or approximately [●]% of the net proceeds, for general working capital.

Following consummation of this offering, we intend to expand and evolve our business model by utilizing a portion of the net proceeds to purchase Bitcoin Miners directly. This strategic shift to a hybrid model, incorporating both owned and leased Miners, is intended to provide us with greater operational flexibility. Our current leasing fees are variable and fluctuate based on the daily market price of Bitcoin. By purchasing Miners, we can convert a portion of our variable operating expenses into a fixed, depreciating capital cost. This creates a more stable and predictable cost base for our owned assets, providing greater flexibility in financial planning and managing profitability during periods of Bitcoin price volatility, and long-term control over our Mining assets. With owned assets, we gain direct control over maintenance schedules, hardware modifications and end-of-life decisions, such as resale or disposal.

In addition to purchasing Miners, our growth strategy includes enriching and diversifying our business model by expanding into the ownership and operation of proprietary Bitcoin Mining facilities. This plan is expected to be executed over approximately the two years following completion of this offering. We believe that this pivotal shift from our historical asset-light hosting model to a vertically integrated strategy will provide greater operational control and improved long-term profitability.

The foregoing represents our current intentions based upon our present plans and business conditions to use and allocate the net proceeds of this offering. Management, however, will have significant flexibility and discretion to apply the net proceeds of this offering. To the extent that the net proceeds we receive from this offering are not immediately used for the above purposes, we intend to invest our net proceeds in short-term, interest-bearing bank deposits or debt instruments.

**DIVIDEND POLICY**

We have never declared or paid cash dividends to our shareholders, and we do not intend to pay cash dividends in the foreseeable future. We intend to reinvest any earnings in developing and expanding our business. Any future determination relating to our dividend policy will be at the discretion of our board of directors and will depend on a number of factors, including future earnings, our financial condition, operating results, contractual restrictions, capital requirements, business prospects, strategic goals and plans to expand our business, applicable law and other factors that our board of directors may deem relevant. If the Company determines to pay dividends in the future, such dividends would be paid by the Company to holders of Class A Ordinary Shares, including U.S. investors, through the Company's transfer agent, paying agent or other customary payment channels, subject to applicable law, including Cayman Islands law requirements that dividends may be paid only out of legally available funds and only if the Company remains able to pay its debts as they fall due in the ordinary course of business.

Under Cayman Islands law, dividends may be declared and paid only out of funds legally available therefor, namely, out of either profit or our share premium account, and provided further that a dividend may not be paid if the payment would result in the Company being unable to pay its debts as they fall due in the ordinary course of business.

(See "Risk Factors - Risks Related to our Securities and this Offering - Because we do not expect to pay dividends in the foreseeable future, you must rely on price appreciation of our Class A Ordinary Shares for a return on your investment.")

[**Table of Contents**](#toc)

**CAPITALIZATION AND INDEBTEDNESS**

The following table sets forth our capitalization and our indebtedness as of September 30, 2025:

● on an actual basis; and

● on an adjusted basis to reflect (i) the issuance and sale of 3,750,000 Class A Ordinary Shares in this offering at an assumed offering price of US$4.50 per Class A Ordinary Share, assuming the underwriters do not exercise their over-allotment option; and (ii) the issuance and sale of 4,312,500 Class A Ordinary Shares by us in this offering at an assumed offering price of US$4.50 per Class A Ordinary Share, assuming the underwriters exercise their over-allotment option in full, after deducting underwriting discounts, non-accountable expense allowance and estimated offering expenses to be paid by us.

The as adjusted information below is illustrative only, and our capitalization following the completion of this offering is subject to adjustment based on the actual net proceeds to us from the offering. You should read this table in conjunction with "Use of Proceeds," "Selected Consolidated Financial Data," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and our consolidated financial statements and related notes included elsewhere in this prospectus.

---

| | | | |
|:---|:---|:---|:---|
|  | **Actual** | **As Adjusted<sup>(1)</sup>** | **As Adjusted<sup>(2)</sup>** |
|  | **Unaudited** | | |
|  | US$ | US$ | US$ |
| **Cash at Banks** | $460336 | $15719427 | $18059793 |
| **Indebtedness<sup>(3)</sup>** | $1640510 | $1640510 | $1640510 |
| **Shareholders' Equity** |  |  |  |
| Class A Ordinary Shares, par value US$0.0000025 per Share, 3,600,000,000 Shares authorized and Class B Ordinary Shares, par value US$0.00001 per Share, 1,000,000,000 Shares authorized; 26,250,080 Ordinary Shares, consisting of 16,250,000 Class A Ordinary Shares and 10,000,080 Class B Ordinary Shares, issued and outstanding as of September 30, 2025<sup>(4)</sup>; 30,000,080 Ordinary Shares, consisting of 20,000,000 Class A Ordinary Shares and 10,000,080 Class B Ordinary Shares, issued and outstanding on an as adjusted basis (assuming no exercise of the over-allotment option) and 30,562,580 Ordinary Shares, consisting of 20,562,500 Class A Ordinary Shares and 10,000,080 Class B Ordinary Shares, issued and outstanding on an as adjusted basis (assuming the over-allotment option is exercised in full) | $170 | $150 | $151 |
| Additional paid-in capital | 62628817 | 77303090 | 79643455 |
| Accumulated losses | (59614700) | (59614700) | (59614700) |
| Accumulated other comprehensive income | 36559 | 36559 | 36559 |
| **Total Shareholders' Equity** | $3050846 | $17725099 | $20065465 |
| **Total Capitalization** | $4691356 | $19365609 | $20065465 |

---

<sup>(1)</sup> Assuming no exercise of the underwriters' over-allotment option

<sup>(2)</sup> Assuming full exercise of the underwriters' over-allotment option

<sup>(3)</sup> Consists of amount due to a related party as of September 30, 2025

<sup>(4)</sup> On May 22, 2026, for purposes of a recapitalization in anticipation of the initial public offering, the Company's board of directors passed resolutions, which were approved by the shareholders on the same date, to sub-divide each Class A Ordinary Share authorized and each issued share into 4 shares of Class A Ordinary Share par value US$0.0000025 each, resulting in the Company's authorized share capital becoming US$10,000 divided into (a) 3,600,000,000 Class A Ordinary Shares with a par value of US$0.0000025 each, and (b) 100,000,000 Class B Ordinary Shares with a par value of US$0.00001 each. These actions were effected in accordance with the laws of the Cayman Islands. Following the sub-division, on the same date, the existing shareholders surrendered 11,749,680 shares to the Company.

[**Table of Contents**](#toc)

**DILUTION**

Investors purchasing our Class A Ordinary Shares in this offering will experience immediate and substantial dilution in the pro forma as adjusted net tangible book value of their Class A Ordinary Shares. Dilution in pro forma as adjusted net tangible book value represents the difference between the initial public offering price of our Class A Ordinary Shares and the pro forma as adjusted net tangible book value per share of our Class A Ordinary Shares immediately after the offering.

As of September 30, 2025, as adjusted to retroactively reflect the recapitalization effected as of May 12, 2025, we had a historical net tangible deficit of US$5,303,713 or US$0.33 per Class A Ordinary Share. Historical net tangible book value per Class A Ordinary Share represents our total tangible assets (total assets excluding goodwill and other intangible assets, net) less total liabilities, divided by the number of outstanding Class A Ordinary Shares. After giving effect to the sale of Class A Ordinary Shares in this offering by the Company based on the offering price of US$4.50 per Class A Ordinary Share, after deducting US$1,265,625 in underwriting discounts and commissions (assuming 3,750,000 Class A Ordinary Shares to be issued in this offering with no exercise of the over-allotment option), a non-accountable expense allowance to the underwriter of US$168,750 and estimated offering expenses payable by the Company of approximately US$766,372, the pro forma as adjusted net tangible book value as of September 30, 2025 would have been approximately US$9,955,378, or US$0.50 per Class A Ordinary Share. This represents an immediate increase in pro forma as adjusted net tangible book value of US$0.83 per Class A Ordinary Share to the holders of our existing Class A Ordinary Shares and an immediate dilution of US$0.5 per share to investors purchasing new Class A Ordinary Shares in this offering. If the over-allotment is exercised in full, the pro forma as adjusted net tangible book value as of September 30, 2025 would have been approximately US$12,295,744, or US$0.60 per Class A Ordinary Share. This represents an immediate increase in pro forma as adjusted net tangible book value of US$0.93 per Class A Ordinary Share to the holders of our existing Class A Ordinary Shares and an immediate dilution of US$3.90 per share to investors purchasing new Class A Ordinary Shares in this offering.

The following table illustrates this dilution on a per Class A Ordinary Share basis to new investors.

---

| | | |
|:---|:---|:---|
|  | **No exercise of<br> over-allotment <br> option** | **Full <br> exercise of <br> over-allotment <br> option** |
| Assumed offering price per Class A Ordinary Share | $4.50 | $4.50 |
| Historical net tangible deficit per Class A Ordinary Share as of September 30, 2025<sup>(1)</sup> | $(0.33) | $(0.33) |
| Increase in as adjusted net tangible book value per share attributable to the investors in this offering | $0.83 | $0.93 |
| Pro forma net tangible book value per Class A Ordinary Share after giving effect to this offering | $0.50 | $0.60 |
| Dilution per Class A Ordinary Share to new investors participating in this offering | $4.00 | $3.90 |

---

<sup>(1)</sup> Total historical net tangible book value as of September 30, 2025 was US$2,501,041 and there were 16,250,000 Class A Ordinary Shares issued and outstanding as of that date.

The following table sets forth the number of Class A Ordinary Shares owned, the total amount paid and the average price per Class A Ordinary Share paid by (i) Prime Palace; (ii) Coolpad Investment; (iii) Mr. Sze Wah Sam Cheung; and (iv) investors purchasing Class A Ordinary Shares in this offering, before deducting the estimated discounts and non-accountable expense allowance to the underwriter and the estimated offering expenses payable by the Company.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A Ordinary** | **Class A Ordinary** | **Class A Ordinary** | **Class A Ordinary** | |
|  | **Shares purchased** | **Shares purchased** | **Total consideration** | **Total consideration** | |
|  | **Number** | **Percent** | **Amount** | **Percent** | **Price per<br> Class A**<br>**Ordinary**<br>**Share** |
|  | | | **(US$)** | | **(US$)** |
| Prime Palace | 9244702% |  | $987000<sup>(1)</sup>% |  | $0.25 |
| Coolpad Investment | 3058824% |  | $Nil<sup>(2)</sup>% |  | $0.00 |
| Mr. Sze Wah Sam Cheung | 3946474% |  | $239700<sup>(3)</sup>% |  | $0.14 |
| New Investors from Public Offering |  | % | $—<sup>(4)</sup> | % | $— |
| **Total** |  | 100.00% | $— | 100.00% | $— |

---

<sup>(1)</sup> Reflects the cash consideration paid by Prime Palace to Coolpad Investment on December 27, 2024 for 70 ordinary shares of the Company (equivalent to 9,244,702 Class A Ordinary Shares after the Reorganization).

<sup>(2)</sup> Reflects the transfer on July 4, 2024 of 100 ordinary shares of the Company from Coolpad Group Limited to Coolpad Investment Limited as part of the Reorganization.

<sup>(3)</sup> Reflects the cash consideration paid by Mr. Sze Wah Sam Cheung to Prime Palace on March 14, 2025 for 17 ordinary shares of the Company (equivalent to 3,946,474 Class A Ordinary Shares after the Reorganization).

<sup>(4)</sup> Reflects the issuance and sale of 3,750,000 Class A Ordinary Shares by us in this offering (assuming no exercise of the over-allotment option by the underwriter) at an assumed offering price of US$4.50 per Class A Ordinary Share, before deducting underwriting discounts, non-accountable expense allowance and estimated offering expenses to be paid by us.

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**SELECTED CONSOLIDATED FINANCIAL AND OTHER DATA**

*The following summarizes the consolidated statements of income and comprehensive income for the fiscal years ended March 31, 2024 and 2025 and for the six months ended September 30, 2024 and 2025 and the consolidated balance sheets as of March 31, 2024, March 31, 2025 and September 30, 2025. These selected consolidated financial data have been derived from our audited consolidated financial statements included elsewhere in this prospectus. The selected financial data set forth below should be read in conjunction with and are qualified by reference to "Management's Discussion and Analysis of Financial Condition and Results of Operations" and our consolidated financial statements and notes thereto included elsewhere in this prospectus. Our consolidated financial statements are prepared and presented in accordance with IFRS. Our historical results do not necessarily indicate results expected for any future period.*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the fiscal years ended <br> March 31,** | **For the fiscal years ended <br> March 31,** | **For the six months ended<br> September 30,** | **For the six months ended<br> September 30,** |
|  | **2024<sup>(1)</sup>** | **2025** | **2024** | **2025** |
|  | **US$** | **US$** | **US$** | **US$** |
|  | | **(Restated)** | | |
| **Revenue** | $4328133 | $15302212 | 5491339 | 9990283 |
| **Cost of revenue** |  |  |  |  |
| **-External** | (2637569) | (9896747) | (3988452) | (5699787) |
| **-A related party** | (766288) | (3551224) | (1104984) | (2974741) |
| **Total cost of revenue** | (3403857) | (13447971) | (5093436) | (8674528) |
| **Gross profit** | 924276 | 1854241 | 397903 | 1315755 |
| **Operating expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales and marketing expenses | (9676) | (53470) | (53363) |  |
| &nbsp;&nbsp;&nbsp;General and administrative expenses | (668928) | (787049) | (385506) | (462996) |
| **Total expenses** | (678604) | (840519) | (438869) | (462996) |
| **Other income (expenses)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Foreign exchange (loss) gain | (274762) | 218330 | 102236 | 3686 |
| &nbsp;&nbsp;&nbsp;Other income and expenses, net | 671676 | 1794203 | 1672500 | (69436) |
| &nbsp;&nbsp;&nbsp;Finance cost |  | (628150) | (334572) | (282992) |
| **Total other income and expenses, net** | 396914 | 1384383 | 1440164 | (348742) |
| **Profit before income tax expense** | 642586 | 2398105 | 1399198 | 504017 |
| **Income tax expenses** | (306396) | (673612) | (145846) | (706963) |
| **Profit for the year** | $336190 | $1724493 | 1253352 | (202946) |

---

(1) Fiscal year ended March 31, 2024 includes the full fiscal
year, including the portion of the fiscal year during which the Company's current subsidiary, Coolpad Technologies US, was engaged
in the business of selling mobile phones and accessories. See Note 4 to the Financial Statements for the Fiscal Years Ended 2024 and
2025. 53

[**Table of Contents**](#toc)

**MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

**Company Overview** 

The Company was incorporated in the Cayman Islands on October 17, 2023 under the Cayman Islands Companies Law as an exempted company. The Company has no operations of its own other than serving as a holding company. During the fiscal years ended March 31, 2025 and 2024 and six months ended September 30, 2025 and 2024, the Company's Operating Subsidiary was located in Hong Kong. Effective January 1, 2026, the Company changed its operating subsidiary from Xcentz Limited, a Hong Kong subsidiary of the Company to the Operating Subsidiaries. The Company is engaged in Digital asset Mining. Prior to July 2024, the Company's now wholly-owned subsidiary, Coolpad Technologies US, a Delaware corporation, was engaged in sales of mobile phones and accessories. The Company's financial statements for the fiscal years ended March 31, 2024 and 2025 are consolidated with those of Coolpad Technologies US.

We have strategically chosen locations in the United States and Canada in which to situate our Miners. Our Mining operations are conducted exclusively through contracts with hosting providers that operate Mining facilities in those locations.

The Company relocated its Mining operations from Texas to Missouri on January 13, 2026, as part of the Company's business strategic initiatives to enhance operational efficiency and allow for centralized monitoring and maintenance of its Mining fleet.

Based on management's current assessment, the Company does not expect the relocation to have a material adverse impact on its financial condition or results of operations. Given that the hosting fee charged by the hosting service provider in both Texas and Missouri are same, while Missouri imposes a corporate income tax and Texas applies a franchise tax based on margin, the Company believes the overall financial impact of the change in state tax treatment and operating environment will not be significant relative to the Company's overall financial position.

As we receive Bitcoin rewards through our Mining operations, we convert our Bitcoin into Fiat currency to fund our operations. This conversion is conducted on an as-needed basis, determined by our short-term liquidity requirements and an ongoing assessment of market conditions. Our primary strategy for managing short-term Fiat currency needs is to hold a sufficient amount of Bitcoin that can be liquidated to cover projected liabilities, anticipated operating expenses and capital expenditures over a forward-looking period, typically one to three months. Our management team assesses our Fiat currency needs and reviews our financial forecasts on a daily basis to determine the timing and amount of Bitcoin to be converted. Managing short-term Bitcoin exposure is a function of cash management as we accrue Bitcoin from Mining and accrue Fiat liabilities in the course of doing business. In identifying our Fiat currency needs, we assess market conditions and review our financial forecast on a daily basis. We safeguard and keep private our Bitcoin by utilizing cold storage for private keys that require multi-factor authentication and third-party custody solutions. While we are confident in the security of our Bitcoin, we continue to evaluate additional protective measures.

In addition to holding Bitcoin available for liquidation on an as-needed basis to fund business activities, we intend to realize value through the direct appreciation of Bitcoin held on our balance sheet and we are exploring treasury management monetization opportunities. The primary use of our free cash flow is to fund and support the growth of our business. Holding Bitcoin on the balance sheet is a core piece of this strategy and we intend to grow this balance over time. Once our Bitcoin has been retained on the balance sheet, the merits of various monetization strategies, including lending it out, can be considered.

**Key Financial and Operational Metrics** 

In addition to Bitcoin price, political conditions and laws and regulations, we monitor the following key financial and operating metrics to evaluate the growth of our business, measure our performance, identify trends affecting our business, formulate business plans and make strategic decisions.

***Crypto Assets Results***

The following illustrates the Company's balances of crypto assets, its consolidated balance sheet and the various ways the balances of Bitcoin were impacted during fiscal years ended March 31, 2024 and 2025 and six months ended September 30, 2025. Significant components are discussed below.

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| | | | |
|:---|:---|:---|:---|
|  | **For the fiscal years ended<br> March 31,** | **For the fiscal years ended<br> March 31,** | **For the<br> six months<br> ended<br> September 30,** |
|  | **2024** | **2025** | **2025** |
|  | **US$** | **US$** | **US$** |
| **Beginning Balance** | $- | $2330238 | 321121 |
| &nbsp;&nbsp;&nbsp;Cryptocurrencies received from Mining | 3574770 | 15287634 | 9991254 |
| &nbsp;&nbsp;&nbsp;Cryptocurrencies received in issuance of ordinary shares to new shareholders |  | 987000 |  |
| &nbsp;&nbsp;&nbsp;Fair value gain on conversion to other Cryptocurrencies | 843062 | 612620 | 38468 |
| &nbsp;&nbsp;&nbsp;Sale of Cryptocurrencies | (1460000) | (14058980) | (9092689) |
| &nbsp;&nbsp;&nbsp;Interest income generated and received from deposits in crypto exchange | 35025 | 2343 |  |
| &nbsp;&nbsp;&nbsp;Payment for purchase of Mining equipment | (454176) |  |  |
| &nbsp;&nbsp;&nbsp;Repayment to a related party |  | (4360181) | (599997) |
| &nbsp;&nbsp;&nbsp;Impairment | (211744) | (5546168) | (343048) |
| &nbsp;&nbsp;&nbsp;Reversal of impairment | 3904 | 5080636 | 239024 |
| &nbsp;&nbsp;&nbsp;Administrative expenses | (603) | (14021) | (4328) |
| **Ending Balance** | $2330238 | $321121 | 549805 |

---

<sup>(1)</sup> **Valued as of March 31, 2024 and 2025 and September 30, 2025, as applicable, and translated to US dollars at the closing price as of those dates as reported by OKX, Hashkey exchange and Hashkey exchange, respectively**

[**Table of Contents**](#toc)

***Mining Pool Operating Fees***

The Company nets Mining pool operating expenses against fees earned as a result of Hash computation services under its contract with Ant Pool, its Mining pool operator. Fees are paid to the Mining pool operator to cover the costs of maintaining the pool.

***Utilization of Bitcoin***

When warranted, the Company sells quantities of the Bitcoin it has historically Mined to pay operating expenses. The Company also utilizes Bitcoin to purchase or lease new Mining equipment, as well as to maintain, update and repair existing Miners.

***Realized Gain on Sale/Exchange of Bitcoin Venture Capital Activities***

During the fiscal years ended March 31, 2024 and 2025 and six months ended September 30, 2024 and 2025, the Company recognized $843,062 and $1,132,870, $222,784 and $241,223, respectively, in gains on the sale of Bitcoin. The Company has benefited from the increase in the global adoption and acceptance of Bitcoin, although Bitcoin generally has experienced substantial price volatility. Between August 2023, when the Company commenced Bitcoin Mining operations, and March 31, 2025, the highest monthly spot price for Bitcoin increased by approximately $52,784, or 177.3%, and between August 2023 and August 2025, it has increased by approximately $93,579, or 314.4%.

***Impairment of Bitcoin***

See discussion regarding the impairment of Bitcoin under the "Critical Accounting Policies and Estimates" subsection below.

***Energy Cost***

The Company's ability to control the cost of energy expended to Mine Bitcoin is essential to successful Bitcoin Mining operations. The hosting services agreements entered into with respect to the Company's Mining locations provide for a specific power capacity to be provided by the host and provide that the host shall invoice the Company monthly for energy costs as well as providing that the monthly hosting fee is subject to adjustment in the event of electricity rate increases.

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***Hash Rate***

We measure the Hashrate produced by our Mining fleet through our management software, which captures the reported Hashrate from each Miner.

We began operations in the Bitcoin Mining business in the second half of 2023. As of March 31, 2025, our Hashrate was 1165.74 PH/s. Our average Hashrate was 797.08 PH/s for the period from March 31, 2024 to March 31, 2025.

**Breakeven Analysis**

The costs of Mining Bitcoin are based upon the costs of equipment and include lease expenses for Mining machines, depreciation of Mining machines and right-of-use assets, wages and salaries, and pension scheme contributions. Among these, hosting service fees and the lease expenses for Mining machines fluctuate based on the hashing power, which is influenced by Mining Difficulty. The other costs are relatively fixed. As of March 31, 2024 and 2025 and September 30, 2025, the Mining Difficulties are 83.13T, 113.76T and 142.34T, respectively. Our Mining operations would break even if the market prices per Bitcoin are at least $34,208 on March 31, 2024, $67,973 on March 31, 2025 and $92,065 on September 30, 2025.

Breakeven analysis for Bitcoin Mining operations for one Bitcoin is as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **For the fiscal years ended <br> March 31,** | **For the fiscal years ended <br> March 31,** | |
|  | **2024** | **2025** | **For the <br> six months<br> ended<br> September 30,**<br>**2025** |
|  | **US$** | **US$** | **US$** |
|  | | **(Restated)** | |
| **Revenue from Bitcoin Mining** |  |  |  |
| Market value of Bitcoin Mined | $46858 | $77537 | $106029 |
| **Cost to Bitcoin Mining** |  |  |  |
| Hosting service fee | (22452) | (49187) | (59576) |
| Depreciation of property and equipment | (11221) |  |  |
| Depreciation of right-of-use assets |  | (11121) | (14109) |
| Consumable expense | (310) | (256) |  |
| Lease expenses of Mining machines |  | (6829) | (17463) |
| Wages and salaries | (215) | (561) | (889) |
| Pension scheme contributions | (10) | (20) | (28) |
|  | (34208) | (67973) | (92065) |
| **Gross profit per one Bitcoin** | $12650 | $9564 | $13964 |

---

**Components of Results of Operations** 

The following describes the components of revenue and expenses that are reflected in our consolidated statements of comprehensive income:

***Cryptocurrency Mining Revenue***

Our revenue consists entirely of revenue recognized from our Bitcoin Mining activities. Bitcoin Mining activities generate both Block rewards (Bitcoin rewards, currently 3.125 Bitcoin per Block) as well as Miner transaction fees paid to us by the Bitcoin network for processing Bitcoin transactions (which are currently less than 0.5 Bitcoin per Block). Over time, it is possible transaction fees may become larger than Block rewards.

We recognize revenue daily at the spot price of Bitcoin when Mined. We then track any gain or loss from the time the Bitcoin was Mined to the time when it was ultimately sold or exchanged. The sale or exchange generally results in a realized gain or loss at the time of sale or exchange. The proceeds related to the sale or exchange of Bitcoin is our primary source of cash generation.

[**Table of Contents**](#toc)

We participate in "Mining pools" organized by Mining pool operators in which we share our Mining power with the Hashrate generated by other Miners participating in the pool to earn Cryptocurrency rewards. The Mining pool operator provides a service that coordinates the computing power of the independent Mining enterprises participating in the Mining pool. Fees may be paid to the Mining pool operator to cover the costs of maintaining the pool. The pool uses software that coordinates the pool members' Mining power, identifies new Block rewards, records how much Hashrate each participant contributes to the pool and assigns Cryptocurrency rewards earned by the pool among its participants in proportion to the Hashrate each participant contributed to the pool in connection with solving a Block. Revenue from Cryptocurrency Mining are impacted by volatility in Bitcoin prices, as well as increases in the Bitcoin Blockchain's total Hashrate resulting from the growth in the overall quantity and quality of Miners working to solve Blocks on the Bitcoin Blockchain and the Difficulty index associated with the secure hashing algorithm employed in solving the Blocks.

***Gain (loss) from sales of Digital assets***

Gain (loss) from sales of Digital assets consists of gains (losses) primarily on the sale of Bitcoin.

***Cost of Revenue***

Cost of revenue, included in the Company's consolidated statements of comprehensive income, consists of direct costs of earning Bitcoin related to Mining operations, hosting service fees, including power costs and costs of other supportive services, depreciation of Mining equipment and lease expenses related to our Mining equipment.

***Mining and Other Related Equipment***

Whenever events or changes in circumstances dictate, or, occasionally, on a quarterly basis, the Company tests its Miners and other related equipment for impairment. Miners and the equipment associated with the Miners are considered fully impaired if they are no longer usable or no longer contributing to the Company's Hash rate.

***Realized Gain (Loss) on Sales of Cryptocurrencies***

Realized gain (loss) on sales of Cryptocurrencies represents the difference between the carrying value and the spot-rate value as of the time of sale.

***Income Taxes***

Income taxes consists of U.S. federal, state and local income taxes, if any, Canadian income tax and Hong Kong income tax. For the fiscal years ended March 31, 2024 and 2025, our total income tax expense was approximately $306,396 and $673,612, respectively. We evaluate our ability to recognize our deferred tax assets quarterly by considering all positive and negative evidence available as prescribed IFRSs.

**Results of Operations**

***Six Months Ended September 30, 2025 Compared to Six Months Ended September 30, 2024***

**<u>Revenue</u>**

The Company's primary revenue source for the six months ended September 30, 2024 and 2025 was from Bitcoin Mining operations. Our total revenue increased by $4,498,944 or 81.9% to $9,990,283 for the six months ended September 30, 2025 from $5,491,339 for the six months ended September 30, 2024. Details and further explanation are discussed below.

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| | | |
|:---|:---|:---|
|  | **For the six months ended<br> September 30,** | **For the six months ended<br> September 30,** |
|  | **2024** | **2025** |
| **Revenue from contracts with customers** |  |  |
| Crypto assets mining service – over time | 5491339 | 9990283 |
| Total | 5491339 | 9990283 |

---

*Revenue from Digital Assets Mining Business*

For the six months ended September 30, 2024 and 2025, the Company is entitled to a non-cash consideration at an amount that approximates the total Bitcoins that could have been Mined using the Hash calculations performed by the Company according to the pool operator's specification over the 24-hour period ended 23:59:59 UTC, based upon the then current Blockchain Difficulty. The Bitcoin payout is settled on the following day, on a daily basis. The payout method used by the Mining pools in which the Company participates is the Full-Pay-Per-Share ("FPPS") method. The Company's total compensation is calculated using the following formula: the sum of the Company's share of (1) Block rewards and (2) transaction fees, less (3) Mining pool operating fees.

Revenue from Digital asset Mining is impacted significantly by volatility in Bitcoin prices, as well as increases in the Network Hash Rate resulting from the growth in the overall quantity and quality of Miners working to solve Blocks on the Bitcoin Blockchain and the Difficulty index associated with the secure hashing algorithm employed in solving the Blocks. The significant increase in the revenue from our Digital assets Mining business by $4,498,944 or 81.9%, from 5,491,339 for the six months ended September 30, 2024 to $9,990,283 for the six months ended September 30, 2025, was principally due to (i) the higher average fair value of Bitcoins compared with the same period in 2024 from an average price of $51,859 per Bitcoin for the six months ended September 30, 2024 to $107,451 for the six months ended September 30, 2025; (ii) an increase in the number of Miners in operation during the six months ended September 30, 2025; and (iii) the deployment of a new model of Mining equipment with enhanced Hashrate capabilities. The Company nets Mining pool operating expenses against fees earned as a result of Hash computation services under its contract with its Mining pool operators. Fees are paid to the Mining pool operators to cover the costs of maintaining the pools.

[**Table of Contents**](#toc)

During the six months ended September 30, 2025, the Network Hash Rate increased by approximately 263.77 EH/s (33%), while increasing by approximately 43.41 EH/s (7%) during the same period in 2024. These increases were primarily attributable to a growing number of miners utilizing advanced ASIC chips optimized for the SHA-256 hashing algorithm used by the Bitcoin network.. As of September 30, 2025, the average Network Hash Rate working on the Bitcoin Blockchain was 1,068.2 EH/s. The cumulative Difficulty index's 88.40T increase during the six months ended September 30, 2024 was 8% and the cumulative Difficulty index's 142.34T increase during the six months ended September 30, 2025 was 29%.

**Cost of Revenue**

---

| | | |
|:---|:---|:---|
|  | **For the six months ended<br> September 30,** | **For the six months ended<br> September 30,** |
|  | **2024** | **2025** |
| Hosting service fee | 3956180 | 5613348 |
| Depreciation of right-of-use assets | 1100117 | 1329362 |
| Lease expense | 4867 | 1645379 |
| Employee compensation and benefits | 32272 | 86439 |
| Total | 5093436 | 8674528 |

---

Cost of revenue mainly consists of hosting service fee, depreciation of right-of-use assets, lease expenses and cost to technical staffs. For the six months ended September 30, 2024 and 2025, our cost of revenue was $5,093,436 and $8,647,528, respectively, with an increase in cost of revenue of $3,581,092, or 70.3%, which is in line with our increase in revenue.

*Hosting service fee*

The Company's Mining equipment is located in the United States and Canada, and is operated through contracts with local hosting service providers who manage power supply, network setup, on-site technical support, routine maintenance, hardware component replacements and safety measures such as fire protection and security. Hosting fees are calculated based on electricity consumption rates. For the six months ended September 30, 2024 and 2025, the hosting service fee amounted to $3,956,180 and $5,613,348, respectively, representing an increase of $1,657,168, or 41.9%. This substantial increase was primarily due to the significant increase in the number of leased Miners from 3,309 units in 2024 to 9,118 units in 2025, leading to higher electricity usage.

*Depreciation of right-of-use assets*

After executing the sales and purchase agreement with its former affiliate, Coolpad Global Inc., on April 1, 2024, the Company immediately entered into a computer server lease agreement to support its Digital assets Mining operations. Lease expenses were calculated based on daily Bitcoin market prices and the number of active Mining units. To enhance its Mining capacity and boost its Bitcoin output, the Company leased additional advanced Mining equipment models. As a result, operating lease right-of-use assets of $6,600,703 is recognized and the depreciation for the operating lease right-of-use assets amounted over 4 years to $1,100,117 and $1,329,362 for the six months ended September 30, 2024 and 2025, respectively.

*Lease payment*

After executing the sales and purchase agreement with its former affiliate, Coolpad Global Inc., on April 1, 2024, the Company immediately entered into a computer server lease agreement to support its Digital assets Mining operations. Lease expenses were calculated based on daily Bitcoin market prices and the number of active Mining units. To enhance its Mining capacity and boost its Bitcoin output, the Company leased additional advanced Mining equipment models. As a result, total lease expenses for our Mining equipment amounted to $4,867 and $1,645,379 for the six months ended September 30, 2024 and 2025, respectively.

*Cost to technical staffs*

For the six months ended September 30, 2024 and 2025, employee compensation and benefits were $32,272 and $86,439, respectively, representing an increase of $54,167, or 167.8%. This substantial increase was primarily due to the recruitment of more technical personnel to cope with the expansion of the Company's Bitcoin Mining business during the six months ended September 30, 2025.

[**Table of Contents**](#toc)

**Selling and Marketing Expense**

For the six months ended September 30, 2024 and 2025, total selling and marketing expenses were $53,363 and nil, respectively. The decrease in selling and marketing expenses of $53,363, or 100.0%, was primarily attributable to the Company focusing on its operations and prioritizing operational efficiency and long-term growth initiatives over marketing.

**General and Administrative Expense**

---

| | | |
|:---|:---|:---|
|  | **For the six months ended<br> September 30,** | **For the six months ended<br> September 30,** |
|  | **2024** | **2025** |
| **Legal and professional fees** | **101725** | **185758** |
| **Transportation expenses** | **4076** | **398** |
| **Management fees** | **8605** | **31373** |
| **Wages and salaries** | **84332** | **126833** |
| **Pension scheme contributions** | **1816** | **2830** |
| **Outsourcing service fees** | **141717** | **61831** |
| **Short-term lease expenses** | **19594** | **41409** |
| **Others** | **23641** | **12564** |
| **Total** | **385506** | **462996** |

---

For the six months ended September 30, 2024 and 2025, total general and administrative expenses were $385,506 and $462,996, respectively. The increase in general and administrative expenses of $77,490, or 20.1%, was mainly due to the (i) increase in legal and professional fees by $84,033, or 82.6%, from $101,725 for the six months ended September 30, 2024 to $185,758 for the six months ended September 30, 2025, including an audit fee of $180,000 incurred for this initial public offering; (ii) increase in wages and salaries by $42,501, or 50.4%, from $84,332 for the six months ended September 30, 2024 to $126,833 for the six months ended September 30, 2025 as the Company hired additional administrative and support personnel in Hong Kong during 2025 to cope with the business expansion; and (iii) an increase in short-term lease expenses by $21,815, or 111.3%, from $19,594 for six months ended September 30, 2024 to $41,409 for the six months ended September 30, 2025, which primarily resulted from the Company having entered into a new short-term lease agreement for a motor vehicle for investor relationship purposes during the six months ended September 30, 2025, all of which was partially offset by (i) a decrease in transportation expenses by $3,678, or 90.2%, from $4,076 for the six months ended September 30, 2024 to $398 for the six months ended September 30, 2025 as substantial supportive work was remotely performed and less oversea travel was made; (ii) a decrease in outsourcing service fee by $79,886, or 56.4%, from $141,717 for the six months ended September 30, 2024 to $61,831 for the six months ended September 30, 2025 as the Company shifted work to its own employees instead of relying on external service providers for the six months ended September 30, 2025.

**Other income and expenses, net**

---

| | | |
|:---|:---|:---|
|  | **For the six months ended<br> September 30,** | **For the six months ended<br> September 30,** |
|  | **2024** | **2025** |
| Realized gain on conversion of crypto assets held | 223784 | 241223 |
| Bank interest income | 21598 |  |
| Interest income generated and received from deposits in crypto exchange | 2343 |  |
| Impairment loss on crypto assets held | (2416199) | (343048) |
| Reversal of Impairment loss on crypto assets held | 2520681 | 239024 |
| Gain on sale-and-leaseback | 1321293 |  |
| Provision for penalty on non-filing on income tax returns | - | (206635) |
| Total | 1672500 | (69436) |

---

For the six months ended September 30, 2024 and 2025, total other income was $1,672,500 and total other expenses were $69,436, respectively. Other income for the six months ended September 30, 2024 mainly represented the gains on sale-and-lease back of those Miners to related party, Coolpad Global Inc, as the fair value of the Mining machine was higher than its carrying amount as of the date of disposal. Total other expense for the six months ended September 30, 2025 mainly represented the provision for penalty on non-filing of income tax returns in the United States and Canada of $206,635 and impairment loss on crypto assets held $341,370, partially offset by realized gain on conversion of crypto assets held of $241,223 and reversal of impairment loss on crypto assets held of $237,346.

**Income Taxes**

We are subject to income tax on an entity basis on profit arising in or derived from the jurisdictions in which members of our Group are domiciled or operate. Our income tax increased by $561,117, or 384.7%, from $145,846 for the six months ended September 30, 2024 to $706,963 for the six months ended September 30, 2025, due to an increase in our assessable profit (i.e. gross profit) of $917,852 or 230.7%, from approximately $397,903 for the six months ended September 30, 2024 to $1,315,755 for the six months ended September 30, 2025.

[**Table of Contents**](#toc)

***Fiscal Year Ended March 31, 2025 Compared to Fiscal Year Ended March 31, 2024***

**<u>Revenue</u>**

The Company's primary revenue source for the fiscal years ended March 31, 2024 and 2025 was Bitcoin Mining operations. The sale of mobile phones and accessories also contributed to the Company's revenue for the fiscal year ended March 31, 2024 but has not generated any revenue since July 2024.

Our total revenue increased by $10,974,079 or 253.6% to $15,302,212 for the fiscal year ended March 31, 2025 from $4,328,133 for the fiscal year ended March 31, 2024. Such increase was mainly attributable to the increase in revenue generated from our Bitcoin Mining business of $11,689,217, or 323.5%, which was partially offset by the decrease in revenue generated from our sale of mobile phones and related accessories business of $715,138, or $100.0%. Details and further explanation are discussed below.

---

| | | |
|:---|:---|:---|
|  | **For the fiscal years ended <br> March 31,** | **For the fiscal years ended <br> March 31,** |
|  | **2024** | **2025** |
|  | **US$** | **US$** |
| **Revenue from contracts with customers** |  | **(Restated)** |
| &nbsp;&nbsp;&nbsp;Sale of mobile phones and related accessories – point in-time | $715138 | $- |
| &nbsp;&nbsp;&nbsp;Bitcoin Mining – over time | 3612995 | 15302212 |
| Total | $4328133 | $15302212 |

---

[**Table of Contents**](#toc)

*Revenue from Sale of Mobile Phones and Related Accessories*

For the years ended March 31, 2024 and 2025, revenue generated from sales of mobile phones and related accessories accounted for approximately 16.5% and nil of our total revenue, respectively. Prior to its acquisition by the Company, Coolpad Technologies US was engaged in sales of mobile phones and related accessories. However, due to the keen competition in the market and in order to align with the Company's long-term strategic goals of expanding in the technology and Blockchain sectors, Coolpad Technologies US ceased engaging in that business as of July 2024. Therefore, no revenue was generated from sales of mobile phones and related accessories for the fiscal year ended March 31, 2025.

*Revenue from Digital Assets Mining Business*

For the fiscal years ended March 31, 2024 and 2025, revenue generated from our Digital assets Mining business accounted for approximately 83.5% and 100.0% of our total revenue, respectively. We entered into a Mining service agreement with a Mining pool operator in September 2023. The Company is entitled to a non-cash consideration at an amount that approximates the total Bitcoins that could have been Mined using the hash calculations performed by the Company according to the pool operator's specification over the 24-hour period ended 23:59:59 UTC, based upon the then current Blockchain Difficulty. The Bitcoin payout is settled on the following day, on a daily basis. The payout method used by the Mining pools in which the Company participates is the Full-Pay-Per-Share ("FPPS") method. The Company's total compensation is calculated using the following formula: the sum of the Company's share of (1) Block rewards and (2) transaction fees, less (3) Mining pool operating fees.

Revenue from Digital asset Mining are impacted significantly by volatility in Bitcoin prices, as well as increases in the Network Hash Rate resulting from the growth in the overall quantity and quality of Miners working to solve Blocks on the Bitcoin Blockchain and the Difficulty index associated with the secure hashing algorithm employed in solving the Blocks. The significant increase in the revenue from our Digital assets Mining business by $11,689,217, or 323.5%, from $3,612,995 for the fiscal year ended March 31, 2024 to $15,302,212 for the fiscal year ended March 31, 2025, was principally due to (i) the Company's commencement of Digital assets Mining operations in September 2023, resulting in approximately half a year of activity in fiscal 2024 compared to a full fiscal year in 2025; (ii) higher average fair value of Bitcoin compared with the same period of 2024 from $37,746 per Bitcoin for the fiscal year ended March 31, 2024 to $74,491 for the fiscal year ended March 31, 2025; (iii) an increase in the number of Miners in operation during the fiscal year ended March 31, 2025; and (iv) the deployment of a new model of Mining equipment with enhanced Hashrate capabilities. The Company nets Mining pool operating expenses against fees earned as a result of Hash computation services under its contract with its Mining pool operators. Fees are paid to the Mining pool operators to cover the costs of maintaining the pools.

During the fiscal year ended March 31, 2025, the Network Hash Rate increased by approximately 250.6 EH/s, or 40.5%, and during fiscal year ended March 31, 2024, it increased by approximately 209.9 EH/s, or 51.3%, as a result of, among other factors, the increased number of Miners working to solve Blocks on the Bitcoin Blockchain during the periods, many of which made use of newer, more efficient ASIC chips that are specially designed to solve Blocks using the SHA-256 set of cryptographic Hash functions employed on the Bitcoin Blockchain. As of March 31, 2025, the average Network Hash Rate working on the Bitcoin Blockchain was 830 EH/s. The cumulative Difficulty index's 113.76T increase during the fiscal year ended March 31, 2024 was 50.8% and during the fiscal year ended March 31, 2025, it was 36.9%.

**Cost of Revenue**

---

| | | |
|:---|:---|:---|
|  | **For the fiscal years ended <br> March 31,** | **For the fiscal years ended <br> March 31,** |
|  | **2024** | **2025** |
|  | **US$** | **US$** |
|  | | **(Restated)** |
| Hosting service fee | $1731117 | $9731337 |
| Depreciation of property and equipment | 865203 |  |
| Cost of mobile phones | 766288 |  |
| Consumable expense | 23867 | 50526 |
| Depreciation of right-of-use asset |  | 2200234 |
| Lease payments |  | 1350990 |
| Employee compensation and benefits | 17382 | 114884 |
| Total | $3403857 | $13447971 |

---

[**Table of Contents**](#toc)

Cost of revenue mainly consists of hosting service fee, depreciation of property and equipment, cost of mobile phones, consumable expense, depreciation of right-of-use assets, prepayment of lease payment and cost to technical staffs. For the fiscal years ended March 31, 2024 and 2025, our cost of revenue was $3,403,857 and $13,447,971, respectively, with an increase in cost of revenue of $10,044,114, or 295.1%, which is in line with our increase in revenue.

*Hosting service fee*

The Company's Mining equipment is located in the United States and Canada, and is operated through contracts with local hosting service providers who manage power supply, network setup, on-site technical support, routine maintenance, hardware component replacements and safety measures such as fire protection and security. Hosting fees are calculated based on electricity consumption rates. For the fiscal years ended March 31, 2024 and 2025, the hosting service fee amounted to $1,731,117 and $9,731,337, respectively, representing an increase of $8,000,220, or 462.1%. This substantial increase was primarily due to the fact that the Company commenced its Bitcoin Mining business in September 2023, halfway through its fiscal year, and to the significant increase in the number of Miners, from 2,850 units in 2024 to 9,618 units in 2025, leading to higher electricity usage.

*Depreciation of property and equipment*

For the fiscal years ended March 31, 2024 and 2025, depreciation expense related to property and equipment was $865,203 and $Nil, respectively. In 2024, the Company purchased 2,850 units of Mining equipment at a total cost of $12.7 million, with an estimated useful life of three years, aligned with industry standards. On April 1, 2024, the Company entered into a sales and purchase agreement with its former affiliate, Coolpad Global Inc., under which all Mining equipment was transferred to Coolpad Global Inc. as part of a settlement of amounts owed. Consequently, no depreciation was recognized for the fiscal year ended March 31, 2025.

*Cost of mobile phones*

The cost of mobile phones represented the cost of purchasing mobile phones and accessories. The Company shifted its main business from the sale of mobile phones and related accessories to the Digital assets Mining business. Therefore, there is no cost of mobile phones for the fiscal year ended March 31, 2025.

*Consumable expense*

Prior to its acquisition by the Company on March 31, 2024, Coolpad Technologies US was engaged in the business of selling mobile phones and accessories. The cost of mobile sales for the fiscal year ended March 31, 2024 and 2025 represented the cost of purchasing mobile phones and accessories for that business. Coolpad Technologies US terminated its mobile phone business in July 2024.

*Depreciation of right-of-use assets*

After executing the sales and purchase agreement with its former affiliate, Coolpad Global Inc., on April 1, 2024, the Company immediately entered into a computer server lease agreement to support its Digital assets Mining operations. Lease expenses were calculated based on daily Bitcoin market prices and the number of active Mining units. To enhance its Mining capacity and boost its Bitcoin output, the Company leased additional advanced Mining equipment models. As a result, operating lease right-of-use assets of $6,600,703 is recognized and the depreciation for the operating lease right-of-use assets amounted over 4 years to $2,200,234 for the fiscal year ended March 31, 2025.

*Lease payment*

After executing the sales and purchase agreement with its former affiliate, Coolpad Global Inc., on April 1, 2024, the Company immediately entered into a computer server lease agreement to support its Digital assets Mining operations. Lease expenses were calculated based on daily Bitcoin market prices and the number of active Mining units. To enhance its Mining capacity and boost its Bitcoin output, the Company leased additional advanced Mining equipment models. As a result, total lease expenses for our Mining equipment amounted to $1,350,990 for the fiscal year ended March 31, 2025.

*Cost to technical staffs*

For the fiscal years ended March 31, 2024 and 2025, wages and salaries and pensions scheme contribution was $17,382 and $114,884, respectively, representing an increase of $97,502, or 560.9%. This substantial increase was primarily due to the fact that the Company commenced its Bitcoin Mining business in September 2023, halfway through its fiscal year, and also expanded its Bitcoin Mining to United State in 2025.

[**Table of Contents**](#toc)

**Selling and Marketing Expense**

For the fiscal years ended March 31, 2024 and 2025, total selling and marketing expenses were $9,676 and $53,470, respectively. The increase in selling and marketing expenses of $43,794, or 452.6%, was primarily attributable to the Company's expansion into the Digital assets Mining industry and intensified efforts to build brand awareness and attract potential investors.

**General and Administrative Expense**

---

| | | |
|:---|:---|:---|
|  | **For the fiscal years ended<br> March 31,** | **For the fiscal years ended<br> March 31,** |
|  | **2024** | **2025** |
|  | **US$** | **US$** |
|  | | **(Restated)** |
| **Legal and professional fees** | $**185667** | $**259988** |
| **Transportation expenses** | **2536** | **6620** |
| **Office expenses** | **31067** | **580** |
| **Management fee** | **4816** | **10415** |
| **Wages and salaries** | **53934** | **206517** |
| **Pension scheme contributions** | **1214** | **4591** |
| **Outsourcing services fees** | **304323** | **202944** |
| **Short-term lease expenses** | **10247** | **43320** |
| **Others** | **75124** | **52074** |
| **Total** | $**668928** | $**787049** |

---

For the fiscal years ended March 31, 2024 and 2025, total general and administrative expenses were $668,928 and $787,049, respectively. The increase in general and administrative expenses of $118,121, or 17.7%, was mainly due to the (i) increase in legal and professional fees by $74,321, or 40.0%, from $185,667 for the fiscal year ended March 31, 2024 to $259,988 for the fiscal year ended March 31, 2025, including the audit fee of $170,000 incurred for this initial public offering; (ii) increase in transportation expenses by $4,084, or 161.0%, from $2,536 for the fiscal year ended March 31, 2024 to $6,620 for the fiscal year ended March 31, 2025, which primarily resulted from overseas travel to Canada and the United States for monitoring our digital Mining business; (iii) increase in wages and salaries by $152,583, or 282.9%, from $53,934 for the fiscal year ended March 31, 2024 to $206,517 for the fiscal year ended March 31, 2025 as the Company hired additional administrative and support personnel in Hong Kong during 2025; and (iv) increase in short-term lease expenses by $33,073, or 322.8%, from $10,247 for the fiscal year ended March 31, 2024 to $43,320 for the fiscal year ended March 31, 2025, which primarily resulted from the Company having entered into a new short-term lease agreement for an office in Hong Kong in 2025, all of which was partially offset by a (i) decrease in other general and administrative expense by $23,050, or 30.7%, from $75,124 for the fiscal year ended March 31, 2024 to $52,074 for the fiscal year ended March 31, 2025; (ii) decrease in office expenses by $30,487, or 98.1%, from $31,067 for the fiscal year ended March 31, 2024 to $580 for the fiscal year ended March 31, 2025; and (iii) decrease in outsourcing service fees by $101,379, or 33.3%, from $304,323 for the fiscal year ended March 31, 2024 to $202,944 for the fiscal year ended March 31, 2025 mainly due to the Company having shifted work to its own employees instead of relying on external service providers.

**Other income and expenses, net**

---

| | | |
|:---|:---|:---|
|  | **For the fiscal years ended<br> March 31,** | **For the fiscal years ended<br> March 31,** |
|  | **2024** | **2025** |
|  | **US$** | **US$** |
|  | | **(Restated)** |
| Realized gain on conversion of crypto assets held | $843062 | $1132870 |
| Bank interest income | 1429 | 21598 |
| Interest income generated and received from deposits in crypto exchange | 35025 | 2343 |
| Reversal of impairment loss on crypto assets held | 3904 | 5080636 |
| Impairment loss on crypto assets held | (211744) | (5546168) |
| Gain on sale-and-leaseback |  | 1321293 |
| Provision for penalty on non-filing of income tax returns | - | (218369) |
| Total | $671676 | $1794203 |

---

For the fiscal years ended March 31, 2024 and 2025, total other income was $671,676 and $1,794,203, respectively. The other income mainly represented the realized gains on conversion of crypto assets held, interest income from bank and digital wallet and profit effect on recognition of operating lease, partially offset by impairment loss on crypto assets held and the provision for penalty on non-filing of income tax returns in the United States and Canada.

The increase in other income, net was mainly attributable to (i) gain on sales-and-leaseback of $1,321,293 for the fiscal year ended March 31, 2025 as the fair value of the Mining machine was higher than its carrying amount as of the date of disposal;, (ii) increase in impairment on crypto assets held, net by $257,693 from $207,839 for the fiscal year ended March 31, 2024 to $465,532 for the fiscal year ended March 31, 2025 as the impairment made to crypto assets upon the market value lower than its carrying amount as of March 31, 2025 and (iii) the increase in realized gain on conversion of crypto assets held by $289,809 from $843,061 for the fiscal year ended March 31, 2024 to $1,132,870 for the fiscal year ended March 31, 2025 as the Company sold its Bitcoin to USDT or US$ as the market conditions were favorable, leveraging strategic timing of sales to capitalize on high prices, and benefiting from increased trading activity, all of which contributed to the higher realized gains during that year. These increases were partially offset by i) the decrease in rewards from a digital wallet of $32,682 from $35,025 for the year ended March 31, 2024 to $2,343 for the fiscal year ended March 31, 2025 as the Company did not purchase the financial product for the digital reward in the fiscal year ended March 31, 2025 and (ii) the provision penalty on non-filing of income tax returns of $218,369 as late filing for tax return for the operation in Canada and United State of America

[**Table of Contents**](#toc)

**Income Taxes**

We are subject to income tax on an entity basis on profit arising in or derived from the jurisdictions in which members of our Group are domiciled or operate. Our income tax increased by $367,216, or 119.9%, from $306,396 for the fiscal year ended March 31, 2024 to $673,612 for the fiscal year ended March 31, 2025, due to an increase in our income before tax of $1,755,519, or 273.2%, from approximately $642,586 for the fiscal year ended March 31, 2024 to $2,398,105 for the fiscal year ended March 31, 2025.

***Liquidity and Capital Resources***

As of September 30, 2025, we had a working capital deficit of approximately $5,244,324, which included cash and cash equivalents and crypto assets held of approximately $460,336 and $549,803, respectively. We reported net loss of approximately $202,946 for the six months ended September 30, 2025.

The following tables sets forth a breakdown of our current assets and liabilities as of the dates indicated

---

| | | | |
|:---|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** | |
|  | **2024** | **2025** | **As of<br> September 30,**<br>**2025** |
|  | **US$** | **US$** | **US$** |
|  | | **(Restated)** | |
| **ASSETS** |  |  |  |
| **Current assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $1397217 | $1977274 | $460336 |
| &nbsp;&nbsp;&nbsp;Crypto assets held | 2330238 | 321121 | 549805 |
| &nbsp;&nbsp;&nbsp;Accounts receivable | 123275 | 52804 | 51833 |
| &nbsp;&nbsp;&nbsp;Deposits, prepayments and other receivables | 819885 | 1254387 | 1454766 |
| **Total current assets** | $4670615 | $3605586 | $2516740 |
| **Current liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | $64099 | $85799 | $64155 |
| &nbsp;&nbsp;&nbsp;Accounts payable – a related party |  | 3168498 | 1640510 |
| &nbsp;&nbsp;&nbsp;Amount due to a related party | 82275025 |  |  |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other payables | 298038 | 379236 | 639981 |
| &nbsp;&nbsp;&nbsp;Lease liabilities – a related party |  | 2966771 | 3721493 |
| &nbsp;&nbsp;&nbsp;Taxes payable | 315951 | 988763 | 1694925 |
| **Total current liabilities** | $82953113 | $7589067 | $7761064 |
| **NET CURRENT LIABILITIES** | $(78282498) | $(3983481) | $(5244324) |

---

**Crypto assets held**

The balance of crypto assets held by the Company consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** | |
|  | **2024** | **2025** | **As of<br> September 30,**<br>**2025** |
|  | **US$** | **US$** | **US$** |
|  | | **(Restated)** | |
| Bitcoin | $1313515 | $321121 | $549805 |
| USDT<sup>(1)</sup> | 1016723 | - | - |
| Total | $2330238 | $321121 | $549805 |

---

(1) We plan to transact
 in or hold USDT or any other stablecoins in the future, as some suppliers may offer better
 payment terms for USDT or other stablecoins than for Fiat currency.

Our crypto assets held balance increased by $228,684, or 71.2%, from $321,121 as of March 31, 2025 to $549,805 as of September 30, 2025. The increase was mainly due to the Company realized less of Digital assets for either HK$ or US$ so as to reserve them for future capital gain.

Our crypto assets held balance decreased by $2,009,117, or 86.2%, from $2,330,238 as of March 31, 2024 to $321,121 as of March 31, 2025. The decrease was mainly due to sales of Digital assets for either HK$ or US$ so as to (i) realize the fair gain on Bitcoin; and (ii) repay an amount due to a related party during year ended March 31, 2025.

[**Table of Contents**](#toc)

The following table presents the movement of crypto assets of the Company for the fiscal years ended March 31, 2024 and 2025 and September 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | **Bitcoin** | **USDT <sup>(1)</sup>** | **Total** |
|  | **US$** | **US$** | **US$** |
| At April 1, 2023 |  |  |  |
| Revenue generated from crypto assets Mining business | $3574770 | $- | $3574770 |
| Converted (to) from other crypto assets | (2053227) | 2896289 | 843062 |
| Converted to Fiat |  | (1460000) | (1460000) |
| Interest income generated and received from deposits in crypto exchange | 412 | 34613 | 35025 |
| Impairment | (211744) |  | (211744) |
| Reversal of impairment | 3904 |  | 3904 |
| Payment for purchase of Mining machines |  | (454176) | (454176) |
| Other charges | (600) | (3) | (603) |
| At March 31, 2024 | 1313515 | 1016723 | 2330238 |
| At April 1, 2024 | 1313515 | 1016723 | 2330238 |
| Revenue generated from crypto assets Mining business | 15287634 |  | 15287634 |
| Converted (to) from other crypto assets | (10431926) | 11044546 | 612620 |
| Converted to Fiat | (5379637) | (8679343) | (14058980) |
| Interest income generated and received from deposits in crypto exchange |  | 2343 | 2343 |
| Repayment to a related party |  | (4360181) | (4360181) |
| Cryptocurrencies received in issuance of ordinary shares to new shareholders |  | 987000 | 987000 |
| Impairment | (5546168) |  | (5546168) |
| Reversal of impairment | 5080636 |  | 5080636 |
| Other charges | (2933) | (11088) | (14021) |
| At March 31, 2025 | $321121 | $- | $321121 |
| Revenue generated from crypto assets mining business | $9991254 | $- | 9991254 |
| Converted (to) from other crypto assets | (1012200) | 1050668 | 38468 |
| Converted from (to) fiat | (8642874) | (449815) | (9092689) |
| Other charges | (3472) | (856) | (4328) |
| Fund transfer to a related party |  | (599997) | (599997) |
| Reversal of impairment | 239024 |  | 239024 |
| Impairment | (343048) | - | (343048) |
| At September 30, 2025 | $549805 | $- | $549805 |

---

(1) We plan to
 transact in or hold USDT or other stablecoins in the future, as some suppliers may offer
 better payment terms for USDT or other stablecoins than for Fiat currency.

**Cash and Asset Transfers Within Our Organization**

Our Mining activities generate Bitcoin rewards rather than fiat cash. We manage liquidity by converting Bitcoin into fiat currency on an as-needed basis based on our short-term liquidity requirements, projected liabilities, anticipated operating expenses and capital expenditure needs. In the ordinary course, Bitcoin mined by or for the benefit of the Company is first held in our Coinbase Wallet. When management determines that Bitcoin should be converted into fiat currency, we transfer the applicable amount of Bitcoin from our Coinbase Wallet to HashKey Exchange. Upon sale of Bitcoin through HashKey Exchange, the fiat proceeds are credited to our fiat account at HashKey Exchange and are then withdrawn to our designated bank account.

Fiat cash received from Bitcoin sales is used to fund our operating needs, including payments to hosting providers, suppliers and other third-party vendors, general corporate expenses and working capital needs. To the extent cash is required by another group entity, cash may be transferred within the group through intercompany loans, advances, capital contributions, dividends or distributions, subject to applicable corporate approvals, tax considerations, solvency requirements, bank compliance procedures, anti-money laundering and sanctions compliance requirements and the contractual terms of the relevant bank, custodian or trading platform.

Based on our current corporate structure and operations, we are not aware of any material foreign exchange control restrictions under the laws of the Cayman Islands, Hong Kong, Canada or the United States that would materially restrict our ability to convert currency or transfer cash between the Company and its subsidiaries, across borders or to U.S. investors.

**Accounts receivable**

Accounts receivable mainly represent amounts due from customers from sales of mobile phones and accessories and from our Mining pool operator for our provision of our Hashrate to the pool. The Company generally grants credit terms of 30 days to its customers. In evaluating the collectability of receivable balances, the Company considers specific evidence including aging of the receivable, the customer's payment history, its current creditworthiness, current economic trends and customer specific quantitative and qualitative factors that may affect the customer's ability to pay. The Company regularly reviews the adequacy and appropriateness of the allowance for expected credit loss. The Company charges off receivables from allowance for credit losses after all collection efforts have ceased. If the receivables charged off exceed the allowance for credit losses, the excess amounts are directly charged off in the consolidated statements of income and comprehensive income. As of March 31, 2024 and 2025 and September 30, 2025, accounts receivable were aged within 30 days and no allowance for expected credit losses provided was recorded.

Our accounts receivable balance decreased by $971, or 1.8%, from $52,804 as of March 31, 2025 to $51,833 as of September 30, 2025. The decrease was mainly due to the number of Bitcoin mined on September 30, 2025 less than March 31, 2025. As of the date of this prospectus, all the accounts receivable has been settled.

Our accounts receivable balance decreased by $70,471, or 57.2%, from $123,275 as of March 31, 2024 to $52,804 as of March 31, 2025. The decrease was mainly due to the prompt settlement of accounts receivable from customers during the year. As of the date of this prospectus, all the accounts receivable has been settled.

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**Deposits, prepayments and other receivables**

---

| | | | |
|:---|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** | |
|  | **2024** | **2025** | **As of<br> September 30,**<br>**2025** |
|  | **US$** | **US$** | **US$** |
|  | | **(Restated)** | |
| Prepayment of hosting services fee | $516688 | $42545 | $140124 |
| Prepayment of lease expenses |  | 1191645 | 1191645 |
| Deposit for subscription of investments | 283000 |  |  |
| Others | 20197 | 20197 | 122997 |
| Total | $819885 | $1254387 | $1454766 |

---

Our deposits, prepayments and other receivables balance increased by $200,379, or 16.0%, from $1,254,387 as of March 31, 2025 to $1,454,766 as of September 30, 2025. The increase was mainly due to the increase in (i) the prepayment of hosting services fee as that fee was underestimated in March 31, 2025; and (ii) the increase in other deposits of $102,800 for a short-term lease of motor vehicle for investor relationship purpose.

Our deposits, prepayments and other receivables balance increased by $434,502, or 53.0%, from $819,885 as of March 31, 2024 to $1,254,387 as of March 31, 2025. The increase was mainly due to the prepayment of lease expenses for leasing of Mining machine and offset against with the decrease in (i) the prepayment of hosting services fee as that fee was overestimated in 2024 and partially refunded in 2025; and (ii) the refund in October, 2024 of a $283,000 deposit for subscription of listed equity as we were unable to complete the equity purchase.

**Amount due to a related party**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **March 31,** | **March 31,** | |
| <br>**Name** | <br>**Nature** | **2024** | **2025** | **As of<br> September 30,**<br>**2025** |
|  |  | **US$** | **US$** | **US$** |
| Coolpad Investment Limited | Amount due to a related party | $82275025 | $- | $- |
| Coolpad Global Inc. | Accounts payable | $- | $3168498 | $1640510 |

---

The account payable represented the payable for the leasing expenses of Miners which is unsecured and interest free. Our account payables was nil, $3,168,498 and $1,640,510 as of March 31, 2024 and 2025 and September 30, 2025, respectively. The decrease in account payables mainly resulted from the shorten the payment day during the six months ended September 30, 2025.

The balance due to a related party is unsecured and interest free, has no specific repayment terms and is non-trade in nature. Our amount due to a related party was $82,275,025, nil and nil as of March 31, 2024 and 2025 and September 30, 2025, respectively. The decrease in the balance due to a related party mainly resulted from (i) the related party's agreement to capitalize $61,641,887 of the amount due as additional paid-in capital of the Company; (ii) the transfer of Mining equipment to a related party by offsetting the balance due of $13,236,740; and (iii) a repayment of $7,396,398 in either Digital assets or cash during the year ended March 31, 2025.

**Accrued expenses and other payables**

The accrued expenses and other payables balance increased by $260,745, or 303.9%, from $379,236 as of March 31, 2025 to $639,981 as of September 30, 2025 mainly due (i) provision of income tax penalty for late income tax filing to $425,004 as of September 30, 2025 from $218,369 as of March 31, 2025; and (ii) other accrued operating expenses to $155,949 as of September 30, 2025 from $58,865 as of March 31, 2025 for audit fee for this initial public offering.

The accrued expenses and other payables balance increased by $81,198, or 27.2%, from $298,038 as of March 31, 2024 to $379,236 as of March 31, 2025 mainly due (i) provision of income tax penalty of $218,369 for late income tax filing; and (ii) other accrued operating expenses of $18,865 which partially offset against the settlement during the fiscal year ended March 31, 2025 of (i) accrued payroll and welfare expenses of $102,002; and (ii) compensation to vendor of $40,000

**Lease liabilities – a related party**

---

| | | | |
|:---|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** | |
|  | **2024** | **2025** | **As of<br> September 30,**<br>**2025** |
|  | **US$** | **US$** | **US$** |
| Balance as of April 1 |  |  | 9448328 |
| Addition |  | 12246224 | 1948575 |
| Payments of lease liabilities |  | (2797896) | (1676172) |
| Balance as of March 31 |  | 9448328 | 9720731 |

---

The Group entered the sales and purchase agreement with its related party on April 1, 2024 for disposal of all of the Mining machines to a related party, Coolpad Global Inc., at net book value to settle part of the amount due to Coolpad Global Inc. No gain or loss was recorded in the transaction. On the same day, the Group entered into a Mining machine lease agreement with Coolpad Global Inc. for the use of the Mining machine for four years and the Group has a right to renew one more year. The Company recognizes operating lease liabilities in accordance with IFRS 16, which are measured at the present value of future lease payments.

**Income tax payables**

We are subject to income tax on an entity basis on profit arising in or derived from the jurisdictions in which members of our Group are domiciled or operate.

Our income tax payables increased by $706,162, or 71.4%, from $988,763 as of March 31, 2025 to $1,694,925 as of September 30, 2025, primarily due to an increase in our assessable profit (i.e. gross profit) of $917,852 or 230.7%, from approximately $397,903 for the six months ended September 30, 2024 to $1,315,755 for the six months ended September 30, 2025.

Our income tax payables increased by $3672,812, or 212.9%, from $315,951 as of March 31, 2024 to $988,763 as of March 31, 2025, primarily due to an increase in our income before tax by $1,755,519, or 273.2%, from approximately $642,586 for the year ended March 31, 2024 to $2,398,105 for the fiscal year ended March 31, 2025.

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**Cash Flows**

***Six Months Ended September 30, 2025 Compared to Six Months Ended September 30, 2024***

---

| | | |
|:---|:---|:---|
|  | **For the six months ended<br> September 30,** | **For the six months ended<br> September 30,** |
|  | **2024** | **2025** |
|  | **US$** | **US$** |
| **Cash and cash equivalents** |  |  |
| Net cash used in operating activities | $(5074406) | $(7592227) |
| Net cash provided by investing activities | 1738598 | 9295444 |
| Net cash provided by (used in) financing activities | 2324479 | (3191963) |
| Net increase in cash and cash equivalents | (1011329) | (1488746) |
| Cash and cash equivalents at beginning of year | 1397217 | 1977274 |
| Effect of foreign exchange differences | (7011) | (28192) |
| Cash and cash equivalents at end of year | $378877 | $460336 |

---

***Net cash used in operating activities***

During the six months ended September 30, 2024 and 2025, the cash inflows from our operating activities were primarily derived from the revenue generated from sales of crypto assets; whereas the cash outflows for our operating activities mainly comprised the hosting service fee, staff costs and welfare and other operating expenses including rental and office expenses and legal and professional fees.

Our net cash generated from operating activities primarily reflected our net income, as adjusted for non-cash items, such as depreciation and effects of changes in operating assets, and liabilities, such as increase or decrease in accounts receivable, deferred tax assets, rental deposit, accruals and other payables.

For the six months ended September 30, 2024, our net cash used in operating activities was $5,074,406, which primarily arose from our income before taxation of $1,399,198, as adjusted for non-cash items and changes in operating assets and liabilities. Adjustments for non-cash items mainly consisted of (i) revenue recognized from crypto assets earned of $5,491,339; (ii) realized gain on conversion of crypto assets held of $222,784; (iii) bank interest income of $21,598; (iv) interest income generated and received from deposits in crypto exchange of $2,343; (v) administrative charge on cryptocurrency transaction of $225; (vi) depreciation of right-of-use assets of $1,100,117; (vii) finance cost on lease liabilities of $334,572, (viii) gain on disposal of equipment of $1,321,293 (ix) impairment loss on crypto assets held of $2,416,199; (x) reversal of impairment loss on crypto assets held of $2,520,681 and (xi) change in operating assets and liabilities consisting of (a) decrease in accounts receivable of $44,933; (b) increase in deposits, prepayments and other receivables, net of $1,329,965; (c) increase in accounts payable of $85; and (d) decrease in accrued expenses and other payables of $55,554.

For the six months ended September 30, 2025, our net cash used in operating activities was $7,592,227, which primarily arose from our income before taxation of $504,017, as adjusted for non-cash items and changes in operating assets and liabilities. Adjustments for non-cash items mainly consisted of (i) revenue recognized from crypto assets earned of $9,990,283; (ii) realized gain on conversion of crypto assets held of $241,223; (iii) administrative charge on cryptocurrency transaction of $4,328; (iv) depreciation of right-of-use assets of $1,329,362; (v) amortization on lease expenses of $595,822; (vi) finance cost on lease liabilities of $282,992; (vii) provision for penalty on non-filing on income tax returns of $206,635; (viii) impairment loss on crypto assets held of $343,048; (ix) reversal of impairment loss on crypto assets held of $239,024 and (x) change in operating assets and liabilities consisting of (a) increase in deposits, prepayments and other receivables, net of $419,566; (b) decrease in accounts payable of $21,644; and (c) increase in accrued expenses and other payables of $53,309.

***Net cash provided by investing activities***

Our cash flows used in investing activities primarily consisted of (i) interest income received; (ii) deposit paid for subscription of investments and (iii) proceeds from sales of crypto assets.

For the six months ended September 30, 2024, net cash provided by investing activities was $1,738,598, mainly arising from (i) interest income received of $21,598 and (ii) proceeds from sales of crypto assets of $2,000,000, which was partially offset by (i) deposit paid for subscription of investments of $283,000

For the six months ended September 30, 2025, net cash provided by investing activities was $9,295,444, mainly arising from proceeds from sales of crypto assets held of $9,295,444.

***Net cash provided by (used in) financing activities***

Our cash flows provided by (used in) financing activities primarily consisted of (i) advances from a related company; (ii) repayment to the related company; and (iii) payment of deferred offering costs.

For the six months ended September 30, 2024, net cash provided by financing activities of $2,324,479 arose from an advance from a related party of $4,299,465 and offset by (i) payment for deferred offering cost of $261,963 for this initial public offering, (ii) lease payment for capital element of $1,378,452 and (iii) lease payment for interest element of $334,571.

For the six months ended September 30, 2025, net cash used in financing activities was $3,191,963, mainly arising from (i) repayment to a related party of $927,991; (ii) payment for deferred offering costs of $304,808 for this initial public offering; (iii) lease payment for capital element of $1,676,172 and (iv) lease payment for interest element of 282,992.

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**Fiscal Year Ended March 31, 2025 Compared to Fiscal Year Ended March 31, 2024**

---

| | | |
|:---|:---|:---|
|  | **For the fiscal years ended<br> March 31,** | **For the fiscal years ended<br> March 31,** |
|  | **2024** | **2025** |
|  | **US$** | **US$** |
|  | | **(Restated)** |
| Cash and cash equivalents |  |  |
| Net cash used in operating activities | $(7787058) | $(7444969) |
| Net cash (used in) provided by investing activities | (12469346) | 14883828 |
| Net cash provided by (used in) financing activities | 20146721 | (6742292) |
| Net increase in cash and cash equivalents | (109683) | 696567 |
| Cash and cash equivalents at beginning of year | 1337810 | 1397217 |
| Effect of foreign exchange differences | 169090 | (116510) |
| Cash and cash equivalents at end of year | $1397217 | $1977274 |

---

***Net cash used in operating activities***

During the fiscal years ended March 31, 2024 and 2025, the cash inflows from our operating activities were primarily derived from the revenue generated from sales of crypto assets; whereas the cash outflows for our operating activities mainly comprised the hosting service fee, staff costs and welfare and other operating expenses including rental and office expenses and legal and professional fees.

Our net cash generated from operating activities primarily reflected our net income, as adjusted for non-cash items, such as depreciation and effects of changes in operating assets, and liabilities, such as increase or decrease in accounts receivable, deferred tax assets, rental deposit, accruals and other payables.

For the fiscal year ended March 31, 2024, our net cash used in operating activities was $7,787,058 which primarily arose from our income before taxation of $642,586, as adjusted for non-cash items and changes in operating assets and liabilities. Adjustments for non-cash items mainly consisted of (i) revenue recognized from crypto assets earned of $3,612,995; (ii) realized gain on conversion of crypto assets held of $843,062; (iii) bank interest income of $1,429; (iv) interest income generated and received from deposits in crypto exchange of $35,025; (v) provision for expected credit losses of $353; (vi) depreciation of equipment of $865,203; (vii) impairment loss on crypto assets held of $211,744; (viii) reversal of impairment loss on crypto assets held $3,904 and (x) change in operating assets and liabilities consisting of (a) increase in accounts receivable of $85,403; (b) increase in deposits, prepayments and other receivables, net of $4,540,708; (c) decrease in accounts payable of $48,909; and (d) increase in accrued expenses and other payables of $335,509.

For the fiscal year ended March 31, 2025, our net cash used in operating activities was $7,444,969, which primarily arose from our income before taxation of $2,398,105, as adjusted for non-cash items and changes in operating assets and liabilities. Adjustments for non-cash items mainly consisted of (i) revenue recognized from crypto assets earned of $15,302,212; (ii) realized gain on conversion of crypto assets held of $1,132,870; (iii) bank interest income of $21,598; (iv) interest income generated and received from deposits in crypto exchange of $2,343; (v) finance cost on Cryptocurrency transaction of $14,021; (vi) finance cost on lease liabilities of $628,150; (vii) reversal of expected credit losses of $339; (viii) provision for penalty on non-filing of income tax returns of $218,369; (ix) gain on sales-and-leaseback of $1,321,293; (x) lease payment of $1,191,645 and (xi) depreciation on right-of-use assets of $2,200,234; (xii) impairment on crypto assets held of $5,546,168; (xiii) reversal of impairment loss on crypto assets held of $5,080,636 and (xiv) change in operating assets and liabilities consisting of (a) decrease in accounts receivable of $85,389; (b) decrease in deposits, prepayments and other receivables, net of $81,214; (c) decrease in accounts payable of $21,700; (d) increase in accounts payable of $3,168,498; and (e) decrease in accrued expenses and other payables of $131,171.

***Net cash (used in) provided by investing activities***

Our cash flows used in investing activities primarily consisted of (i) interest income received; (ii) proceeds from sales of crypto assets; and (iii) purchase of property and equipment.

For the fiscal year ended March 31, 2024, net cash used in investing activities was $12,469,346, mainly arising from the purchase of property and equipment of $13,648,378, primarily for Mining equipment acquired from a third party during the year, which was partially offset by (i) interest income received of $1,429; (ii) proceeds from sales of crypto assets of $1,460,603; and (iii) deposit paid for subscription of investments of $283,000

For the fiscal year ended March 31, 2025, net cash provided by investing activities was $14,883,828, mainly arising from (i) interest income received of $21,598; (ii) proceeds from sales of crypto assets held of $14,579,230; and (iii) refund of the deposit for subscription of investments of $283,000.

***Net cash provided by (used in) financing activities***

Our cash flows provided by (used in) financing activities primarily consisted of (i) advances from a related company; (ii) repayment to the related company; and (iii) payment of deferred offering costs.

For the fiscal year ended March 31, 2024, net cash provided by financing activities of $20,146,721 arose from an advance from a related party of $20,646,721 and offset by repayment to a related party of $500,000.

For the fiscal year ended March 31, 2025, net cash used in financing activities was $6,742,292, mainly arising from advances from a related party of $882,363, which was partially offset by (i) repayment to a related party of $3,918,579; (ii) payment for deferred offering costs of $280,030 for this initial public offering; (iii) lease payment for capital element of $2,797,896 and (iv) lease payment for interest element of $628,150.

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**Cash Flow Sufficiency**

In order to meet the operating needs of our business, our management expects to satisfy our cash flow needs through (i) maintaining stable or increased cash inflows; (ii) effectively managing our cash outflows; (iii) obtaining financial support from our Controlling Shareholder and investors to meet short-term operating expenses; and (iv) continuing to focusing on improving operational efficiency and cost reductions.

As of September 30, 2025, the Group had an negative operating cash flows of $7,592,227. Management plans to continue to focus on improving operational efficiency and cost reductions. Additionally, the Group plans to raise capital via private placement or public offering in the event that the Group does not have adequate liquidity to meet its current obligations. However, there is no assurance that the Group will be successful in implementing the foregoing plans or additional financing will be available to the Group on commercially reasonable terms

**Critical Accounting Policies and Estimates** 

We prepare the consolidated financial statements in accordance with IFRS. These accounting principles require us to make judgments, estimates, and assumptions on the reported amounts of assets and liabilities at the end of each fiscal period, and the reported amounts of revenue and expenses during each fiscal period. We continually evaluate these judgments and estimates based on our own historical experience, knowledge and assessment of current business and other conditions, the expectations regarding the future based on available information, and assumptions that we believe to be reasonable.

We consider an accounting estimate to be critical if: (i) the accounting estimate requires us to make assumptions about matters that were highly uncertain at the time the accounting estimate was made, and (ii) changes in the estimate that are reasonably likely to occur from period to period or use of different estimates that we reasonably could have used in the current period, would have a material impact on our financial condition or results of operations.

The following are the Company's critical accounting policies: (1) crypto assets held, (2) equipment, net, and (3) Revenue recognition. Please refer to Note 2 to the consolidated financial statements for the details of critical accounting policies.

The Company believes that the following accounting estimates are most critical in understanding and evaluating this management discussion and analysis:

1) Depreciation of Mining machines

Depreciation on the Group's Mining machines is calculated using the straight-line method to allocate costs up to residual values over the estimated useful lives of the assets. The Group reviews the useful lives and residual values at least at each financial year-end and adjusted, if appropriate, to ensure that the method and rates of depreciation are consistent with the expected pattern of realization of economic benefits from Mining machines. The Group estimates the useful lives of Mining machines based on historical experience, taking into account anticipated technological changes. If there are significant changes from previously estimated useful lives, the amount of depreciation expenses may change.

2) Accounting for crypto assets held

IFRS Accounting Standards do not specifically address accounting for crypto assets. Accordingly, for the preparation of the consolidated financial statements, management needs to apply judgement in determining appropriate accounting policies based on the facts and circumstances of the Group's holding of crypto assets.

With a view to the Group's business, the Group expected to hold the crypto assets for capital gain and are included in current assets in the consolidated statements of financial position as an indefinite lived intangible asset under IAS 38. Crypto assets are initially recognized based on the fair value of the crypto assets on the date of receipt. Crypto assets that are purchased in exchange for one digital asset for another digital asset are recognized at the fair value of the digital asset received. The Group recognizes realized gains or losses when crypto assets are sold on an exchange for other crypto assets or for cash consideration using a weighted average method of accounting. Purchase of crypto assets using Fiat currency or sales of crypto assets to obtain Fiat currency is presented as investing activity in the consolidated cash flow of the Group.

Crypto assets are tested for impairment annually or whenever there is an indication that the intangible asset may be impaired. Impairment exists when the carrying amount exceeds its fair value, which is measured using the quoted price of the crypto assets in the principal market at the time its fair value is being measured, and the Group recognized an impairment loss in an amount equal to that excess. The Group monitors and evaluates the quality and relevance of the available information, such as pricing information from the asset's principal (or most advantageous) market or from other digital asset exchanges or markets, to determine whether such information is indicative of a potential impairment. To the extent an impairment loss is recognized, the loss establishes the new cost basis of the asset. If there is an indication that previously recognized impairment losses may no longer exist or may have decreased, the recoverable amount is estimated. A previously recognized impairment loss of an asset other than goodwill is reversed only if there has been a change in the estimates used to determine the recoverable amount of that asset, but not to an amount higher than the carrying amount that would have been determined (net of any depreciation/amortization) had no impairment loss been recognized for the asset in prior years. A reversal of such an impairment loss is credited to profit or loss in the period in which it arises.

In determining fair values, management needs to apply judgement to identify the relevant available markets, and to consider accessibility to and activity within those markets in order to identify the crypto assets markets for the Group. In the event that new guidance is issued by the IASB, the Group may be required to change its accounting policies, which could have a material effect on the Group's financial statements.

3) Revenue from the crypto assets Mining business

There is currently limited guidance in IFRS or alternative accounting frameworks for the accounting for the revenue from the crypto assets Mining business. The Group's management has exercised significant judgment in determining appropriate accounting treatment for the recognition of revenue from the crypto assets Mining business. Management has examined various factors surrounding the substance of the Group's operations, such as the reliability of the measurement of the cryptocurrencies received. In the event that new guidance is issued by the IASB, the Group may be required to change its accounting policies, which could have a material effect on the Group's financial statements.

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4) Estimates of current tax

The Group is required to recognize a provision for income taxes based upon the taxable income and temporary differences for each of the tax jurisdictions in which it operates and for all discrete reportable income streams within those jurisdictions. Significant judgement is required in determining the amount of the taxation provision and the timing of the payment thereon. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the income tax and deferred tax provisions in the period in which such determination is made.

5) Going concern

The assessment of going concern requires management to make judgements based on projections of the operating cash flows generated by the Group, which is subject to a number of key assumptions. The Group has determined there is material uncertainty that may cast significant doubt on the Group's ability to continue as a going concern but has concluded it is appropriate to prepare the consolidated financial statements on a going concern basis. Refer to Note 1 for further information.

**Internal Control over Financial Reporting**

Prior to the Business Combination, we were a private company with limited accounting personnel and other resources with which to address our internal control over financial reporting. Our independent registered public accounting firm has not conducted an audit of our internal control over financial reporting.

In connection with the preparation of the Company's consolidated financial statements as of and for the years ended March 31, 2024 and 2025, the Company identified one material weakness in its internal control over financial reporting as of March 31, 2025. As defined in the standards established by the PCAOB, a "material weakness" is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of its annual or interim consolidated financial statements will not be prevented or detected on a timely basis.

The material weakness identified related to lack of sufficient competent financial reporting and accounting personnel with appropriate experience and knowledge to address complex accounting issues in accordance with IFRS and SEC rules and regulations and reporting requirements. The material weakness has led to the restatement of consolidated financial statements of the Company as of and for the years ended March 31, 2025, and if not remediated timely, may lead to material misstatements in the Company's consolidated financial statements in the future.

To remedy the identified material weakness, we are in the process of implementing measures designed to improve our over financial reporting, including, among others: (1) recruiting more qualified personnel equipped with relevant IFRS and SEC reporting experience and qualifications to strengthen the financial reporting function and to set up a financial and system control framework, (2) implementing regular and continuous IFRS accounting and financial reporting training programs for its accounting and financial reporting personnel, (3) enhancing oversight over and clarifying reporting requirements for, non-recurring and complex transactions to ensure consolidated financial statements and related disclosures are accurate, complete and in compliance with IFRS and SEC reporting requirements, (4) engaging external accounting experts to support improving our accounting processes.

**INDUSTRY OVERVIEW** 

**The Cryptocurrency Market**

The following information, statistics and data have been derived from the Frost & Sullivan Report, except as otherwise noted.

***Cryptocurrency Exchanges Trading Volume***

Crypto trading volumes have increased over the past few years, starting from US$17.0 trillion in 2019 and ballooning to US$34.3 trillion by 2023, representing a CAGR of 19.2%. 2021 saw the crypto industry continue to scale new heights and the trading volume reached US$112.0 trillion, extending momentum from 2020, primarily due to the continued innovation of DeFi (decentralized finance) projects in 2021, bringing new features with each new version upgrade, as well as new decentralized models of finance altogether. In addition, the introduction of NFTs (Non-Fungible Tokens, which are unique cryptographic tokens that cannot be copied) led to outsized sale prices, participation from well-known artists, and Axie Infinity firmly vaulted crypto into mainstream consciousness, bringing a new wave of users to the space. This rampant growth in trading activity reflects the rapid mainstream adoption of Cryptocurrencies as an emerging asset class worldwide. Volumes dropped to US$40.9 trillion in 2022 and US$34.3 trillion in 2023 but remain robust compared to earlier years.

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From 2024 to 2028, volumes are forecasted to grow at a CAGR of 18.0%, potentially exceeding US$83.1 trillion by 2028 and cementing crypto's position as a pillar of the global financial system. This tremendous growth in volumes underscores how Cryptocurrency has progressed from a fringe experiment to a major marketplace embracing institutional and retail participants alike in just a few short years.

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***Total Market Capitalization of Cryptocurrency and Bitcoin***

The Cryptocurrency market saw steady growth from 2019 to 2023, starting from a market capitalization of US$193.4 billion and reaching US$1,680.0 billion in 2023. This represents a massive increase of over 800% in market capitalization in five years, indicating the rapid mainstream adoption and integration of Cryptocurrencies into the global financial system. Key factors driving this growth include increased institutional investment, maturation of the asset class, more advanced Blockchain infrastructure and wider utilization of crypto and Blockchain technologies in banking, finance and other industries.

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***Market Size of Cryptocurrency Mining***

Miners' revenue is the sum of Block rewards and transaction fees paid to Miners. Block reward refers to the number of Bitcoins that a Miner gets upon the successful Mining of a Block, which is used to store the Bitcoin transaction information. The winner Miner claims a Block reward by adding it as a first transaction on the Block. Transaction fees of all the transactions within the Block that the winning Miner claims also belong to the Miner. Transaction fee is expected to play a bigger role in Miners' revenue, especially when it approaches 2140 since there would be hardly any Block rewards.

The revenue from Cryptocurrency Mining activities is mainly affected by Cryptocurrency price, network computing power, performance of Miners, Difficulty of Mining and competition among Cryptocurrency users to record their transactions. The significant increase of Mining revenue in 2021 was attributable to the promising price of Bitcoin. Following the decrease in Bitcoin in 2022, the Mining revenue declined in the same year. Bitcoin's price soared in 2024, breaking an all-time high of more than US$73,000. Despite the Bitcoin halving event in April 2024 and the expected drop of Block rewards from 2024 onwards, the rising Cryptocurrency price is expected to drive the growth of Mining revenue. The market size of Cryptocurrency Mining is expected to increase at a CAGR of 3.6% from 2024 to 2028.

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**THE BITCOIN MINING BUSINESS**

**Overview**

Bitcoin Miners use ASIC computers to validate Bitcoin transactions and add "Blocks" of validated transactions to Bitcoin's peer-to-peer Blockchain network. Miners earn Bitcoin rewards for every Block they add to the network as well as the corresponding transaction fees associated with the transactions in the "Mined" Block. Only one Miner or group of Miners operating together can receive the Block rewards and may also receive the corresponding transaction fees per Block added to the Bitcoin Blockchain. The amount of Bitcoin rewards per Block (not including transaction fees) is fixed, and the number of Blocks that can be added over time is able to be projected with reliable accuracy; therefore, the expected amount of Bitcoin rewarded per Miner is based on the number of Miners actively participating in the Bitcoin network. Miners will typically only participate if the value of the expected Bitcoin rewards is higher than their cost of production.

Miners consume electricity in order to compete for rewards. This means that the economics of Bitcoin Mining largely depend on:

● the cost of electricity to competing Miners;

● the efficiency of Mining equipment operated by competing Miners; and

● fluctuations in the price of Bitcoin, Bitcoin Difficulty (the relative measure of the amount of resources required to confirm a Block of Bitcoin transactions and receive Bitcoin rewards) and global Hashrates (the overall amount of computing power consumed by the network).

To achieve scale, Mining requires access to large amounts of low-cost electricity.

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**Introduction to Bitcoin, the Bitcoin Network and Bitcoin Mining**

Bitcoin is a Digital asset that is created and transmitted through the operations of a peer-to-peer decentralized network of computers, known as the Bitcoin network, which operates on cryptographic Protocols. No single entity owns or operates the Bitcoin network, the infrastructure of which is collectively maintained by a decentralized user base. The Bitcoin network allows people to exchange digital tokens of value, called Bitcoins, which are recorded on a publicly distributed transaction ledger known as a Blockchain. The Bitcoin Blockchain is a digital, publicly distributed bookkeeping ledger that holds the record of every Bitcoin transaction.

The Bitcoin network is decentralized and does not require governmental authorities or financial institution intermediaries to create, transmit or determine the value of Bitcoin. Rather, Bitcoin is created and allocated by the Bitcoin network Protocol through a process referred to as "Mining" and the persons or machines that provide transaction verification services to the Bitcoin network and are rewarded with new Bitcoin are called "Miners."

The Bitcoin Blockchain is a digital chain of Blocks with each Block containing information relating to a group of Bitcoin transactions. Miners validate Bitcoin transactions, securing the Blocks and adding the Blocks of transactions to the Blockchain record by using computer processing power to solve complex mathematical problems. Solving the problems will result in the Block being successfully added to the chain. This means that the Bitcoin transaction information in the Block is verified and locked into the Blockchain where it remains as a permanent record on the Blockchain network. The record set maintained by the Bitcoin network is publicly viewable and accessible to all. As an incentive to those who incur the computational cost of securing the Bitcoin network by validating transactions, the Miner who correctly solves the problem resulting in a Block being added to the Bitcoin Blockchain is awarded Bitcoin.

To begin Bitcoin Mining, a user can download and run Bitcoin network Mining software, which turns the user's computer into a "node" on the Bitcoin network that validates Blocks. Each Block contains the details of some or all of the most recent transactions of Bitcoin submitted by users of the Bitcoin network that are not already included in prior Blocks, and a transaction awarding an amount of Bitcoin to the Miner who will add the new Block. Each unique Block can be solved and added to the Blockchain by only one Miner. Therefore, individual Miners and Mining pools (i.e., groups of Miners acting together) on the Bitcoin network are engaged in a competitive process of increasing their computing power to improve their likelihood of solving for new Blocks and receiving Bitcoin rewards. As more Miners join the Bitcoin network and its collective processing power increases, the Bitcoin network adjusts the complexity of the Block-solving equation to maintain a predetermined pace of adding a new Block to the Blockchain approximately every ten minutes. A Miner's proposed Block is added to the Blockchain once a majority of the nodes on the Bitcoin network confirms the Miner's work. Miners that are successful in adding a Block to the Blockchain are awarded Bitcoin for their effort and may also receive transaction fees paid by transferors whose transactions are recorded in the Block. This reward system is the method by which new Bitcoin enter into circulation.

The Bitcoin network is designed in such a way that the reward for adding new Blocks to the Blockchain decreases over time. The number of Bitcoin awarded for solving a new Block is automatically halved after every 210,000 Blocks are added to the Blockchain record. Each Block takes approximately 10 minutes to be solved and as a result, rewards are halved approximately every four years. The fourth Bitcoin halving took place on April 20, 2024 reducing the Block reward for Miners from 6.25 Bitcoin to 3.125 Bitcoin per Mined Block.

While Bitcoin prices have historically increased around these halving events, which increases in price have correspondingly mitigated the decrease in Mining reward, there is no guarantee that the price change would be favorable or would compensate for the reduction in Mining reward. As the rate at which new Bitcoins enter circulation is cut in half, the built-in scarcity mechanism of the Cryptocurrency exerts its influence over time. This shift in supply-and-demand dynamics has the potential to shape the long-term trajectory of Bitcoin and the broader crypto market.

***Performance Metrics - Network Hash Rate and Difficulty***

In Bitcoin Mining, "Hashrate" or "Hashes per second" are the measuring units of the processing speed of a Mining computer Mining Bitcoin. "Hashrate" is defined as the speed at which a computer can take any set of information and use an algorithm to reduce that information into a string of letters and numbers of a certain length, known as a "Hash." A "Hash" is the computation run by Mining hardware in support of the Blockchain; therefore, a Miner's "Hashrate" refers to the rate at which it is capable of solving such computations.

An individual Miner has a Hashrate measured as the total Hashrate of all of the Miners it deploys in its Bitcoin Mining operations, and network-wide there is a total Hashrate of all Miners seeking to Mine Bitcoin. The higher total Hashrate of a specific Miner, as a percentage of the network wide total Hashrate, generally results over time in a corresponding higher success rate in Bitcoin rewards as compared to Miners with lower Hashrates. Today, Hashrates are measured in petahashes per second, or one quadrillion (1,000,000,000,000,000) Hashes per second, and exahashes per second, or one quintillion (1,000,000,000,000,000,000) Hashes per second.

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"Difficulty" is a relative measure of how complex the process is made to successfully solve the algorithm and obtain a Bitcoin award. The Difficulty is adjusted by the Bitcoin network Mining software periodically, generally as a function of how much hashing power is deployed by the network of Miners and designed to maintain certain Mining results so that, on average, 10 minutes is required to produce a Bitcoin Block. If the time to produce a Block is generally exceeding the 10-minute expectation, which suggests that the target Difficulty is set too high, the network reduces the degree of Difficulty and vice versa, with this Protocol called Difficulty retargeting. At each interval of 2,016 Blocks being Mined (which takes roughly two weeks), the network re-analyzes the interval and revises the Difficulty index, if needed.

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To Mine Bitcoin, computers solve difficult mathematical problems to verify transactions in support of the Blockchain. As an incentive to expend time, power and other resources to Mine Bitcoin, Miners are rewarded in Bitcoin and transaction fees. Each computation is a Hash, and the speed at which these problems can be solved is measured in Hashrate. Initially, Miners used general purpose chips such as central processing units and graphics processing units ("GPUs") to complete calculations.

In more recent years, however, ASICs have replaced GPUs in order to improve speeds. As Miners across the world compete to solve these computations at the fastest Hash rate, Miners are rewarded in proportion to their processing contribution to the overall network. Due to this dynamic, low-cost energy sources and the most powerful ASICs are in high demand and can be difficult to obtain, requiring Miners to become more sophisticated and better capitalized to compete in the future.

 

***Bitcoin Mining Power Requirements***

At the beginning stages of the Bitcoin network in the early 2010s, individuals interested in Bitcoin Mining were able to do so using the CPUs of their personal computers. As popularity increased, so did the "Difficulty" of Mining, as adjusted automatically by the Bitcoin network. To accommodate the growing level of Difficulty, more computer processing power was required. Soon, Miners used GPUs that were generally used to power graphic intensive gaming computers to Mine Bitcoin. The process repeated, and the Mining Difficulty and amount of computing power required increased.

Eventually, computers and chips were created for the sole purpose of Mining Bitcoin. Today, Bitcoin Mining requires efficient hardware, i.e., ASIC-based Mining computers, with strong computing abilities and energy efficiency. These ASIC-based Mining computers require a significant amount of electricity to run their Mining operations. Keeping electricity costs low is key to making Bitcoin Mining profitable and sustainable.

The amount of MW electricity required to Mine Bitcoin depends on the number and types of Miners and the energy demand for each type of Miner. Each type of Miner has a specific electricity demand and Hashrate output. According to the Digiconomist.net, as of May 3, 2023, an estimated 96TW of power per year is being consumed by Bitcoin Mining globally.

***Hosting Services***

Crypto Mining hosting is a service encapsulating the infrastructure and environment needed for efficient Cryptocurrency Mining ranging from hardware management to energy provision and robust security measures. Hosting services have played a critical role in and are central to the success and sustainability of the crypto Mining industry's continued growth. This critical service offers infrastructure crucial to ensuring the growth and productivity of the Mining process, including VPN/VLAN varied hardware support, specialized Mining software, sustainable and lower costs for energy sources, effective cooling systems, sophisticated mechanisms and high security.

Our profitability is contingent on our scrutiny and analysis of hosting services, such as selecting the right provider, security protocols, service uptime consistency, cost location and benefits, variable costs and customer support. Our due diligence has ensured our alignment with companies whose services will amplify our operational success. Our former operating subsidiary, Xcentz Limited, entered into hosting service agreements with unrelated third parties as follows: (i) agreement with 10139882 Manitoba Ltd. dated September 5, 2023; (ii) agreement with Octagon Power USA Inc. dated December 15, 2023; (iii) agreement with Octagon Power USA Inc. dated November 3, 2023; and (iv) agreement with 10139882 Manitoba Ltd. dated August 7, 2023. Each of these has been assigned to Coolpad Technologies CA, Inc., our Canadian operating subsidiary.

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The terms of the Hosting Services Agreements are generally for either a three-year or a five-year term. In accordance with the further terms of the Hosting Services Agreements, the Hosting Provider shall strive to engineer the electric power supply to achieve an ideal operating voltage for our Miners of 200-240 volts and provides the following services: (i) on-site support, 24/7 communication services; (ii) hourly on-site Miners patrol; (iii) remote access to our VLAN; (iv) customized local IP setup; (v) faulty machines diagnosis report; (vi) pool configuration; (vii) hardware component replacement; (viii) hardware repair; and (ix) implementation of safety and security protection for Miners.

***Hosting Fees***

Hosting fees cover the electricity fee, facility security, customer service and monitoring. We pay the Hosting Provider a setup fee of approximately $25 for each Miner for initial setup to cover the setup costs for the Miners, a hosting fee based on electricity rates and a VPN/VLAN remote access monthly service fee per access point. Hosting charges are dependent on the facility's kilowatt per hour costs, but generally fall within the $0.05-$0.07 range. Hosting fees are paid monthly for each Miner.

***Mining Pools***

As more and more Miners entered the market competing for the limited number of Blocks that are regularly added to the Bitcoin Blockchain, and as the related increase in the amount of available hashing power resulted in increasing levels of Difficulty being implemented by the Bitcoin network, individual Miners found that they were in some cases working for months without finding a Block and receiving any reward. To address this problem, Bitcoin Mining operators began to combine their Mining resources into Mining pools to better compete and generate Mining revenue. A "Mining pool" is the pooling of resources by Miners to earn Bitcoin together. The Mining pool shares their processing power over a network and splits rewards according to the amount of hashing capacity they contribute.

The Mining pool operator provides a service that coordinates the computing power of the independent Mining enterprises. Fees are paid to the Mining pool operator by the participating members to cover the costs of maintaining the pool. The pool uses software that coordinates the pool members' hashing power, identifies new Block rewards, records how much work all of the pool participants are contributing, and assigns Block rewards earned by the Mining pool in proportion to the individual Hashrate contributed by a given participant. As discussed below, we participate in Mining pools as an integral part of our business.

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***Bitcoin Mining Economics***

The current 3.125 Bitcoin reward for each Block, and one Bitcoin Block expected to be validated and attached to the Bitcoin Blockchain approximately every 10 minutes, equates to approximately 18.75 Bitcoin rewards generated by the Bitcoin network every hour, approximately 450 Bitcoin generated every day and approximately 164,250 Bitcoins generated each year, at least for the next one to two years at which time the Bitcoin reward for solving a Block may again be halved. Because Mining computers generate Hashes randomly, the ability to solve a particular Bitcoin Block is a probability, with the odds of success typically measured by a ratio equal to the speed at which a particular Mining operation is able to calculate Hashes (*i.e.*, that Miner's Hashrate) compared against the total aggregate Hashrate of the Bitcoin network. Profitability is then measured by that ratio multiplied by the number of Bitcoins Mined in a year multiplied by the then current market price of Bitcoin, then subtracting the costs of purchasing Mining equipment, the cost of electricity, and various corporate and administrative costs. For a Mining operation that participates in a Mining pool, revenues, which are measured as the percentage of a pool's revenues equal the participating Miner's Hashrate compared to the pool's aggregate Hashrate, and typically result in a fraction of a given Block reward being paid to a Miner, are further reduced by the costs paid to the pool operator.

As of March 31, 2025, Bitcoin was priced at approximately $82,549; as of July 31, 2025, Bitcoin was priced at approximately $115,758. We believe that the price of Bitcoin is likely to continue to fluctuate based on market conditions. Well-known companies have already invested in Bitcoin. Increasing regulatory barriers in Bitcoin epicenters such as China, as well as ongoing fiat monetary inflation, have previously been suggested to support market valuations of Bitcoin. In addition, the Block reward for Bitcoin halved in April 2024, resulting in even greater Bitcoin scarcity. In 2022, FTX Trading LTD. and several other major Cryptocurrency exchanges collapsed due to financial issues caused by the falling prices of Bitcoin and other Cryptocurrencies, which began in the fourth quarter of 2021. The collapses of these exchanges spurred a loss of confidence in participants in the Digital asset ecosystem, negative publicity surrounding Digital assets and market-wide declines in Digital asset trading prices and liquidity. The prices of Bitcoin and other Cryptocurrencies have rebounded from their lows around the time of the FTX collapse, but volatility due to these market conditions may continue in the near future.

As of January 23, 2025, newly-elected President Donald Trump signed an executive order aimed at boosting the U.S.'s role in the Cryptocurrency industry. The president has embraced crypto and even launched his own meme coin just before taking office. The executive order establishes a "Working Group on Digital Asset Markets" consisting of senior government leaders. The group will make recommendations for a new regulatory framework governing crypto and will study the potential creation of a strategic reserve of Digital assets. President Trump's executive order also repeals executive orders related to crypto signed during the Biden administration and prohibits the U.S. government from creating its own "Central Bank Digital Currency." On the campaign trail, then president-elect Trump promised that his administration would be staffed with crypto supporters who would regulate digital currencies lightly.

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China has previously limited the shipment of products in and out of its borders, which could negatively impact our ability to receive Bitcoin Mining equipment from our suppliers. Depending on the magnitude of such effects on our supply chain, shipments of parts for our existing Mining equipment, as well as any new Mining equipment we purchase, may be delayed. As our Mining equipment requires repair or becomes obsolete and requires replacement, our ability to obtain adequate replacements or repair parts from manufacturers may therefore be hampered. Supply chain disruptions could therefore negatively impact our operations. If not resolved quickly, the resurrection of COVID-19 or any other highly contagious viruses or diseases could have a material adverse effect on our business. Governments could take additional restrictive measures to combat any such pandemics that could possibly impact our business or the economy in the geographies in which we operate. It is also possible that the impact of any pandemic and response on our suppliers, customers and markets could continue to be an issue after governments ease their restrictions. These measures may impact our business and financial condition.

The extent to which the future pandemic may impact our results will depend on future developments, which are highly uncertain and cannot be predicted as of the date of this prospectus, including new information that may emerge concerning the severity and nature of the pandemic and steps taken to contain the pandemic or treat its impact, among others. Nevertheless, any pandemic and the current financial, economic and capital markets environment, and future developments in the global supply chain and other areas present material uncertainty and risk with respect to our performance, financial condition, results of operations and cash flows. See also "Risk Factors" above.

***Cooling***

Bitcoin is Mined by chips inside computers housed in Mining facilities. Due to the amount of energy that computers expend in order to solve complex computations, advanced cooling systems are needed to prevent the computers from overheating. Some Mining participants achieve this by placing their hardware in cold climate locations or underground. Others resort to traditional fan cooling systems. Yet another solution is to submerge computers in non-conductive, cooling liquid.

**OUR BUSINESS**

The Company Mines Bitcoin by leasing high-performance Bitcoin Miners, which it has strategically located in the United States and Canada, and by contracting with experienced hosting providers to operate those Miners. Our revenue is generated through the deployment and operation of those Bitcoin Miners.

Our core business is built upon equipment leasing agreements with our partner (a former affiliate) and service agreements with third-party hosting providers. Through these agreements, our partner supplies us with advanced Bitcoin Miners from Bitmain, which we believe to be a leader in the industry, while our hosting providers deliver efficient site operation capabilities. This model enables us to rapidly scale our hashing power without the significant upfront capital expenditure associated with purchasing Miners and with large-scale infrastructure development.

**Business Model and Operational Flow**

Our business model is designed to create value through efficient Bitcoin Mining activities. This model includes the following key stages:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Miner Leasing and Deployment

Our Operating Subsidiaries enter into long-term leasing agreements with our partner, who is responsible for procuring high-efficiency Miners from Bitmain, which we believe is the world's premier Cryptocurrency Miner manufacturer, and leasing them to us. This arrangement provides us with indirect access to competitively priced, market-leading Mining equipment while maintaining financial flexibility. The leasing agreements specify the lease term, rental fees and terms related to the quantity and models of the Miners.

The leased Miners are shipped directly to the facilities of our third-party hosting providers in the United States and Canada. The hosting providers manage the installation, configuration and connection to the Mining pool platform, ensuring the Miners are brought online swiftly to begin generating Hashrate. See "- Material Agreements - Mining Pool Service Agreements" on page 85, below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Mining Operations and Management

Our Operating Subsidiaries enter into comprehensive hosting service agreements with experienced third-party providers. These agreements detail the scope of services, specifically covering electricity costs, Miner installation and on-site technical support.

Our hosting providers' operations teams conduct 24/7 real-time monitoring of the entire Miner fleet using a combination of proprietary and third-party software. Our Company places a strong emphasis on the following key indicators:

<u>Online Rate</u>: The percentage of Miners that are actively hashing on the Mining pool platform relative to the total number of Miners that should be operational at the facility.

<u>Hashrate Deviation Rate</u>: A comparative analysis of a Miner's actual Hashrate output against its theoretical (rated) Hashrate. This metric facilitates communication with our hosting providers to identify and diagnose potential hardware malfunctions or network issues.

<u>Electricity Bill Verification</u>: A reconciliation process comparing the theoretical energy consumption (calculated using the Hashrate showed in the Mining pool platform multiplied by the rated energy consumption per unit of Hashrate) with the energy consumption reported on the invoices from the hosting provider.

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Our team maintains daily communication with our hosting providers to review operational status. We collaboratively analyze performance data, resolve any identified issues and make real-time adjustments to operational parameters to optimize efficiency. See "Material Agreements - Hosting Service Agreements" and "- Computer Server Lease Agreement" on pages 86 and 87, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Revenue Generation

Our Miners generate revenue by contributing Hashrate to a Mining pool platform. The Company receives Mining rewards, which primarily consist of newly generated Bitcoin (Block rewards) and transaction fees paid by users. The Mining pool allocates these earnings to our corporate digital wallet on a daily basis, proportional to the share of valid Hashrate the Company contributes to the Mining pool's total Hashrate.

We intend to adopt a full holding onto Bitcoin ("HOLD") strategy under which we may hold Bitcoin as a long-term strategic reserve asset, subject to periodic review based on liquidity needs and market conditions. This strategy reflects our belief that Bitcoin possesses unique characteristics as a scarce and decentralized Digital asset with long-term value appreciation potential. We believe that Bitcoin may serve as a more effective store of value than cash or cash equivalents.

Our Miners are strategically distributed across key North American locations—including Texas (have been relocated from Texas to Missouri on January 13, 2026), Missouri and Manitoba—where we leverage region-specific advantages such as abundant energy resources and favorable climate conditions. This geographic diversification not only enhances operational resilience but also positions us to capitalize on the commercial scalability potential of Bitcoin Mining in a cost-effective and sustainable manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Ownership of Miners. Following consummation of this offering, we intend to expand and evolve our business model by utilizing a portion of the net proceeds to purchase Bitcoin Miners directly. This strategic shift to a hybrid model, incorporating both owned and leased Miners, is intended to provide us with greater operational flexibility. Our current leasing fees are variable and fluctuate based on the daily market price of Bitcoin. By purchasing Miners, we can convert a portion of our variable operating expenses into a fixed, depreciating capital cost. This creates a more stable and predictable cost base for our owned assets, providing greater flexibility in financial planning and managing profitability during periods of Bitcoin price volatility, and long-term control over our Mining assets. With owned assets, we gain direct control over maintenance schedules, hardware modifications and end-of-life decisions, such as resale or disposal.

As of the date of this prospectus, we have not entered into any contractual arrangements with our Mining operators that will host the Bitcoin Mining equipment we intend to purchase. See "Use of Proceeds" on page 50 of this prospectus.

**Cash and Asset Transfers Within Our Organization**

We are a Cayman Islands holding company with no material operations of our own, and we conduct our Bitcoin Mining operations through our operating subsidiaries in the United States and Canada. Our Mining activities generate Bitcoin rewards rather than fiat cash. In the ordinary course, Bitcoin mined by or for our benefit is first held in our Coinbase Wallet. When management determines to convert Bitcoin into fiat currency, we transfer the applicable amount of Bitcoin to HashKey Exchange. Upon sale, the fiat proceeds are credited to our fiat account in HashKey Exchange and are then withdrawn to our applicable bank accounts.

We are not aware of any material foreign exchange control restrictions under the laws of the Cayman Islands, Hong Kong, Canada, or the United States that would materially restrict our ability to convert currency or transfer cash between our entities, across borders, or to U.S. investors. However, any intercompany or cross-border transfers remain subject to generally applicable laws, including corporate law requirements, solvency requirements, tax rules, anti-money laundering, know-your-customer and sanctions compliance requirements.

**Key Strengths** 

We believe that we have a number of strengths that will give us a competitive advantage in the Bitcoin Mining business, including:

***Market Positioning –*** We have identified Web 3.0 and digital currency as future development trends, providing a clear direction for growth.

***Flexibility and Risk Management*** - We minimize risks and adjust our business strategies according to market conditions by leasing different models of Mining equipment.

***Management*** - We have a visionary management team, as well as a talented research and development team.

***Sustainability Initiatives*** – We implement energy-saving technologies and practices to further enhance energy efficiency.

***Data Analytics*** – We utilize data analytics to predict market trends and optimize Mining operations based on real-time data and market conditions.

***Geographic Diversification*** – We have established Mining operations in multiple geographic locations to mitigate risks associated with regional regulatory changes and energy costs.

***Risk Mitigation and Compliance*** – We mitigate risks from market volatility and regulatory changes through geographic diversity and through utilizing a diversified hosting service provider and supplier network. In addition, we actively adapt to and comply with regulatory policies to increase market transparency and stability.

***Capital Efficiency*** – We will ensure effective use of capital through accurate cost-benefit analysis and payback period calculations. We will also adjust our investment strategies according to fluctuations in Bitcoin prices to maximize returns on investment.

**Our Growth Strategies**

***Technological Innovation*** – We continuously invest in new technologies and Mining hardware to maintain a competitive edge in Mining efficiency and energy efficiency.

***Cost Reduction*** – We will continue to optimize the cost structure of our Mining operations to reduce overall costs.

***Proprietary Bitcoin Mining Facilities*** – Our growth strategy following this offering is to expand into the ownership and operation of proprietary Bitcoin Mining facilities.

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**Key Factors Affecting Our Performance** 

The following factors impact our revenue and operating income recognized from Bitcoin Mining:

***Market Price of Bitcoin***

Our business is heavily dependent on the spot price of Bitcoin. Mined Bitcoin revenue is determined based on the spot price at contract inception. The price of Bitcoin has experienced substantial volatility, and high or low prices may have little or no relationship to identifiable market forces, may be subject to rapidly changing investor sentiment, and may be influenced by factors such as technology, regulatory void or changes, fraudulent actors, manipulation, and media reporting. Bitcoin may have value based on various factors, including its acceptance as a means of exchange by consumers and others, scarcity, and global market demand.

Our financial performance and continued growth depend in large part on our ability to Mine Bitcoin efficiently and to sell Bitcoin at favorable prices. Over time, we have observed a positive trend in the total market capitalization of Bitcoin. However, historical trends are not indicative of future adoption, and it is possible that the adoption of Bitcoin and Blockchain technology may slow, take longer to develop, or never be broadly achieved, which would negatively impact our business and operating results.

***Electricity***

We currently have approximately 43 MWs of existing available power capacity (all of which are subject to Mining Services Agreements).

We believe that the Company benefits from competitive electricity costs among its publicly traded Bitcoin Mining peers at scale.

***Equipment***

The Mining under PoW principle is a process in which the Miners continuously search for the nonce value and calculate the Hash value through exhaustive methods. Whoever finds it first will succeed in digging. Mining based on the PoW mechanism consumes a lot of computing power and electricity. In a broad sense, Bitcoin Miners refer to electronic terminal devices such as desktop computers, laptops, tablet computers and mobile phones that develop specified digital Blocks through specific function calculations. In a narrow sense, Bitcoin Miners refer to intelligent electronic computing engines that optimize traditional electronic equipment computing accessories, and automatically solve specific mathematical problems at high speed in accordance with special procedures to create new data Blocks, and then obtain encrypted currency rewards. A range of computer equipment can be used for Bitcoin Mining, but it generally falls into four categories: CPU, GPU, FPGA and ASIC.

 

PoW tokens are a type of Cryptocurrency that relies on a consensus mechanism called Proof-of-work to validate transactions and secure the network. In a PoW system, Miners compete to solve complex mathematical puzzles in order to add new Blocks to the Blockchain and earn rewards in the form of tokens. PoW Cryptocurrencies are those Mined by solving complex mathematical calculations.

 

***Hashrate***

Miners perform computational operations in support of Bitcoin Blockchains measured in "Hashrate" or "Hashes per second." A "Hash" is the computation run by Mining hardware in support of the Bitcoin Blockchain; therefore, a Miner's "Hashrate" refers to the rate at which it is capable of solving such computations. The "hashprice" gauges the revenue a Miner earns daily for each petahash of computing power. The ASIC chips utilized in the Company's Miners are the well-established standard in the Bitcoin Mining industry. These ASIC chips are designed specifically to maximize the rate of Bitcoin hashing operations.

Our business is not only impacted by the volatility in Bitcoin prices, but also by increases in the Bitcoin Blockchain's Network Hash Rate resulting from the growth in the overall quantity and quality of Miners working to solve Blocks on the Bitcoin Blockchain and the Difficulty index associated with the secure hashing algorithm employed in solving each Block.

In Bitcoin Mining, Hashrate is a measure of the processing speed of a Bitcoin Miner. A participant in a Blockchain network's Mining function has a Hashrate total of its Miners seeking to Mine Bitcoin and, system-wide. However, as the relative market price for Bitcoin increases, more users are incentivized to Mine it, which increases the network's overall Hashrate. As a result, a Mining participant must increase its total Hashrate to maintain its relative possibility of solving a Block on the Bitcoin Blockchain. Achieving greater Hashrate power by deploying increasingly sophisticated Miners in ever greater quantities has become one of the Bitcoin Mining industry's great sources of competition.

***Halving***

The reward for solving a Block on the Bitcoin Blockchain is subject to periodic incremental halving. Bitcoin halving is an event that occurs approximately every four years, or after every 210,000 Blocks are Mined. During this event, the reward that Bitcoin Miners receive for adding a new Block to the Blockchain is cut in half. This means that the number of new Bitcoins created and earned by Miners with each new Block decreases which, in turn, reduces the rate at which new Bitcoins are introduced into circulation. The halving process is designed to control the overall supply and reduce the risk of inflation in Bitcoin using a PoW consensus algorithm. At a predetermined Block, the Mining reward is reduced by half, hence the term "halving." It is a key feature of Bitcoin's design, intended to control inflation and mimic the scarcity and value proposition of precious metals like gold.

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For Bitcoin, the reward was initially set at 50 Bitcoin rewards per Block. The Bitcoin Blockchain has undergone halving four times since its inception: first on November 28, 2012 at Block 210,000; second on July 9, 2016 at Block 420,000; third on May 11, 2020 at Block 630,000 and fourth on April 24, 2024 when the reward was reduced to its current level of 3.125 Bitcoin per Block. This deliberately controlled rate of Bitcoin creation means that the number of Bitcoin in existence will never exceed 21 million and that Bitcoin cannot be devalued through excessive production. This process will repeat until the total amount of Bitcoin rewards issued reaches 21 million and the theoretical supply of new Bitcoin is exhausted, which is expected to occur around 2140 according to several crypto websites, including but not limited to Cointelegraph and Binance. As of September 30, 2025, the remaining theoretical supply of Bitcoin is approximately 1,072,426. It is expected that this would be fully exhausted in 2140 as increasing Mining Difficulty and decreasing supply will accelerate the depletion of available Bitcoins. Many factors influence the price of Bitcoin and potential increases or decreases in prices in advance of or following a future halving are unknown. As of October 1, 2025, there were approximately 19.77 million Bitcoins in existence.

***Public Company Costs***

Following the closing on our initial public offering, we will be subject to the reporting requirements of the Exchange Act and our Class A Ordinary Shares will be listed on the Nasdaq Capital Market, which we expect will require us to hire additional personnel and implement public company procedures and processes. We expect to incur additional annual expenses as a public company for internal controls compliance and public company reporting obligations, directors' and officers' liability insurance, director fees and additional internal and external accounting and legal and administrative resources, including increased audit and legal fees.

**Our Mining Facilities**

Our Cryptocurrency Mining network spans three strategic North American hubs: Manitoba, Canada, Texas, U.S.A and Missouri, U.S.A, with a total capacity of 43 megawatts (MW), leveraging geographically diversified operations to ensure uninterrupted service delivery.

The primary reason for relocating the Company's Mining operations from Texas to Missouri on January 13, 2026, is part of the Company's business strategic initiatives to enhance operational efficiency and allow for centralized monitoring and maintenance of our Mining fleet.

As of January 13, 2026, the power capacity of our Miners in each of the hosted locations is set forth below:

---

| | |
|:---|:---|
| **Location** | **Power Capacity of Miners** |
| Manitoba, Canada | 8 MW |
| Missouri, U.S. | 35 MW |

---

With the 25MV Mining Facilities relocated from Texas to Missouri on January 13, 2026, all of Texas-based mining operations have been consolidated into Missouri, expanding the Missouri's total contracted maximum physical capacity to 35MW in total (10MW original Missouri +25MW transferred from Texas). As of February 28, 2026, the Company has developed and operationalized 20.96 MW of capacity at the Missouri facility. The Company is currently engaged in active negotiations with the hosting provider to amend the existing hosting agreements. The objective of these negotiations is to proportionally reduce the contracted computing capacity based on the actual, available power capacity of the Missouri site, thereby aligning our contractual terms with current operational realities.

The facilities that we use through our hosting services agreements employ a balanced energy portfolio blending renewable generation with traditional power sources. Our primary power sources are hydroelectric, wind and natural gas resources, while we maintain grid reliability through supplemental coal powered capacity during demand fluctuations. This operational model supports continuous uptime requirements while meeting international sustainability benchmarks through substantial renewable energy integration across our infrastructure footprint.

We believe that the facilities we currently use are suitable to meet our current and anticipated near term needs. We continually explore the possibility of contracting with hosting providers for additional facilities to support our anticipated future growth.

 ****

**Strategic Plan for Miner Capacity**

As of the date of this prospectus, while the actual maximum physical capacity of our Missouri site is limited to 30.0 MW, we have operationalized 20.96 MW of capacity. The remaining 14.04 MW of our potential miner capacity remains unutilized.

Our decision not to fully utilize the maximum capacity at this time is driven by strategic considerations, including: (i) the progress of our hosting counterparty in expanding necessary power infrastructure, (ii) prevailing Bitcoin market prices, and (iii) overall operational cost efficiencies. Under current service agreements, no additional cost would be charged for those hardware that is not energized or actively operational. We intend to deploy the remaining 14.04 MW of capacity in a phased and prudent manner at our sole discretion, contingent upon favorable market conditions and the completion of site infrastructure expansions.

Our operational structure is designed to be highly scalable, allowing our operating costs to closely align with our active deployed capacity. Consequently, the currently unoperationalized capacity does not have a material adverse impact on our current operating margins or financial liabilities. The current breakeven analysis as disclosed on page 56 is evaluated based on the Company's actual operational capacity and its scalable, utilization-based cost structure.

 ****

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***Our Miners***

All of our Miners were manufactured by Bitmain and incorporate ASIC chips to solve complex cryptographic algorithms to support the Bitcoin Blockchain (in exchange for Digital asset rewards). We continue to evaluate the effectiveness of the machines we currently lease and frequently explore new technological developments from multiple manufacturers, globally.

As of the date of this prospectus, we operate a fleet of 9,618 Miners with a combined Hashrate of 1505P, including Bitmain models S21 Pro, S19XP, S19kPro and T21 Miners, all of which are deployed in one of our hosting operators' Mining facilities. The average and the mean of the ages of our Miners are both 1.5 years. All the average downtime is non-scheduled.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | **For the years ended<br> March 31,** | **For the years ended<br> March 31,** |
| <br>**Location** | **Number of**<br>**Miners** | **Hash Rate**<br>**(PH/s)** | **Commencement of**<br>**Operation** | **Age of the**<br>**Miners** | **Annual Average**<br>**Downtime** | **2024** | **2025** |
| Manitoba, Canada | 800 | 112 | Aug-23 | 2 years | 34 hours | Purchase | Lease |
|  | 560 | 66 | Dec-23 | 1 to 2 years | 34 hours | Purchase | Lease |
|  | 1490 | 176 | Jan-24 | 1 to 2 years | 34 hours | Purchase | Lease |
| Missouri, U.S.A. | 313 | 59 | Jul-24 | 1 to 2 years | 251 hours | N/a | Lease |
|  | 1756 | 207 | Apr-24 | 1 to 2 years | 251 hours | N/a | Lease |
|  | 1828 | 217 | Jul-24 | 1 to 2 years | 251 hours | N/a | Lease |
|  | 168 | 32 | Jul-24 | 1 to 2 years | 251 hours | N/a | Lease |
|  | 1000 | 234 | Aug-24 | 1 year | 251 hours | N/a | Lease |
|  | 1203 | 281 | Dec-24 | 1 year | 251 hours | N/a | Lease |
|  | 500 | 117 | Jun-25 | 1 year | 251 hours | N/a | Lease |

---

With respect to downtime, the Company utilizes a third-party hosting model, and our hosting service providers are responsible for all aspects of Miner maintenance pursuant to our hosting agreements. Our operational strategy is designed to maximize continuous Hashrate. This is achieved through a maintenance approach, conducted by our providers, that relies on continuous, as-needed servicing of Miners in small batches. This approach avoids large-scale, pre-scheduled shutdowns of our fleets. In addition to the continuous, as-needed servicing, the Company and its hosting service providers implement a structured, scheduled maintenance program on a semi-annual basis. This program includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Miner maintenance: Maintenance is carried out in batches of 12 Miners, with each
 batch offline for approximately 20 minutes. All machines in one container are completed within 2 to 3 days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Mining container maintenance: Maintenance is carried out on entire Mining containers,
 with each container taken offline for 2 to 3 hours and affecting roughly 280 Miners. Two containers are scheduled for processing
 each day until all containers have been serviced.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. PDU (Power Distribution Unit) replacement: Maintenance is carried out 1 to 2
 times per year; each swap requires a 2 to 4 hour shutdown and takes one container offline at a time.

Consequently, while day-to-day performance is driven by the continuous, small-batch model, the Company does track and plan for these scheduled maintenance events, and incorporates their expected impact into overall fleet availability forecasts.

As for unscheduled maintenance, throughout the year we experienced 29 unscheduled maintenance events, which resulted in operational failures and affected approximately 730 Mining machines that were temporarily taken offline. To address such incidents, we have implemented standardized operating procedures, which include immediately taking affected machines offline on the same day of the failure. Our maintenance team then conducts diagnostics and performs repairs. Currently, our maintenance team's average daily repair capacity is approximately 50 to 60 machines, depending on the specific components requiring repair. To mitigate the impact of potential large-scale machine failures resulting from significant unscheduled events, we plan to enhance our repair capacity as necessary, including by increasing our maintenance staffing. This strategy is designed to ensure our repair throughput can promptly match the volume of failed machines, thereby minimizing the potential adverse impact on our total operating Hashrate.

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**Our Bitcoin**

As we receive Bitcoin rewards through our Mining operations, we convert our Bitcoin into Fiat currency to fund our operations. This conversion is conducted on an as-needed basis, determined by our short-term liquidity requirements and an ongoing assessment of market conditions. Our primary strategy for managing short-term Fiat currency needs is to hold a sufficient amount of Bitcoin that can be liquidated to cover projected liabilities, anticipated operating expenses and capital expenditures over a forward-looking period, typically one to three months. Our management team assesses our Fiat currency needs and reviews our financial forecasts on a daily basis to determine the timing and amount of Bitcoin to be converted. Managing short-term Bitcoin exposure is a function of cash management as we accrue Bitcoin from Mining and accrue Fiat liabilities in the course of doing business. In identifying our Fiat currency needs, we assess market conditions and review our financial forecast on a daily basis. We safeguard and keep private our Bitcoin by utilizing cold storage for private keys that require multi-factor authentication and third-party custody solutions. While we are confident in the security of our Bitcoin, we continue to evaluate additional protective measures.

***Our Digital Asset Trading Platform and Wallet***

We utilize HashKey Exchange ("Hashkey Exchange") to exchange our Bitcoin and Coinbase Global Inc. ("Coinbase") to store our Bitcoin. Typically, when we need to sell our Bitcoin, we transfer our Bitcoin from Coinbase, a self-custodied wallet where we retain full control of its private keys, to the HashKey Exchange. All Bitcoin Mined is first 100% stored in our Coinbase wallet. When we need to sell the Bitcoin, we transfer the Bitcoin to Hashkey Exchange. However, the Bitcoin transferred to HashKey Exchange cannot be sold immediately. Therefore, we will set an expected selling price on the HashKey Exchange platform. If the market price of Bitcoin does not reach our target, then the Bitcoin will remain temporarily stored on HashKey Exchange until either the Bitcoin price reaches our preset level and the order is executed, or we proactively lower the selling price to facilitate the transaction.

Upon execution of a sale order on HashKey Exchange, the fiat proceeds from such sale are credited to our fiat account at HashKey Exchange. We then withdraw such fiat proceeds to our designated bank account. Such fiat cash is used to fund our operating expenses, including hosting fees, electricity-related charges, payments to suppliers and other third-party vendors, general corporate expenses and working capital needs. To the extent cash is required by another entity within our group, cash may be transferred among Coolbit Technologies Limited and its subsidiaries through intercompany loans, advances, capital contributions, dividends or other distributions, subject to applicable corporate approvals, tax considerations, solvency requirements, bank compliance procedures, anti-money laundering and sanctions compliance requirements, and the contractual terms of the relevant bank, custodian or trading platform.

Our Bitcoin transferred to HashKey Exchange is held with HashKey Exchange's affiliated custodian (Hashkey Custody Services Limited) in Hong Kong. In accordance with the Hong Kong Securities and Futures Commission ("SFC") guidelines applicable to licensed virtual asset trading platform operators, approximately 98% of client virtual assets are generally held in cold storage and approximately 2% are generally held in hot storage. Client assets are held on a pooled basis and, as a result, we cannot determine the precise portion of our Bitcoin held in cold storage versus hot storage at any particular time.

Under the SFC guidelines, a platform operator is required to maintain a compensation arrangement approved by the SFC to cover potential loss of 50% of client virtual assets held in cold storage and 100% of client virtual assets held in hot and other storages. Accordingly, a portion of the Bitcoin we transfer to HashKey Exchange may be subject to less than full insurance/compensation coverage, and any loss, theft, hacking incident or insolvency involving HashKey Exchange or its affiliated custodian could adversely affect our ability to access or liquidate such Bitcoin.

HashKey Exchange is the largest licensed virtual asset exchange in Hong Kong, committed to providing comprehensive virtual asset trading services for professional investors (PI) and retail customers with a focus on compliance, fund security and platform protection, thereby creating a secure and compliant Web3 investment ecosystem. Since 2018, HashKey Exchange has built a global Web3 ecosystem within a high-compliance regulatory framework, operating in regions such as Hong Kong, Singapore, Japan and Bermuda, establishing itself as a leader in Asia's Digital asset sector.

Coinbase is an American technology company. Coinbase is a secure, self-custodied crypto wallet designed to empower users with control over their Digital assets. It enables seamless storage and management of Cryptocurrencies, NFTs (Non-Fungible Tokens) and decentralized finance (DeFi) positions across multiple Blockchain networks.

The Coinbase wallet and its private keys are stored at the Company's office in Canada, with access strictly limited to authorized personnel located in Canada.

***Conversion of Bitcoin into Fiat Currency***

Our liquidity is subject to risks from the volatility in the price of Bitcoin. Our business model is structured such that our revenue is generated in Bitcoin, while a majority of our operating expenses and capital expenditures are denominated in Fiat currencies, such as the U.S. dollar and Canadian dollar. This dynamic exposes us to a direct liquidity risk tied to the market price of Bitcoin. Key aspects of this risk include:

● Dependency on Bitcoin Conversion: Our ability to fund operations, pay for expenses such as hosting service fees and equipment leases, and generate profits is dependent on our ability to convert the Bitcoin we Mine into Fiat currency. A decline in the market value of Bitcoin could negatively affect our liquidity and financial performance.

● Impact of Price Volatility on Cash Flow: The price of Bitcoin is volatile. A significant decrease in the price of Bitcoin between the time we earn it and the time we convert it to Fiat currency would require us to sell a larger quantity of Bitcoin to cover the same amount of fiat-denominated expenses. This could deplete our crypto asset holdings more rapidly than anticipated and adversely impact our cash flow and financial condition.

● Timing Mismatch: There is a timing mismatch between when we receive Bitcoin revenue and when our fiat-denominated liabilities become due. Based on our operational history and treasury management strategy, the average period between our receipt of Bitcoin and its subsequent conversion into Fiat currency is two to four weeks, depending on our funding requirements and prevailing market conditions. This holding period exposes us to the risk of adverse price movements. A sudden and severe decline in Bitcoin's price during this two-to-four-week window could create a liquidity shortfall, potentially impairing our ability to meet our short-term obligations in a timely manner.

● Transaction Fees: The conversion of Bitcoin to Fiat currency is conducted through third-party platforms, such as HashKey Exchange, which charge transaction fees. These fees, currently 0.08% (https://exchange.hashkey.com/en-US/support-fee) on HashKey Exchange, are an additional cost that reduces the net fiat proceeds from our Bitcoin sales.

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**Expansion Plan for Bitcoin Mining Business**

Our growth strategy following this offering is to enrich and diversify our business model by expanding into the ownership and operation of proprietary Bitcoin Mining facilities. Currently, the Company does not own or operate any Bitcoin Mining facilities; our historical operations have been exclusively based on placing our leased Mining equipment at third-party hosted Mining facilities. This expansion plan, funded by the proceeds from this offering, represents our strategic entry into acquiring, developing and operating our own facilities. This involves securing strategic power resources and purchasing new, high-efficiency Mining equipment to populate these sites. This marks a pivotal shift from our historical asset-light hosting model to a vertically integrated strategy, which we believe will provide greater operational control and improved long-term profitability.

This expansion plan, funded by the proceeds from this offering, is designed to be capital-efficient and scalable. We intend to allocate the portion of the net proceeds allocated to our expansion plan between:

● Developing a proprietary Mining site with an electrical load capacity of approximately 5-10 MW; and

● Purchasing a batch of new, high-efficiency Miners (targeting energy efficiency under 15 J/THH).

By executing these two pillars in parallel, we aim to accelerate our time-to-revenue. We believe that securing 5-10 MW of proprietary capacity provides greater control over power costs and operational uptime, while the immediate deployment of high-efficiency miners ensures we remain competitive in the post-halving environment.

Our expansion plan is structured as follows:

***Timeline***

The Company anticipates executing its expansion plan over approximately 24 months following the successful closing of this offering. This timeline is an estimate and may be subject to factors such as the successful identification and acquisition of suitable sites, regulatory approvals, power contract negotiations, and equipment availability. The projected timeline is broken down into the following phases:

Phase 1 (First 3-9 Months Post-Offering):

● Identify and enter into definitive agreements for a "plug-and-play" Mining site or a development-ready site with secured power (targeting 5-10 MW). We focus on sites compatible with modular infrastructure to reduce construction time.

● Simultaneously negotiate purchase orders for the initial batch of high-efficiency Miners (e.g., under 15 J/THH) to lock in pricing and delivery schedules that align with the site's energization date.

● Finalize evaluation of the latest generation of ASIC Miners and initiate discussions with manufacturers for procurement.

Phase 2 (9 to 15 Months Post-Offering):

● Complete site preparation and electrical installation. We intend to utilize modular containerized solutions to expedite this process.

● Take delivery of the new Miners

● Install and configure the Miners into the newly energized infrastructure.

Phase 3 (15 to 24 Months Post-Offering):

● Full energization of the 5-10 MW facility.

● Optimization of fleet management software to maximize hashrate output.

To achieve our expansion goals, the Company will undertake the following key steps:

Our primary focus will be identifying and securing sites with access to low-cost, reliable and preferably sustainable power. This may involve acquiring existing, under-utilized data centers or crypto Mining facilities. Our selection criteria include stable and competitive electricity costs, robust power infrastructure, a favorable regulatory environment and scalability.

In parallel, the Company will leverage management's industry relationships to procure the most energy-efficient Miners. This step is secondary to securing the facility and power, ensuring that we have the infrastructure capacity before committing to large hardware purchases.

The Company will negotiate and execute complex agreements, including asset purchase agreements for facilities, long-term PPAs with energy producers and hardware purchase agreements with Mining equipment manufacturers.

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Additionally, the Company plans to invest in advanced information technology infrastructure, encompassing both cutting-edge hardware and sophisticated software solutions. This strategic investment aims to optimize the overall Hashrate performance while ensuring the lowest possible power consumption. By upgrading and integrating state-of-the-art technological resources, the Company seeks to achieve maximum Mining efficiency, reduce operational costs and enhance sustainability in its Cryptocurrency Mining operations.

The Company will manage all aspects of site development, logistics and Miner installation. We will build our own on-site operational teams and integrate the new facilities to ensure optimal performance, uptime and efficiency.

***Estimated Costs***

The Company plans to allocate approximately [●]% of the net proceeds from this offering, or approximately US$[●]million, to this expansion plan. These funds will be allocated across the following primary categories:

We have allocated approximately 60% of the expansion budget (US$5.4 million) to acquire and develop a proprietary Mining facility with a capacity of approximately 5-10 MW. Feasibility of Cost Estimates (US$200,000 - US$300,000 per MW). Our infrastructure budget is based on a lean, Mining-specific modular deployment strategy (e.g., containerized or modular solutions) rather than traditional enterprise data center construction. For purposes of our current estimate, we assume a base-case development cost of approximately US$200,000 to US$300,000 per MW for Mining-specific electrical infrastructure and deployment (e.g., transformers, switchgear, cabling, basic networking, containerization, racking and commissioning). Under this base-case assumption, we believe the allocated infrastructure budget of approximately US$5.4 million could support the development of approximately 5-10 MW of capacity.

The foregoing base-case range generally excludes land purchase (as we intend to pursue long-term ground leases where appropriate) and may exclude extraordinary grid interconnection upgrades, substation construction, or transmission line extensions, which could materially increase costs. Depending on site-specific conditions, permitting, interconnection requirements, equipment lead times and pricing volatility, actual costs could be higher, including potentially up to approximately US$500,000 per MW or more in certain circumstances.

Our base-case range is benchmarked against publicly available industry sources and disclosures by listed North American Bitcoin Miners regarding modular mining deployments and incremental infrastructure expansion costs. (See footnote <sup>1</sup>.)

Our budget of approximately US$200,000 to US$300,000 per MW is significantly lower than typical general-purpose data center construction costs. This cost efficiency is driven by the specific nature of Bitcoin Mining infrastructure, which differs fundamentally from traditional data centers:

● By utilizing pre-fabricated shipping containers modified for high-density mining, we eliminate the need for permanent steel-and-concrete building shells. These units come pre-wired with PDUs, shelving, and cooling fans from the factory, significantly reducing on-site construction labor and material costs.

● We utilize cost-effective direct air-flow or evaporative cooling curtains tailored for industrial hardware, avoiding the high capital expenditure of precision air conditioning units required for general-purpose servers.

● By entering into long-term ground leases rather than purchasing real estate, we remove land acquisition costs from our initial capital expenditure.

We have allocated the remaining 40% (US3.6 million) to purchase high-efficiency mining hardware. Energy efficiency under 15 J/TH (e.g., next-generation high-efficiency miners meeting this criterion).

This allocation allows us to populate a significant portion of our new facility. Any remaining rack space in the 5-10 MW facility offers "headroom" for future expansion funded by operational cash flows, without requiring immediate additional infrastructure CapEx.

The Company anticipates that the net proceeds from this offering, supplemented by cash flows from operations, will be adequate to fund the planned development. Recognizing the capital-intensive nature of the expansion, however, the Company acknowledges that actual expenditures may diverge from estimates. Should the net proceeds fall short or development costs exceed the budget, the Company may (i) adjust the scope, phasing, or timeline of the expansion, and (ii) pursue supplementary capital through debt facilities from financial institution or equity avenues, such as private placements. To mitigate cost risks, the Company intends to maintain rigorous budget oversight and leverage supplier relationships to secure favorable pricing, potentially utilizing pre-purchase agreements to lock in costs where necessary.

<sup>1</sup> Management's estimated modular deployment cost per MW is benchmarked against publicly available sources, including: (i) a Core Scientific press release (April 2024) referencing an average incremental cost of approximately US$200,000 per MW for an expansion program; (ii) Marathon Digital Holdings (MARA) publicly available materials referencing an effective US$200,000–US$300,000 per MW for certain infrastructure acquisitions including expansion capacity; and (iii) industry commentary cited by CBRE indicating that cryptocurrency mining requirements are getting built at approximately US$250,000–US$500,000 per MW, compared to a typical large data center build-out of approximately US$7–US$10 million per MW.

&nbsp;&nbsp;&nbsp;&nbsp;https://investors.corescientific.com/news-events/press-releases/detail/5/core-scientific-to-expand-its-denton-texas-bitcoin-mining-data-center-by-72-megawatts

&nbsp;&nbsp;&nbsp;&nbsp;https://www.mara.com/posts/portfolio-bitcoin-mining-marathon-digital-holdings

&nbsp;&nbsp;&nbsp;&nbsp;https://www.constructiondive.com/news/bitcoin-crypto-fuel-data-center-construction/618862/?utm_source=chatgpt.com

&nbsp;&nbsp;&nbsp;&nbsp;https://www.jll.com/en-jp/insights/market-outlook/data-center-outlook

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***Potential Challenges to Expansion Plans***

The Company has identified several potential challenges and risks that could impact the successful execution of its expansion plans, including:

● There is intense competition for facilities with access to low-cost, high-capacity power. Securing such sites on commercially favorable terms may be challenging and time-consuming.

● While modular deployment reduces construction complexity, acquiring and developing physical infrastructure still involves risks, including permitting delays for electrical interconnection and potential supply chain constraints for high-voltage transformers.

● A significant decline in the price of Bitcoin could adversely affect the profitability of our Mining operations and the economic viability of our planned expansion.

● The process of shipping and deploying Miners is subject to potential delays. Furthermore, changes in the regulatory landscape for energy or digital assets in the jurisdictions where we operate could impact our plans.

● Our information technology infrastructure may be comparatively less advanced than that of our competitors, which could have contributed to a significant decline in the number of Bitcoins Mined.

***Status of Agreements for New Miners and Facilities***

As of the date of this prospectus, the Company has not entered into any definitive purchase agreements for the acquisition of Bitcoin Mining facilities, power resources or Bitcoin Miners. We are in the preliminary stages of identifying and evaluating potential opportunities.

The Company believes the inclusion of this detailed disclosure will provide investors with a clear and comprehensive understanding of its strategic plans for the use of proceeds and the fundamental transformation of its business model.

**Material Agreements** 

We have entered into several key agreements that are material to our operations.

***Storage Service Agreements***

 ****

Each of the agreements with Coinbase and Hashkey Exchange, respectively, provide our business with reasonable protections for our operations and the safe storage of our Bitcoin. Coinbase Wallet is a self-custodied wallet. Hashkey Exchange holds client assets on a pooled basis pursuant to the agreements we have with each of them as follows:

*Coinbase Agreement*

Xcentz Limited entered into an agreement and associated Coinbase Wallet Dapp Terms of Service Agreement with Coinbase dated October 9, 2024 (collectively, the "Coinbase Agreement") that governs our access to and use of the Coinbase wallet decentralized application available at wallet.coinbase.com (the "Wallet Dapp") and the features, content, tools and functionality available through use of Wallet Dapp. The services provide us with an interface that allow us to discover, track and interact with data generated by compatible third-party blockchain applications. The Coinbase Agreement provides that the Wallet Dapp is a non-custodial interface, not a broker, financial institution, or custodian and Coinbase does not hold, transfer, or control users' cryptocurrencies, digital assets, or private keys. The Wallet Dappallows the Company to interact with third-party blockchain applications ("Third Party Apps") and their smart contracts. Pursuant to the Coinbase Agreement, the Company has expressly assumed all risks, including permanent loss of assets in the event the Company losses its private keys, there is market volatility, occurrence of smart contract vulnerabilities, and the authenticity/value of NFTs purchased from third parties. The Company has agreed to (i) indemnify and hold Coinbase and its entities harmless from and against any claims, disputes, demands, liabilities, damages, losses, and costs and expenses, including, without limitation, reasonable legal and accounting fees arising out of or in any way connected with: (a) our access to or use of the Coinbase services: (b) our violation of the terms and provisions of the Coinbase Agreement; or (c) our negligence or wilful misconduct. Pursuant to the Coinbase Agreement, Coinbase may suspend or terminate the Company's access to and use of the services at its sole discretion, at any time and without notice to us.

The Coinbase Wallet of Xcentz Limited cannot be transferred to a third party through an agreement. The Company has determined to open a new coinbase wallet through its subsidiary, Coolpad Technologies Inc. in April 2026. Once the new coinbase wallet is successfully opened, the Group will use the new coinbase wallet of Coolpad Technologies Inc. to store our Bitcoin, transfer the Bitcoin from the existing Coinbase Wallet to the new coinbase wallet and stop using the Coinbase Wallet of Xcentz Limited.

*Hashkey Agreement*

Xcentz Limited entered into an agreement and associated Hashkey Investor Business Terms, as amended for the Addition of Dormant Account Clause with Hashkey Exchange dated October 9, 2024 (collectively, the "Hashkey Agreement") that governs the creation and opening of our account with Hashkey Exchange for the purpose of utilizing the services including, without limitation, the sale and purchase of Digital Assets and recording our transactions, which include the purchase, subscription, sale, exchange or other disposal and/or dealings in any and all kids of Digital Assets, including the holding of Digital Assets on our behalf. Pursuant to the Hashkey Agreement, Hashkey Exchange will act as a non-custodial exchange platform operator and, via its affiliate Hashkey Xpert Limited, as a custodian of our assets and our assets will be held in trust by HashKey Xpert Limited, an affiliate in Hong Kong, as the custodian.

Our assets will be held in segregate accounts separate from Hashkey Exchange's corporate assets. The Company is responsible for any losses resulting from unauthorized access due to compromised credentials.

Further, instructions given through our account are deemed authorized by us once executed or recorded on the blockchain and are considered to be final and cannot be reverse or cancelled.

Either party may terminate the Hashkey Agreement with notice and Hashkey Exchange may terminate the agreement immediately for cause, such as a default or legal/regulatory requirements. Further, Hashkey Exchange may suspend, restrict or terminate the account, freeze or lock the funds in all such accounts and suspend our access to the Hashkey Exchange where: (a) our account has been classified as a dormant account as reasonably determined by Hashkey Exchange; (b) we act in a manner that is abusive of the account as reasonably determined by Hashkey Exchange; (c) Hashkey Exchange decides not to provide any services in relation to the account; (d) if Hashkey Exchange detects unusual activity or suspects that the account is being used to engage in illegal activities; (e) if we fail to pay the fees and charges to Hashkey Exchange; (f) the account is subject to a government proceeding, criminal investigation or other pending litigation; (g) Hashkey Exchange is required to do so by a court order or command by a regulatory/government authority; or (h) any other circumstance which requires Hashkey Exchange to do so.

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The Hashkey account of Xcentz Limited cannot be transferred to a third party through an agreement. The Company is currently seeking alternative compliant digital asset custodians and trading platforms. We intend to open a new account through our U.S. subsidiary, Coolpad Technologies, Inc. This custodian has requested the Company not disclose its name pending opening of the account. We anticipate completing the onboarding process and executing a definitive agreement with this new custodian by late June 2026 and completing the transition by the end of July 2026. Upon the successful onboarding and establishment of this new account, we plan to transition the custody and trading of our Bitcoin assets to the new platform and subsequently phase out our reliance on the Hashkey account. Prior to completing the establishment of the new U.S. third-party custodian account, the Company intends to continue to use HashKey Exchange for the conversion of Bitcoin into fiat currency. Following the successful establishment of the new U.S. account, the Company expects to phase out its reliance on HashKey Exchange.

The anticipated terms of our agreement for this new account include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. No
 FDIC, SIPC, or other insurance coverage is provided for custodied digital assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Customer
 digital assets are held in segregated accounts separate from the custodian's proprietary
 assets and other customers' assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The
 cryptocurrency account is self-directed, and the custodian does not provide investment advice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The
 use of margin or leveraged funds for cryptocurrency transactions is strictly prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Cryptocurrency
 transfers to and from external wallets are irreversible, and customers bear the risk of loss
 from incorrect addresses, unsupported networks, or operational errors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. If
 staking services are utilized, assets may be subject to mandatory lockup periods during which
 withdrawal is restricted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The
 custodian may suspend, terminate, or freeze the account at any time in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. The
 governing law is the State of New York, and disputes are resolved by binding individual arbitration
 with class actions waived.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. The
 custodian may revise the custodial arrangement from time to time by updating its terms and conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. The
 maximum aggregate liability of the custodian for all damages, losses and causes of action,
 whether in contract, tort (including negligence) or otherwise, shall be the greater of (i)
 the total amount paid by the Company to the custodian for the use of the site, or (ii) $10.00.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. The
 custodian may terminate or suspend the custodial arrangement and the use of the site at any time and
 without prior notice, with or without cause and effectively immediately.

However, as of the date of this Prospectus, the new account has not been established and the terms and conditions set forth above are subject to change.

***Mining Pool Service Agreements***

Xcentz Limited has entered into Mining services agreements with Antpool Technologies (BVI) Limited dated August 30, 2023 "2023 Antpool Agreement") and with Antpool Technologies Pte. Ltd. dated January 24, 2024 (the "2024 Antpool Agreement") and a Mining pool services agreement dated November 15, 2024 with Fram Farm Inc. (dba F2Pool) (the "F2Pool Agreement").

Antpool utilizes its own system to provide us with digital currency Mining pool services. All three of the agreements provide for Mining pool payouts according to the Full Pay-Per-Share method, which means that (i) payouts include both Block rewards and transaction fees; and (ii) Miners are paid based on the probability that the Mining pool Mines a Block and not on the actual performance of the pool. Accordingly, Miners are paid even if a Block is not successfully added to the Blockchain by the Mining pool. Fees paid to the Mining pool are subtracted from the payout and are calculated as a percent according to a sliding scale whereby the percentage decreases as the Hashrate increases.

The further specific terms and provisions of each of the Mining services agreements are as follows:

*2023 Antpool Agreement*

 

The 2023 Antpool Agreement provides that Antpool will provide certain equipment and bear certain costs and expenses: (i) internet equipment cost including, but not limited to, the costs for purchasing the computers or other internet terminals or modems; (ii) internet access costs including, but not limited to, internet access fees and mobile phone network data fees, etc.; and (iii) Mining equipment costs and electricity costs including, but not limited to, the costs for purchasing Mining equipment, electricity costs and power loss costs. As the user of such services, we became a registered user of Antpool and created and set up a sub-account name, set up and modify the observer name, and set up the number of the Mining machines. We further agreed to not use the services provided by Antpool to engage in any activities that violate applicable laws and regulations, such as: (i) supporting, inciting or participating in any terrorist activities; (ii) participating in any money laundering activities; (iii) violating or intruding on legitimate interests of others; and (iv) participating in any other activity that violates applicable laws and regulations. The 2023 Antpool Agreement is for a five year term, unless terminated earlier pursuant to its terms. The 2023 Antpool Agreement may be terminated by either party if the other party materially breaches any provision and fails to remedy such breach within thirty (30) days after written notice. The Company believes the termination terms above are intended for exceptional circumstances. Per the Antpool general terms of service, both parties have the right to terminate the service agreement anytime without notice and material penalty.

*2024 Antpool Agreement*

The 2024 Antpool Agreement provides for substantially similar terms as the 2023 Antpool Agreement. The 2024 Antpool Agreement may be terminated by either party if the other party materially breaches any provision and fails to remedy such breach within thirty (30) days after written notice. The Company believes the termination terms above are intended for exceptional circumstances. Per the Antpool general terms of service, both parties have the right to terminate the service agreement anytime without notice and material penalty.

*2025 Antpool Agreements*

Effective December 31, 2025, Coolpad Technologies CA, Inc. and Coolpad Technologies Inc. each entered into a Mining Service Agreement with Antpool Technologies (BVI) Limited (the "2025 Antpool Agreements"). The 2025 Antpool Agreements provide for substantially similar terms as the 2023 Antpool Agreement. These agreements may be terminated by either party if the other party materially breaches any provision and fails to remedy such breach within thirty (30) days after written notice. The Company believes the termination terms above are intended for exceptional circumstances. Per the Antpool general terms of service, both parties have the right to terminate the service agreement anytime without notice and material penalty.

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*F2Pool Agreement*

Pursuant to the terms of the F2Pool Agreement, F2Pool will provide the Company the hashing power of Miners and will send any net payouts to the Company and F2Pool charges the service fee set forth in the F2Pool Agreement. The term of the F2Pool Agreement is one year. Either party may terminate the F2Pool Agreement on ninety (90) days' prior written notice and the F2Pool Agreement may be terminated by either party for a material uncured breach upon thirty (30) days written notice. if the other party materially breaches any provision and fails to remedy such breach or for reasons of compliance with law on delivery of thirty (30) days after written notice. The Company believes the termination terms above are intended for exceptional circumstances. Per the F2Pool general terms of service, both parties have the right to terminate the service agreement anytime without notice and material penalty.

As of September 30, 2025, we contributed Bitcoin hashing power to the Mining pool of approximately 1,501 PH/s or 0.74% to Antpool and the Company no longer has operation in F2Pool. The reward is distributed to our designated wallet on a daily basis and, therefore, no insurance is provided and users are responsible for securely storing their account information. The bound wallet address requires email confirmation by the user. Without confirmation, no one can modify the wallet address.

We have been advised by, or understand from, our Mining pool operators, AntPool and F2Pool, that they do not maintain insurance policies to cover the theft or loss of crypto assets held by the pool on behalf of their customers, including us.

For the 2024 and 2025 fiscal years, the number of Bitcoin rewards received from each Mining pool was as follow:

---

| | | |
|:---|:---|:---|
| | **For the fiscal years ended <br> March 31,** | **For the fiscal years ended <br> March 31,** |
| <br>**Account name** | **2024** | **2025** |
| Antpool | 77.1047 | 196.8633 |
| F2Pool | - | 0.4896 |
| **Total** | 77.1047 | 197.3529 |

---

***Hosting Services Agreements***

Xcentz Limited has entered into the following hosting services agreements ("Original Hosting Service Agreement"):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Host** | **Location** | **Number of Miners** | **Date of Agreement** | **Term of Agreement** |
| 10139882 Manitoba Ltd. | Manitoba, Canada | 800 | August 7, 2023 | 3 years |
| 10139882 Manitoba Ltd. | Manitoba, Canada | 560 | September 5, 2023 | 3 years |
| 10139882 Manitoba Ltd. | Manitoba, Canada | 1490<sup>(1)</sup> | December 15, 2023 | 3 years |
| Octagon Energy Ltd. | Missouri, U.S. | 3897 | November 3, 2023 | 5 years |
| Octagon Power USA Inc. | Texas, U.S. | 2871 | December 15, 2023 | 5 years |

---

Xcentz Limited, the New Machine Provider and the hosting Service Provider have entered into the following four (4) novation agreements. Therefore, Xcentz Limited is released from all its obligations and liabilities under the Original Hosting Service Agreement.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Host** | **New Machine <br> Provider** | **Location** | **Number of Miners** | **Date of Agreement** | **Term of <br> Agreement** |
| 10139882 Manitoba Ltd. | Coolpad Technologies CA, Inc. | Manitoba, Canada | 800 | January 1, 2026 | 3 years |
| 10139882 Manitoba Ltd. | Coolpad Technologies CA, Inc. | Manitoba, Canada | 560+1,490 | January 1, 2026 | 3 years |
| Octagon Energy Ltd. | Coolpad Technologies Inc. | Missouri, U.S. | 3897 | January 1, 2026 | 5 years |
| Octagon Power USA Inc. | Coolpad Technologies Inc. | Texas, U.S. | 2871 | January 1, 2026 | 5 years |

---

<sup>(1)</sup> Consists of quotation for adding additional Miners to September 5, 2023 hosting services agreement and the four (4) aforementioned novation agreements above.

Under the hosting services agreements and the four (4) aforementioned novation above, the host is responsible for:

● Initial setup of Miners (unpack, inspect, test power consumption, install, configure network IP address, connect to power, power on, etc.);

● Setting up VPN/VLAN network system and remote access;

● Setting up Mining pool data;

● Providing high-speed internet connections with two internet providers (to mitigate downtime risks);

● Supplying cooling ventilation equipment;

● Providing sufficient electrical power;

● Performing periodic maintenance on the Miners; and

● Providing insurance covering the property at commercially reasonable levels.

The hosting services agreements require the following payments from the Company to the host:

● Deposit equal to three months' hosting fee to be applied to first month and last two months;

● Monthly hosting fee (certain amount per kilowatt hour, based on power consumption test performed during setup and subject to adjustment in the event of an electricity rate increase by the power supplier), currently, generally fall between $0.05 and $0.07 per kilowatt hour;

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● Monthly VPN/VLAN remote access fee; and

● Actual electricity bills as invoiced by the power supplier and forwarded by the host to the Company.

As of the date of this prospectus, our third-party hosting providers have not required that we procure separate insurance for our Miners as a condition for the continued provision of their hosting services. We believe our current approach is aligned with industry practice where the primary insurance coverage is held by the facility operator for general liability and property damage to the facility itself. As of the date of this prospectus, we are not currently in breach of these hosting services agreements. The relevant contractual provisions are an allocation of responsibility, designating the Company as the party responsible for the costs and efforts of procuring insurance for its Miners if and when such insurance is obtained. These clauses do not constitute a mandatory, affirmative covenant that requires the Company to maintain such insurance at all times as a condition of the hosting agreement.

In addition, the Company is responsible for paying for any necessary repairs to its Miners and for providing insurance covering its Miners at commercially reasonable levels. The hosting services agreements contain indemnification provisions and a confidentiality clause.

***Computer Server Lease Agreement***

 ****

On October 1, 2024, Xcentz Limited entered into a computer lease agreement (the "Lease") with Coolpad Global Inc. (the "Lessor"), a former affiliate, for the lease of 9,618 Miners, some of which it had previously transferred to the Lessor as partial payment for a debt owed to the Lessor by Xcentz Limited. The 9,618 Miners constitute all of the Miners currently used by the Company in its Bitcoin Mining business. The Lease provides for payment of a leasing fee that is based on the daily Bitcoin market closing price as well as the model of the Miner, and a percent discount based on the average monthly online rate of the Miners. Therefore, the lease price fluctuates based on the rise and fall of the closing price of Bitcoin. The indebtedness to the Lessor is unsecured, interest-free and repayable on demand. The lease payment to Lessor is payable and settled on a monthly basis and, therefore, there is no effect on the indebtedness. The Lease stipulates that Xcentz Limited is responsible for all electricity charges incurred. The term of the Lease is four years, or until September 30, 2028, and automatically renews for successive one-year terms unless terminated by Xcentz Limited. The Lease also may be terminated at any time by mutual written consent. The Lessor is responsible for all maintenance and repair of the Miners and for replacement if a Miner cannot be repaired.

On January 1, 2026, Coolpad Global Inc., Xcentz Limited, Coolpad Technologies CA, Inc. and Coolpad Technologies, Inc. entered into a Novation Agreement ("Novation Agreement") pursuant to which Xcentz Limited was released from its obligations and liabilities under the Lease. As a result of the Novation Agreement, Coolpad Technologies CA, Inc. and Coolpad Technologies, Inc. are the new leasee under the Lease.

**Competition** 

The competitive landscape in the Bitcoin Mining industry is complex and constantly evolving. There are participants of many different sizes with different capital structures, power relationships, supply agreements and operational capabilities. As interest in Bitcoin has grown along with the asset price, capital has similarly been shifting towards the Mining sector. A number of public and private companies have made Bitcoin Mining their core business and purpose-built Miners have shifted their strategies towards enterprise scale.

Miners can range from individual enthusiasts to professional Mining operations with dedicated Mining facilities. Miners may organize themselves in Mining pools. We compete or may in the future compete with other companies that focus all or a portion of their activities on owning or operating Digital asset exchanges, developing programming for the Blockchain, and Mining activities. Currently, the information concerning the activities of these enterprises is not readily available as the vast majority of the participants in this sector do not publish information publicly or the information may be unreliable. While there is limited available information regarding non-public competitors, several public companies (traded in the United States or internationally), such as the following, are considered our competitors:

Across these market participants, the already limited disclosures regarding performance of operations, intended growth and hardware pre-orders vary. The opaque nature of the industry makes it challenging to predict key metrics like total network Hash reliably.

The industry is also still largely serviced by two leading ASIC manufacturers, MicroBT and Bitmain, thus introducing unusual supply dynamics when sourcing the ASICs that power the operations.

Several public companies (traded in the U.S. and internationally) and private companies may be considered to compete with us, including the following companies which we have identified as primary competitors:

● Canaan Inc.

● Hut 8 Corp.

● Cipher Mining Technologies Inc.

● HIVE Digital Technologies Ltd.

● Bitfarms Ltd.

The availability and reliability of published sources of information relating to Cryptocurrency and Bitcoin cannot be assured. However, we believe that through our current scaled operations and continued development of new sites, we are well positioned among these competitors.

Proof-of-stake networks also serve as competition to the Bitcoin Blockchain. As proof-of-stake algorithms create new Blocks in a Blockchain without resource intensive calculations to validate transactions, companies with significant advantages in terms of scale or low-cost power may be less competitive on a proof-of-stake network. We do not intend to operate on a proof-of-stake network.

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**Intellectual Property Rights** 

***Domain Name***

Our domain name, https://www.coolbittech.com, was registered on April 10, 2024. The registration expires on April 10, 2029.

***Trademark***

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Trademark** | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Date Filed** | &nbsp;&nbsp;**Status** |
| &nbsp;&nbsp;![](image_008.jpg) | &nbsp;&nbsp;Canada | &nbsp;&nbsp;Word & Design Mark | &nbsp;&nbsp;April 2, 2025 | &nbsp;&nbsp;Accepted |
| &nbsp;&nbsp;![](image_008.jpg) | &nbsp;&nbsp;Hong Kong, China | &nbsp;&nbsp;Word & Design Mark | &nbsp;&nbsp;April 3, 2025 | &nbsp;&nbsp;Registered |

---

**Seasonality** 

Our business is not generally subject to seasonality. However, Bitcoin generation from our Mining operations may vary depending on our total Hashrate at a given point in time relative to the total Hashrate of the Bitcoin network.

**Real Properties**

***Owned***

Neither the Company nor any of its subsidiaries owns any real property.

***Leased***

The Company has entered into a co-working arrangement for the use of office space located at 530 Technology Drive, Suites 100 & 200, Irvine, California. The agreement allows for use of the space by one person, currently terminates on October 31, 2025, is renewable annually and currently provides for a monthly fee of $606.

The Company has entered into a Commercial Lease Agreement dated December 20, 2025 pursuant to which the Company leases approximately 363 square feet of office space located at 5020-4000 No. 3 Road, Richmond, BC V6X 0J8, Canada. The term expires on December 31, 2026 and provides for monthly rent in the amount of $1,470 per month.

**Our Employees** 

All aspects of our business require specialized knowledge and technical skill. Such knowledge and skills include the areas of Blockchain technology, research and development, digital currency assets, digital currency market, Digital asset operations, human resource management and data privacy, as well as legal compliance, finance and accounting. We believe that we have adequate personnel and resources with the specialized skills required to carry out our operations successfully. As of the date of this prospectus, we have 8 full-time employees.

The following table sets forth a breakdown of our employees by location:

---

| | | | |
|:---|:---|:---|:---|
| **Location** | **Full-Time** | **Part-Time** | **Total** |
| Manitoba, Canada Facility | 3 | 0 | 3 |
| Austin, Texas Facility | 0 | 0 | 0 |
| Kansas City, Missouri Facility | 1 | 0 | 1 |
| Irvine, California Office | 2 | 0 | 2 |

---

The Company previously had an office located in Hong Kong, which was closed on November 30, 2025.

Of the Company's six employees, two are in the finance department, two are in the operations department and two are in the business department.

None of our employees are represented by a labor union or covered by collective bargaining agreements, and we have not experienced any work stoppages. We believe our relationship with our employees is good.

**Corporate Information** 

Our principal executive office is located at 5020-4000 No. 3 Road, Richmond, BC V6X 0J8, Canada, which is where our records are kept. Our telephone number at that office is 1-604-837-9263. We were incorporated in the Cayman Islands on October 17, 2023.

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**Legal Proceedings**

As of the date of this prospectus, we know of no material, active, pending or threatened proceeding against us or our subsidiaries, nor are we, or any of our subsidiaries, involved as a plaintiff or defendant in any material proceeding or pending litigation.

As of the date of this prospectus, there is a potential lawsuit against Coolpad Group Limited, the prior beneficial owner of 100% of the Company's issued and outstanding shares. The allegation involves patent infringement with respect to certain of Coolpad Group Limited's smartphone products. No complaint has been filed as of the date of this prospectus; therefore we do not know the specific allegations or the amount of the alleged damages. Our only connection to this potential litigation lies in Coolpad Technologies US's prior business in mobile phone sales when it was an operating subsidiary of Coolpad Group Limited.

Coolpad Group Limited and the Company have signed an Indemnity Agreement dated December 27, 2024, in which Coolpad Group Limited agrees to assume all liabilities arising from any existing and future litigation involving the Company and its subsidiaries to the extent that such liabilities are attributable to the business operations of the Company and its subsidiaries prior to February 20, 2025, the date as of which Coolpad Group Limited's indirect ownership interest in the Company was reduced to 18.8%.

We may from time to time be subject to various legal or administrative claims and proceedings arising in the ordinary course of business. Litigation, or any other legal or administrative proceeding, regardless of the outcome, is likely to result in substantial cost and diversion of our resources, including our management's time and attention.

**Government Regulation**

***United States***

The laws and regulations applicable to Digital assets are evolving and subject to interpretation and change. For example, the Cyber-Digital Task Force of the U.S. Department of Justice published a report titled "Cryptocurrency: An Enforcement Framework" in October 2020 that detailed the Department of Justice's view with respect to Digital assets and the tools at the Department of Justice's disposal to deal with threats posed by Digital assets. In March 2021, the then-nominee for Chair of the SEC expressed the need for investor protection along with promotion of innovation in the Digital asset space. In February 2021, representatives of the government of Inner Mongolia, China announced plans to ban Digital asset Mining within the province due to the energy and rare Earth mineral demands of the industry.

Governments around the world have reacted differently to Digital assets; certain governments have deemed them illegal, and others have allowed their use and trade without restriction, while in some jurisdictions, such as in the U.S., Digital assets are subject to extensive, and in some cases overlapping, unclear and evolving regulatory requirements. As Digital assets have grown in both popularity and market size, the U.S. Congress and a number of U.S. federal and state agencies, including FinCEN, the CFTC, the SEC, FINRA, the CFPB, the Department of Justice, the Department of Homeland Security, the Federal Bureau of Investigation, the IRS and state financial regulators, have been examining the operations of Digital assets networks, Digital assets users and Digital assets exchange markets. Ongoing and future regulatory actions may alter, perhaps to a materially adverse extent, the nature of Digital assets markets and our Digital assets operations. Additionally, U.S. state and federal and foreign regulators and legislatures have taken responsive action against Digital assets businesses or enacted restrictive regimes in response to hacks, consumer harm or criminal activity stemming from Digital assets activity. There is also increasing attention being paid by U.S. federal and state energy regulatory authorities as the total electricity consumption of Cryptocurrency-Mining grows and potentially alters the supply and dispatch functionality of the wholesale grid and retail distribution systems. Many state legislative bodies are also actively reviewing the impact of Cryptocurrency-Mining in their respective states. For example, in November 2022, New York passed a law banning certain Bitcoin Mining operations that run on carbon-based power sources. For the next two years, unless a company engaged in PoW Mining, such as ours, which requires sophisticated gear and large amounts of electricity, uses 100% renewable energy, it will not be allowed to expand or renew permits, and new entrants will not be allowed to come online.

Due to the relatively short history of Bitcoin and Digital assets, and their emergence as a new asset class, government regulation of Blockchain and Digital assets is constantly evolving, with increased interest expressed by U.S. and international regulators.

Government regulation of Blockchain and Digital assets is under active consideration by the United States federal government via its agencies and regulatory bodies, as well as by similar entities in other countries and transnational organizations. State and local regulations also may impact our activities and other activities in which we may participate in the future. Other governmental or semi-governmental regulatory bodies have shown an interest in regulating or investigating companies engaged in Blockchain or Digital asset businesses. For instance, the SEC has taken an active role in regulating the use of public offerings of proprietary coins (so-called "initial coin offerings") and has made statements and official promulgations as to the status of certain Digital assets as "securities" subject to regulation by the SEC.

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The effect of any regulatory change, either by the federal, state, local or foreign governments or any self-regulatory agencies on us is impossible to predict, but such change could be substantial and may have a material adverse effect on our business, financial condition and results of operations. While we are unaware of significant adverse governmental or regulatory action adverse to Bitcoin Mining in the United States, there is no guarantee that future regulation or adverse action will not take place and interpretation of existing regulations in a manner adverse to our business is possible.

In addition, various foreign jurisdictions either have adopted, or may adopt, laws, regulations or directives that affect Digital assets, Digital asset networks and their users and participants. Such laws, regulations or directives may conflict with those of the United States, may negatively impact the acceptance of Digital assets by users, merchants and service providers outside of the United States, and may therefore impede the growth of Digital assets. Several Eastern European and Asian countries have a more restrictive posture toward Digital assets and, thereby, have reduced the rate of expansion of Digital asset use, as well as Mining, in each of those countries. Presently, we do not believe any U.S. federal or state regulatory body has taken any action or position adverse to Bitcoin, with respect to its production, sale and use as a medium of exchange; however, future changes to existing regulations or entirely new regulations may affect our business in ways it is not presently possible for us to predict with any reasonable degree of reliability. As the regulatory and legal environment evolves, we may become subject to new laws and further regulation by the SEC and other agencies, which may affect our Mining and other activities.

We are unable to predict the effect that any future regulatory change, or any overlapping or unclear regulations, may have on us, but such change, overlap or lack of clarity could be substantial and could make it difficult for us to operate our business or materially impact the market for Digital assets that we Mine or may Mine in the future. FinCEN has issued guidance stating its position that it does not differentiate between Fiat currency (which FinCEN calls "real currency") and Digital assets that are convertible into Fiat currency or other forms of convertible virtual currencies (which FinCEN calls "virtual currency") for purposes of determining whether a person or entity is engaging in "money transmission services." Persons and entities engaging in virtual currency activities that amount to "money transmission services," or otherwise cause them to be deemed a "money services business" under FinCEN's regulations, must register with FinCEN as a money services business, implement an "effective" anti-money laundering program and comply with FinCEN's reporting and recordkeeping requirements.

In May 2019, FinCEN issued guidance relating to how the U.S. Bank Secrecy Act and its implementing regulations relating to money services businesses apply to certain businesses that transact in convertible virtual currencies. Although the guidance generally indicates that certain Mining and Mining pool operations will not be treated as money transmission services, the guidance also addresses when certain activities, including certain services offered in connection with operating Mining pools such as hosting convertible virtual currency wallets on behalf of pool members or purchasers of computer Mining power, may be subject to regulation. Although we believe that our Mining activities do not presently trigger FinCEN registration requirements under the U.S. Bank Secrecy Act, if our activities cause us to be deemed a "money transmitter," "money services business" or equivalent designation, under U.S. federal law, we may be required to register at the federal level and comply with laws that may include the implementation of anti-money laundering programs, reporting and recordkeeping regimes and other operational requirements. In such an event, to the extent we decide to proceed with some or all of our operations, the required registration and regulatory compliance steps may result in extraordinary, non-recurring expenses to us, as well as on-going recurring compliance costs, possibly affecting an investment in our Ordinary Shares, operating results or financial condition in a material and adverse manner. Failure to comply with these requirements may expose us to fines, penalties and/or interruptions in our operations that could have a material adverse effect on our financial position, results of operations and cash flows.

According to the CFTC, Bitcoin falls within the definition of a "commodity" under the CEA. Under the CEA the CFTC has broad enforcement authority to police market manipulation and fraud in spot Digital assets markets in which we may transact. Beyond instances of fraud or manipulation, the CFTC generally does not oversee cash or spot market exchanges or transactions involving Digital assets that do not utilize margin, leverage or financing. The NFA is the self-regulatory agency for the U.S. futures industry, and as such has jurisdiction over Bitcoin futures contracts and certain other Digital assets derivatives. However, the NFA does not have regulatory oversight authority for the cash or spot market for Digital assets trading or transactions. In addition, CFTC regulations and CFTC oversight and enforcement authority apply with respect to futures, swaps, other derivative products and certain leveraged commodity transactions involving Digital assets, including the markets on which these products trade.

***Canada***

Cryptographic currencies such as Bitcoin are not classified as a legal tender in Canada. Cryptocurrencies are partially regulated, but only in certain respects, as set out below. A crypto asset trading platform ("CTP") used to exchange crypto assets might be subject to securities law, and may be required to apply for registration as an investment dealer and for membership with Canadian Investment Regulatory Organization ("CIRO"). Registration of CTPs is also required for trading in cryptographic assets that are securities and/or derivatives or in instruments or investment contracts, based on cryptographic assets, that are securities or derivatives. There have been enforcement proceedings against non-compliant crypto asset trading platforms, wherein substantial monetary sanctions were levied and permanent market participation bans were ordered. Directors of non-compliant CTPs have been permanently prohibited from being directors or officers of any company that offers securities to the public.

A transferor of Cryptocurrencies might be classified as a "reporting entity" according to Financial Transactions and Reports Analysis Centre of Canada ("FINTRAC"), which is the anti-money laundering regulator in Canada. Such classification would lead to the transferor having an obligation to report certain transactions called "large virtual currency transactions" (i.e., with a value of CAD10,000 or larger) to FINTRAC. In addition to reporting large virtual currency transactions, a reporting entity may also be required to submit suspicious transaction reports to FINTRAC when it has reasonable grounds to suspect that a transaction is related to the commission, or the attempted commission, of a money laundering or terrorist activity financing offense. Therefore, a reporting entity may be required to submit a large virtual currency transaction report and a suspicious transaction report for the same transaction.

Our Canadian counsel, Aird & Berlis LLP, has advised us that (i) because all Bitcoin rewards earned from the operations of our Miners in Canada are earned and held by our Operating Subsidiaries, there is no requirement for the Company or our Operating Subsidiary to register with FINTRAC as a reporting entity; and (ii) because our Operating Subsidiary is not trading in Bitcoin to the public, it is not engaged in activity that requires registration under any securities legislation in Canada.

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**CRYPTOCURRENCY ISSUES AND CONSIDERATIONS**

Government regulation of Blockchain technology and Bitcoin specifically is being actively considered by the United States federal government via a number of agencies and regulatory bodies, as well as similar entities in other countries. State government regulations also may apply to our Bitcoin Mining activities and other related activities in which we participate or may participate in the future. Certain regulatory bodies have shown an interest in regulating or investigating companies engaged in the Blockchain technology or Bitcoin business.

In addition, because transactions in Bitcoin provide a reasonable degree of pseudo anonymity, they are susceptible to misuse for criminal activities, such as money laundering. This misuse, or the perception of such misuse (even if untrue), could lead to greater regulatory oversight of Bitcoin platforms, and there is the possibility that law enforcement agencies could close Bitcoin platforms or other Bitcoin-related infrastructure with little or no notice and prevent users from accessing or retrieving Bitcoin held via such platforms or infrastructure. For example, the Secretary of the U.S. Department of the Treasury Janet Yellen noted during her nomination hearing before the Senate Finance Committee in January 2021 that Cryptocurrencies have the potential to improve the efficiency of the financial system but that they can be used to finance terrorism, facilitate money laundering and support malign activities that threaten U.S. national security interests and the integrity of the U.S. and international financial systems. Accordingly, Secretary Yellen expressed her view that federal regulators needed to look closely at how to encourage the use of Cryptocurrencies for legitimate activities while curtailing their use for malign and illegal activities. Furthermore, in December 2020, the Financial Crimes Enforcement Network ("FinCEN"), a unit of the U.S. Department of the Treasury, focused on money laundering and proposed a new set of rules for Cryptocurrency-based exchanges aimed at reducing the use of Cryptocurrencies for money laundering. These proposed rules would require filing reports with FinCEN regarding Cryptocurrency transactions in excess of $10,000 and impose record-keeping requirements for Cryptocurrency transactions in excess of $3,000 involving users who manage their own private keys. In January 2021, the Biden Administration issued a memorandum freezing federal rulemaking, including the proposed FinCEN rules, to provide additional time for the Biden Administration to review the rulemaking that had been proposed by the Trump Administration. As a result, it remains unclear whether the proposed FinCEN rules will take effect.

Multiple United States federal agencies and regulators have been active in rulemaking, issuing guidance and regulating various actors in the Blockchain technology industry, including the CFTC, SEC, FINRA, OCC, CFPB, FinCEN, OFAC, IRS, FDIC, and Federal Reserve. In March 2022, the United States announced plans to establish a unified federal regulatory regime for Cryptocurrency, and in January 2023, the House of Representatives announced its first ever Financial Services Subcommittee on Digital Assets and its intention to develop a regulatory framework for the Digital asset industry. In February 2023, Bipartisan leadership of the Senate Banking Committee announced a similar goal. Regulations may substantially change in the future and it is presently not possible to know how regulations will apply to our businesses, or when they will be effective. As the regulatory and legal environment evolves, we may become subject to new laws, further regulation by the SEC, and other federal or state agencies, which may affect our Bitcoin Mining and other related activities. Certain state and local authorities have introduced and passed legislation that may affect our business and the business of Bitcoin Mining. New York recently enacted a 2-year ban on new Cryptocurrency Mining conducted at fossil fuel-burning plants. It is possible that other states may likewise create laws that specifically impact our business.

In 2022, FTX Trading Ltd. and several other major Cryptocurrency exchanges declared bankruptcy. The U.S. Department of Justice brought criminal charges, including charges of fraud, violations of federal securities laws, money laundering, and campaign finance offenses against FTX's former CEO and others. FTX is also under investigation by the SEC, the Justice Department, and the Commodity Futures Trading Commission, as well as by various regulatory authorities in the Bahamas, Europe and other jurisdictions. In response to these events, the Digital asset markets have experienced extreme price volatility and declines in liquidity, and regulatory and enforcement scrutiny has increased, including from the DOJ, the SEC, the CFTC, the White House and Congress. These events continue to develop rapidly, and it is not possible to predict at this time all of the risks that they may pose to us or on the Digital asset industry as a whole.

There have been a growing a number of attempts to list on national securities exchanges the shares of funds that hold crypto assets or that have exposures to crypto assets through derivatives. These investment vehicles attempt to provide institutional and retail investors exposure to markets for crypto assets and related products. While the SEC gave approval to the first set of funds linked to crypto asset derivatives with the launches of the ProShares Bitcoin Strategy ETF (BITO), Valkyrie Bitcoin Strategy ETF (BTF), and VanEck Bitcoin Strategy ETF (XBTF) in the fourth quarter of 2021, the SEC previously denied repeated requests for funds that hold crypto assets or that have exposures to crypto assets through derivatives. The exchange listing of shares of crypto asset funds would create more opportunities for institutional and retail investors to invest in the crypto asset market. If exchange-listing requests are not ultimately approved by the SEC, increased investment interest by institutional or retail investors could fail to materialize, which could reduce the demand for crypto assets generally and therefore adversely affect us.

For additional discussion regarding our belief about the potential risks existing and future regulation pose to our business, see "Risk Factors" herein.

**Environmental Considerations**

Environmental considerations are top priority for us. We currently prioritize clean hydroelectric and wind energy sources while maintaining grid reliability through supplemental natural gas capacity during demand fluctuations.

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**MANAGEMENT**

Our board of directors is the primary decision-making body of our Company, setting fundamental business strategies and policies for the management and operation of our Operating Subsidiaries' business and monitoring their implementation.

Our board of directors currently consists of five directors, comprised of two executive directors and three independent non-executive directors. Our Chairman of the Board, Chief Executive Officer and Executive Director, Mr. Jiaiun Chen, and our Chief Financial Officer, Mr. Fei Ma, both provide services to the Company in their respective roles as the chairman and chief executive officer and chief financial officer, respectively, of Coolpad Group Limited ("Coolpad HKEX"). Coolpad HKEX lists its shares on the Main Board of the Hong Kong Stock Exchange. Mr. Chen and Mr. Ma each devote approximately 40 hours per week to both the Company and Coolpad HKEX prior to the offering and such time commitment will continue after the completion of the offering. Mr. Chen also serves as a non-executive director for BitStrat Holdings Limited ("BitStrat HKEX"), another company listed on the Hong Kong Stock Exchange, but is not involved in the daily operation and management of that company. Both Mr. Chen and Mr. Ma are key members of our management team with extensive industry experience, and their concurrent roles with Coolpad HKEX may divert their time, resources and attention away from their duties of managing the Company, which may have a material adverse effect on the Company's financial performance. See "Risk Factors - Our officers and directors presently have, and any of them in the future may have, additional fiduciary or contractual obligations to another entity, Coolpad Group Limited, and accordingly, may have conflicts of interest in allocating their time between us and Coolpad Group Limited" on page 43 of this prospectus.

The following table sets forth the names, ages and titles of our executive officers and directors:

---

| | | |
|:---|:---|:---|
| **Name** | **Age** | **Title** |
| **Executive Officers and Directors:** |  |  |
| Jiajun Chen | 32 | Chairman, Executive Director and Chief Executive Officer |
| Sze Wah Sam Cheung | 42 | President and Executive Director |
| Fei Ma | 41 | Chief Financial Officer |
| **Independent Non-executive Directors:** |  |  |
| Cynthia Sin Yee Cheung | 38 | Independent Non-executive Director |
| Kingyin Wong | 49 | Independent Non-executive Director |
| Guan Wang | 38 | Independent Non-executive Director |

---

No arrangement or understanding exists between any such director or officer and any other persons pursuant to which any director or executive officer was elected as a director or executive officer. Our directors are elected for a term of three years and serve until their successors take office or until their death, resignation or removal. The executive officers serve at the pleasure of the board of directors.

**Executive Officers and Directors**

**Mr. Jiajun Chen**, aged 32, is the Chief Executive Officer and Chairman of the board of directors of the Company. He has extensive investment experience and currently has a wide variety of investments in different industry sectors. He currently serves as the executive director, the Chief Executive Officer and Chairman of the board of the Coolpad Group Limited (stock code: 02369.HK), a Hong Kong Stock Exchange-listed entity focused on innovative smartphone solutions, mobile data platforms and value-added services incorporating wearables, IoT, AI and accessories. Mr. Chen served as an executive director and the Chairman of the board of Allegro Culture Limited, a Hong Kong Stock Exchange listed company, (stock code: 00550) from August 2023 to May 2024. And Mr. Chen served as an executive director of BitStrat Holdings Limited, a Hong Kong Stock Exchange listed company, (stock code: 06113.HK) from June 2025 to October 2025 and served as an non-executive director of BitStrat Holdings Limited from October 2025 till now. Before joining Coolpad Group Limited, Mr. Chen served at Shenzhen Kingkey Banner Commercial Management Ltd as a vice-president from May 2015 to May 2018, as president from May 2018 to January 2019 and as chairman of the board from February 2019 to August 2023. Mr. Chen currently also serves as a director of USC South China Alumni Club. Additionally, Mr. Chen was appointed as (i) the non-independent director of Shenzhen Kingkey Smart Agriculture Times Co., Ltd. (深圳市京基智農時代股份有限公司), a PRC company listed on the Shenzhen Stock Exchange (stock code: 000048), from June 2020 to October 2022; and (ii) an executive director of Kingkey Financial International (Holdings) Limited, the shares of which are listed on the Main Board of the Hong Kong Stock Exchange (stock code: 01468), from August 2020 to March 2024. Mr. Chen holds a master's degree in Science of Finance from the University of Southern California, USA.

**Mr. Fei Ma**, aged 41, is Chief Financial Officer of the Company. He has more than 10 years of experience in accounting and finance. Currently, Mr. Ma serves as Chief Financial Officer, Director and Company Secretary of Coolpad Group Limited (Stock Code: 02369.HK), a Hong Kong Stock Exchange-listed entity focused on innovative smartphone solutions, mobile data platforms and value-added services incorporating wearables, IoT, AI and accessories. Mr. Ma joined Coolpad Group Limited in 2006 and he served as (i) Account and Financial Manager from August 2009 to February 2012; (ii) Investor Relations Director from December 2013 to August 2016; and (iii) Financial Director in 2017. Furthermore, he served as a director of Allegro Culture Limited, a Hong Kong Stock Exchange listed company, (stock code: 00550) from September 2023 to July 2024. Mr. Ma holds a bachelor's degree in accounting from Xi'an Jiaotong University, the PRC.

**Mr. Sze Wah Sam Cheung**, aged 42, is the President and an executive director of the Company. He has extensive investment experience in various industries. Mr. Cheung successfully nurtured various companies which became listed. He is director of Responsive Education Limited Hong Kong. He was part of the founding team of the eRisk Team at HSBC Global Markets Hong Kong, which was responsible for building the global high frequency FX trading platform in the bank. From 2008 to 2010, he worked as a trader for the Global Proprietary Trading desk in Deutsche Bank. In 2010, Mr. Cheung founded EverTeam Asia Investment Limited, a private lending business in Hong Kong and China that used quantitative financial modeling, and he ran that business until 2019. From 2019 to the present, he runs his own family office.

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Mr. Cheung holds a PhD in Finance from Columbia University in New York, as well as a Master Degree in Quantitative Economics and a Bachelor Degree in Computational Finance from Carnegie Mellon University.

Ms. Cheung obtained a Master of Commerce degree with a concentration in Accounting & Finance from the University of New South Wales in 2023.

**Ms. Cynthia Sin Yee Cheung**, aged 38, has served as an independent non-executive director of the Company since December 1, 2025. Ms. Cheung will serve as a member of the audit, compensation and nomination committees. Ms. Cynthia Sin Yee Cheung ("Cynthia") has over 17 years of experience in overseeing business and operations of regulated financial institutions. She is the Chief Executive Officer and Founder of Kynthos Fund Services ("Kynthos"), a fund administrator and transfer agent in digital assets and traditional assets. Kynthos currently administers digital asset funds with share classes in Bitcoin and stablecoins as well as an algorithmic driven trading fund and multi asset funds in traditional assets. Kynthos is a member of the ERC3643 Association to promote and enable compliant tokenization on permissionless blockchains.

Cynthia began her career in accounting, tax and human resources with Bentleys NSW and Marriott International in Sydney, Australia. From May 2015 to May 2024, Cynthia oversaw business and operations of a Hong Kong regulated asset manager as the Chief Operating Officer, after her managerial roles in finance and accounting, compliance and anti-money laundering, human resources, and information technology with two other regulated asset managers, each with over USD1.0 billion of assets under management in China onshore and offshore investments.

Cynthia holds a Master of Commerce degree with major in Accounting and Finance at the University of New South Wales. She is a qualified accountant in Australia.

**Mr. Kingyin Wong**, aged 49, commenced serving as an independent director of the Company as of July 15, 2025. Mr. Wong will serve as chairman of the audit committee and as a member of the compensation and nomination committees.

Mr. Wong has over 20 years of experience in accounting and finance. He founded Bob K.Y. Wong & Co. in February 2022 and has since been managing the CPA firm as sole proprietor. From June 2015 to May 2017, Mr. Wong served as the senior finance manager at Group M Limited, a media investment group. He was responsible for the review of financial analysis on budgets, forecasts and monthly management reporting from local finance offices in the Asia Pacific. Prior to that, from October 2012 to May 2014, Mr. Wong was the financial control manager at Sun Hung Kai Properties Ltd, a publicly listed property developer in Hong Kong (HKSE: 0016). His responsibilities in that position included conducting financial, operational and business review of subsidiaries of the group and implementing business planning and budgetary control processes. From March 2011 to September 2012, he was the regional assistant financial planning & analysis manager at Belden Inc., and from January 2008 to March 2011, Mr. Wong was the regional assistant finance manager at Johnson Controls Inc.

Mr. Wong completed his bachelor's degree in business administration at the Lingnan University in 1999. He obtained a master of corporate finance degree from the Hong Kong Polytechnic University in 2008. Mr. Wong is a practicing CPA and is also a member of the Hong Kong Institute of Certified Public Accountants.

**Ms. Guan Wang,** aged 38, commenced serving as an independent director of the Company as of July 15, 2025. Ms. Wang will serve as chairman of the nomination committee and as a member of the audit committee and the compensation committee.

Ms. Wang has been a partner in the law firm of Jingtian & Gongcheng since December 2020. From October 2010 to November 2020, Ms. Wang practiced law with King & Wood Mallesons Law Firm. Ms. Wang provides professional advice to national think tanks, including China Academy of Social Management and China Institute of Education and Social Development. Ms. Wang serves as the inaugural director of the Institute of Securities Law of the Shenzhen Law Society, a member of the Securities Committee of the Shenzhen Lawyers Association and a part-time arbitrator at the Shenzhen Labor and Personnel Dispute Arbitration Committee. Ms. Wang also teaches a "Corporate Law and Commercial Law" course for postgraduates at The Chinese University of Hong Kong (Shenzhen). Ms. Wang has been serving as an independent director of Hynar Water Group Co Ltd. (stock code: 300961) and OFILM Group Co., Ltd. (stock code: 002456), both of which are listed on the Shenzhen Stock Exchange, since October 14, 2022 and August 4, 2023, respectively. Ms. Wang has also been serving as an independent non-executive director of Coolpad Group Limited (stock code: 2369), the shares of which have been listed on the Main Board of the Hong Kong Stock Exchange, since October 11, 2023.

Ms. Wang graduated from Beijing Normal University with dual Bachelor degrees in Law and Economics and obtained her Master of Law degree from New York University. Ms. Wang was admitted to the New York Bar in 2010 and was qualified to practice law in the People's Republic of China in 2013. In 2016, Ms. Wang obtained the China Securities Investment Fund Industry Practitioner Certificate. In 2022, she obtained the Qualification Certificate for Independent Directors of Listed Companies of the Shenzhen Stock Exchange.

**Family Relationships**

There are no family relationships among any of our directors or executive officers.

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**Executive Director Service Agreements**

We have entered into executive director service agreements with Mr. Jiajun Chen and Mr. Sze Wah Sam Cheung, our executive directors, dated April 1, 2024 and November 19, 2025, respectively (the "Executive Director Service Agreements"). Under the Executive Director Service Agreements, Mr. Chen and Mr. Cheung are employed for an initial term of three years unless terminated earlier. Upon expiration of the three-year term, the Executive Director Service Agreements will be automatically extended for successive one-year terms unless either party gives the other party a one month prior written notice to terminate the employment prior to the expiration of such one-year term or unless terminated earlier pursuant to the terms of the Executive Director Service Agreement. Notwithstanding any other termination provision, the appointment as a member of our board of directors will be deemed to be terminated without any notice or payment-in-lieu requirements on the part of the Company if the director is not re-elected as a director or is removed from the board by the shareholders of the Company in a general meeting or as otherwise vacated in accordance with the provisions of the Company's articles of association.

We also may terminate employment for cause, at any time, without advance notice or remuneration, if the director (i) is guilty of any gross misconduct or willful neglect in the discharge of duties; (ii) becomes bankrupt or has a receiving order made against him or suspends payment of his debts or compound with creditors generally; (iii) ceases to be a director if he resigns his office by notice in writing to the Company or if the fixed term of appointment expires without renewal or if he is not re-elected as a director upon a retirement by rotation; (iv) becomes of unsound mind or dies; (v) is absent from meetings of the board during a continuous period of six months without special leave of absence from the board and the board passes a resolution that he has by reason of such absence vacated office; (vi) is prohibited or disqualified from acting as a director of the Company under any applicable law or is publicly censured or criticized by the SEC and the board is of reasonable view that retention of office by such director is prejudicial to the interest of the shareholders or the Company as a whole; (vii) is guilty of conduct tending to bring himself or any member into disrepute; (viii) is prohibited by law from fulfilling his duties; (ix) is convicted of any criminal offense (other than an offense which in the reasonable opinion of the board does not affect his position as a director); (x) permanently refuses to carry out any reasonable and lawful order given to the director by the board in the course of his appointment or persistently fails to attend to such reasonable and lawful order diligently; and (xi) is removed from office by notice in writing served upon him by not less than two-thirds of the directors.

Each director has agreed to hold, at all times during and after the termination or expiry of his Executive Director Service Agreement, in strict confidence and not to use, except for the benefit of the Company, or to disclose to any person, corporation or other entity without the written consent of the Company, any of our confidential information, or the confidential or proprietary information disclosed to the director by or obtained by the director from us either directly or indirectly in writing, orally or otherwise, if specifically indicated to be confidential or reasonably expected to be confidential.

Each director has further agreed that during the continuance of appointment and for up to a period of 12 months thereafter, he shall not directly or indirectly, whether in Hong Kong, the United States, Canada or any other place or country where the Company conducts business at the time that appointment is terminated: (i) either alone or with others employ, solicit or entice, or endeavor to employ, solicit or entice, away from the Company any other member of the board of directors, manager or employee; or (ii) either alone or with others solicit business from any person, firm, company or organization which at any time during his appointment as a director has dealt with the Company or any other member of the board.

Under their respective Executive Director Service Agreements, Mr. Chen and Mr. Cheung shall each be paid a monthly fee of US$5,000.

 ****

**Independent Director Agreements**

We have also entered into agreements with all of our independent directors effective as of their dates of appointment (collectively, the "Independent Director Agreements"). The terms of appointment continue until the independent director's successor is duly elected or appointed and qualified or until the independent director's earlier death, disqualification, resignation or removal from office (the "Expiration Date"). In exchange for each independent director's service, the Company agreed to compensate the director and the director agreed to accept remuneration at the rate of US$2,000 per month, which compensation may be reviewed and adjusted at any time during the term of the Independent Director Agreements by the Compensation Committee. In the event that the independent director serves less than twelve consecutive months as a member of the board, the Company shall only be obligated to pay the pro rata portion of the independent director's compensation for services performed during such year.

**Board Composition** 

Our business and affairs are organized under the direction of our board of directors. Our board of directors currently consists of five members. Jiajun Chen currently serves as Chairman of our board of directors. The primary responsibilities of our board of directors is to provide oversight, strategic guidance, counseling and direction to our management. Our board of directors meets on a regular basis and additionally as required.

The number of directors is fixed by our board of directors, subject to the terms of our Amended and Restated Memorandum and Articles of Association. Each of our directors will continue to serve as a director until the election and qualification of his or her successor, or until his or her earlier death, resignation or removal.

**Role of Board in Risk Oversight** 

Risk assessment and oversight is an integral part of our governance and management processes. Our board of directors encourages management to promote a culture that incorporates risk management into its corporate strategy and day-to-day business operations. Management discusses strategic and operational risks at regular management meetings, and conducts specific strategic planning and review sessions during the year that includes a focused discussion and analysis of the risks facing our Company. Throughout the year, senior management reviews these risks with our board of directors at regular board meetings as part of management presentations that focus on particular business functions, operations or strategies, and presents the steps taken by management to mitigate or eliminate such risks.

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Our board of directors does not have a standing risk management committee, but rather administers this oversight function directly through our board of directors as a whole, as well as through various standing committees of our board of directors that address the risks inherent in their respective areas of oversight.

While our board of directors is responsible for monitoring strategic risk exposure, our audit committee oversees management of financial reporting, compliance, litigation risks and cybersecurity, as well as the steps management has taken to monitor and control such exposures. Our nomination committee manages risks associated with the independence of our board of directors, potential conflicts of interest and the effectiveness of our board of directors. Our compensation committee is responsible for overseeing the management of risks relating to our executive compensation policies, plans and arrangements and the extent to which those policies or practices increase or decrease risks for our Company.

**Director Independence** 

We adhere to the rules of the Nasdaq Stock Market LLC ("Nasdaq") in determining whether a director is independent. We have undertaken a review of the independence of our directors and determined that each of Messrs. Lau and Wong and Ms. Wang qualifies as an "independent director," as defined under the rules of Nasdaq, and our board of directors consists of a majority of "independent directors," as defined under the rules of the SEC and Nasdaq relating to director independence requirements. In addition, we are subject to the rules of the SEC and Nasdaq relating to the membership, qualifications and operations of the audit committee, as discussed below.

**Conflict of Interest**

Under Cayman Islands law, our directors and officers owe the following fiduciary duties: (i) duty to act in good faith in what the director or officer believes to be in the best interests of the company as a whole; (ii) duty to exercise powers for the purposes for which those powers were conferred and not for a collateral purpose; (iii) directors should not improperly fetter the exercise of future discretion; (iv) duty to exercise authority for the purpose for which it is conferred and a duty to exercise powers fairly as between different sections of shareholders; (v) duty not to put themselves in a position in which there is a conflict between their duty to the company and their personal interests; and (vi) duty to exercise independent judgment.

In addition to the above, our directors must also exercise their powers only for a proper purpose. Our directors also have a duty to exercise the skills they actually possess and such care and diligence that a reasonably prudent person would exercise in comparable circumstances. Our directors owe a duty of care which is not fiduciary in nature. This duty has been defined as a requirement to act as a reasonably diligent person having both the general knowledge, skill and experience that may reasonably be expected of a person carrying out the same functions as are carried out by that director in relation to the company and the general knowledge skill and experience of that director. As set out above, directors have a duty not to put themselves in a position of conflict. However, in some instances what would otherwise be a breach of this duty can be forgiven and/or authorized in advance provided that there is full disclosure by the directors. In fulfilling their duty of care to us, our directors must ensure compliance with our amended and restated memorandum and articles of association as. Our company has a right to seek damages against any director who breaches a duty owed to us.

**Board Committees**

Our board of directors has established an audit committee, a compensation committee and a nomination committee, each of which will operate pursuant to a charter adopted by our board of directors that will be effective upon the effectiveness of the registration statement of which this prospectus is a part. The board of directors may also establish other committees from time to time to assist our Company and the board of directors. Upon the effectiveness of the registration statement of which this prospectus is a part, the composition and functioning of all of our committees will comply with all applicable requirements of the Sarbanes-Oxley Act of 2002, Nasdaq and SEC rules and regulations, if applicable. Upon our listing on Nasdaq, each committee's charter will be available on our website at https://www.coolbittech.com. The reference to our website address does not constitute incorporation by reference of the information contained at or available through our website, and you should not consider it to be part of this prospectus.

***Audit Committee***

 ****

Kingyin Wong, Cynthia Sin Yee Cheung and Guan Wang, all of whom are our independent non-executive directors, will serve on the audit committee, which will be chaired by Kingyin Wong. Our board of directors has determined that each is "independent" for audit committee purposes as that term is defined by the rules of the SEC and Nasdaq, and that each has sufficient knowledge in financial and auditing matters to serve on the audit committee. Our board of directors has designated Kingyin Wong as an "audit committee financial expert," as defined under the applicable rules of the SEC. The audit committee's responsibilities include:

● appointing, approving the compensation of and assessing the independence of our independent registered public accounting firm;

● pre-approving auditing and permissible non-audit services and the terms of such services to be provided by our independent registered public accounting firm;

● reviewing the overall audit plan with our independent registered public accounting firm and members of management responsible for preparing our financial statements;

● reviewing and discussing with management and our independent registered public accounting firm our annual and quarterly financial statements and related disclosures as well as critical accounting policies and practices used by us;

● coordinating the oversight and reviewing the adequacy of our internal control over financial reporting;

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● establishing policies and procedures for the receipt and retention of accounting-related complaints and concerns; recommending, based upon the audit committee's review and discussions with management and our independent registered public accounting firm, whether our audited financial statements shall be included in our Annual Report on Form 20-F;

● monitoring the integrity of our financial statements and our compliance with legal and regulatory requirements as they relate to our financial statements and accounting matters;

● preparing the audit committee report required by SEC rules to be included in our annual proxy statement;

● reviewing all related person transactions for potential conflict of interest situations and approving all such transactions;

● reviewing earnings releases;

● continuously monitoring for any potential cybersecurity risks as part of the Company's overall risk management program; and

● such other responsibilities as may be delegated to it from time to time by the board of directors.

**Compensation committee**

Kingyin Wong, Cynthia Sin Yee Cheung and Guan Wang, all of whom are our independent non-executive directors, will serve on the compensation committee, which will be chaired by Cynthia Sin Yee Cheung. Our board of directors has determined that each such member satisfies the "independence" requirements of Rule 5605(a)(2) of the Listing Rules of the Nasdaq Stock Market. The compensation committee's responsibilities include:

● evaluating the performance of our Chief Executive Officer in light of our Company's corporate goals and objectives and based on such evaluation: (i) recommending to the board of directors the cash compensation of our Chief Executive Officer, and (ii) reviewing and approving grants and awards to our Chief Executive Officer under equity-based plans;

● reviewing and recommending to the board of directors the cash compensation of our other executive officers;

● reviewing and establishing our overall management compensation, philosophy and policy;

● overseeing and administering our compensation and similar plans;

● implementing the Company's Compensation Recovery Policy;

● reviewing and approving the retention or termination of any consulting firm or outside advisor to assist in the evaluation of compensation matters and evaluating and assessing potential and current compensation advisors in accordance with the independence standards identified in the applicable Nasdaq rules;

● retaining and approving the compensation of any compensation advisors;

● reviewing and approving our policies and procedures for the grant of equity-based awards;

● reviewing and recommending to the board of directors the compensation of our directors; and

● preparing the compensation committee report required by SEC rules, if and when required.

**Nomination committee**

Kingyin Wong, Cynthia Sin Yee Cheung and Guan Wang, all of whom are our independent non-executive directors, will serve on the nomination committee, which will be chaired by Guan Wang. Our board of directors has determined that each member of the nomination committee is "independent" as defined in applicable Nasdaq rules. The nomination committee's responsibilities include:

● developing and recommending to the board of directors criteria for board and committee membership;

● establishing procedures for identifying and evaluating director candidates, including nominees recommended by stockholders; and

● reviewing the composition of the board of directors to ensure that it is composed of members containing the appropriate skills and expertise to advise us.

While we do not have a formal policy regarding board diversity, our nomination committee and board of directors will consider a broad range of factors relating to the qualifications and background of nominees, which may include diversity (not limited to race, gender or national origin). Our nomination committee's and board of directors' priority in selecting board members is identification of persons who will further the interests of our shareholders through their established record of professional accomplishment, the ability to contribute positively to the collaborative culture among board members, knowledge of our business, understanding of the competitive landscape and professional and personal experience and expertise relevant to our growth strategy.

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**Compensation Committee Interlocks and Insider Participation**

None of the members of our compensation committee have ever been one of our executive officers or employees. None of our executive officers currently serve, or have served during the last completed fiscal year, on the compensation committee or board of directors of any other entity that has one or more executive officers that will serve as a member of our board of directors or compensation committee.

**Board Diversity** 

Our nomination committee is responsible for reviewing with our board of directors, on an annual basis, the appropriate characteristics, skills and experience required for our board of directors as a whole and its individual members. In evaluating the suitability of individual candidates (both new candidates and current members), our nomination committee, in recommending candidates for election, and our board of directors, in approving (and, in the case of vacancies, appointing) such candidates, may take into account many factors, including but not limited to the following:

● personal and professional integrity;

● ethics and values;

● experience in corporate management, such as serving as an officer or former officer of a publicly held company;

● professional and academic experience relevant to our industry;

● experience as a board member of another publicly held company;

● strength of leadership skills;

● experience in finance and accounting and/or executive compensation practices;

● ability to devote the time required for preparation, participation and attendance at board of directors' meetings and committee meetings, if applicable;

● background, gender, age and ethnicity;

● conflicts of interest; and

● ability to make mature business judgments.

Our board of directors evaluates each individual in the context of our board of directors as a whole, with the objective of ensuring that our board of directors, as a whole, has the necessary tools to perform its oversight function effectively in light of our business and structure.

**Foreign Private Issuer Status**

The Nasdaq listing rules include certain accommodations in the corporate governance requirements that allow foreign private issuers, such as us, to follow "home country" corporate governance practices in lieu of the otherwise applicable corporate governance standards of Nasdaq Markets. The application of such exceptions requires that we disclose each Nasdaq Markets corporate governance standard that we do not follow and describe the Cayman Islands corporate governance practices we do follow in lieu of the relevant Nasdaq Markets corporate governance standard. We currently follow the Nasdaq Market's corporate governance standards listed below:

● the majority independent director requirement under Section 5605(b)(1) of the Nasdaq Marketplace Listing rules;

● the requirement under Section 5605(d) of the Nasdaq Marketplace Listing Rules that a compensation committee comprised solely of independent directors governed by a compensation committee charter oversee executive compensation; and

● the requirement under Section 5605(e) of the Nasdaq Marketplace Listing Rules that director nominees be selected or recommended for selection by either a majority of the independent directors or a nominations committee comprised solely of independent directors.

**Code of Conduct and Code of Ethics**

As of the effective date of the registration statement of which this prospectus is a part, we have adopted a written code of business conduct and ethics that applies to our directors, officers and employees, including our chief executive officer, chief financial officer, principal accounting officer or controller or persons performing similar functions. Following the effectiveness of the registration statement of which this prospectus is a part, a current copy of this code will be posted on the Corporate Governance section of our website, which is located at https://www.coolbittech.com. The information on our website is deemed not to be incorporated in this prospectus or to be a part of this prospectus. We intend to disclose any amendments to the code of ethics, and any waivers of the code of ethics or the code of conduct for our directors, executive officers and senior finance executives, on our website to the extent required by applicable U.S. federal securities laws and the Nasdaq corporate governance rules.

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**EXECUTIVE AND DIRECTOR COMPENSATION** 

Our directors and members of our senior management receive compensation in the form of salaries, allowances, bonuses and other benefits-in-kind, including our contribution to the pension scheme. Our compensation committee determines the salaries of our directors and members of our senior management based on their qualifications, positions and seniority.

Notwithstanding the below compensation table: (i) no remuneration was paid to our directors or the five highest paid individuals as an inducement to join, or upon joining, our Company; (ii) no compensation was paid to, or receivable by, our directors or past directors or the five highest paid individuals during the fiscal years ended March 31, 2023, 2024 and 2025 for the loss of office as a director of any member of our Group or of any other office in connection with the management of the affairs of any member of our Group; and (iii) none of our directors waived any emoluments during the same period. Notwithstanding the below compensation table, no director has been paid in cash or shares or otherwise by any person either to induce him to become, or to qualify him as a director, or otherwise for service rendered by him in connection with the promotion or formation of us.

The following table summarizes all compensation received by our directors, our executive officers and our key employees during the fiscal years ended March 31, 2024, 2025 and 2026.

**Summary Compensation Table**

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| | | | | |
|:---|:---|:---|:---|:---|
| | | **Compensation Paid** | **Compensation Paid** | **Compensation Paid** |
| <br>**Name and Principal Position** | <br>**Fiscal**<br> **Year** | **Salary (US$'000)** | **Bonus (US$'000)** | **Other<br> Compensation<sup></sup> (US$'000)** |
| Jiajun Chen, CEO, Chairman and Executive Director<sup>(1)</sup> | 2024 | 60 | Nil | Nil |
|  | 2025 | 60 | Nil | Nil |
|  | 2026 |  | Nil | Nil |
| Fei Ma, CFO<sup>(1)</sup> | 2024 | 36 | Nil | Nil |
|  | 2025 | 36 | Nil | Nil |
|  | 2026 |  | Nil | Nil |
| Sze Wah Sam Cheung, President and Executive Director<sup>(2)</sup> | 2024 | Nil | Nil | Nil |
|  | 2025 | Nil | Nil | Nil |
|  | 2026 |  | Nil | Nil |
| Kingyin Wong, Independent Non-Executive Director<sup>(3)</sup> | 2024 | Nil | Nil | Nil |
|  | 2025 | Nil | Nil | Nil |
|  | 2026 |  | Nil | Nil |
| Guan Wang, Independent Non-Executive Director<sup>(3)</sup> | 2024 | Nil | Nil | Nil |
|  | 2025 | Nil | Nil | Nil |
|  | 2026 |  | Nil | Nil |
| Cynthia Sin Yee Cheung, Independent Non-Executive Director<sup>(3)</sup> | 2024 | Nil | Nil | Nil |
|  | 2025 | Nil | Nil | Nil |
|  | 2026 |  | Nil | Nil |

---

<sup>(1)</sup> Jiajun Chen and Fei Ma have served in these positions since inception of the Company in October 2023.

<sup>(2)</sup> Sze Wah Sam Cheung has served as an executive director of the Company since November 19, 2025.

<sup>(3)</sup> Guan Wang and Kingyin Wong were appointed as independent non-executive directors effective July 15, 2025. Fuwing Lau resigned as a director effective December 1, 2025.

<sup>(4)</sup> Cynthia Sin Yee Cheung was appointed as an independent non-executive director effective December 1, 2025.

**Indemnification Agreements**

We have entered into indemnification agreements with each of our directors and executive officers. Under these agreements, we agree to indemnify our directors and executive officers against certain liabilities and expenses incurred by such persons in connection with claims made by reason of their being a director or officer of our Company.

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.

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**PRINCIPAL SHAREHOLDERS AND SELLING SHAREHOLDER**

The following table sets forth information with respect to the beneficial ownership, within the meaning of Rule 13d-3 under the Exchange Act, of our Class A Ordinary Shares and our Class B Ordinary Shares as of the date of this prospectus, and as adjusted to reflect the sale of the Class A Ordinary Shares offered in this offering for:

● each of our directors and executive officers; and

● each person known to us to own beneficially more than 5% of our Ordinary Shares.

Beneficial ownership includes voting or investment power with respect to the securities. Except as indicated below, the persons named in the table have sole voting and investment power with respect to all Ordinary Shares shown as beneficially owned by them. For the purpose of voting power, each Class A Ordinary Share entitles the holder to one vote and each Class B Ordinary Share entitles the holder to ten votes on any matter for which action of the shareholders of our Company is sought. The Class B Ordinary Shares vote together with the Class A Ordinary Shares. Percentage of beneficial ownership of each listed person prior to this offering is based on 16,250,000 Class A Ordinary Shares and 10,000,080 Class B Ordinary Shares outstanding as of the date of this prospectus. Percentage of beneficial ownership of each listed person after this offering is based on 20,000,000 Class A Ordinary Shares and 10,000,080 Class B Ordinary Shares outstanding immediately after the completion of this offering, assuming no exercise of the underwriter's over-allotment option.

Information with respect to beneficial ownership has been furnished by each director, officer or beneficial owner of 5% or more of our Ordinary Shares. Beneficial ownership is determined in accordance with the rules of the SEC and generally requires that any such person have voting or investment power with respect to securities. In computing the number of Ordinary Shares beneficially owned by a person listed below and the percentage ownership of such person, Ordinary Shares underlying options, warrants or convertible securities held by each such person that are exercisable or convertible within 60 days of the date of this prospectus are deemed outstanding, but are not deemed outstanding for computing the percentage ownership of any other person. **As of the date of this prospectus, we have three shareholders of record, none of whom are located in the United States. We will be required to have at least 300 unrestricted round lot shareholders at closing in order to satisfy the Nasdaq listing rules.**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A Ordinary Shares Beneficially Owned Prior to this Offering** | **Class A Ordinary Shares Beneficially Owned Prior to this Offering** | **Class B Ordinary Shares Beneficially Owned Prior to this Offering** | **Class B Ordinary Shares Beneficially Owned Prior to this Offering** | **Class A Ordinary Shares Beneficially Owned After this Offering** | **Class A Ordinary Shares Beneficially Owned After this Offering** | **Class B Ordinary Shares Beneficially Owned After this Offering** | **Class B Ordinary Shares Beneficially Owned After this Offering** | **Percentage of Total Voting Power After this Offering** |
|  | **Number** | **Percent (%)<sup>(1)</sup>** | **Number** | **Percent (%)<sup>(1)</sup>** | **Number** | **Percent (%)<sup>(1)</sup>** | **Number** | **Percent (%)<sup>(1)</sup>** | **Percent (%)<sup>(1)(2)</sup>** |
| Directors and Executive Officers: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Jiajun Chen<sup>(3)</sup> | 3058824 | 18.8 | 1882368 | 18.8 | 3058824 | 15.29 | 1882368 | 18.8 | 18.23 |
| &nbsp;&nbsp;&nbsp;Sze Wah Sam Cheung<sup>(4)</sup> | 13191176 | 81.2 | 8117712 | 81.2 | 11941176 | 59.71 | 8117712 | 81.2 | 77.60 |
| &nbsp;&nbsp;&nbsp;Fei Ma |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cynthia Sin Yee Cheung |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Kingyin Wong |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Guan Wang |  |  |  |  |  |  |  |  |  |
| 5% Shareholders |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Prime Palace Investment Limited | 9244702 | 56.9 | 8117712 | 81.2 | 7994702 | 39.97 | 8117712 | 81.2 | 74.31 |
| &nbsp;&nbsp;&nbsp;Coolpad Investment Limited | 3058824 | 18.8 | 1882368 | 18.8 | 3058824 | 15.29 | 1882368 | 18.8 | 18.23 |

---

<sup>(1)</sup> Based on 16,250,000 Class A Ordinary Shares and 10,000,080 Class B Ordinary Shares issued and outstanding immediately prior to the offering and 20,000,000 Class A Ordinary Shares to be issued and outstanding immediately after the offering assuming the underwriters do not exercise their over-allotment option.

<sup>(2)</sup> Immediately prior to this offering, Mr. Jiajun Chen, through his beneficial ownership of the shares held of record by Coolpad Investment, holds 18.8% of the total voting power and Mr. Sze Wah Sam Cheung, through his beneficial ownership of the shares held of record by Prime Palace and the 3,946,474 Class A Ordinary Shares held by him directly, holds 81.2% of the total voting power of the Company.

<sup>(3)</sup> Mr. Jiajun Chen beneficially owns these shares by virtue of his being the Chairman of the board of directors of Coolpad Investment Limited, the record owner of the shares.

<sup>(4)</sup> Sze Wah Sam Cheung (i) directly owns 3,946,474 Class A Ordinary Shares and (ii) beneficially owns 9,244,702 Class A Ordinary Shares and 8,117,712 Class B Ordinary Shares by virtue of his being the sole shareholder of Prime Palace, the record owner of those shares.

Unless otherwise noted below, the address of each person listed on the table is 5020-4000 No. 3 Road, Richmond, BC V6X 0J8, Canada.

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**Selling Shareholder**

This prospectus covers the offering of 1,250,000 Class A Ordinary Shares by the Selling Shareholder. The Class A Ordinary Shares owned by the Selling Shareholder are "restricted" securities under applicable United States federal and state securities laws and are being registered pursuant to this prospectus to enable the Selling Shareholder the opportunity to sell those Class A Ordinary Shares.

The following table sets forth the name of the Selling Shareholder, the number and percentage of Class A Ordinary Shares beneficially owned by the Selling Shareholder immediately prior to the offering, the number of Class A Ordinary Shares that may be sold in this offering and the number and percentage of Class A Ordinary Shares the Selling Shareholder will own immediately after the offering. We will not receive any proceeds from the sale of the Ordinary Shares by the Selling Shareholders.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name of Selling Shareholder** | **Class A Ordinary Shares Beneficially Owned Immediately Prior to this offering** | **Percentage Ownership**<br> **Immediately Prior to this offering<sup>(1)</sup>** | **Number of Class A Ordinary Shares to be Sold** | **Number of Class A Ordinary Shares Owned After this offering** | **Percentage Ownership After this offering<sup>(1)</sup>** |
| Prime Palace Investment Limited | 9244702 | 56.9% | 1250000 | 7994702— | 39.97— |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Based on 16,250,000 Class A Ordinary Shares and 10,000,080 Class B Ordinary Shares issued and outstanding immediately prior to the offering and 20,000,000 Class A Ordinary Shares to be issued and outstanding immediately after the offering assuming the underwriters do not exercise their over-allotment option.

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**CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS** 

We have adopted an audit committee charter, which requires the committee to review all related-party transactions on an ongoing basis and that all such transactions be approved by the committee.

Since inception, we entered into the following transactions with our related parties:

**Balance due related party**

---

| | | | |
|:---|:---|:---|:---|
| | | **March 31,** | **March 31,** |
| <br>**Name** | <br>**Nature** | **2024** | **2025** |
|  |  | **US$** | **US$** |
| Coolpad Investment Limited | Amount due to a related party | $82275025 | $- |
| Coolpad Global Inc. | Accounts payable | $- | $3168498 |

---

**Transactions with related parties**

As of March 31, 2024 and 2025, the amount due to a shareholder represented temporary advances made to the Company. The amount is unsecured, interest-free and due on demand. Subsequently, the amount due to a shareholder was waived by the shareholder as a capital contribution to the Company.

In the ordinary course of business, during the fiscal years ended March 31, 2024 and 2025, the Company was involved in transactions with related parties, either at cost or at current market price and on normal commercial terms. The following table provides the transactions with these parties for the years as presented (for the portion of such period that they were considered related):

---

| | | | |
|:---|:---|:---|:---|
| | | **For the fiscal years ended<br> March 31,** | **For the fiscal years ended<br> March 31,** |
| <br>**Name** | <br>**Nature** | **2024** | **2025** |
|  |  | **US$** | **US$** |
| Yulong Computer Telecommunication Scientific (Shenzhen) Co., Ltd | Purchase of mobile phones and its accessories | $766288 | $- |
| Coolpad Global Inc. | Lease expenses for Mining machines included in cost of revenues |  | 3551224 |
| Coolpad Investment Limited | Debt waiver as a capital contribution |  | 61641887 |
| Coolpad Global Inc. | Disposal of Mining machines | $- | $13236741 |

---

Coolpad Global Inc. and Yulong Computer Telecommunication Scientific (Shenzhen) Co., Ltd are 100% indirectly controlled subsidiaries of Coolpad Group Limited. As the Company was also a 100% indirectly controlled subsidiary of Coolpad Group Limited prior to February 20, 2025, Coolpad Global Inc. and Yulong Computer Telecommunication Scientific (Shenzhen) Co., Ltd were related parties of the Company until February 20, 2025.

On February 20, 2025, Coolpad Group Limited, through its subsidiary Coolpad Investment, disposed of 81.8% of the Company's shares. After this transaction, Coolpad Group Limited's ownership in the Company decreased from indirect 100% control to indirect 18.8% ownership. As a result, subsequent to February 20, 2025, Coolpad Global Inc. and Yulong Computer Telecommunication Scientific (Shenzhen) Co., Ltd are no longer related parties of the Company.

Other than as described above, there have not been, nor are there any currently proposed, transactions or series of similar transactions meeting these criteria to which we have been or will be a party other than compensation arrangements, which are described where required under "Executive and Director Compensation."

**Policies and Procedures for Related Party Transactions** 

Our board of directors has adopted a written related person transaction policy. This written policy regarding related party transactions provides that a related party transaction is a transaction, arrangement or relationship or any series of similar transactions, arrangements or relationships, in which we are a participant and in which a related person has, had or will have a direct or indirect material interest and in which the aggregate amount involved exceeds $120,000. Our policy also provides that a related person means any of our executive officers and directors (including director nominees), in each case at any time since the beginning of our last fiscal year, or holders of more than 5% of any class of our voting securities and any member of the immediate family of, or person sharing the household with, any of the foregoing persons. Our audit committee has the primary responsibility for reviewing and approving or disapproving related person transactions. In addition to our policy, our audit committee charter provides that our audit committee shall review and approve or disapprove any related person transactions.

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**DESCRIPTION OF SHARE CAPITAL**

We are a Cayman Islands exempted company and our affairs are governed by our memorandum and articles of association, as amended from time to time, and the Companies Act (As Revised) of the Cayman Islands (the "Companies Act") and the common law of the Cayman Islands.

As of the date of this prospectus, our authorized share capital is US$10,000 divided into (i) 3,600,000,000 Class A Ordinary Shares with a par value of US$0.0000025 each; and (ii) 100,000,000 Class B Ordinary Shares with a par value of US$0.00001 each. As of the date of this prospectus, 16,250,000 Class A Ordinary Shares and 10,000,080 Class B Ordinary Shares are issued and outstanding.

All of our ordinary shares issued and outstanding prior to the completion of the offering are and will be fully paid, and all of our Class A Ordinary Shares to be issued in the offering will be issued as fully paid.

**Our Amended and Restated Memorandum and Articles of Association**

We have adopted an Amended and Restated Memorandum and Articles of Association, which became effective and replaced our prior Amended and Restated Memorandum and Articles of Association in its entirety effective May 22, 2026. The following are summaries of material provisions of our Amended and Restated Memorandum and Articles of Association (our "M&A") and of the Companies Act, insofar as they relate to the material terms of our shares.

 

*Objects of Our Company*. Under our M&A, the objects of our Company are unrestricted, and we are capable of exercising all the functions of a natural person of full capacity irrespective of any question of corporate benefit, as provided by section 27(2) of the Companies Act.

 

*Share Rights.* Our Class A Ordinary Shares and Class B Ordinary Shares shall carry equal rights and rank *pari passu* with one another other than as set out below:

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(a) As regards conversion.* A holder of Class B Ordinary Shares shall have the Conversion Right (as defined in our articles of association) in respect of each Class B Ordinary Share. For the avoidance of doubt, a holder of Class A Ordinary Shares shall have no rights to convert Class A Ordinary Shares into Class B Ordinary Shares under any circumstances. Each Class B Ordinary Share shall be converted at the option of the holder, at any time after issuance and without the payment of any additional sum, into one fully paid Class A Ordinary Share calculated at the Conversion Rate as defined in our M&A. Such conversion shall take effect on the Conversion Date, as defined in our M&A.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(b) As regards voting rights.* Holders of Class A Ordinary Shares and Class B Ordinary Shares have the right to receive notice of, attend, speak and vote at general meetings of the Company. Holders of Class A Ordinary Shares and Class B Ordinary Shares shall, at all times (other than in respect of separate general meetings of the holders of a class or series of shares held in accordance with our articles of association), vote together as one class on all matters submitted to a vote for Members' consent. Each Class A Ordinary Share shall be entitled to one (1) vote on all matters subject to the vote at general meetings of the Company, and each Class B Ordinary Share shall be entitled to ten (10) votes on all matters subject to the vote at general meetings of the Company.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(c) As regards transfer.* The Class A Ordinary Shares and Class B Ordinary Shares shall be freely transferable by any holder thereof to any person or entity in accordance with the provisions of our articles of association.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(d) As regards dividends.* Each Class A Ordinary Share shall be entitled to such dividends as the Board may from time to time declare. The Class B Ordinary Shares shall not be entitled to any dividends or distributions (other than a distribution on a liquidation (see (e) below)).

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(e) As regards a winding up or dissolution.* In the event of a winding up or dissolution of the Company, whether voluntary or involuntary or for the purpose of a reorganization or otherwise, or upon any distribution of capital, the Class A Ordinary Shares and the Class B Ordinary Shares shall be entitled to the surplus assets of the Company on a *pari passu* basis.

 

*Shares*. Our shares are issued in registered form and are issued when registered in our register of members. We may not issue shares to bearer. Our shareholders who are non-residents of the Cayman Islands may freely hold and vote their shares.

 

*Dividends*. The holders of our Class A Ordinary Shares are entitled to such dividends as may be declared by our board of directors. Our M&A provides that dividends may be declared and paid out of the funds of our Company lawfully available therefor. Under the laws of the Cayman Islands, our Company may pay a dividend out of either profit or share premium account; provided that in no circumstances may a dividend be paid out of our share premium if this would result in our Company being unable to pay its debts as they fall due in the ordinary course of business.

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*Voting Rights*. Voting at any meeting of shareholders is by way of a poll save that in the case of a physical meeting, the chairman of the meeting may decide that a vote be on a show of hands unless a poll is demanded by:

● at least three shareholders present in person or by proxy or (in the case of a shareholder being a corporation) by its duly authorized representative for the time being entitled to vote at the meeting;

● shareholder(s) present in person or by proxy or (in the case of a shareholder being a corporation by its duly authorized representative), representing not less than one-tenth of the total voting rights of all shareholders having the right to vote at the meeting; and

● shareholder(s) present in person or by proxy or (in the case of a shareholder being a corporation by its duly authorised representative), and holding shares in us conferring a right to vote at the meeting being shares on which an aggregate sum has been paid up equal to not less than one-tenth of the total sum paid up on all shares conferring that right.

An ordinary resolution to be passed at a meeting by the shareholders requires the affirmative vote of a simple majority of the votes attaching to the issued and outstanding shares cast at a meeting, while a special resolution requires the affirmative vote of no less than two-thirds of the votes cast attaching to the issued and outstanding shares at a meeting. A special resolution will be required for important matters such as a change of name, making changes to our M&A, including a reduction of our share capital, and the winding up of our Company. The Company may, among other things, divide or combine its shares by ordinary resolution.

 

*General Meetings of Shareholders*. As a Cayman Islands exempted company, we are not obliged by the Companies Act to call shareholders' annual general meetings. However, as our M&A provides that we shall, if required by the Companies Act, in each year hold a general meeting as our annual general meeting, then, if so required in the future, we will hold such meetings and will specify the meetings as such in the notices calling them. Any such annual general meetings shall be held at such time and place as may be determined by our directors. All general meetings (including an annual general meeting, any adjourned general meeting or postponed meeting) may be held as a physical meeting at such times and in any part of the world and at one or more locations, as a hybrid meeting or as an electronic meeting, as may be determined by our board of directors in its absolute discretion.

Shareholders' general meetings may be convened by the chairperson of our board of directors or by a majority of our board of directors. Advance notice of not less than ten clear days is required for the convening of our annual general shareholders' meeting (if any) and any other general meeting of our shareholders. A quorum required for any general meeting of shareholders consists of, at the time when the meeting proceeds to business, two shareholders entitled to vote at such general meeting.

The Companies Act does not provide shareholders with any right to requisition a general meeting or to put any proposal before a general meeting. However, these rights may be provided in a company's articles of association. Our M&A provides that upon the requisition of any one or more of our shareholders holding shares which carry in aggregate not less than one-third of all votes attaching to the issued and outstanding shares of our Company entitled to vote at general meetings, our board will convene an extraordinary general meeting and put the resolutions so requisitioned to a vote at such meeting. However, our M&A does not provide our shareholders with any right to put any proposals before annual general meetings or extraordinary general meetings not called by such shareholders.

 

*Transfer of Shares*. Subject to the restrictions set out below and under "Shares Eligible for Future Shares," any of our shareholders may transfer all or any of his, her or its shares by an instrument of transfer in the usual or common form or in a form designated by the relevant stock exchange or any other form approved by our board of directors. Notwithstanding the foregoing, shares may also be transferred in accordance with the applicable rules and regulations of the relevant stock exchange.

Our board of directors may, in its absolute discretion, decline to register any transfer of any Ordinary Share which is not fully paid up or on which we have a lien. Our board of directors may also decline to register any transfer of any Ordinary Share unless:

● the instrument of transfer is lodged with us, accompanied by the certificate for the shares to which it relates and such other evidence as our board of directors may reasonably require to show the right of the transferor to make the transfer;

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● the instrument of transfer is in respect of only one class of shares;

● the instrument of transfer is properly stamped, if required;

● in the case of a transfer to joint holders, the number of joint holders to whom the Ordinary Share is to be transferred does not exceed four; and

● a fee of such maximum sum as the relevant stock exchange may determine to be payable or such lesser sum as our board of directors may from time to time require is paid to us in respect thereof.

If our board of directors refuses to register a transfer it shall, within two months after the date on which the instrument of transfer was lodged, send to each of the transferor and the transferee notice of such refusal.

The registration of transfers may, after compliance with any notice required in accordance with the rules of the relevant stock exchange, be suspended and the register closed at such times and for such periods as our board of directors may from time to time determine; provided, however, that the registration of transfers shall not be suspended nor the register closed for more than 30 days in any year as our board may determine.

 

*Liquidation*. On the winding up of our Company, if the assets available for distribution among our shareholders shall be more than sufficient to repay the whole of the share capital at the commencement of the winding up, the surplus shall be distributed among our shareholders in proportion to the par value of the shares held by them at the commencement of the winding up, subject to a deduction from those shares in respect of which there are monies due of all monies payable to our Company for unpaid calls or otherwise. If our assets available for distribution are insufficient to repay all of the paid-up capital, such assets will be distributed so that, as nearly as may be, the losses are borne by our shareholders in proportion to the par value of the shares held by them.

 

*Calls on Shares and Forfeiture of Shares*. Our board of directors may from time to time make calls upon shareholders for any amounts unpaid on their shares in a notice served to such shareholders at least 14 days prior to the specified time and place of payment. The shares that have been called upon and remain unpaid are subject to forfeiture.

 

*Redemption, Repurchase and Surrender of Shares*. We may issue shares on terms that such shares are subject to redemption, at our option or at the option of the holders of these shares, on such terms and in such manner as may be determined by our board of directors. Our Company may also repurchase any of our shares on such terms and in such manner as have been approved by our board of directors. Under the Companies Act, the redemption or repurchase of any share may be paid out of our Company's profits, share premium account or out of the proceeds of a new issue of shares made for the purpose of such redemption or repurchase, or out of capital if our Company can, immediately following such payment, pay its debts as they fall due in the ordinary course of business. In addition, under the Companies Act no such share may be redeemed or repurchased (a) unless it is fully paid up; (b) if such redemption or repurchase would result in there being no shares outstanding; or (c) if the Company has commenced liquidation. In addition, our Company may accept the surrender of any fully paid share for no consideration.

 

*Variations of Rights of Shares.* Whenever the capital of our Company is divided into different classes, the rights attached to any such class may, subject to any rights or restrictions for the time being attached to any class, only be varied with the sanction of a resolution passed by a majority of two-thirds of the votes cast at a separate meeting of the holders of the shares of that class. The rights conferred upon the holders of the shares of any class issued with preferred or other rights shall not, unless otherwise expressly provided by the terms of issue of the shares of that class, be deemed to be varied by the creation, allotment or issue of further shares ranking *pari passu* with such existing class of shares.

 

*Issuance of Additional Shares.* Our M&A authorizes our board of directors to issue additional shares from time to time as our board of directors shall determine, to the extent of available authorized but unissued shares.

 

*Inspection of Books and Records*. Holders of our shares will have no general right under Cayman Islands law to inspect or obtain copies of our list of shareholders or our corporate records. However, our M&A has provisions that provide our shareholders the right to inspect our register of shareholders without charge, and to receive our annual audited financial statements. See "Where You Can Find Additional Information."

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*Anti-Takeover Provisions.* Some provisions of our M&A may discourage, delay or prevent a change of control of our Company or management that shareholders may consider favorable, including provisions that limit the ability of shareholders to requisition and convene general meetings of shareholders.

However, under Cayman Islands law, our directors may only exercise the rights and powers granted to them under our M&A for a proper purpose and for what they believe in good faith to be in the best interests of our Company.

 

*Exempted Company*. We are an exempted company with limited liability under the Companies Act. The Companies Act distinguishes between ordinary resident companies and exempted companies. Any company that is registered in the Cayman Islands but conducts business mainly outside of the Cayman Islands may apply to be registered as an exempted company. The requirements for an exempted company are essentially the same as for an ordinary company except that an exempted company:

● does not have to file an annual return of its shareholders with the Registrar of Companies;

● is not required to open its register of members for inspection;

● does not have to hold an annual general meeting;

● may issue shares with no par value;

● may obtain an undertaking against the imposition of any future taxation (such undertakings are usually given for 20 years in the first instance);

● may register by way of continuation in another jurisdiction and be deregistered in the Cayman Islands;

● may register as an exempted limited duration company; and

● may register as a segregated portfolio company.

"Limited liability" means that the liability of each shareholder is limited to the amount unpaid by the shareholder on that shareholder's shares of the company (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).

**Differences in Corporate Law**

The Companies Act is derived, to a large extent, from the older Companies Acts of England but does not follow recent English statutory enactments and accordingly there are significant differences between the Companies Act and the current Companies Act of England. In addition, the Companies Act differs from laws applicable to U.S. corporations and their shareholders. Set forth below is a summary of the significant differences between the provisions of the Companies Act applicable to us and the laws applicable to companies incorporated in the United States and their shareholders.

 

*Mergers and Similar Arrangements.* The Companies Act permits mergers and consolidations between Cayman Islands companies and between Cayman Islands companies and non-Cayman Islands companies. For these purposes, (a) "merger" means the merging of two or more constituent companies and the vesting of their undertaking, property and liabilities in one of such companies as the surviving company; and (b) a "consolidation" means the combination of two or more constituent companies into a consolidated company and the vesting of the undertaking, property and liabilities of such companies to the consolidated company. In order to effect such a merger or consolidation, the directors of each constituent company must approve a written plan of merger or consolidation, which must then be authorized by (a) a special resolution of the shareholders of each constituent company; and (b) such other authorization, if any, as may be specified in such constituent company's articles of association. The plan must be filed with the Registrar of Companies of the Cayman Islands together with a declaration as to the solvency of the consolidated or surviving company, a list of the assets and liabilities of each constituent company and an undertaking that a copy of the certificate of merger or consolidation will be given to the members and creditors of each constituent company and that notification of the merger or consolidation will be published in the Cayman Islands Gazette. Court approval is not required for a merger or consolidation which is effected in compliance with these statutory procedures.

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A merger between a Cayman parent company and its Cayman subsidiary or subsidiaries does not require authorization by a resolution of shareholders of that Cayman subsidiary if a copy of the plan of merger is given to every member of that Cayman subsidiary to be merged unless that member agrees otherwise. For this purpose, a company is a "parent" of a subsidiary if it holds issued shares that together represent at least ninety percent (90%) of the votes at a general meeting of the subsidiary.

The consent of each holder of a fixed or floating security interest over a constituent company is required unless this requirement is waived by a court in the Cayman Islands.

Save in certain limited circumstances, a shareholder of a Cayman constituent company who dissents from the merger or consolidation is entitled to payment of the fair value of his shares (which, if not agreed between the parties, will be determined by the Cayman Islands court) upon dissenting to the merger or consolidation, provided the dissenting shareholder complies strictly with the procedures set out in the Companies Act. The exercise of dissenter rights will preclude the exercise by the dissenting shareholder of any other rights to which he or she might otherwise be entitled by virtue of holding shares, save for the right to seek relief on the grounds that the merger or consolidation is void or unlawful.

Separate from the statutory provisions relating to mergers and consolidations, the Companies Act also contains statutory provisions that facilitate the reconstruction and amalgamation of companies by way of schemes of arrangement, provided that the arrangement is approved (i) in the case of a shareholder scheme, by 75% in value of the members or class of members, as the case may be, with whom the arrangement is to be made; and (ii) in the case of a creditor scheme only, by a majority in number of each class of creditors with whom the arrangement is to be made and who must in addition represent 75% in value of each such class of creditors, as the case may be, that are present and voting either in person or by proxy at a meeting, or meetings, convened for that purpose. The convening of the meetings and subsequently the arrangement must be sanctioned by the Grand Court of the Cayman Islands. While a dissenting shareholder has the right to express to the court the view that the transaction ought not to be approved, the court can be expected to approve the arrangement if it determines that:

● the statutory provisions as to the required majority vote have been met;

● the shareholders have been fairly represented at the meeting in question and the statutory majority are acting bona fide without coercion of the minority to promote interests adverse to those of the class;

● the arrangement is such that may be reasonably approved by an intelligent and honest man of that class acting in respect of his interest; and

● the arrangement is not one that would more properly be sanctioned under some other provision of the Companies Act.

The Companies Act also contains a statutory power of compulsory acquisition which may facilitate the "squeeze out" of a dissentient minority shareholder upon a tender offer. When a tender offer is made and accepted by holders of 90% of the shares for which the offer is made, the offeror may, within a two-month period from such acceptance, require the holders of the remaining shares to transfer such shares to the offeror on the terms of the offer. An objection can be made to the Grand Court of the Cayman Islands but this is unlikely to succeed in the case of an offer which has been so approved unless there is evidence of fraud, bad faith or collusion or lack of compliance with statutory requirements.

If an arrangement and reconstruction by way of scheme of arrangement is thus approved and sanctioned, or if a tender offer is made and accepted, in accordance with the foregoing statutory procedures, a dissenting shareholder would have no rights comparable to appraisal rights, save that objectors to a takeover offer may apply to the Grand Court of the Cayman Islands for various orders that the Grand Court of the Cayman Islands has a broad discretion to make, which would otherwise ordinarily be available to dissenting shareholders of Delaware corporations, providing rights to receive payment in cash for the judicially determined value of the shares.

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The Companies Act also contains statutory provisions which provide that a company may present a petition to the Grand Court of the Cayman Islands for the appointment of a restructuring officer on the grounds that the company (i) is or is likely to become unable to pay its debts within the meaning of section 93 of the Companies Act; and (ii) intends to present a compromise or arrangement to its creditors (or classes thereof) either pursuant to the Companies Act, the law of a foreign country or by way of a consensual restructuring. The petition may be presented by a company acting by its directors, without a resolution of its members or an express power in its articles of association. On hearing such a petition, the Cayman Islands court may, among other things, make an order appointing a restructuring officer or make any other order as the court thinks fit.

 

*Shareholders' Suits.* In principle, we will normally be the proper plaintiff and as a general rule a derivative action may not be brought by a minority shareholder. However, based on English authorities, which would in all likelihood be of persuasive authority in the Cayman Islands, the Cayman Islands courts can be expected to follow and apply the common law principles (namely the rule in *Foss v. Harbottle* and the exceptions thereto) so that a non-controlling shareholder may be permitted to commence a class action against or derivative actions in the name of the company to challenge actions where:

● a company acts or proposes to act illegally or ultra vires;

● the act complained of, although not ultra vires, could only be effected duly if authorized by more than the number of votes which have actually been obtained; and

● those who control the company are perpetrating a "fraud on the minority."

A shareholder may have a direct right of action against us where the individual rights of that shareholder have been infringed or are about to be infringed.

 

*Indemnification of Directors and Executive Officers and Limitation of Liability*. Cayman Islands law does not limit the extent to which a company's memorandum and 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 M&A provides that we shall indemnify our directors and officers, and their personal representatives, against all actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or sustained by such persons, other than by reason of such person's dishonesty, willful default or fraud, in or about the conduct of our 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 director or officer in defending (whether successfully or otherwise) any civil proceedings concerning our 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 have entered into indemnification agreements with our directors and executive officers that provide such persons with additional indemnification beyond that provided in our M&A.

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.

 

*Directors' Fiduciary Duties*. Under Delaware corporate law, a director of a Delaware corporation has a fiduciary duty to the corporation and its shareholders. This duty has two components: the duty of care and the duty of loyalty. The duty of care requires that a director act in good faith, with the care that an ordinarily prudent person would exercise under similar circumstances. Under this duty, a director must inform himself of, and disclose to shareholders, all material information reasonably available regarding a significant transaction. The duty of loyalty requires that a director acts in a manner he reasonably believes to be in the best interests of the corporation. He must not use his corporate position for personal gain or advantage. This duty prohibits self-dealing by a director and mandates that the best interest of the corporation and its shareholders take precedence over any interest possessed by a director, officer or controlling shareholder and not shared by the shareholders generally. In general, actions of a director are presumed to have been made on an informed basis, in good faith and in the honest belief that the action taken was in the best interests of the corporation. However, this presumption may be rebutted by evidence of a breach of one of the fiduciary duties. Should such evidence be presented concerning a transaction by a director, the director must prove the procedural fairness of the transaction, and that the transaction was of fair value to the corporation.

As a matter of Cayman Islands law, a director of a Cayman Islands company is in the position of a fiduciary with respect to the company and therefore it is considered that he owes the following duties to the company — a duty to act in good faith in the best interests of the company, a duty not to make a personal profit based on his position as director (unless the company permits him to do so), a duty not to put himself in a position where the interests of the company conflict with his personal interest or his duty to a third party and a duty to exercise powers for the purpose for which such powers were intended. A director of a Cayman Islands company owes to the company a duty to act with skill and care. It was previously considered that a director need not exhibit in the performance of his duties a greater degree of skill than may reasonably be expected from a person of his knowledge and experience. However, English and Commonwealth courts have moved towards an objective standard with regard to the required skill and care and these authorities are likely to be followed in the Cayman Islands.

*Shareholder Action by Written Consent*. Under the Delaware General Corporation Law, a corporation may eliminate the right of shareholders to act by written consent by amendment to its certificate of incorporation. Cayman Islands law permits us to eliminate the right of shareholders to act by written consent and our M&A provides that any action required or permitted to be taken at any general meetings may be taken upon the vote of shareholders at a general meeting duly noticed and convened in accordance with our amended and restated articles of association and may not be taken by written consent of the shareholders without a meeting.

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*Shareholder Proposals*. Under the Delaware General Corporation Law, a shareholder has the right to put any proposal before the annual meeting of shareholders, provided it complies with the notice provisions in the governing documents. A special meeting may be called by the board of directors or any other person authorized to do so in the governing documents, but shareholders may be precluded from calling special meetings.

The Companies Act does not provide shareholders any right to requisition a general meeting or to put any proposal before a general meeting. However, these rights may be provided in a company's articles of association. Our M&A allows our shareholders holding shares which carry in aggregate not less than one-third of all votes attaching to the issued and outstanding shares of our Company entitled to vote at general meetings to requisition an extraordinary general meeting of our shareholders, in which case our board is obliged to convene an extraordinary general meeting and to put the resolutions so requisitioned to a vote at such meeting. Other than this right to requisition a shareholders' meeting, our M&A does not provide our shareholders with any other right to put proposals before annual general meetings or extraordinary general meetings. As an exempted Cayman Islands company, we are not obliged by law to call shareholders' annual general meetings.

 

*Cumulative Voting*. Under the Delaware General Corporation Law, cumulative voting for elections of directors is not permitted unless the corporation's certificate of incorporation specifically provides for it. Cumulative voting potentially facilitates the representation of minority shareholders on a board of directors since it permits the minority shareholder to cast all the votes to which the shareholder is entitled on a single director, which increases the shareholder's voting power with respect to electing such director. There are no prohibitions in relation to cumulative voting under the laws of the Cayman Islands but our M&A does not provide for cumulative voting. As a result, our shareholders are not afforded any less protections or rights on this issue than shareholders of a Delaware corporation.

 

*Removal of Directors*. Under the Delaware General Corporation Law, a director of a corporation with a classified board may be removed only for cause with the approval of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. Under our amended and restated articles of association, subject to certain restrictions as contained therein, directors may be removed with or without cause, by an special resolution of our shareholders. An appointment of a director may be on terms that the director shall automatically retire from office (unless he has sooner vacated office) at the next or a subsequent annual general meeting or upon any specified event or after any specified period in a written agreement between the company and the director, if any; but no such term shall be implied in the absence of express provision. Under our amended and restated articles of association, a director's office shall be vacated if the director (i) becomes bankrupt or has a receiving order made against him or suspends payment or compounds with his creditors; (ii) is found to be or becomes of unsound mind or dies; (iii) resigns his office by notice in writing to the Company; (iv) without special leave of absence from our board of directors, is absent from three consecutive meetings of the board and the board resolves that his office be vacated; (v) is prohibited by law from being a director; or (vi) is removed from office pursuant to the laws of the Cayman Islands or any other provisions of our M&A.

*Transactions with Interested Shareholders*. The Delaware General Corporation Law contains a business combination statute applicable to Delaware corporations whereby, unless the corporation has specifically elected not to be governed by such statute by amendment to its certificate of incorporation, it is prohibited from engaging in certain business combinations with an "interested shareholder" for three years following the date that such person becomes an interested shareholder. An interested shareholder generally is a person or a group who or which owns or owned 15% or more of the target's outstanding voting shares within the past three years. This has the effect of limiting the ability of a potential acquirer to make a two-tiered bid for the target in which all shareholders would not be treated equally. The statute does not apply if, among other things, prior to the date on which such shareholder becomes an interested shareholder, the board of directors approves either the business combination or the transaction which resulted in the person becoming an interested shareholder. This encourages any potential acquirer of a Delaware corporation to negotiate the terms of any acquisition transaction with the target's board of directors.

Cayman Islands law has no comparable statute. As a result, we cannot avail ourselves of the types of protections afforded by the Delaware business combination statute. However, although Cayman Islands law does not regulate transactions between a company and its significant shareholders, it does provide that such transactions must be entered into bona fide in the best interests of the company and not with the effect of constituting a fraud on the minority shareholders.

 

*Dissolution; Winding up*. Under the Delaware General Corporation Law, unless the board of directors approves the proposal to dissolve, dissolution must be approved by shareholders holding 100% of the total voting power of the corporation. Only if the dissolution is initiated by the board of directors may it be approved by a simple majority of the corporation's outstanding shares. Delaware law allows a Delaware corporation to include in its certificate of incorporation a supermajority voting requirement in connection with dissolutions initiated by the board.

Under Cayman Islands law, a company may be wound up by either an order of the courts of the Cayman Islands or by a special resolution of its members or, if the company is unable to pay its debts, by an ordinary resolution of its members. The court has authority to order winding up in a number of specified circumstances including where it is, in the opinion of the court, just and equitable to do so.

 

*Variation of Rights of Shares*. Under the Delaware General Corporation Law, a corporation may vary the rights of a class of shares with the approval of a majority of the outstanding shares of such class, unless the certificate of incorporation provides otherwise. Under our amended and restated articles of association, if our share capital is divided into more than one class of shares, the rights attached to any such class may only be varied with the sanction of a resolution passed by a majority of two-thirds of the votes cast at a separate meeting of the holders of the shares of that class.

 

*Amendment of Governing Documents*. Under the Delaware General Corporation Law, a corporation's governing documents may be amended with the approval of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. Under Cayman Islands law, our M&A may only be amended with a special resolution of our shareholders.

 

*Rights of Non-resident or Foreign Shareholders*. There are no limitations imposed by our M&A on the rights of non-resident or foreign shareholders to hold or exercise voting rights on our shares. In addition, there are no provisions in our M&A governing the ownership threshold above which shareholder ownership must be disclosed.

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***Cayman Islands Data Protection***

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We have certain duties under the Data Protection Act (as revised) of the Cayman Islands, or the DPA, based on internationally accepted principles of data privacy.

 

*Privacy Notice*

This privacy notice puts our shareholders on notice that through your investment into us you will provide us with certain personal information which constitutes personal data within the meaning of the DPA, or personal data.

 

*Investor Data*

We will collect, use, disclose, retain and secure personal data to the extent reasonably required only and within the parameters that could be reasonably expected during the normal course of business. We will only process, disclose, transfer or retain personal data to the extent legitimately required to conduct our activities of on an ongoing basis or to comply with legal and regulatory obligations to which we are subject. We will only transfer personal data in accordance with the requirements of the DPA, and will apply appropriate technical and organizational information security measures designed to protect against unauthorized or unlawful processing of the personal data and against the accidental loss, destruction or damage to the personal data.

In our use of this personal data, we will be characterized as a "data controller" for the purposes of the DPA, while our affiliates and service providers who may receive this personal data from us in the conduct of our activities may either act as our "data processors" for the purposes of the DPA or may process personal information for their own lawful purposes in connection with services provided to us.

We may also obtain personal data from other public sources. Personal data includes, without limitation, the following information relating to a shareholder and/or any individuals connected with a shareholder as an investor: name, residential address, email address, contact details, corporate contact information, signature, nationality, place of birth, date of birth, tax identification, credit history, correspondence records, passport number, bank account details, source of funds details and details relating to the shareholder's investment activity.

 

*Who this Affects*

If you are a natural person, this will affect you directly. If you are a corporate investor (including, for these purposes, legal arrangements such as trusts or exempted limited partnerships) that provides us with personal data on individuals connected to you for any reason in relation your investment in us, this will be relevant for those individuals and you should transit the content of this Privacy Notice to such individuals or otherwise advise them of its content.

 

*How We May Use a Shareholder's Personal Data*

We may, as the data controller, collect, store and use personal data for lawful purposes, including, in particular: (i) where this is necessary for the performance of our rights and obligations under any agreements; (ii) where this is necessary for compliance with a legal and regulatory obligation to which we are or may be subject (such as compliance with anti-money laundering and FATCA/CRS requirements); and/or (iii) where this is necessary for the purposes of our legitimate interests and such interests are not overridden by your interests, fundamental rights or freedoms.

Should we wish to use personal data for other specific purposes (including, if applicable, any purpose that requires your consent), we will contact you.

 

*Why We May Transfer Your Personal Data*

In certain circumstances we may be legally obliged to share personal data and other information with respect to your shareholding with the relevant regulatory authorities such as the Cayman Islands Monetary Authority or the Tax Information Authority. They, in turn, may exchange this information with foreign authorities, including tax authorities.

We anticipate disclosing personal data to persons who provide services to us and their respective affiliates (which may include certain entities located outside the US, the Cayman Islands or the European Economic Area), who will process your personal data on our behalf.

*The Data Protection Measures We Take*

Any transfer of personal data by us or our duly authorized affiliates and/or delegates outside of the Cayman Islands shall be in accordance with the requirements of the DPA.

We and our duly authorized affiliates and/or delegates shall apply appropriate technical and organizational information security measures designed to protect against unauthorized or unlawful processing of personal data, and against accidental loss or destruction of, or damage to, personal data.

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We shall notify you of any personal data breach that is reasonably likely to result in a risk to your interests, fundamental rights or freedoms or those data subjects to whom the relevant personal data relates.

 

*Contacting the Company*

 

For further information on the collection, use, disclosure, transfer or processing of your personal data or the exercise of any of the rights listed above, please contact us through our website at https://www.coolbittech.com or through phone number +852 3589-5718.

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***Anti-Money Laundering Matters***

In order to comply with legislation or regulations aimed at the prevention of money laundering, the Company may be required to adopt and maintain anti-money laundering procedures, and may require subscribers to provide evidence to verify their identity. Where permitted, and subject to certain conditions, the Company may also delegate the maintenance of our anti-money laundering procedures (including the acquisition of due diligence information) to a suitable person.

The Company reserves the right to request such information as is necessary to verify the identity of a subscriber. In the event of delay or failure on the part of the subscriber in producing any information required for verification purposes, we may refuse to accept the application, in which case any funds received will be returned without interest to the account from which they were originally debited

**MATERIAL TAX CONSIDERATIONS**

The following summary of certain Cayman Islands and U.S. federal income tax consequences of an investment in our Class A Ordinary Shares is based upon laws and relevant interpretations thereof in effect as of the date of this prospectus, all of which are subject to change. This summary does not deal with all possible tax consequences relating to an investment in the Class A Ordinary Shares, such as the tax consequences under U.S. state and local tax laws or under the tax laws of jurisdictions other than the Cayman Islands and the United States. You are encouraged to consult your own tax advisors concerning the overall tax consequences arising in your own particular situation under U.S. federal, state, local or foreign law of the ownership of our Class A Ordinary Shares. To the extent that this discussion relates to matters of Cayman Islands tax law, it is the opinion of Conyers Dill & Pearman, our counsel as to Cayman Islands law.

**Cayman Islands Tax Considerations**

The Cayman Islands currently levies no taxes on individuals or corporations based upon profits, income, gains or appreciation, and there is no taxation in the nature of inheritance tax or estate duty. There are no other taxes likely to be material to our Company levied by the Government of the Cayman Islands save for certain stamp duties which may be applicable, from time to time, on certain instruments.

No stamp duty is payable in the Cayman Islands on the transfer of shares of Cayman Islands companies except for those which hold interests in land in the Cayman Islands.

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**United States Federal Income Tax Considerations**

The following discussion is a summary of U.S. federal income tax considerations generally applicable to the ownership and disposition of our Ordinary Shares by U.S. Holders (as defined below) that acquire our Ordinary Shares in this offering and hold our Ordinary Shares as "capital assets" (generally, property held for investment) under the United States Internal Revenue Code of 1986, as amended (the "Code"). This discussion is based upon existing United States federal income tax law, which is subject to differing interpretations or change, possibly with retroactive effect. There can be no assurance that the Internal Revenue Service, or the IRS, or a court will not take a contrary position. This discussion does not address all aspects of United States federal income taxation that may be relevant to particular investors in light of their specific circumstances, including investors subject to special tax rules (for example, certain financial institutions (including banks), cooperatives, pension plans, insurance companies, broker-dealers, traders in securities that have elected the mark-to-market method of accounting for their securities, partnerships and their partners, regulated investment companies, real estate investment trusts and tax-exempt organizations (including private foundations)), investors who are not U.S. Holders, investors who own (directly, indirectly or constructively) 10% or more of our stock (by vote or value), investors that will hold their Ordinary Shares as part of a straddle, hedge, conversion, constructive sale or other integrated transaction for United States federal income tax purposes or U.S. Holders that have a functional currency other than the US dollar, all of whom may be subject to tax rules that differ significantly from those summarized below. In addition, this discussion does not discuss any non-United States tax, state or local tax, or non-income tax (such as U.S. federal gift or estate tax) considerations, or any consequences under the alternative minimum tax or Medicare tax on net investment income. Each U.S. Holder is urged to consult its tax advisor regarding the United States federal, state, local and non-United States income and other tax considerations of an investment in our Ordinary Shares.

**General**

For purposes of this discussion, a "U.S. Holder" is a beneficial owner of our Ordinary Shares that is, for United States federal income tax purposes, (i) an individual who is a citizen or resident of the United States; (ii) a corporation (or other entity treated as a corporation for United States federal income tax purposes) created in, or organized under the laws of, the United States or any state thereof or the District of Columbia; (iii) an estate the income of which is includible in gross income for United States federal income tax purposes regardless of its source; or (iv) a trust (A) the administration of which is subject to the primary supervision of a United States court and which has one or more United States 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 United States person under the Code.

If a partnership (or other entity or arrangement treated as a partnership for United States federal income tax purposes) is a beneficial owner of our Ordinary Shares, the tax treatment of a partner in the partnership will generally depend upon the status of the partner as a U.S. Holder, as described above, and the activities of the partnership. Partnerships holding our Ordinary Shares and partners in such partnerships are urged to consult their tax advisors as to the particular United States federal income tax consequences of an investment in our Ordinary Shares.

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**Dividend*s***

The entire amount of any cash distribution paid with respect to our Ordinary Shares (including the amount of any non-U.S. taxes withheld therefrom, if any) generally will constitute dividends and generally will be taxed as ordinary income to the extent such distributions are paid out of our current or accumulated earnings and profits, as determined under United States federal income tax principles, and generally will be taxed as ordinary income in the year received by such U.S. Holder. To the extent amounts paid as distributions on the Ordinary Shares exceed our current or accumulated earnings and profits, such distributions will not be dividends but instead will be treated first as a tax-free return of capital to the extent of the U.S. Holder's adjusted tax basis, determined for federal income tax purposes, in the Ordinary Shares with respect to which the distribution is made, and thereafter as capital gain. However, we do not intend to compute (or to provide U.S. Holders with the information necessary to compute) our earnings and profits under United States federal income tax principles. Accordingly, a U.S. Holder will be unable to establish that a distribution is not out of earnings and profits and should expect to treat the full amount of each distribution as a "dividend" for United States federal income tax purposes.

Any dividends that we pay will generally be treated as and included in income from foreign sources for United States foreign tax credit purposes and will generally constitute passive income. Depending on the U.S. Holder's particular facts and circumstances, a U.S. Holder may be eligible, subject to a number of complex limitations, to claim a foreign tax credit in respect of any foreign withholding taxes imposed (at a rate not exceeding any applicable treaty rate) on dividends received on our Ordinary Shares. A U.S. Holder who does not elect to claim a foreign tax credit for foreign tax withheld may instead claim a deduction, for United States federal income tax purposes, in respect of such withholdings, but only for a year in which such U.S. Holder elects to do so for all creditable foreign income taxes. The rules governing the foreign tax credit are complex. U.S. Holders are advised to consult their tax advisors regarding the availability of the foreign tax credit under their particular circumstances.

Dividends paid in non-U.S. currency will be included in the gross income of a U.S. Holder in a US dollar amount calculated by reference to a spot market exchange rate in effect on the date that the dividends are received by the U.S. Holder, regardless of whether such foreign currency is in fact converted into US dollars on such date. Such U.S. Holder will have a tax basis for United States federal income tax purposes in the foreign currency received equal to that US dollar value. If such dividends are converted into US dollars on the date of receipt, a U.S. Holder generally should not be required to recognize foreign currency gain or loss in respect thereof. If the foreign currency so received is not converted into US dollars on the date of receipt, such U.S. Holder will have a basis in the foreign currency equal to its US dollar value on the date of receipt. Any gain or loss on a subsequent conversion or other disposition of the foreign currency generally will be treated as ordinary income or loss to such U.S. Holder and generally will be income or loss from sources within the United States for foreign tax credit limitation purposes. U.S. Holders should consult their own tax advisors regarding the treatment of foreign currency gain or loss, if any, on any foreign currency received by a U.S. Holder that is converted into US dollars on a date subsequent to receipt.

**Sale or Other Disposition of Ordinary Shares**

A U.S. Holder will generally recognize capital gain or loss upon a sale or other disposition of Ordinary Shares, in an amount equal to the difference between the amount realized and the U.S. Holder's adjusted tax basis, determined for federal income tax purposes, in such Ordinary Shares, each amount determined in US dollars. Any capital gain or loss will be long-term capital gain or loss if the Ordinary Shares have been held for more than one year and will generally be United States source gain or loss for United States foreign tax credit purposes. The deductibility of a capital loss may be subject to limitations, particularly with regard to shareholders who are individuals. Each U.S. Holder is advised to consult its tax advisor regarding the tax consequences if a foreign tax is imposed on a disposition of our Ordinary Shares, including the availability of the foreign tax credit under its particular circumstances.

A U.S. Holder that receives a currency other than US dollars on the disposition of our Ordinary Shares will realize an amount equal to the US dollar value of the non-U.S. currency received at the spot rate on the date of sale (or, if the Ordinary Shares are traded on a recognized exchange and in the case of cash basis and electing accrual basis U.S. Holders, the settlement date). An accrual basis U.S. Holder that does not elect to determine the amount realized using the spot rate on the settlement date will recognize foreign currency gain or loss equal to the difference between the US dollar value of the amount received based on the spot market exchange rates in effect on the date of sale or other disposition and the settlement date. A U.S. Holder will have a tax basis in the currency received equal to the US dollar value of the currency received on the settlement date. Any gain or loss on a subsequent disposition or conversion of the currency will be United States source ordinary income or loss.

**Passive Foreign Investment Company Considerations**

For United States federal income tax purposes, a non-United States corporation, such as our Company, will be treated as a "passive foreign investment company," or "PFIC" if, in the case of any particular taxable year, either (a) 75% or more of our gross income for such year consists of certain types of "passive" income; or (b) 50% or more of the value of our assets (generally determined on the basis of a quarterly average) during such year produce or are held for the production of passive income. Based upon our current and expected income and assets (including goodwill and taking into account the expected proceeds from this offering) and the expected market price of our Ordinary Shares following this offering, we do not expect to be a PFIC for the current taxable year or the foreseeable future.

However, while we do not expect to be or become a PFIC, no assurance can be given in this regard because the determination of whether we are or will become a PFIC for any taxable year is a fact-intensive inquiry made annually that depends, in part, upon the composition and classification of our income and assets. Fluctuations in the market price of our Ordinary Shares may cause us to be or become a PFIC for the current or subsequent taxable years because the value of our assets for the purpose of the asset test, including the value of our goodwill and other unbooked intangibles, may be determined by reference to the market price of our Ordinary Shares (which may be volatile). The composition of our income and assets may also be affected by how, and how quickly, we use our liquid assets and the cash raised in this offering. It is also possible that the Internal Revenue Service may challenge our classification of certain income or assets for purposes of the analysis set forth in subparagraphs (a) and (b), above or the valuation of our goodwill and other unbooked intangibles, which may result in our company being or becoming a PFIC for the current or future taxable years.

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If we are classified as a PFIC for any taxable year during which a U.S. Holder holds our Ordinary Shares, and unless the U.S. Holder makes a mark-to-market election (as described below), the U.S. Holder will generally be subject to special tax rules on (i) any excess distribution that we make to the U.S. Holder (which generally means any distribution paid during a taxable year to a U.S. Holder that is greater than 125% of the average annual distributions paid in the three preceding taxable years or, if shorter, the U.S. Holder's holding period for the Ordinary Shares); and (ii) any gain realized on the sale or other disposition, including, under certain circumstances, a pledge, of Ordinary Shares. Under the PFIC rules:

● such excess distribution and/or gain will be allocated ratably over the U.S. Holder's holding period for the Ordinary Shares;

● such amount allocated to the current taxable year and any taxable years in the U.S. Holder's holding period prior to the first taxable year in which we are a PFIC, each a pre-PFIC year, will be taxable as ordinary income;

● such amount allocated to each prior taxable year, other than a pre-PFIC year, will be subject to tax at the highest tax rate in effect applicable to the U.S. Holder for that year; and

● an interest charge generally applicable to underpayments of tax will be imposed on the tax attributable to each prior taxable year, other than a pre-PFIC year.

If we are a PFIC for any taxable year during which a U.S. Holder holds our Ordinary Shares, and we own any equity in a non-United States entity that is also a PFIC, or a lower-tier PFIC, such U.S. Holder would be treated as owning a proportionate amount (by value) of the shares of the lower-tier PFIC for purposes of the application of these rules. U.S. Holders are advised to consult their tax advisors regarding the application of the PFIC rules to any of the entities in which we may own equity.

As an alternative to the foregoing rules, a U.S. Holder of "marketable stock" in a PFIC may make a mark-to-market election with respect to such stock, provided that certain requirements are met. The mark-to-market election is available only for stock that is regularly traded on a national securities exchange that is registered with the SEC, or on a foreign exchange or market that the IRS determines is a qualified exchange that has rules sufficient to ensure that the market price represents a legitimate and sound fair market value. Although we have applied for the listing of our Ordinary Shares on Nasdaq, we cannot guarantee that our listing will be approved. Furthermore, we cannot guarantee that, once listed, our Ordinary Shares will continue to be listed and regularly traded on such exchange. U.S. Holders are advised to consult their tax advisors as to whether the Ordinary Shares are considered marketable for these purposes.

If an effective mark-to-market election is made with respect to our Ordinary Shares, the U.S. Holder will generally (i) include as ordinary income for each taxable year that we are a PFIC the excess, if any, of the fair market value of Ordinary Shares held at the end of the taxable year over its adjusted tax basis of such Ordinary Shares; and (ii) deduct as an ordinary loss the excess, if any, of its adjusted tax basis of the Ordinary Shares held at the end of the taxable year over the fair market value of such Ordinary Shares held at the end of the taxable year, but only to the extent of the net amount previously included in income as a result of the mark-to-market election. The U.S. Holder's adjusted tax basis in the Ordinary Shares would be adjusted to reflect any income or loss resulting from the mark-to-market election. If a U.S. Holder makes an effective mark-to-market election, in each year that we are a PFIC, any gain recognized upon the sale or other disposition of the Ordinary Shares will be treated as ordinary income and loss will be treated as ordinary loss, but only to the extent of the net amount previously included in income as a result of the mark-to-market election.

If a U.S. Holder makes a mark-to-market election in respect of a PFIC, and such corporation ceases to be a PFIC, the U.S. Holder will not be required to take into account the mark-to-market gain or loss described above during any period that such corporation is not a PFIC.

Because a mark-to-market election generally cannot be made for any lower-tier PFICs that a PFIC may own, a U.S. Holder who makes a mark-to-market election with respect to our Ordinary Shares may continue to be subject to the general PFIC rules with respect to such U.S. Holder's indirect interest in any of our non-United States subsidiaries if any of them is a PFIC.

If a U.S. Holder owns our Ordinary Shares during any taxable year that we are a PFIC, such holder would generally be required to file an annual IRS Form 8621. Each U.S. Holder is advised to consult its tax advisor regarding the potential tax consequences to such holder if we are or become a PFIC, including the possibility of making a mark-to-market election.

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**SHARES ELIGIBLE FOR FUTURE SALE**

Upon completion of this offering, we will have 20,000,000 Class A Ordinary Shares issued and outstanding, assuming the underwriters do not exercise their over-allotment option to purchase an additional 562,500 Class A Ordinary Shares and 20,562,500 Class A Ordinary Shares outstanding if the over-allotment option is exercised in full.

All of the Class A Ordinary Shares sold in this offering by the Company and by the Selling Shareholder will be freely transferable in the United States, without restriction or further registration under the Securities Act, by persons other than our "affiliates." Rule 144 of the Securities Act defines an "affiliate" of a company as a person that, directly or indirectly, through one or more intermediaries, controls or is controlled by, or is under common control with, our Company. All of our Class A Ordinary Shares outstanding immediately prior to the completion of this offering are "restricted securities" as that term is defined in Rule 144 because they were issued in a transaction or series of transactions not involving a public offering. Restricted securities may be sold only if they are the subject of an effective registration statement under the Securities Act or if they are sold pursuant to an exemption from the registration requirement of the Securities Act such as those provided for in Rule 144 promulgated under the Securities Act, which rule is summarized below. Restricted shares may also be sold outside of the United States to non-U.S. Persons in accordance with Rule 904 of Regulation S under the Securities Act. This prospectus may not be used in connection with any resale of our Class A Ordinary Shares acquired in this offering by our affiliates.

Sales of substantial amounts of our Class A Ordinary Shares in the public market could adversely affect prevailing market prices of our Class A Ordinary Shares. Prior to this offering, there has been no public market for our Class A Ordinary Shares. In conjunction with this offering, we have applied for our Class A Ordinary Shares to be listed on the Nasdaq Capital Market, and we will not close this offering unless we have obtained approval from the Nasdaq Stock Market to list our Class A Ordinary Shares on the Nasdaq Capital Market.

**Lock-Up Agreements**

Each of our directors and executive officers and our 5% or greater shareholders has entered into a lock-up agreement with the underwriter in which they have agreed, subject to certain exceptions, not to offer, sell, pledge or otherwise dispose of any Class A Ordinary Shares that they beneficially own or acquire, including securities that are convertible into or exercisable or exchangeable for our Class A Ordinary Shares, without the prior written consent of the Representative (other than the Class A Ordinary Shares offered by the Selling Shareholder in this offering). Under the agreement, the lock-up extends for a period of six months from the date on which the registration statement of which this prospectus forms a part is declared effective by the Securities and Exchange Commission (the "Effective Date").

We cannot predict what effect, if any, future sales of our Class A Ordinary Shares, or the availability of Class A Ordinary Shares for future sale, will have on the trading price of our Class A Ordinary Shares from time to time. Sales of substantial amounts of our Class A Ordinary Shares in the public market, or the perception that these sales could occur, could adversely affect the trading price of our Ordinary Shares.

**Rule 144**

In general, under Rule 144 as currently in effect, once we have been subject to the public company reporting requirements of Section 13 or Section 15(d) of the Exchange Act for at least 90 days, persons who are not our affiliates and have beneficially owned our Class A Ordinary Shares for more than six months but not more than one year may sell such Class A Ordinary Shares without registration under the Securities Act subject to the availability of current public information about us. Persons who are not our affiliates and have beneficially owned our Class A Ordinary Shares for more than one year may freely sell our Class A Ordinary Shares without registration under the Securities Act. Persons who are our affiliates (including persons beneficially owning 10% or more of our outstanding Shares), and who have beneficially owned our Class A Ordinary Shares for at least six months, may sell within any three-month period a number of restricted securities that does not exceed the greater of the following:

● 1.0% of the then outstanding Class A Ordinary Shares; or

● the average weekly trading volume of our Class A Ordinary Shares during the four calendar weeks preceding the date on which notice of the sale on Form 144 is filed with the SEC by such person.

Such sales are also subject to manner-of-sale provisions, notice requirements and the availability of current public information about us. In addition, in each case, these Shares would remain subject to any applicable lock-up arrangements and would only become eligible for sale when the lock-up period expires.

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**UNDERWRITING**

We and the Selling Shareholder have entered into an underwriting agreement dated [●], 2026 with Eddid Securities USA Inc. or the Representative. acting as the lead managing underwriter and book-runner with respect to the Class A Ordinary Shares subject to this offering. Subject to the terms and conditions of the underwriting agreement, we and the Selling Shareholder have agreed to sell to the Representative, and each underwriter named below has severally agreed to purchase from us, on a firm commitment basis, the number of Class A Ordinary Shares set forth opposite its name below, at the public offering price, less the underwriting discount set forth on the cover page of this prospectus:

---

| | |
|:---|:---|
| **Name** | **Number of <br> Class A Ordinary Shares** |
| Eddid Securities USA Inc. |  |
| **Total** |  |

---

The underwriters are offering the Class A Ordinary Shares subject to their acceptance of the Class A Ordinary Shares from us and the Selling Shareholder and subject to prior sale. The underwriting agreement provides that the obligations of the underwriters to pay for and accept delivery of the Class A Ordinary Shares offered by this prospectus are subject to the approval of certain legal matters by their counsel and to certain other conditions. The underwriters are obligated to take and pay for all of the Class A Ordinary Shares offered by this prospectus if any such shares are taken.

The Representative has advised us that it proposes to offer the shares to the public at the public offering price set forth on the cover page of this prospectus and to certain dealers at that price less a concession not in excess of US$[●] per share. The underwriters may allow, and certain dealers may re-allow, a discount from the concession not in excess of US$[●] per share to certain brokers and dealers. After this offering, the public offering price, concession and reallowance to dealers may be reduced by the Representative. No such reduction shall change the amount of proceeds to be received by us. The securities are offered by the underwriters as stated herein, subject to receipt and acceptance by them and subject to their right to reject any order in whole or in part. The Representative has informed us that they do not intend to confirm sales to any accounts over which they exercise discretionary authority.

**Discounts and Expenses**

The underwriting discount is 7.5% of the initial public offering price.

The following table shows the price per share and total public offering price, underwriting discounts and commissions and proceeds before expenses to us.

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| | | | | |
|:---|:---|:---|:---|:---|
| Offering price<sup>(1)</sup> | US$ | 4.5 | US$ | 22500000 |
| Underwriting discounts and commissions to be paid by us<sup>(2)</sup> | US$ | 0.34 | US$ | 1687500 |
| Proceeds to the Company before expenses<sup>(3)</sup> | US$ | 4.16 | US$ | 15609375 |
| Proceeds to the Selling Shareholders before expenses<sup>(3)</sup> | US$ | 4.16 | US$ | 5203125 |

---

<sup>(1)</sup> Initial public offering price per share is assumed to be US$4.50, being the mid-point of the initial public offering price range of US$4.00 to US$5.00.

<sup>(2)</sup> We have agreed to pay the underwriter a discount equal to 7.5% of the gross proceeds of the offering. This table does not include a non-accountable expense allowance equal to 1.0% of the gross proceeds of this offering payable to the underwriters.

<sup>(3)</sup> Excludes up to US$300,000 in fees and expenses payable to the underwriters.

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We will also pay to the Representative by deduction from the net proceeds of the offering contemplated herein, a non-accountable expense allowance equal to one percent (1.0%) of the gross proceeds received by us from the sale of Class A Ordinary Shares.

We have agreed to reimburse the Representative up to a maximum of US$300,000 for out-of-pocket accountable expenses (including the legal fees and other disbursements as disclosed below). We agreed to pay US$135,000 as an advance towards the Representative's accountable expenses (the "Advance"), all of which has been paid as of the date of this prospectus. Any portion of the Advance that is in excess of the amount of out-of-pocket accountable expenses actually incurred by the Representative will be returned to us in accordance with FINRA Rule 5110(g)(4)(A).

We have agreed to pay expenses relating to the offering, including but not limited to (i) all filing fees and communication expenses relating to the registration of the Class A Ordinary Shares to be sold in this offering with the SEC and the filing of the offering materials with FINRA; (ii) all fees and expenses relating to the listing of the Class A Ordinary Shares on Nasdaq; (iii) all reasonable fees, expenses and disbursements relating to background checks of the Company's officers and directors; (iv) up to US$130,000 of legal fees, costs and expenses incurred by the Representative, including all reasonable travel and lodging expenses incurred by the Representative or its counsel in connection with visits to, and examinations of, the Company; (v) translation costs for due diligence purposes; (vi) all fees, expenses and disbursements relating to the registration or qualification of such Class A Ordinary Shares under the "blue sky" securities laws of such states and other jurisdictions as the Representative may reasonably designate (including, without limitation, all filing and registration fees and the reasonable fees and disbursements of Representative's counsel); (vii) the costs of all mailing and printing of the underwriting documents, registration statements, prospectuses and all amendments, supplements and exhibits thereto and as many preliminary and final prospectuses as the Representative may reasonably deem necessary; (viii) the costs of preparing, printing and delivering certificates representing the Class A Ordinary Shares and the fees and expenses of the transfer agent for such shares; (ix) stock transfer taxes, if any; (x) the fees and expenses of the Company's accountants, legal counsel, public relations firm and other agents and representatives; (xi) all expenses, including without limitation, travel and lodging expenses for all road show meetings and preparation of a power point presentation; and (xii) the costs associated with "tombstone or Lucite" advertisements.

We estimate that the total expenses of the offering payable by us, excluding the underwriter's discount and commissions and non-accountable expense allowance will be approximately US$[●] including a maximum aggregate reimbursement of US$300,000 of the Representative's accountable expenses.

**Over-allotment**

If the underwriters sell more Class A Ordinary Shares than the total number set forth in the table above, the Company has granted to the underwriters a 45-day option following the effective date of this prospectus to purchase up to 562,500 additional Class A Ordinary Shares from us at the initial public offering price less the underwriting discounts and commissions, based on the assumed offering price of US$4.50 per Class A Ordinary Share, the mid-point between the range of US$4.00 and US$5.00 per Class A Ordinary Share. The underwriters may exercise this option solely for the purpose of covering over-allotments, if any, in connection with this offering. Any Class A Ordinary Shares issued or sold under the option will be issued and sold on the same terms and conditions as the other Class A Ordinary Shares that are the subject of this offering.

In connection with the offering, the underwriters may purchase and sell Class A Ordinary Shares in the open market. Purchases and sales in the open market may include short sales, purchases to cover short positions, which may include purchases pursuant to the over-allotment option, and stabilizing purchases.

Purchases to cover short positions and stabilizing purchases, as well as other purchases by the underwriters for their own accounts, may have the effect of preventing or retarding a decline in the market price of the Class A Ordinary Shares. They may also cause the price of the Class A Ordinary Shares to be higher than the price that would otherwise exist in the open market in the absence of these transactions. The underwriters may conduct these transactions in the over-the-counter market or otherwise. If the underwriters commence any of these transactions, they may discontinue them at any time.

**Lock-Up Agreements**

Our officers, directors and principal shareholders (5% or more shareholders) have agreed, subject to certain exceptions, to a six-month "lock-up" period, which will commence on the date the registration statement of which this prospectus forms a part is declared effective by the Securities and Exchange Commission (the "Effective Date"), with respect to the Class A Ordinary Shares that they beneficially own or acquire, including the issuance of Shares upon the exercise of convertible securities and options that are currently outstanding or which may be issued (other than the Class A Ordinary Shares offered by the Selling Shareholder in this offering). This means that, for a period of six months following the Effective Date, such persons may not offer, sell, pledge or otherwise dispose of these securities, or any of our Class A Ordinary Shares, without the prior written consent of the Representative.

The Representative has no present intention to waive or shorten the lock-up period; however, the terms of the lock-up agreement may be waived at its discretion. In determining whether to waive the terms of the lock-up agreements, the Representative may base its decision on its assessment of the relative strengths of the securities markets and companies similar to ours in general, and the trading pattern of, and demand for, our securities in general.

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**Right of First Refusal**

For a period of twelve months from the completion of this offering, we have granted the Representative the right of first refusal to act as lead manager and bookrunner or lead placement agent with respect to any public or private sale of the securities of the Company and/or any of its subsidiaries.

**Tail Fee**

We have also agreed to pay the Representative a tail fee equal to seven and one half percent (7.5%) of the consideration or proceeds received by us, or any of our shareholders from any transaction (including, without limitation, any merger, consolidation, acquisition, financing, joint venture or other arrangement) that we, or any of our affiliates enter into with any investor actually introduced by the Representative to us during our engagement period with the Representative that was not-known to the Company or its subsidiaries or affiliates previously, in connection with any public or private financing or capital raise (each a "Tail Transaction"), and such Tail Transaction is consummated within the twelve (12) month period following the closing of this offering. Such right shall be subject to FINRA Rule 5110(g)(5), including that it may be terminated by us for cause in case of the Representative's material failure to provide the services contemplated in the underwriting agreement.

**Nasdaq Listing**

We have applied to have our Class A Ordinary Shares approved for listing on the Nasdaq Capital Market under the symbol "CBAI." We make no representation that such application will be approved or that our Class A Ordinary Shares will trade on such market either now or at any time in the future; notwithstanding the foregoing, we will not close this offering unless such Class A Ordinary Shares are listed on the Nasdaq Capital Market at the completion of this offering.

**Electronic Distribution**

A prospectus in electronic format may be made available on websites or through other online services maintained by the Representative or by its affiliates. Other than the prospectus in electronic format, the information on the Representative's website and any information contained in any other website maintained by it is not part of this prospectus or the registration statement of which this prospectus forms a part, has not been approved and/or endorsed by us or the Representative in its capacity as an underwriter and should not be relied upon by investors.

Any underwriter who is a qualified market maker on the Nasdaq Capital Market may engage in passive market making transactions on the Nasdaq Capital Market in accordance with Rule 103 of Regulation M, during the Business Day prior to the pricing of the offering, before the commencement of offers or sales. Passive market makers must comply with applicable volume and price limitations and must be identified as passive market makers. In general, a passive market maker must display its bid at a price not in excess of the highest independent bid for such security; if all independent bids are lowered below the passive market maker's bid, however, the passive market maker's bid must then be lowered when certain purchase limits are exceeded.

**No Prior Public Market**

Prior to this offering, there has been no public market for our securities and the public offering price for our Class A Ordinary Shares will be determined through negotiations between us and the Representative. Among the factors to be considered in these negotiations will be prevailing market conditions, our financial information, market valuations of other companies that we and the Representative believe to be comparable to us, estimates of our business potential, the present state of our development and other factors deemed relevant. The offering price for our Class A Ordinary Shares in this offering has been arbitrarily determined by the Company in its negotiations with the underwriters and does not necessarily bear any direct relationship to the assets, operations, book or other established criteria of value of the Company.

**Price Stabilization, Short Positions and Penalty Bids**

Until the distribution of the Class A Ordinary Shares offered by this prospectus is completed, rules of the SEC may limit the ability of the underwriters to bid for and to purchase our Class A Ordinary Shares. As an exception to these rules, the underwriters may engage in transactions effected in accordance with Regulation M under the Exchange Act that are intended to stabilize, maintain or otherwise affect the price of our Class A Ordinary Shares. The underwriters may engage in over-allotment sales, syndicate covering transactions, stabilizing transactions and penalty bids in accordance with Regulation M.

● Stabilizing transactions consist of bids or purchases made by the Underwriter for the purpose of preventing or slowing a decline in the market price of our securities while this offering is in progress.

● Short sales and over-allotments occur when the managing underwriter, on behalf of the underwriting syndicate, sells more of our Class A Ordinary Shares than they purchase from us in this offering. In order to cover the resulting short position, the managing underwriter may engage in syndicate covering transactions. There is no contractual limit on the size of any syndicate covering transaction. The underwriters will deliver a prospectus in connection with any such short sales. Purchasers of shares sold short by the underwriters are entitled to the same remedies under the federal securities laws as any other purchaser of securities covered by the registration statement.

● Syndicate covering transactions are bids for or purchases of our securities on the open market by the managing underwriter on behalf of the underwriters in order to reduce a short position incurred by the managing underwriter on behalf of the underwriters.

● A penalty bid is an arrangement permitting the managing underwriter to reclaim the selling concession that would otherwise accrue to an underwriter if the Class A Ordinary Shares originally sold by the underwriters were later repurchased by the managing underwriter and therefore was not effectively sold to the public by such underwriters.

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Stabilization, syndicate covering transactions and penalty bids may have the effect of raising or maintaining the market price of our Class A Ordinary Shares or preventing or retarding a decline in the market price of our Class Ordinary Shares. As a result, the price of our Class A Ordinary Shares may be higher than the price that might otherwise exist in the open market.

Neither we nor the underwriters make any representation or prediction as to the effect that the transactions described above may have on the prices of our Class A Ordinary Shares. These transactions may occur on the Nasdaq Capital Market or another national securities exchange. If any of these transactions are commenced, they may be discontinued without notice at any time.

**Other Relationships**

The underwriters and certain of their affiliates are full service financial institutions engaged in various activities, which may include securities trading, commercial and investment banking, financial advisory, investment management, investment research, principal investment, hedging, financing and brokerage activities. Some of the underwriters and certain of their affiliates may in the future engage in investment banking and other commercial dealings in the ordinary course of business with us and our affiliates, for which they may in the future receive customary fees, commissions and expenses. In addition, in the ordinary course of their business activities, the underwriters and their affiliates may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and financial instruments (including bank loans) for their own account and for the accounts of their customers. Such investments and securities activities may involve securities and/or instruments of ours or our affiliates. The underwriters and their affiliates may also make investment recommendations and/or publish or express independent research views in respect of such securities or financial instruments and may hold, or recommend to clients that they acquire, long and/or short positions in such securities and instruments.

**Offers Outside the United States**

Other than in the United States, no action has been taken by us or the underwriters that would permit a public offering of the Class A Ordinary Shares offered by this prospectus in any jurisdiction where action for that purpose is required. The Class A Ordinary Shares offered by this prospectus may not be offered or sold, directly or indirectly, nor may this prospectus or any other offering material or advertisements in connection with the offer and sale of any such shares be distributed or published in any jurisdiction, except under circumstances that will result in compliance with the applicable rules and regulations of that jurisdiction. Persons into whose possession this prospectus comes are advised to inform themselves about and to observe any restrictions relating to the offering and the distribution of this prospectus. This prospectus does not constitute an offer to sell or a solicitation of an offer to buy any Class A Ordinary Shares offered by this prospectus in any jurisdiction in which such an offer or a solicitation is unlawful.

**EXPENSES OF THIS OFFERING**

Set forth below is an itemization of the total expenses, excluding underwriting discounts that we expect to incur in connection with this offering. With the exception of the SEC registration fee, Nasdaq Capital Market listing fee and the FINRA filing fee, all amounts are estimates.

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| | |
|:---|:---|
| SEC registration fee | $3841 |
| Nasdaq capital market listing fee | 50000 |
| FINRA filing fee |  |
| Legal fees and expenses | 560000 |
| Audit fees and expenses | 382000 |
| Consultant's fees | 55000 |
| Underwriters' expenses | 300000 |
| Printing and engraving expenses | 30000 |
| Miscellaneous expenses |  |
| Total | $— |

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**LEGAL MATTERS** 

The validity of the Class A Ordinary Shares offered in this offering and certain legal matters as to Cayman Islands law will be passed upon for the Company by Conyers Dill & Pearman, 29/F, One Exchange Square, 8 Connaught Place, Central, Hong Kong. Certain legal matters as to Canadian law will be passed upon for us by Aird & Berlis LLP, Brookfield Place, 181 Bay Street, Suite 1800, Toronto, ON Canada M5J 2T9.

Certain legal matters of United States federal securities laws in connection with this offering will be passed upon for the Company by Schlueter & Associates, P.C., 5655 South Yosemite Street, Suite 350, Greenwood Village, CO 80111. Certain legal matters of United States federal securities laws in connection with this offering will be passed upon for the underwriters by Sichenzia Ross Ference Carmel LLP, 1185 Avenue of the Americas, 31<sup>st</sup> Floor, New York, NY 10036.

**EXPERTS**

The financial statements of the Company included in this prospectus as of and for the fiscal years ended March 31, 2024 and 2025 have been included in reliance on the reports of WWC, P.C., our independent registered public accounting firm, given on the authority of said firm as an expert in auditing and accounting.

**WHERE YOU CAN FIND ADDITIONAL INFORMATION**

We have filed a registration statement, including relevant exhibits, with the SEC on Form F-1 under the Securities Act with respect to the underlying Class A Ordinary Shares to be sold in this offering. For the purposes of this section, the term "registration statement" means the original registration statement and any and all amendments thereto including the schedules and exhibits to the original registration statement or any amendment. This prospectus, which constitutes a part of the registration statement on Form F-1, does not contain all of the information contained in the registration statement. You should read our registration statement and the exhibits and schedules thereto for further information with respect to us and our Class A Ordinary Shares.

Immediately upon the effectiveness of the registration statement on Form F-1 of which this prospectus forms a part, we will become subject to periodic reporting and other informational requirements of the Exchange Act as applicable to foreign private issuers. Accordingly, we will be required to file reports, including annual reports on Form 10-K, and other information with the SEC. All information filed with the SEC, including the registration statement, can be obtained over the internet at the SEC's website at www.sec.gov or inspected and copied at the public reference facilities maintained by the SEC at 100 F Street, N.E., Washington, D.C. 20549. You can request copies of documents, upon payment of a duplicating fee, by writing to the SEC.

As a foreign private issuer, we are exempt under the Exchange Act from, among other things, the rules prescribing the furnishing and content of proxy statements. In addition, we will not be required under the Exchange Act to file periodic reports and financial statements with the SEC as frequently or as promptly as U.S. companies whose securities are registered under the Exchange Act. As we are a foreign private issuer, we will be required to file our annual report on Form 20-F within 120 days of the end of each year. However, we intend to furnish the depositary with our annual reports, which will include a review of operations and annual audited consolidated financial statements prepared in conformity with IFRS, and all notices of shareholders' meetings and other reports and communications that are made generally available to our shareholders.

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**COOLBIT TECHNOLOGIES LIMITED AND ITS SUBSIDIARIES**

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| | |
|:---|:---|
|  | **Page** |
| **Index to Unaudited Interim Condensed Consolidated Financial Statements** |  |
| [Report of Independent Registered Public Accounting Firm (PCAOB ID: 1171)](#b_001) | F-2 |
| [Condensed Consolidated Statements of Financial Position as of March 31, 2025 (Audited) and September 30, 2025 (Unaudited)](#b_002) | F-3 |
| [Unaudited Interim Consolidated Statements of Profit or Loss for the Six Months Ended September 30, 2024 and 2025](#b_003) | F-4 |
| [Unaudited Interim Consolidated Statements of Changes in Shareholders' Equity for the Six Months Ended September 30, 2024 and 2025](#b_004) | F-5 |
| [Unaudited Interim Consolidated Statements of Cash Flows for the Six Months Ended September 30, 2024 and 2025](#b_005) | F-6 |
| [Notes to Unaudited Interim Condensed Consolidated Financial Statements](#b_006) | F-7 |
| **Index to Consolidated Financial Statements** |  |
| [Report of Independent Registered Public Accounting Firm (PCAOB ID: 1171)](#f_001) | F-39 |
| [Consolidated Statements of Financial Position as of March 31, 2024 and 2025](#f_002) | F-40 |
| [Consolidated Statements of Profit or Loss for the Years Ended March 31, 2024 and 2025](#f_003) | F-41 |
| [Consolidated Statements of Changes in Shareholders' (Deficit) Equity for the Years Ended March 31, 2024 and 2025](#f_004) | F-42 |
| [Consolidated Statements of Cash Flows for the Years Ended March 31, 2024 and 2025](#f_005) | F-43 |
| [Notes to Consolidated Financial Statements](#f_006) | F-44 |

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![](fin_001.jpg)

**Report of Independent Registered Public Accounting Firm**

To: The Board of Directors and Shareholders of <br> Coolbit Technologies Limited and its subsidiaries

**Result of Review of Interim Financial Information**

We have reviewed the unaudited interim condensed consolidated statements of financial position of Coolbit Technologies Limited and its subsidiaries (collectively the "Company") as of September 30, 2025 and the related unaudited interim condensed consolidated statements of profit or loss, changes in shareholders' equity, and cash flows for the six-month periods ended September 30, 2024 and 2025, and the related notes (collectively referred to as the "unaudited interim condensed consolidated financial statements"). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial statements for them to be in conformity with International Financial Reporting Standards as issued by the International Accounting Standards Board.

We have previously audited, in accordance with the standards of Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated statements of financial position of the Company as of March 31, 2024 and 2025, and the related consolidated statements of profit or loss, changes in shareholders' equity, and cash flows for the years then ended (not presented herein); and in our report dated November 21, 2025, except for Notes 8, 14, 23, as to which the date is March 23, 2026, we expressed an unqualified opinion on those financial statements. In our opinion, the information set forth in the accompanying condensed consolidated statements of financial position as of March 31, 2025, is fairly stated, in all material respects, in relation to the consolidated statements of financial position from which it has been derived.

**Substantial Doubt about the Company's Ability to Continue as a Going Concern**

The accompanying unaudited interim condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 1 to the unaudited interim condensed consolidated financial statements, the Company had a working capital deficit and negative operating cash flows that raise substantial doubt about its ability to continue as a going concern. Management's plans in regard to these matters are also described in Note 1. The unaudited interim condensed consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

**Basis for Review Results**

These unaudited interim condensed financial statements are the responsibility of the Company's management. We conducted our review in accordance with the standards of the PCAOB. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with standards of the PCAOB, the objective of which is the expression of an opinion regarding the unaudited interim condensed financial statements taken as a whole. Accordingly, we do not express such an opinion. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

---

| |
|:---|
| ![](fin_003.jpg) |
| WWC, P.C. |
| Certified Public Accountants |
| PCAOB ID No.1171 |

---

We have served as the Company's auditor since 2024.

San Mateo, California

February 10, 2026, except for Notes 8, 14, 23, as to which the date is March 23, 2026

![](fin_002.jpg)

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**COOLBIT TECHNOLOGIES LIMITED AND ITS SUBSIDIARIES**

**CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION**

**AS OF MARCH 31, 2025 AND SEPTEMBER 30, 2025**

**(Expressed in U.S. Dollars)**

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Note** | **As of <br> March 31,**<br>**2025** | **As of<br> September 30,**<br>**2025** |
|  |  | **(Audited)** | **(Unaudited)** |
| **ASSETS** |  |  |  |
| **Current assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | 6 | 1977274 | 460336 |
| &nbsp;&nbsp;&nbsp;Crypto assets held | 8 | 321121 | 549805 |
| &nbsp;&nbsp;&nbsp;Accounts receivables | 5 | 52804 | 51833 |
| &nbsp;&nbsp;&nbsp;Deposits, prepayments and other receivables | 7 | 1254387 | 1454766 |
| **Total current assets** |  | 3605586 | 2516740 |
| **Non-current assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Equipment, net | 9 |  |  |
| &nbsp;&nbsp;&nbsp;Right-of-use assets | 10 | 6600703 | 7219916 |
| &nbsp;&nbsp;&nbsp;Deferred offering costs |  | 280030 | 584838 |
| &nbsp;&nbsp;&nbsp;Prepayment of lease payments | 7 | 2383290 | 1787468 |
| &nbsp;&nbsp;&nbsp;Long-term deposits | 7 | 4482999 | 4702186 |
| **Total non-current assets** |  | 13747022 | 14294408 |
| **TOTAL ASSETS** |  | 17352608 | 16811148 |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |  |
| **Current liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable |  | 85799 | 64155 |
| &nbsp;&nbsp;&nbsp;Accounts payable – a related party |  | 3168498 | 1640510 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other payables | 11 | 379236 | 639981 |
| &nbsp;&nbsp;&nbsp;Lease liabilities – a related party | 10 | 2966771 | 3721493 |
| &nbsp;&nbsp;&nbsp;Tax payable |  | 988763 | 1694925 |
| **Total current liabilities** |  | 7589067 | 7761064 |
| **Non-current liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Lease liabilities – a related party | 10 | 6481557 | 5999238 |
| Total non-current liabilities |  | 6481557 | 5999238 |
| **TOTAL LIABILITIES** |  | 14070624 | 13760302 |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |  |
| **Shareholders' equity** |  |  |  |
| Share capital\* | 18 | 170 | 170 |
| Capital reserve | 18 | 62628817 | 62628817 |
| Accumulated deficit | 18 | (59411754) | (59614700) |
| Accumulated other comprehensive income | 18 | 64751 | 36559 |
| **Total shareholders' equity** |  | 3281984 | 3050846 |
| **TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY** |  | 17352608 | 16811148 |

---

\* Retrospectively restated for effect of share reorganization (see Note 1).

The accompanying notes are an integral part of the unaudited interim condensed consolidated financial statements.

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**COOLBIT TECHNOLOGIES LIMITED AND ITS SUBSIDIARIES**

**UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS**

**FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2025 AND 2024**

**(Expressed in U.S. Dollars, except for share and per share data)**

---

| | | | |
|:---|:---|:---|:---|
|  | | **For the six months ended<br> September 30,** | **For the six months ended<br> September 30,** |
|  | <br>**Note** | **2024** | **2025** |
| **Revenue** | 12 | 5491339 | 9990283 |
| **Cost of revenue** |  |  |  |
| - External |  | (3988452) | (5699787) |
| - A related party |  | (1104984) | (2974741) |
| **Total cost of revenue** | 13 | (5093436) | (8674528) |
| **Gross profit** |  | 397903 | 1315755 |
| **Operating expenses** |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales and marketing expenses |  | (53363) |  |
| &nbsp;&nbsp;&nbsp;General and administrative expenses | 15 | (385506) | (462996) |
| **Total expenses** |  | (438869) | (462996) |
| **Other income (expenses)** |  |  |  |
| &nbsp;&nbsp;&nbsp;Foreign exchange (loss) gain |  | 102236 | 3686 |
| &nbsp;&nbsp;&nbsp;Other income and expenses, net | 14 | 1672500 | (69436) |
| &nbsp;&nbsp;&nbsp;Finance cost |  | (334572) | (282992) |
| **Total other income and expenses, net** |  | 1440164 | (348742) |
| **Profit before income tax expense** |  | 1399198 | 504017 |
| **Income tax expenses** | 16 | (145846) | (706963) |
| **Profit (loss) for the year** |  | 1253352 | (202946) |
| **Other comprehensive income** |  |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency translation adjustment |  | (7011) | (28192) |
| **Total comprehensive income for the year** |  | 1246341 | (231138) |
| **Earnings per share attributable to owners of the Company** |  |  |  |
| Basic and diluted earnings per share\* | 20 | 0.13 | 0.00 |
| Weighted average number of shares outstanding - basic and diluted\* | 20 | 10000000 | 17000000 |

---

\* Retrospectively restated for the effect of share reorganization (see Note 1).

The accompanying notes are an integral part of the unaudited interim condensed consolidated financial statements.

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**COOLBIT TECHNOLOGIES LIMITED AND ITS SUBSIDIARIES**

**UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' (DEFICIT) EQUITY**

**FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2024 AND 2025**

**(Expressed in U.S. Dollars, except for share and per share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Ordinary shares** | **Ordinary shares** | | | | |
|  |<br>**Note** | **No. of<br> shares\*** | **Amount** |<br>**Capital<br> reserve** |<br>**Accumulated<br> deficit** | **Accumulated <br> other**<br>**comprehensive <br> income** | **Total shareholder'**<br>**(deficit)<br> equity** |
| **BALANCE, April 1, 2024** |  | 10000000 | 100 |  | (61136247) | 180460 | (60955687) |
| Net profit |  |  |  |  | 1253352 |  | 1253352 |
| Capital contribution | 18 |  |  | 61641887 |  |  | 61641887 |
| Foreign currency translation adjustment |  | - | - | - | - | (7011) | (7011) |
| Balance as of September 30, 2024 (unaudited) |  | 10000000 | 100 | 61641887 | (59882895) | 173449 | 1932541 |
| **BALANCE, April 1, 2025** | 8, 18 | 17000000 | 170 | 62628817 | (59411754) | 64751 | 3281984 |
| Net profit |  |  |  |  | (202946) |  | (202946) |
| Foreign currency translation adjustment |  | - | - | - | - | (28192) | (28192) |
| Balance as of September 30, 2025 (unaudited) |  | 17000000 | 170 | 62628817 | (59614700) | 36559 | 3050846 |

---

\* Retrospectively restated for the effect of share reorganization (see Note 1).

The accompanying notes are an integral part of the unaudited interim condensed consolidated financial statements.

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**COOLBIT TECHNOLOGIES LIMITED AND ITS SUBSIDIARIES**

**UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

**FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2024 AND 2025**

**(Expressed in U.S. Dollars)**

---

| | | | |
|:---|:---|:---|:---|
|  | | **For the Six months Ended<br> September 30** | **For the Six months Ended<br> September 30** |
|  |<br>**Note** | **2024** | **2025** |
| **Cash flows from operating activities:** |  |  |  |
| Profit before income tax expenses |  | 1399198 | 504017 |
| Adjustment to reconcile net income to cash used in operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;Revenue recognized from crypto assets earned | 12 | (5491339) | (9990283) |
| &nbsp;&nbsp;&nbsp;Realized gain on conversion of crypto assets held | 8, 14 | (222784) | (241223) |
| &nbsp;&nbsp;&nbsp;Bank interest income | 14 | (21598) |  |
| &nbsp;&nbsp;&nbsp;Interest income generated and received from deposits in crypto exchange | 8, 14 | (2343) |  |
| &nbsp;&nbsp;&nbsp;Administrative charge on cryptocurrency transaction | 8 | 225 | 4328 |
| &nbsp;&nbsp;&nbsp;Amortization on right-of-use assets |  | 1100117 | 1329362 |
| &nbsp;&nbsp;&nbsp;Amortization on lease expense |  | 595822 | 595822 |
| &nbsp;&nbsp;&nbsp;Finance cost on lease liabilities |  | 334572 | 282992 |
| &nbsp;&nbsp;&nbsp;Gain on disposal of equipment |  | (1321293) |  |
| &nbsp;&nbsp;&nbsp;Provision for penalty on non-filing on income tax returns | 1114 |  | 206635 |
| &nbsp;&nbsp;&nbsp;Impairment loss on crypto assets held | 8 | 2416199 | 343048 |
| &nbsp;&nbsp;&nbsp;Reversal of impairment loss on crypto assets held | 8 | (2520681) | (239024) |
| Change in operating assets and liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;Change in accounts receivables |  | 44933 |  |
| &nbsp;&nbsp;&nbsp;Change in deposits, prepayments and other receivables |  | (1329965) | (419566) |
| &nbsp;&nbsp;&nbsp;Change in accounts payable |  | 85 | (21644) |
| &nbsp;&nbsp;&nbsp;Change in accounts payable – a related party |  |  |  |
| &nbsp;&nbsp;&nbsp;Change in accrued expenses and other payables |  | (55554) | 53309 |
| **Cash used in operating activities** |  | (5074406) | (7592227) |
| **Cash flows from investing activities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest income received | 14 | 21598 |  |
| &nbsp;&nbsp;&nbsp;Deposit paid for subscription of investments | 7 | (283000) |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sales of crypto assets | 8 | 2000000 | 9295444 |
| **Cash provided by investing activities** |  | 1738598 | 9295444 |
| **Cash flows from financing activities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from a related party advances |  | 4299465 |  |
| &nbsp;&nbsp;&nbsp;Repayment to a related party |  |  | (927991) |
| &nbsp;&nbsp;&nbsp;Payments for deferred offering costs |  | (261963) | (304808) |
| &nbsp;&nbsp;&nbsp;Lease payment – capital element |  | (1378452) | (1676172) |
| &nbsp;&nbsp;&nbsp;Lease payment – interest element |  | (334571) | (282992) |
| **Cash provided by (used in) financing activities** |  | 2324479 | (3191963) |
| **Effect of exchange rate changes on cash and cash equivalents** |  | (7011) | (28192) |
| **Net change in cash and cash equivalents** |  | (1018340) | (1516938) |
| Cash and cash equivalents at beginning of the year |  | 1397217 | 1977274 |
| **Cash and cash equivalents at the end of the year** |  | 378877 | 460336 |

---

A reconciliation of liabilities arising from financing activities as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | **Non-cash changes** | **Non-cash changes** | **Non-cash changes** | |
|  |<br>**As of<br> April 1** |<br>**Cash<br> changes** | **Additions** | **Capital <br> contribution** | **Others** |<br>**As of September 30** |
| **2024** |  |  |  |  |  |  |
| Lease liabilities |  | (1378452) | 12246224 |  |  | 10867772 |
| Amount due to a related party | 82275025 | 3036947 | - | (61641887) | (14273363) | 9396722 |
| Total | 82275025 | 1658495 | 12246224 | (61641887) | (14273363) | 20264494 |
| **2025** |  |  |  |  |  |  |
| Lease liabilities | 9448328 | (1676172) | 1948575 | - | - | 9720731 |
| Total | 9448328 | (1676172) | 1948575 | - | - | 9720731 |

---

The accompanying notes are an integral part of the unaudited interim condensed consolidated financial statements.

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**COOLBIT TECHNOLOGIES LIMITED AND ITS SUBSIDIARIES**

**NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**(Expressed in U.S. Dollars)**

**1. CORPORATE INFORMATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1** **General information** 

Coolbit Technologies Limited (collectively the "Company") was incorporated in Cayman Island on October 17, 2023 under the Cayman Islands Companies Law as an exempted company. The Company does not conduct any substantive operations on its own but conducts its primary operations through its subsidiaries. The Company and its subsidiaries (together, the "Group") are principally engaged in the crypto assets mining business in the United States ("U.S.") and Canada.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2** **Reorganization of the Group** 

Coolpad Group Limited ("Coolpad Group"), directly or indirectly owned the following subsidiaries before the Reorganization:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Coolpad Technologies
 Inc. ("Coolpad USA"), a company incorporated in the U.S. with limited liability on August 22, 2011, is a subsidiary in
 the U.S.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Coolpad Technologies
 CA Inc. ("Coolpad CA"), a company incorporated in the Canada with limited liability on April 26, 2019, and is a subsidiary
 in Canada;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Xcentz Inc. ("Xcentz
 USA"), a company incorporated in the USA with limited liability on August 14, 2018. It is a subsidiary in the US; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Xcentz Limited ("Xcentz
 HK"), a company incorporated in Hong Kong with limited liability on May 6, 2019, and is a subsidiary in Hong Kong.

In order to facilitate the Company's initial public offering ("IPO"), the Group executed a series of reorganization transactions (the "Reorganization"), involved:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) On December 5, 2023,
 the Company acquired all of the issued and outstanding shares of Xcentz USA and Xcentz HK from Coolpad Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) On March 31, 2024, the
 Company acquired all of the issued and outstanding shares of Coolpad USA and Coolpad CA, from a wholly-owned subsidiary of Coolpad
 Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) On May 12, 2025, the Company's board of directors passed resolutions, which were approved by the shareholders on the same date, to (i) sub-divide each authorized and each issued share into 100,000 shares of par value US$0.00001 each, resulting in the Company's authorized share capital becoming US$50,000 divided into 5,000,000,000 shares of par value US$0.00001 each, with 17,000,000 issued shares; (ii) cancel US$40,000 of authorized unissued shares, resulting in the Company's authorized share capital becoming US$10,000 divided into 1,000,000,000 shares of par value US$0.00001 each, with 17,000,000 issued shares; (iii) re-designate the authorized and issued shares into US$100,000 divided into 1,000,000,000 shares with a par value of US$0.00001 each, comprised of (a) 900,000,000 Class A Ordinary Shares with a par value of US$0.00001 each, and (b) 100,000,000 Class B Ordinary Shares with a par value of US$0.00001 each, with the 17,000,000 currently outstanding shares re-designated into (a) 6,999,920 Class A Ordinary Shares, and (b) 10,000,080 Class B Ordinary Shares. These actions were effected in accordance with the laws of the Cayman Islands.

Holders of Class A ordinary shares and Class B ordinary shares vote together as one class on all matters submitted to a vote by the shareholders at any general meeting of the Company. Each Class A ordinary shares is entitled to one (1) vote and each Class B ordinary shares is entitled to ten (10) votes. Each Class B ordinary shares shall not be entitled to any dividends or distributions.

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The Reorganization was completed on May 12, 2025. As a result of the Reorganization, the Company became the holding company for a group of companies that will be referred to as the Company. Accordingly, the consolidated financial statements have been presented on a consolidated basis whereby the Company is shown as if it had been the holding company from the beginning of the first reporting period presented because all the companies in the Group were under common control.

The Group considered that the above share amendment was part of the Group's recapitalization prior to completion of its initial public offering. The Group believed it is appropriate to reflect on the above transactions on a retroactive basis. All shares and per share amounts used herein and in the accompanying consolidated financial statements have been retroactively restated to reflect the above share amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.3** **Subsidiaries** 

As of September 30, 2025, details of the subsidiary companies are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name** | **Place of incorporation** | **Date of incorporation** | **Principal activities** | **Effective <br> ownership<br> as of<br> March 31, <br> 2025** | **Effective <br> ownership <br> as of <br> September 30, <br> 2025** |
| COOLBIT INVESTMENT HOLDINGS LIMITED (formerly known as Coolbit Mining Holdings Limited) ("Coolbit Investment") | &nbsp;&nbsp;&nbsp;BVI | August 10, 2023 | Dormant | 100% | 100% |
| Coolbit Mining PTE. Ltd ("Coolbit Mining PTE") | &nbsp;&nbsp;&nbsp;Singapore | October 25, 2023 | Dormant | 100% | 100% |
| Coolpad Technologies Inc. ("Coolpad USA") | &nbsp;&nbsp;&nbsp;U.S. | August 22, 2011 | Sale of mobile phones and its accessories | 100% | 100% |
| Coolpad Technologies CA Inc. ("Coolpad CA") | &nbsp;&nbsp;&nbsp;Canada | April 26, 2019 | Sale of mobile phones and its accessories | 100% | 100% |
| Magic Code Inc. ("Magic Code") | &nbsp;&nbsp;&nbsp;Cayman Island | February 2, 2018 | Investment holding | 100% | 100% |
| Xcentz Inc. ("Xcentz USA") | &nbsp;&nbsp;&nbsp;U.S. | August 14, 2018 | Sale of mobile phones and its accessories | 100% | 100% |
| Xcentz Limited ("Xcentz HK") | &nbsp;&nbsp;&nbsp;Hong Kong | May 6, 2019 | Provision of pool mining service and sale of mobile phones and its accessories | 100% | 100% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.4** **Liquidity and going concern** 

As of September 30, 2025, the Group had a working capital deficit of $5,244,324 and negative operating cash flows of $7,509,204. As of the date of the unaudited interim condensed consolidated financial statements, there still exists substantial doubt that the Group will continue as a going concern. Management plans to continue to focus on improving operational efficiency and cost reductions. Additionally, the Group plans to raise capital via private placement or public offering in the event that the Group does not have adequate liquidity to meet its current obligations. However, there is no assurance that the Group will be successful in implementing the foregoing plans or additional financing will be available to the Group on commercially reasonable terms.

The accompanying unaudited interim condensed consolidated financial statements have been prepared assuming the Group will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. These unaudited interim condensed consolidated financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary should the Group be unable to continue as a going concern.

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**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1** **Basis of preparation** 

<u>Compliance with International Financial Reporting Standards</u>

The unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the International Financial Reporting Standards ("IFRSs") as issued by the International Accounting Standards Board ("IASB").

The unaudited interim condensed consolidated financial statements of the Company do not include all the information and footnotes required by the International Financial Reporting Standards ("IFRS") as issued by the IASB for a complete set of financial statements. Certain information and footnote disclosures, which are normally included in audited consolidated financial statements prepared in accordance with IFRS, have been condensed or omitted pursuant to Article 10 of Regulations S-X. In the opinion of the Company's management, the unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements and include all adjustments, in normal recurring nature, as necessary to present a fair statement of the Company's unaudited interim condensed statement of financial position as of September 30, 2025, and the unaudited interim condensed statements of profit or loss, changes in shareholders' equity and cash flows for the six months ended September 30, 2024 and 2025. However, selected explanatory notes are included to explain events and transactions that are significant to gain an understanding of the changes in the Company's financial position and performance since the last annual consolidated financial statements as at and for the year ended March 31, 2025.

The unaudited interim results of operations are not necessarily indicative of the operating results for the full fiscal year or any future periods. These unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements of the Company as of and for the year ended March 31, 2024 and 2025, and related notes included in the audited consolidated financial statements.

<u>Basis of measurement</u>

The unaudited interim condensed consolidated financial statements of the Group have been prepared on a historical cost basis, except as disclosed in the accounting policies below.

<u>Basis of consolidation</u>

The unaudited interim condensed consolidated financial statements comprise the financial statements of the Company and its subsidiaries. Inter-company transactions and balances between Company companies together with unrealized profits are eliminated in full in preparing the consolidated financial statements. Unrealized losses are also eliminated unless the transaction provides evidence of impairment on the asset transferred, in which case the loss is recognized in profit or loss.

<u>Foreign currency translation and convenience translation</u>

The Company uses United States dollar ("US$") as reporting currency for the unaudited interim condensed consolidated financial statements. The functional currency of the Company and its subsidiaries incorporated in the U.S., Cayman Islands and BVI is US$, the functional currency of its subsidiary in Hong Kong is Hong Kong dollar ("HK$"); the functional currency of its subsidiary in Canada is Canadian dollar ("CAD"). The determination of the respective functional currency is based on the criteria of International Standard on Auditing (IAS) 21 The Effects of Changes in Foreign Exchange Rate.

The Group's assets and liabilities are translated into US$ has been made at the following year-end exchange rates. Its revenue and expenses are translated at the average exchange rate during the period. Capital accounts are translated at their historical exchange rates when the capital transactions occurred. Exchange gains and losses resulting from currency translation are recorded as other comprehensive income (losses) in the unaudited interim condensed consolidated statements of profit or loss.

---

| | | |
|:---|:---|:---|
|  | **As of<br> March 31,**<br>**2025** | **As of<br> September 30,**<br>**2025** |
| Year-end HK$:US$ spot rate | 0.1285 | 0.1285 |
| Year-end CAD:US$ spot rate | 0.6950 | 0.7184 |

---

---

| | | |
|:---|:---|:---|
|  | **For the six months ended <br> September 30,** | **For the six months ended <br> September 30,** |
|  | **2024** | **2025** |
| Average HK$:US$ rate | 0.1281 | 0.1280 |
| Average CAD:US$ rate | 0.7319 | 0.7244 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2 New accounting pronouncement**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Adoption of new or amendments to IFRSs

The Group has adopted all the new and revised IFRS and Interpretations of IFRS that are relevant to its operations and effective for annual periods beginning on or after April 1, 2023. Changes to the Group's accounting policies have been made as required, in accordance with the transitional provisions in the respective IFRS and Interpretations of IFRS. The adoption of these new or amended IFRS and Interpretations of IFRS did not result in substantial changes to the Group's accounting policies and had no material effect on the amounts reported for the current or prior financial years.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) New or amendments to IFRSs that have been issued but are not yet effective

---

| | |
|:---|:---|
| **Description** | **Effective for<br> annual periods<br> beginning on or<br> after** |
| *Amendments to IFRS 9 and IFRS 7: Amendments to the Classification and Measurement of Financial Instruments* | January 1, 2026 |
| *Amendments to IFRS 9 and IFRS 7: Contracts referencing Nature-dependent Electricity* | January 1, 2026 |
| *Annual Improvements to IFRS Accounting Standards—Volume 11* | January 1, 2026 |
| *IFRS 18: Presentation and Disclosure in Financial Statements* | January 1, 2027 |
| *IFRS 19: Subsidiaries without Public Accountability: Disclosures* | January 1, 2027 |

---

At the date of authorisation of these financial statements, certain IFRS and Interpretations of IFRS were issued but not yet effective. Consequential amendments were also made to various standards as a result of these new/revised standards.

The Group does not intend to early adopt any of the above new/revised standards, interpretations and amendments to the existing standards. Management anticipates that the adoption of the aforementioned revised/new standards will not have a material impact on the financial statements of the Group and Company in the period of their initial adoption.

The above new and amendments to existing standards do not expect to have a material impact on the unaudited interim condensed consolidated financial statements of the Group. The Group will adopt the new and amended IFRSs to existing standards when they become effective.

&nbsp;&nbsp;&nbsp;&nbsp;**2.3** **Material accounting policies** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3.1** **Subsidiaries** 

A subsidiary is an investee over which the Company is able to exercise control. The Company controls an investee if all three of the following elements are present: power over the investee; exposure, or rights, to variable returns from the investee; and the ability to use its power to affect those variable returns. Control is reassessed whenever facts and circumstances indicate that there may be a change in any of these elements of control.

In the Company's statement of financial position, interests in subsidiaries are carried at cost less any impairment loss. The results of the subsidiaries are accounted for by the Company on the basis of the dividends received and receivable at the end of the reporting period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3.2** **Cash and cash equivalents** 

Cash and cash equivalents consist of cash on hand and deposit placed with banks, which are unrestricted as to withdrawal and use. The Group has not experienced any losses in such accounts. The Group's cash is held at well capitalized financial institutions, but they are not FDIC insured; however, management believes that the Group is not exposed to any significant credit risk on cash and cash equivalents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3.3** **Crypto assets held** 

Crypto assets held are included in current assets in the consolidated statements of financial position as an indefinite lived intangible asset. Crypto assets consist of Bitcoin and USDT. By their nature, crypto assets are identifiable non-monetary assets that lack physical substance. Future economic benefits attributable to these cryptocurrencies are expected to flow to the Group because these cryptocurrencies can be exchanged for fiat currencies. Furthermore, the cost of the Group's crypto assets can be measured using the quoted price of such cryptocurrencies at the time the fair value is being measured, which the Group considers to be primarily a Level 1 fair value input under the IFRS 13, *Fair Value Measurement* fair value hierarchy.

Crypto assets held are initially recognized based on the fair value of the crypto assets on the date of receipt. Crypto assets that are purchased in exchange for one digital asset for another digital asset are recognized at the fair value of the digital asset received. The Group recognizes realized gains or losses when crypto assets are sold on an exchange for other crypto assets or for cash consideration using a weighted average method of accounting. Sales of crypto assets to obtain fiat currency are presented as investing activities in the consolidated statements of cash flows.

Crypto assets are tested for impairment annually or whenever there is an indication that the intangible asset may be impaired. Impairment exists when the carrying amount exceeds its fair value, which is measured using the quoted price of the crypto assets in the principal market, HashKey Exchange and OKX at the time its fair value is being measured, and the Group recognized an impairment loss in an amount equal to that excess. The Group traded in OKX, which is the principal market of the Company for the year ended March 31, 2024. The Group has less transactions and trading volume in OKX for the year ended March 31, 2025. The Group started using HashKey Exchange as a major trading platform during the year ended March 31, 2025 and therefore Hashkey Exchange is the principal market of the Company for the year ended March 31, 2025. The Group monitors and evaluates the quality and relevance of the available information, such as pricing information from the asset's principal (or most advantageous) market or from other digital asset exchanges or markets, to determine whether such information is indicative of a potential impairment. To the extent an impairment loss is recognized, the loss establishes the new cost basis of the asset. If there is an indication that previously recognized impairment losses may no longer exist or may have decreased, the recoverable amount is estimated. A previously recognized impairment loss of an asset other than goodwill is reversed only if there has been a change in the estimates used to determine the recoverable amount of that asset, but not to an amount higher than the carrying amount that would have been determined (net of any depreciation/amortization) had no impairment loss been recognized for the asset in prior years. A reversal of such an impairment loss is credited to profit or loss in the period in which it arises.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3.4** **Accounts receivables** 

Accounts receivables are recognized when the Group has an unconditional right to receive consideration. A right to receive consideration is unconditional if only the passage of time is required before payment of that consideration is due. Accounts receivables are stated at amortized cost, less a loss allowance based on expected credit losses at each reporting date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3.5** **Deposits, prepayments and other receivables** 

Deposits, prepayments and other receivables consist of prepayment of hosting service fee and deposits paid to hosting service providers which are classified as non-current based on the terms of the respective agreements. These advances are unsecured and reviewed periodically to determine whether their carrying value has become impaired.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3.6** **Equipment, net** 

Equipment is stated at cost less accumulated depreciation charges and accumulated impairment charges. Generally, depreciation is calculated using a straight-line basis over the estimated useful life of the asset. The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis. The carrying values of property and equipment are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable.

An item of equipment is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the consolidated statements of profit or loss in the year the asset is derecognized. Residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate, at each financial year-end.

All costs that are directly attributable to bringing an asset to the location and condition necessary for it to be capable of operating in the manner intended by management, will be capitalized. These costs include direct employee benefits, rent and testing costs. Capitalization will be done until the asset is capable of operating in the manner intended by management. Repairs and maintenance costs are charged to the consolidated statements of profit or loss during the period which they are incurred.

The depreciation periods for property and equipment are:

---

| | | |
|:---|:---|:---|
| **Classification** | **Estimated <br> useful life** | **Estimated <br> useful life** |
| Mining machines |  | 3 years |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3.7** **Deferred offering costs** 

IPO costs directly attributable to an offering of equity securities are deferred and would be charged against the gross proceeds of the offering as a reduction of additional paid-in capital upon the completion of the proposed IPO. These costs include legal fees related to the registration drafting and counsel, consulting fees related to the registration preparation, SEC filing and print related costs. As of March 31, 2025 and September 30, 2025, the Group recorded deferred offering costs of $280,030 and $549,030 related to the IPO, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3.8** **Accounts payables and other payables and accruals** 

Accounts payables are obligations to pay for goods and/or services that have been acquired from suppliers in the ordinary course of business. Other payables and accruals primarily represent obligations to pay staff costs, surtaxes and value-added tax, and other operating service providers.

Accounts payables and other payables and accruals are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3.9** **Revenue recognition** 

Revenue from contracts with customers is recognized when control of goods or services is transferred to the customers at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services, excluding those amounts collected on behalf of third parties. Revenue excludes value added tax or other sales taxes and is after deduction of any trade discounts.

Revenue is recognized applying the following five steps:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) Identify the contract
 with a customer;

ii) Identify the performance obligations in the contract;

iii) Determine the transaction price;

iv) Allocate the transaction price to the performance obligations in the contract; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v) Recognize revenue when
 (or as) the Group satisfies a performance obligation.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(a) Crypto assets mining revenue*

 

The Group has entered into framework agreements, as amended from time to time, with mining pool operators to perform hash calculations for the mining pools. Each party has the unilateral right to terminate the contract at any time without any compensation to the other party for such termination. Therefore, the Group has concluded that the duration of the contract is less than 24 hours and that the contract is continuously renewed throughout the day. The Group has determined that the mining pool operator's renewal right is not a material right as the terms, conditions, and compensation amounts are at then market rates. Upon contract termination, the mining pool operator (i.e., the customer) is required to pay the Group any amount due that is related to previously satisfied performance obligations.

The Group's enforceable right to compensation only begins once the Group commences performing hash calculations for the mining pool operators. The Group is entitled to compensation regardless of whether the mining pool operators successfully record a block to the Bitcoin blockchain. Providing a service to perform hash calculations for the pool operators is the only performance obligation in the Group's arrangements with mining pool operators and is an output of the Group's ordinary activities.

The Group is entitled to a non-cash consideration at an amount that approximates the total Bitcoins that could have been mined using the hash calculations performed by the Group according to the pool operator's specification over the 24-hour period ended 23:59:59 UTC, based upon the then current blockchain difficulty. The Bitcoin payout is settled on the following day, on a daily basis. The payout method used by the mining pools in which the Group participated is the Full-Pay-Per-Share ("FPPS") method. The Group's total compensation is calculated using the following formula: the sum of the Group's share of (1) block rewards and (2) transaction fees, less (3) mining pool operating fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Block rewards represent the Group's share of the total amount of block subsidies that are expected to be generated on the Bitcoin network as a whole based on the following factors determined for the 24-hour period beginning at midnight UTC daily. The block reward earned by the Group is calculated by dividing (a) the total amount of hash calculations the Group provides to the mining pool operator, by (b) the total Bitcoin network's implied hash calculations (as determined by the Bitcoin network difficulty), multiplied by (c) the total amount of block subsidies that are expected to be generated on the Bitcoin network as a whole. The Group is entitled to its relative share of consideration even if a block is not successfully added to the blockchain by the mining pool.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Transaction fees represent the Group's share of the total fees paid by users of the network to execute transactions during the 24-hour period ended 23:59:59 UTC. Under FPPS, the transaction fees paid out by the mining pool operator to the Group is calculated by dividing (a) the total amount of transaction fees that are actually generated on the Bitcoin network as a whole during the 24-hour period beginning at midnight UTC daily, by (b) the total amount of block subsidies that are actually generated on the Bitcoin network as a whole during that 24-hour period, multiplied by (c) the Group's block rewards earned as calculated in (1) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Mining pool operating fees are charged by the mining pool operator for operating the mining pool as set forth on a rate schedule to the mining pool contract. The mining pool operating fees reduce the total amount of compensation the Group receives and are only incurred to the extent that the Group has generated mining revenue pursuant to the mining pool operators' payout calculation during the 24-hour period beginning at midnight UTC daily.

The non-cash consideration received in exchange for the Group's performing hash calculations, including block rewards and transaction fees, is variable because it depends, in part, on the amount of hash calculations the Group performs in accordance with the pool operator's specifications and the amount of transaction fees of the entire blockchain network for the 24-hour period, beginning at midnight UTC. The mining pool operating fees are also variable because they are calculated as a small fraction of the sum of the block rewards and the transaction fees, in accordance with the agreement with each mining pool operator. The Group is able to estimate the amount of variable consideration related to the block reward component on the date of contract inception because (a) the total amount of hash calculations the Group provides to the mining pool operator, (b) the total Bitcoin network's implied hash calculations and (c) the total amount of block subsidies that are expected to be generated on the Bitcoin network as a whole are either fixed or can be estimated on the date of contract inception. The performance obligation of transaction verification services is fulfilled over time as the Group provides computing power. However, the Group is not able to reliably estimate the amount of variable consideration related to transaction fee component until 23:59:59 UTC on the date of contract inception, because of the uncertainty of the actual amount of transaction fees of the entire blockchain network for that day. The mining pool operators will confirm the considerations for the 24 hours, including the block rewards, the transaction fees, and the mining pool operating fees at 23:59:59 UTC each day.

For each contract, the Group measures the non-cash consideration using the closing of daily quoted spot rate of Bitcoin on the date of contract inception for the operations in both Canada and U.S.. For each contract, the Group recognizes the non-cash consideration on the same day that control of the contracted service transfers to the mining pool operator, which is the same day as the contract inception.

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*Principal vs agent considerations*

When another party is involved in providing goods to the customer, the Group will apply the principal versus agent guidance in IFRS 15 *Revenue from Contracts with Customers* to determine if the Group is acting as the principal or an agent to the transaction. Based on the Group's evaluation of the control model, it is determined that all the Group's major businesses act as the agent rather than the principal within their revenue arrangements and such revenue is reported on a net basis.

The Company is an agent and records revenue on a net basis as the Company provides transaction verification services to the Bitcoin Network and the pool operator is the party that controls the node and is the miner of record.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3.10** **Cost of revenue** 

 

It consists primarily of hosting service fees including power supply service, maintenance and technical support service incurred for operating the Group's mining machines in its revenue-generating activities, depreciation expense from the mining machines and leases expenses for the use of mining machines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3.11** **Other income (expenses)** 

Other income (expenses) is recognized when it is probable that the economic benefits will flow to the Group (or out of the Group), and the amount of income (expenses) can be reliably measured. Other income is measured at the fair value of the consideration received or receivable.

Exchange gain on foreign currency translation, net was mainly derived from foreign exchange differences resulting from the realized gain on conversion of crypto assets held.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3.12** **Taxation** 

Taxation represents the sum of the tax paid or currently payable and deferred tax. The tax currently paid and payable is based on taxable profit for the period. Taxable profit differs from profit as reported in the consolidated statements of profit or loss because it excludes items of income or expense that are taxable or deductible in other periods and it further excludes income statement items that are never taxable or deductible.

Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amount of assets and liabilities in the consolidated financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted for using the liability method. Deferred tax liabilities are generally recognized for all taxable temporary differences, and deferred tax assets are recognized to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilized. Such assets and liabilities are not recognized if the temporary difference arises from goodwill or the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at the end of the reporting period and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the assets to be recovered.

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Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realized. Deferred tax is charged or credited to profit or loss, except when it relates to items charged or credited directly to other comprehensive income, in which case the deferred tax is also dealt with in other comprehensive income.

Deferred income tax is provided on temporary differences arising on interests in subsidiaries, except where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not be reversed in the foreseeable future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3.13** **Financial instruments** 

**Financial assets**

*Initial recognition and measurement*

Financial assets are recognized when the Group becomes a party to the contractual provisions of a financial instrument. Financial assets are derecognized when the rights to receive cash flows from the financial assets expire, or if the Group transfers the financial asset to another party and does not retain control or substantially all risks and rewards of the asset. Purchases and sales of financial assets in the normal course of business are accounted for at settlement date (i.e., the date that the asset is delivered to or by the Group).

At initial recognition, the Group measures its financial assets at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition or issue of the financial asset.

*Subsequent measurement*

After initial recognition, the Group classifies its financial assets as subsequently measured at either i) amortized cost, ii) fair value through other comprehensive income or iii) fair value through profit or loss on basis of both:

● The Group's business model for managing the financial assets;

● The contractual cash flow characteristics of the financial asset.

Subsequent to initial recognition, financial assets are measured as described below. At each consolidated statements of financial position date, the Group assesses whether there is objective evidence that a financial asset or a group of financial assets is impaired and recognizes a loss allowance for expected credit losses for financial assets measured at either amortized costs or at fair value through other comprehensive income. If, at the reporting date, the credit risk on the financial instrument has not increased significantly since initial recognition, the Group measures the loss allowance for that financial instrument at an amount equal to 12 months of expected credit losses. If, at the reporting date, the credit risk on a financial instrument has increased significantly since initial recognition, the Group measures the loss allowance for the financial instrument at an amount equal to the lifetime expected credit losses.

*Financial assets at amortized cost*

Financial assets are measured at amortized cost if both i) the financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows; and ii) the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest of on the principal amount outstanding.

A financial asset measured at amortized cost is initially recognized at fair value plus transaction cost directly attributable to the asset. After initial recognition, the carrying amount of the financial asset measured at amortized cost is determined using the effective interest method, less any impairment losses.

*Financial assets at fair value through other comprehensive income ("FVTOCI")*

 

On initial recognition, the Group may make an irrevocable election (on an instrument-by-instrument basis) to designate investments in equity instruments as at FVTOCI. Investments in equity instruments at FVTOCI are initially measured at fair value plus transaction costs.

Subsequently, they are measured at fair value with gains and losses arising from changes in fair value recognized in other comprehensive income and accumulated in the legal reserve fair value revaluation. The cumulative gain or loss is not reclassified to profit or loss on disposal of the equity investments, instead, it is transferred to retained earnings.

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*Financial assets at fair value through profit and loss ("FVTPL")*

 

Financial assets that do not meet the criteria for being measured at amortized cost or FVTOCI are measured at FVTPL.

Financial assets at FVTPL are measured at fair value at the end of each reporting period, with any fair value gains or losses recognized in profit or loss. The net gain or loss recognized in profit or loss includes any dividend or interest earned on the financial asset and is included in the 'fair value gain (loss) on revaluation' line item.

*Derecognized*

A financial asset is derecognized where the contractual right to receive cash flows from the asset has expired. On derecognition of a financial asset in its entirety, the difference between the carrying amount and the sum of the consideration received and any cumulative gain or loss that had been recognized in other comprehensive income for debt instruments is recognized in profit or loss.

*Offsetting of financial instruments*

 

A financial asset and a financial liability shall be offset and the net amount presented in the consolidated statements of financial position when, and only when, an entity (a) currently has a legally enforceable right to set off the recognized amounts; and (b) intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously.

**Financial liabilities**

*Initial recognition and measurement*

Financial liabilities are classified as either financial liabilities at fair value through profit or loss (derivative financial liabilities) or financial liabilities at amortized cost (accounts and other payables). All financial liabilities at amortized cost are initially recognized at the fair value of the consideration received less directly attributable transaction costs; transaction costs related to the issue of a compound financial instrument are allocated to the liability and equity components of the instruments in proportion to the allocation of proceeds.

*Subsequent measurement*

 

After initial recognition, financial liabilities are subsequently measured at amortized cost using the effective interest method. Gains and losses are recognized in the consolidated statements of profit or loss and comprehensive income when the liabilities are paid off or otherwise eliminated as well as through the amortization process. Purchases and sales of financial liabilities are recognized at settlement date.

*Derecognition*

A financial asset is derecognized when the obligation under the liability is discharged or cancelled or expired. Where an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, and the difference in the respective carrying amounts is recognized in the consolidated statements of profit or loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3.14** **Credit losses and impairment of assets** 

The Group recognizes a loss allowance for expected credit losses ("ECLs") on financial assets, such as cash and cash equivalents and accounts receivables, which are measured at amortized cost;

 

*Measurement of ECLs*

ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all expected cash shortfalls (i.e., the difference between the cash flows due to the Group in accordance with the contract and the cash flows that the Group expects to receive). The expected cash shortfalls are discounted using the following discount rates where the effect of discounting is material:

● fixed-rate financial assets, trade and other receivables: effective interest rate determined at initial recognition or an approximation thereof;

● variable-rate financial assets: current effective interest rate.

The maximum period considered when estimating ECLs is the maximum contractual period over which the Group is exposed to credit risk.

In measuring ECLs, the Group takes into account reasonable and supportable information that is available without undue cost or effort. This includes information about past events, current conditions and forecasts of future economic conditions.

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ECLs are measured on either of the following bases:

● 12-month ECLs: these are losses that are expected to result from possible default events within the 12 months after the reporting date; and

● lifetime ECLs: these are losses that are expected to result from all possible default events over the expected lives of the items to which the ECL model applies.

Loss allowances for accounts receivables are measured at an amount equal to lifetime ECLs. ECL on this type of financial asset is estimated using a provision matrix based on the Group's historical credit loss experience, adjusted for factors that are specific to the debtors and an assessment of both the current and forecast general economic conditions at the reporting date.

For all other financial instruments, the Group recognizes a loss allowance equal to 12-month ECLs unless there has been a significant increase in the credit risk of the financial instrument since initial recognition, in which case the loss allowance is measured at an amount equal to lifetime ECLs.

*Significant increases in credit risk*

 

In assessing whether the credit risk of a financial instrument has increased significantly since initial recognition, the Group compares the risk of a default occurring on the financial instrument assessed at the reporting date with that assessed at the date of initial recognition. In making this reassessment, the Group considers that a default event occurs when the borrower is unlikely to pay its credit obligations to the Group in full and without recourse. The Group considers both quantitative and qualitative information that is reasonable and supportable, including historical experience and forward-looking information that is available without undue cost or effort.

In particular, the following information is taken into account when assessing whether credit risk has increased significantly since initial recognition:

● failure to make payments of principal or interest on their contractually due dates;

● an actual or expected significant deterioration in a financial instrument's external or internal credit rating (if available);

● an actual or expected significant deterioration in the operating results of the debtor; and

● existing or forecast changes in the technological, market, economic or legal environment that have a significant adverse effect on the debtor's ability to meet its obligation to the Group.

Depending on the nature of the financial instruments, the assessment of a significant increase in credit risk is performed on either an individual basis or a collective basis. When the assessment is performed on a collective basis, the financial instruments are grouped based on shared credit risk characteristics, such as past-due status and credit risk ratings.

ECLs are remeasured at each reporting date to reflect changes in the financial instrument's credit risk since initial recognition. Any change in the ECL amount is recognized as an impairment gain or loss in profit or loss.

The Group recognizes an impairment gain or loss for all financial instruments with a corresponding adjustment to their carrying amount through a loss allowance account.

*Impairment and write-off policy*

At each reporting date, the Group assesses whether a financial asset is credit-impaired. A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred.

Evidence that a financial asset is credit-impaired includes the following observable events:

● significant financial difficulties of the debtor;

● a breach of contract, such as a default or delinquency in interest or principal payments;

● is becoming probable that the borrower will enter into bankruptcy or other financial reorganization;

● significant changes in the technological, market, economic or legal environment that have an adverse effect on the debtor; or

● the disappearance of an active market for security because of financial difficulties of the issuer.

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The gross carrying amount of a financial asset is written off (either partially or in full) to the extent that there is no realistic prospect of recovery. This is generally the case when the Group determines that the debtor does not have assets or sources of income that could generate sufficient cash flows to repay the amounts subject to the write-off.

Subsequent recoveries of an asset that was previously written off are recognized as a reversal of impairment in profit or loss in the period in which the recovery occurs.

*Credit losses from accounts receivables*

The Group recognizes an allowance for accounts receivables using the general expected credit losses model in manner a similar to the model and consideration used for assessing credit losses from financial instruments discussed above. Under this model, the Group calculates the allowance for credit losses by considering on a discounted basis, all expected shortfalls which are the difference between the quantity of cryptocurrency due to the Group in accordance with the contract and the quantity of cryptocurrency that the Group expects to receive, in various default scenarios for prescribed future periods and multiplying the shortfalls by the probability of each scenario occurring. The allowance on the financial asset is the sum of these probability-weighted outcomes.

The Group considers both internal and external, and quantitative and qualitative factors when estimating ECL for accounts receivables such as the creditworthiness of the counterparty, the result of the historical transactions with the counterparty, the business practice of the counterparty, regulatory development relating to the industry, liquidity of the underlying digital asset, and the trend of the general economy.

The Group recognizes an impairment gain or loss for expected credit losses from accounts receivables with a corresponding adjustment to their carrying amount through a loss allowance account. Subsequent recoveries of cryptocurrency receivables previously written off are recognized as a reversal of impairment in profit or loss in the period in which the recovery occurs.

As of March 31, 2025 and September 30, 2025, the balance of accounts receivables was $52,804 and $51,833, respectively. No accounts receivables were past due. no allowance were recognized against receivables for the six months ended September 30, 2024 and 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3.15** **Impairment of assets (other than financial assets)** 

Assets that have an indefinite useful life and assets not yet available for use are not subject to depreciation or amortization and are tested at least annually for impairment. Assets that are subject to depreciation or amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.

An impairment loss is recognized for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows. Non-financial assets for which an impairment loss is recorded, are reviewed for possible reversal of the impairment at each reporting date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3.16** **Fair value measurement** 

Accounting guidance defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact, and it considers assumptions that market participants would use when pricing the asset or liability.

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Accounting guidance establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument's categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Accounting guidance establishes three levels of inputs that may be used to measure fair value:

● Level 1 applies to assets or liabilities for which there are quoted prices, in active markets for identical assets or liabilities.

● Level 2 applies to assets or liabilities for which there are inputs other than quoted prices included within Level 1 that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical asset or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.

● Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

As of March 31, 2025 and September 30, 2025, all of the Group's financial assets and financial liabilities are carried at amortized costs and the carrying amounts approximate their fair values. There were no transfers between levels during the six months ended September 30, 2024 and 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3.17** **Provisions and contingent liabilities** 

Provisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event, and it is probable that an outflow of economic benefits will be required to settle that obligation and a reliable estimate of the amount of the obligation can be made. Provisions are measured at the Directors' best estimate of the expenditure required to settle the obligation at the reporting date and are discounted to present value where the effect is material.

Where it is not probable that an outflow of economic benefits will be required, or the amount cannot be estimated reliably, the obligation is disclosed as a contingent liability, unless the probability of outflow of economic benefits is remote. Possible obligations, the existence of which will only be confirmed by the occurrence or non-occurrence of one or more future events, are also disclosed as contingent liabilities unless the probability of an outflow of economic benefits is remote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3.18** **Employee benefits** 

*Short-term employee benefits*

Short-term employee benefits including salaries, bonuses and paid annual leave that are expected to be settled wholly within 12 months after the end of the reporting periods, are expensed as the related service is provided. A liability is recognized at the amounts expected to be paid when the liabilities are settled if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by employees and the obligation can be estimated reliably.

*Termination benefits*

Termination benefits are expensed at the earlier of when the Group can no longer withdraw the offer of those benefits and when the Group recognizes costs for a restructuring. If benefits are not expected to be settled wholly within 12 months of the reporting date, then they are discounted to their present value.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3.19** **Leases** 

The Group assesses whether a contract is or contains a lease at the inception of the contract. The Group recognizes a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is a lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets (such as tablets and personal computers, small items of office furniture and telephones). For these leases the Group recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which the economic benefits from the leased assets are consumed.

The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Group uses its incremental borrowing rate.

Lease payments included in the measurement of the lease liability comprise:

● Fixed lease payments;

● Variable lease payments that depend on an index or rate, initially measured using the index or rate at the commencement date.

The lease liability is presented as a separate line in the consolidated statements of financial position.

The lease liability is subsequently measured by increasing the carrying amount to reflect the interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made.

The Group remeasures the lease liability (and makes a corresponding adjustment to the related right-of-use asset) whenever:

● The lease term has changed or there is a significant event or change in circumstances resulting in a change in the assessment of exercise of a purchase option, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate.

● The lease payments change due to changes in an index or rate or a change in expected payment under a guaranteed residual value, in which case the lease liability is remeasured by discounting the revised lease payments using an unchanged discount rate (unless the lease payments change is due to a change in a floating interest rate, in which case, a revised discount rate is used).

● A lease contract is modified, and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured based on the lease term of the modified lease by discounting the revised lease payments using a revised discount rate at the effective date of modification.

The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before commencement day, less any lease incentives received and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses.

Whenever the Group incurs an obligation for costs to dismantle and remove a leased asset, restore the site on which it is located or restore the underlying asset to the condition required by the terms and conditions of the lease, a provision is recognized and measured under IAS 37. To the extent that the costs relate to a right-of-use asset, the costs are included in the related right-of-use asset, unless those costs are incurred to produce inventories.

Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Group expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease.

The right-of-use assets are presented as a separate line in the consolidated statements of financial position.

The Group applies IAS 36 to determine whether a right-of-use asset is impaired and accounts for any identified impairment loss as described in the 'Property and equipment' policy.

Variable rents that do not depend on an index or rate are not included in the measurement of the lease liability and the right-of-use asset. The related payment is recognized as an expense in the period in which the event or condition triggers those payments occur.

As a practical expedient, IFRS 16 permits a lessee not to separate non-lease components, and instead account for any lease and associated non-lease components as a single arrangement. The Group has not used this practical expedient. For contracts that contain lease components and one or more additional lease or non-lease components, the Group allocates the consideration in the contract to each lease component on the basis of the relative stand-alone price of the lease component and the aggregate stand-alone price of the lease component and the aggregate stand-alone price of the non-lease components. The Group had no such lease arrangements during the six months ended September 30, 2024 and 2025 and has none at the date of this report.

The Group has elected not to recognize right-of-use assets and lease liabilities for short-term leases that have a lease term of 12 months or less and leases of low-value assets. The Group recognizes the lease payments associated with these leases as an expense in cost of revenue and general and administrative expenses on a straight-line basis over the lease term.

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*Sale and leaseback transactions*

The Group determines whether the transfer of an asset is accounted for as a sale by determining when a performance obligation is satisfied in IFRS 15 if an asset is sold and subsequently leased back by the Group. The Group measures the right-of-use asset resulting from the leaseback at the proportion of the previous carrying amount of the asset that pertains to the right of use retained, provided that the transfer of an asset satisfies the requirements of IFRS 15 to be accounted for as a sale. The Group recognizes only the amount of any gain or loss that pertains to the rights transferred to the buyer-lessor. The Group will continue to recognize the transferred asset and will recognize a financial liability equal to the transfer proceeds if the transfer of an asset does not meet the criteria of IFRS 15 to be accounted for as a sale. The Group will make modifications to ensure that the sale proceeds are calculated at a fair value if the amount obtained for selling an asset does not match the asset's value or if the lease payments do not correspond with market rates. The difference will be considered a prepayment of future lease payments if the lease terms are less than market rates. On the other hand, if the lease terms exceed market rates, the difference will be seen as extra funding given to the seller-lessee by the buyer-lessor. The nature of the sale and leaseback arrangements is described in Note 10.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3.20** **Equity** 

The Group only has ordinary shares, and these are classified within equity upon issue. Shares transferred in relation to settlement of (convertible) debt are measured at fair value with fair value based on the closing price of the shares on the trading day prior to the settlement date. Equity is recognized upon the recognition of share-based payment expenses; shares issued upon exercise of such options are measured at their exercise price.

Transaction costs associated with an equity transaction are accounted for as a deduction from equity to the extent they are incremental costs directly attributable to the equity transaction that otherwise would have been avoided. Transaction costs related to the issue of a compound financial instrument are allocated to the liability and equity components of the instruments in proportion to the allocation of proceeds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3.21** **Earnings per share** 

Basic earnings per share are calculated as profit attributable to owners of the Company, divided by the weighted-average number of common shares outstanding during the reporting period.

Diluted earnings per share (earnings per share after adjustment for potential shares) are calculated after adjustment for the dilutive effects of all potential common shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3.22** **Related party** 

A related party is defined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A person or a close
 member of that person's family is related to the Company if that person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) has control or joint
 control over the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) has significant influence
 over the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) is a member of the key
 management personnel of the Company or of a parent of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) An entity is related
 to the Company if any of the following conditions applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The entity and the Company
 are members of the same group (which means that each parent, subsidiary and fellow subsidiary is related to the others);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) One entity is an associate
 or joint venture of the other entity (or an associate or joint venture of a member of a group of which the other entity is a member);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Both entities are joint
 ventures of the same third party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) One entity is a joint
 venture of a third entity and the other entity is an associate of the third entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The entity is a post-employment
 benefit plan for the benefit of employees of either the Company or an entity related to the Company. If the Company is itself such
 a plan, the sponsoring employers are also related to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) The entity is controlled
 or jointly controlled by a person identified in (a); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) A person identified
 in (a) (i) has significant influence over the entity or is a member of the key management personnel of the entity (or of a parent
 of the entity).

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**3. SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGEMENTS**

The preparation of the consolidated financial statements requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below:

&nbsp;&nbsp;&nbsp;&nbsp;**3.1** **Depreciation of mining machines** 

Depreciation on the Group's mining machines is calculated using the straight-line method to allocate costs up to residual values over the estimated useful lives of the assets. The Group reviews the useful lives and residual values at least at each financial year-end and adjusted, if appropriate, to ensure that the method and rates of depreciation are consistent with the expected pattern of realization of economic benefits from mining machines. The Group estimates the useful lives of mining machines based on historical experience, taking into account anticipated technological changes. If there are significant changes from previously estimated useful lives, the amount of depreciation expenses may change.

&nbsp;&nbsp;&nbsp;&nbsp;**3.2** **Accounting for crypto assets held** 

IFRS Accounting Standards do not specifically address accounting for crypto assets. Accordingly, for the preparation of the consolidated financial statements, management needs to apply judgement in determining appropriate accounting policies based on the facts and circumstances of the Group's holding of crypto assets.

With a view to the Group's business, the Group expected to hold the crypto assets for capital gain and are included in current assets in the consolidated statements of financial position as an indefinite lived intangible asset under IAS 38. Crypto assets are initially recognized based on the fair value of the crypto assets on the date of receipt. Crypto assets that are purchased in exchange for one digital asset for another digital asset are recognized at the fair value of the digital asset received. The Group recognizes realized gains or losses when crypto assets are sold on an exchange for other crypto assets or for cash consideration using a weighted average method of accounting. Purchase of crypto assets using fiat currency or sales of crypto assets to obtain fiat currency is presented as investing activity in the consolidated cash flow of the Group.

Crypto assets are tested for impairment annually or whenever there is an indication that the intangible asset may be impaired. Impairment exists when the carrying amount exceeds its fair value, which is measured using the quoted price of the crypto assets in the principal market at the time its fair value is being measured, and the Group recognized an impairment loss in an amount equal to that excess. The Group monitors and evaluates the quality and relevance of the available information, such as pricing information from the asset's principal (or most advantageous) market or from other digital asset exchanges or markets, to determine whether such information is indicative of a potential impairment. To the extent an impairment loss is recognized, the loss establishes the new cost basis of the asset. If there is an indication that previously recognized impairment losses may no longer exist or may have decreased, the recoverable amount is estimated. A previously recognized impairment loss of an asset other than goodwill is reversed only if there has been a change in the estimates used to determine the recoverable amount of that asset, but not to an amount higher than the carrying amount that would have been determined (net of any depreciation/amortization) had no impairment loss been recognized for the asset in prior years. A reversal of such an impairment loss is credited to profit or loss in the period in which it arises.

In determining fair values, management needs to apply judgement to identify the relevant available markets, and to consider accessibility to and activity within those markets in order to identify the crypto assets markets for the Group. In the event that new guidance is issued by the IASB, the Group may be required to change its accounting policies, which could have a material effect on the Group's financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;**3.3** **Revenue from the crypto assets mining business** 

There is currently limited guidance in IFRS or alternative accounting frameworks for the accounting for the revenue from the crypto assets mining business. The Group's management has exercised significant judgment in determining appropriate accounting treatment for the recognition of revenue from the crypto assets mining business. Management has examined various factors surrounding the substance of the Group's operations, such as the reliability of the measurement of the cryptocurrencies received. In the event that new guidance is issued by the IASB, the Group may be required to change its accounting policies, which could have a material effect on the Group's financial statements.

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&nbsp;&nbsp;&nbsp;&nbsp;**3.4** **Estimates of current tax** 

The Group is required to recognize a provision for income taxes based upon the taxable income and temporary differences for each of the tax jurisdictions in which it operates and for all discrete reportable income streams within those jurisdictions. Significant judgement is required in determining the amount of the taxation provision and the timing of the payment thereon. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the income tax and deferred tax provisions in the period in which such determination is made.

&nbsp;&nbsp;&nbsp;&nbsp;**3.5** **Going concern** 

The assessment of going concern requires management to make judgements based on projections of the operating cash flows generated by the Group, which is subject to a number of key assumptions. The Group has determined there is material uncertainty that may cast significant doubt on the Group's ability to continue as a going concern but has concluded it is appropriate to prepare the consolidated financial statements on a going concern basis. Refer to Note 1 for further information.

**4. SEGMENT INFORMATION**

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker ("CODM"). The CODM, who is the Chief Executive Officer of the Company, is responsible for allocating resources, assessing performance of the operating segments and making strategic decisions. The CODM reviews results of operations including net income or loss when making decisions about allocating resources and assessing performance of the Group.

For the purpose of internal reporting and management's operation review, the Group has two reportable segments for the six months ended September 30, 2024, crypto assets mining business and sale of mobile phones and related accessories. For the period ended September 30, 2025, the sale of mobile phones and related accessories business closed. The group has one reportable segment for the six months ended September 30, 2025, crypto assets mining business. Segments were identified based on the Group's internal reporting and how the CODM assesses the performance of the business.

*Major customers*

The Group generated 83% and 100% of crypto assets mining revenue through the provision of computing power to one and two Bitcoin mining pools for the six months ended September 30, 2024 and 2025, respectively.

*Geographical information*

Total assets by geographical region within the operating segment are as follows:

---

| | | |
|:---|:---|:---|
|  | **As of<br> March 31,**<br>**2025** | **As of<br> September 30,**<br>**2025** |
| **Total assets** |  |  |
| Hong Kong | 12799483 | 11816995 |
| U.S. | 3738817 | 4162541 |
| Canada | 814308 | 831612 |
| Total | 17352608 | 16811148 |

---

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Key financial performance measures of the segments are as follows:

 

*For the six months ended September 30, 2024*

 

---

| | | | |
|:---|:---|:---|:---|
|  | **Sale of mobile<br> phones and<br> related<br> accessories** | **Crypto<br> assets<br> mining<br> business** | **Total** |
| Revenue | - | 5491339 | 5491339 |
| Segment (loss) profit | (154158) | 1932900 | 1778742 |
| Unallocated corporate expenses |  |  | (147208) |
| Finance cost |  |  | (334572) |
| Foreign exchange gain |  |  | 102236 |
| Income before income tax expense |  |  | 1399198 |
| **Segment assets** | 450149 | 19898856 | 20349005 |
| Corporate and other unallocated assets |  |  | 332572 |
| Total assets |  |  | 20681577 |
| **Segment liabilities** | 213430 | 11365287 | 11578717 |
| Corporate and other unallocated liabilities |  |  | 9419536 |
| Total liabilities |  |  | 20998253 |
| Other items: |  |  |  |
| Depreciation |  |  |  |
| Impairment losses recognized in the consolidated statements of profit or loss |  |  |  |
| Capital expenditures | - | - | - |

---

 

*For the six months ended September 30, 2025*

---

| | | |
|:---|:---|:---|
|  | **Crypto<br> assets<br> mining<br> business** | **Total** |
| Revenue | 9990283 | 9990283 |
| Segment profit | 1126551 | 1126551 |
| Unallocated corporate expenses |  | (343228) |
| Finance cost |  | (282992) |
| Foreign exchange gain |  | 3686 |
| Income before income tax expense |  | 504017 |
| **Segment assets** | 15934343 | 15934343 |
| Corporate and other unallocated assets |  | 876805 |
| Total assets |  | 16811148 |
| **Segment liabilities** | 11869022 | 11869022 |
| Corporate and other unallocated liabilities |  | 1891280 |
| Total liabilities |  | 13760302 |
| Other items: |  |  |
| Depreciation |  |  |
| Impairment losses recognized in the consolidated statements of profit or loss |  |  |
| Capital expenditures | - | - |

---

**5. ACCOUNTS RECEIVABLES**

Accounts receivables consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of<br> March 31,**<br>**2025** | **As of<br> September 30,**<br>**2025** |
| Accounts receivables | 52818 | 51833 |
| Allowance for expected credit losses | (14) | - |
| Accounts receivables, net | 52804 | 51833 |

---

Note:

(a) The
 accounts receivable includes receivables from crypto assets mining business. Crypto asset
 mining rewards are typically transferred 1 day after the mining date. The accounts receivables
 generally have a credit period of 1 day.

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An impairment analysis is performed at each reporting date using a provision matrix to measure expected credit losses. The provision rates are based on days past due to the Group of various customer segments with similar loss patterns (i.e., customer type and rating, and forms of credit insurance). The calculation reflects the probability-weighted outcome, the time value of money and reasonable and supportable information that is available at the reporting date about past events, current conditions and forecasts of future economic conditions.

**6. CASH AND CASH EQUIVALENTS**

Cash and cash equivalents mainly consist of bank deposits. They are demand deposits and held for the purpose of meeting short-term cash commitments. Cash and cash equivalents in the statements of cash flows equals cash and cash equivalents in the statements of financial position.

The currency profiles of the Group's cash and bank balances as of the end of each reporting period are as follows:

---

| | | |
|:---|:---|:---|
|  | **As of<br> March 31,**<br>**2025** | **As of<br> September 30,**<br>**2025** |
| U.S. Dollar | 1944454 | 417663 |
| Hong Kong Dollar | 1194 | 2388 |
| Canadian Dollar | 20438 | 27589 |
| Others | 11188 | 12696 |
| Total | 1977274 | 460336 |

---

The Group's cash and cash equivalents were held at well capitalized financial institutions in the U.S., Hong Kong and Canada.

**7. DEPOSITS, PREPAYMENTS AND OTHER RECEIVABLES**

---

| | | |
|:---|:---|:---|
|  | **As of<br> March 31,**<br>**2025** | **As of<br> September 30,**<br>**2025** |
| Deposit for hosting service fee | 4482999 | 4702186 |
| Prepayment of hosting services fee | 42545 | 140124 |
| Prepayment of lease payments (note (a)) | 3574935 | 2979113 |
| Others | 20197 | 122997 |
| Total | 8120676 | 7944420 |
| Less: non-current (note (b)) | (6866289) | (6489654) |
| Current | 1254387 | 1454766 |

---

Note:

(a) It
 represents the prepayment of lease payments in the sale and leaseback transaction of crypto
 mining machines. Please refer to Note 10 for the details.

(b) It
 includes prepayment of lease payments of $2,383,290 and long-term deposits of $4,482,999
 as of March 31, 2025 and prepayment of lease payments of $1,787,468 and long-term deposits
 of $4,702,186 as of September 30, 2025

**8. CRYPTO ASSETS HELD**

Crypto assets held are accounted for as an indefinite lived intangible asset and are initially measured at cost. The Group assigns costs to transactions on a weighted-average basis. When performing impairment test, the fair value is measured using the quoted price of the crypto assets in the industry recognized cryptocurrency exchange, also the principal market, HashKey Exchange and OKX, at the time its fair value is being measured for the six-month period ended September 30, 2025 and 2024, respectively. The Group traded in OKX, which is the principal market of the Company for the year ended March 31, 2024. The Group has less transactions and trading volume in OKX for the year ended March 31, 2025. The Group started using HashKey Exchange as a major trading platform during the year ended March 31, 2025 and therefore Hashkey Exchange is the principal market of the Company for the year ended March 31, 2025. Management considers the prices quoted on HashKey Exchange and OKX to be a level 1 input under IFRS 13, *Fair Value Measurement*.

The balance of crypto assets held by the Group consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of<br> March 31,**<br>**2025** | **As of<br> September 30,**<br>**2025** |
| Bitcoin | 321121 | 549805 |
| Total | 321121 | 549805 |

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The following table presents the movement of crypto assets of the Group for the year ended March 31, 2025 and six months ended September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Note** | **Bitcoin** | **USDT** | **Total** |
| At April 1, 2024 |  | 1313515 | 1016723 | 2330238 |
| Revenue generated from crypto assets mining business |  | 15287634 |  | 15287634 |
| Converted (to) from other crypto assets |  | (10431926) | 11044546 | 612620 |
| Converted from (to) fiat |  | (5379637) | (8679343) | (14058980) |
| Interest income generated and received from deposits in crypto exchange | 21 |  | 2343 | 2343 |
| Repayment to a related party | 21 |  | (4360181) | (4360181) |
| Cryptocurrencies received in issuance of ordinary shares to new shareholders | 18, 21 |  | 987000 | 987000 |
| Reversal of impairment |  | 5080636 |  | 5080636 |
| Impairment |  | (5546168) |  | (5546168) |
| Other charges |  | (2933) | (11088) | (14021) |
| At March 31, 2025 |  | 321121 | - | 321121 |
| At April 1, 2025 |  | 321121 |  | 321121 |
| Revenue generated from crypto assets mining business |  | 9991254 |  | 9991254 |
| Converted (to) from other crypto assets |  | (1012200) | 1050668 | 38468 |
| Converted from (to) fiat |  | (8642874) | (449815) | (9092689) |
| Other charges |  | (3472) | (856) | (4328) |
| Fund transfer to a related party |  |  | (599997) | (599997) |
| Reversal of impairment |  | 239024 |  | 239024 |
| Impairment |  | (343048) | - | (343048) |
| At September 30, 2025 |  | 549805 | - | 549805 |

---

The following table provides the reconciliation between net income and the movement of crypto assets of the Group for year ended March 31, 2025 and six months ended September 30, 2025:

---

| | | |
|:---|:---|:---|
|  | **As of<br> March 31,<br> 2025** | **As of<br> September 30, <br> 2025** |
| **Crypto assets from operating activities** | | |
| Revenue recognized from crypto assets mining business | 15302212 | 9990283 |
| Net income to be received by crypto assets | (14578) | 971 |
| Fair value gain on conversion of other crypto assets | 612620 | 38468 |
| Interest income generated and received from deposits in crypto exchange | 2343 |  |
| Impairment | (5546168) | (343048) |
| Reversal of impairment | 5080636 | 239024 |
| Other charges | (14021) | (4328) |
| **Net crypto assets provided by operating activities** | 15423044 | 9921370 |
| **Crypto assets from investing activities:** |  |  |
| Cost of sales of crypto assets | (14058980) | (9092689) |
| Fund transfer paid on behalf for a related party | (5318981) |  |
| Fund transfer to a related party |  | (599997) |
| Fund transfer receipt on behalf from a related party | 958800 |  |
| Cryptocurrencies received in issuance of ordinary shares to new shareholders | 987000 |  |
| Payment for purchase of equipment | - | - |
| **Net crypto assets used in investing activities** | (17432161) | (9692686) |
| Net increase in crypto assets | (2009117) | 228684 |
| Crypto assets at beginning of year | 2330238 | 321121 |
| Crypto assets at end of year | 321121 | 549805 |

---

The management's estimates of impairment provision of cryptocurrencies are made based on the current market prices of cryptocurrencies through each balance sheet date. Fluctuations in the market price of cryptocurrencies after the balance sheet date are not considered in determining the provision for impairment of cryptocurrencies.

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**9. EQUIPMENT**, **NET**

---

| | | |
|:---|:---|:---|
|  | **Mining**<br>**machine** |<br>**Total** |
| **Cost** | | |
| As of April 1, 2024 | 14101944 | 14101944 |
| Disposal | (14101944) | (14101944) |
| As of March 31, 2025 and September 30, 2025 | - | - |
| **Accumulated depreciation** |  |  |
| As of April 1, 2024 | 865203 | 865203 |
| Disposal | (865203) | (865203) |
| As of March 31, 2025 and September 30, 2025 | - | - |
| **Net carrying amount** |  |  |
| As of September 30, 2025 | - | - |
| As of March 31, 2025 | - | - |

---

Please refer to Note 10 for the sale and leaseback of mining machines arrangement.

**10. RIGHT-OF-USE ASSETS AND LEASE LIABILITIES**

The Group entered the sales and purchase agreement with its related party on April 1, 2024 for disposal of all of the mining machines to a related party, Coolpad Global Inc., to settle part of the amount due to Coolpad Global Inc.. On the same day, the Group entered into a mining machine lease agreement with Coolpad Global Inc. for the use of the mining machine for four years and the Group has a right to renew one more year. As the lease payment was calculated based on the number of mining machines in operation and the daily market price of bitcoin, the lease payment is variable lease payment. The transaction qualified as a sale under IFRS 15. The arrangement is qualified as a sale and leaseback transaction in accordance with IFRS 16.

The Company measured the right-of-use asset arising from the leaseback at the proportion of the previous carrying amount of the asset that relates to the right of use retained by the Company. Accordingly, the Company recognised only the amount of any gain or loss that relates to the rights transferred to the buyer-lessor. The Group recognized a right-of-use asset of $8,800,937 and a lease liability of $12,246,224. The gain recognized on the sale portion was $1,321,293, representing the portion of the rights transferred to the buyer-lessor. The Company made adjustments to measure the sale proceeds at fair value and any below-market terms was accounted for as a prepayment of lease payments. As such, the Company recorded $4,766,579 as a prepayment of lease payments.

**Operating lease right-of-use-assets**

The following table provides a reconciliation of the carrying amounts of operating lease right-of-use assets as of March 31, 2025 and September 30, 2025:

---

| | | |
|:---|:---|:---|
|  | **As of<br> March 31,<br> 2025** | **As of<br> September 30, <br> 2025** |
| Carrying value at beginning of year/ period |  | 6600703 |
| Addition | 8800937 | 1948575 |
| Depreciation expense of right-of-use assets | (2200234) | (1329362) |
| Carrying value at end of year/ period | 6600703 | 7219916 |

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**Operating lease liabilities**

The Company recognizes operating lease liabilities in accordance with IFRS 16, which are measured at the present value of future lease payments. Operating lease liabilities as of March 31, 2025 and September 30, 2025, are detailed as follows:

---

| | | |
|:---|:---|:---|
|  | **As of<br> March 31,<br> 2025** | **As of<br> September 30, <br> 2025** |
| Carrying value at beginning of year/ period |  | 9448328 |
| Addition | 12246224 | 1948575 |
| Payments of lease liabilities | (2797896) | (1676172) |
| Carrying value at end of year/ period | 9448328 | 9720731 |

---

The following is a schedule of future minimum lease payments under operating lease agreements as of September 30, 2025:

---

| | |
|:---|:---|
| **Years ending September 30,** | |
| 2026 | 4164466 |
| 2027 | 4164466 |
| 2028 and thereafter | 2082233 |
| Total undiscounted lease payments | 10411165 |
| Less: imputed interest | (690434) |
| Present value of operating lease liabilities | 9720731 |

---

The following are the amounts recognized in consolidated statements of profit or loss and comprehensive income:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the six months ended<br> September 30,** | **For the six months ended<br> September 30,** | **For the six months ended<br> September 30,** | **For the six months ended<br> September 30,** |
|  | **2024** | **2024** | **2025** | **2025** |
| Depreciation expense of operating lease right-of-use assets |  | 1100117 |  | 1329362 |
| Interest expense on operating lease liabilities |  | 334572 |  | 282992 |

---

The weighted average interest rate applied to the lease liabilities recognized in the consolidated statements of financial position was 5.875% and 5.25% per annum as of March 31, 2025 and September 30, 2025, respectively. The weighted average remaining lease term was 2.5 years as of September 30, 2025.

**11. ACCRUED EXPENSES AND OTHER PAYABLES**

---

| | | |
|:---|:---|:---|
|  | **As of<br> March 31,<br> 2025** | **As of<br> September 30,<br> 2025** |
| Accrued payroll and welfare expenses | 102002 | 59028 |
| Other accrued expenses and payables | 58865 | 155949 |
| Provision of income tax penalty (note a) | 218369 | 425004 |
| Total | 379236 | 639981 |

---

Note:

(a) The
Company's subsidiaries had not filed income tax returns from years ended March 31, 2024 to respective tax authorities in U.S. and
Canada. Accumulated late tax filing interest and penalty was accrued.

(b) Other
payables and accruals are non-interest bearing and repayable on demand.

**12. REVENUE** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) An analysis of revenue
 is as follows:

---

| | | |
|:---|:---|:---|
|  | **For the six months ended<br> September 30,** | **For the six months ended<br> September 30,** |
|  | **2024** | **2025** |
| **Revenue from contracts with customers** |  |  |
| Crypto assets mining service – over time | 5491339 | 9990283 |
| Total | 5491339 | 9990283 |

---

[**Table of Contents**](#toc)

(b) Disaggregated
 revenue data by geographical region in terms of the mining machine's location and location
 of customers is as follows:

---

| | | |
|:---|:---|:---|
|  | **For the six months ended<br> September 30,** | **For the six months ended<br> September 30,** |
|  | **2024** | **2025** |
| U.S. | 2228685 | 7475053 |
| Canada | 3262654 | 2515230 |
| Total | 5491339 | 9990283 |

---

**13. COST OF REVENUE**

An analysis of cost of revenue is as follows:

---

| | | |
|:---|:---|:---|
|  | **For the six months ended<br> September 30,** | **For the six months ended<br> September 30,** |
|  | **2024** | **2025** |
| Hosting service fee | 3956180 | 5613348 |
| Depreciation of right-of-use asset | 1100117 | 1329362 |
| Lease expense | 4867 | 1645379 |
| Employee compensation and benefits | 32272 | 86439 |
| Total | 5093436 | 8674528 |

---

Source of cost of revenue is as follows:

---

| | | |
|:---|:---|:---|
|  | **For the six months ended<br> September 30,** | **For the six months ended<br> September 30,** |
|  | **2024** | **2025** |
| Related parties | 1104984 | 2974741 |
| Third parties | 3988452 | 5699787 |
| Total | 5093436 | 8674528 |

---

**14. OTHER INCOME AND EXPENSES, NET**

Other income and expense, net consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **For the six months ended<br> September 30,** | **For the six months ended<br> September 30,** |
|  | **2024** | **2025** |
| Realized gain on conversion of crypto assets held | 222784 | 241223 |
| Bank interest income | 21598 |  |
| Interest income generated and received from deposits in crypto exchange (note (a)) | 2343 |  |
| Impairment loss on crypto assets held | (2416199) | (343048) |
| Reversal of Impairment loss on crypto assets held | 2520681 | 239024 |
| Gain on sale-and-leaseback | 1321293 |  |
| Provision for penalty on non-filing on income tax returns (note (b)) | - | (206635) |
| Total | 1672500 | (69436) |

---

Note:

(a) The
 Group placed crypto asset in a short-term deposit on crypto exchange to receive interest
 which is variable and redeemable on demand.

(b) The
 Company's subsidiary had not filed income tax returns for years ended March 31, 2024
 to respective tax authorities in U.S. and Canada. $206,635 annual late tax filing interest
 and penalty was accrued during the six months ended September 30, 2025

[**Table of Contents**](#toc)

**15. GENERAL AND ADMINISTRATIVE EXPENSES**

---

| | | |
|:---|:---|:---|
|  | **For the six months ended<br> September 30,** | **For the six months ended<br> September 30,** |
|  | **2024** | **2025** |
| Legal and professional fees (note (a)) | 101725 | 185758 |
| Transportation expenses | 4076 | 398 |
| Management fees | 8605 | 31373 |
| Wages and salaries | 84332 | 126833 |
| Pension scheme contributions | 1816 | 2830 |
| Outsourcing service fees | 141717 | 61831 |
| Short-term lease expenses | 19594 | 41409 |
| Others | 23641 | 12564 |
| Total | 385506 | 462996 |

---

Note:

(a) It
 mainly represents the audit fee expense for the six months ended September 30, 2024 and 2025.

**16. INCOME TAXES**

The Company, Coolbit Investment and Magic Code are domiciled in the Cayman Islands and the BVI, respectively. Both localities currently enjoy permanent income tax holidays; accordingly, the Company, Coolbit Investment and Magic Code do not accrue income taxes.

Coolpad USA and Xcentz USA is incorporated in the U.S. and is subject to U.S. federal corporate income taxes with tax rate of 21%.

Coolbit Mining PTE Ltd is incorporated in Singapore and is subject to Singapore Profits Tax on the taxable income as reported in its statutory financial statements adjusted in accordance with relevant Singapore tax laws. The applicable tax rate is 17% in Singapore, with 75% of the first SGD10,000 taxable income and 50% of the next SGD190,000 taxable income are exempted from income tax. Coolbit Mining PTE Ltd did not generate any operating income during the years ended March 31, 2024 and 2025, hence, no income tax expense is provided.

Xcentz HK is incorporated in Hong Kong and is subject to Hong Kong Profits Tax on the taxable income as reported in its statutory financial statements adjusted in accordance with relevant Hong Kong tax laws. The applicable tax rate is 16.5% in Hong Kong. From year of assessment of 2019/2020 onwards, Hong Kong profits tax rates are 8.25% on assessable profits up to HK$2,000,000, and 16.5% on any part of assessable profits over HK$2,000,000.

[**Table of Contents**](#toc)

The Company's subsidiaries are subject to the below income tax rate under the respective governing jurisdiction:

---

| | |
|:---|:---|
| **Jurisdiction** | **Income tax rate** |
| Hong Kong | 8.25% to 16.5%, under two-tiered tax regime |
| Singapore | 17% |
| U.S. | 21% to 55% |
| Canada | 15% to 32% |

---

The income tax provision consists of the following components:

---

| | | |
|:---|:---|:---|
|  | **For the six months ended<br> September 30,** | **For the six months ended<br> September 30,** |
|  | **2024** | **2025** |
| Current tax expense | 145846 | 706963 |
| Total income tax | 145846 | 706963 |

---

The following table sets forth the reconciliation from income tax calculated based on the applicable tax rates and (loss) profit before income tax presented in the consolidated financial statements:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the six months ended <br> September 30,** | **For the six months ended <br> September 30,** | **For the six months ended <br> September 30,** | **For the six months ended <br> September 30,** |
|  | **2024** | **2024** | **2025** | **2025** |
| Profit before income tax expense | 1399198 |  | 504017 |  |
| Tax at Cayman Island statutory tax rate\* |  |  |  |  |
| Tax at Hong Kong statutory tax rate at 16.50% | 230868 | 16.5% | 83163 | 16.5% |
| Differential of local statutory tax rates | 4378 | 0.3% | 481944 | 95.6% |
| Tax effect on non-assessable income | (218013) | (15.6)% | (5972) | (1.2)% |
| Tax effect on non-deductible expenses |  |  | 34560 | 7.0% |
| Tax loss not recognised | 128613 | 9.2% | 113267 | 22.5% |
| Income tax expenses | 145846 | 10.4% | 706963 | 140.3% |

---

\* As the Group's business operation mainly concentrated in Hong Kong, the Group determined to apply Hong Kong statutory tax rate in reconciliation of the statutory tax rate to the effective tax rate.

As of March 31, 2025 and September 30, 2025, the Group had $343,392 and $342,542 respectively, of net operating loss carryforwards available to reduce future taxable income, respectively. All the net operating loss carryforwards will carryforward indefinitely. No deferred tax has been recognised on the losses carried forward given the uncertainty on the generation of future profits.

[**Table of Contents**](#toc)

**17. RELATED PARTY TRANSACTIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Balance with related
 parties

The related party of the Group with whom transactions are reported in these unaudited condensed consolidated financial statements are as follows:

---

| | |
|:---|:---|
| **Name of Individual** | **Relationship with the Group** |
| Coolpad Investment Limited | A shareholder of the Company |
| Coolpad Global Inc. | An affiliate of Coolpad Investment Limited |
| Yulong Computer Telecommunication Scientific (Shenzhen) Co., Ltd | An affiliate of Coolpad Investment Limited |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name** | **Nature** | **As of<br> March 31,<br> 2025** | **As of<br> March 31,<br> 2025** | **As of<br> September 30, <br> 2025** | **As of<br> September 30, <br> 2025** |
| Coolpad Global Inc. | Accounts payable | | 3,168,498 | | 1,640,510 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Transactions with related
 parties

The amount due to Coolpad Investment Limited represented the fund advances made to the Group for operation purpose. The amount is unsecured, interest-free and due on demand. Please refer to the Note 21 for the non-cash fund advances and repayment for the details.

The following table provides the transactions with these parties for the years presented:

---

| | | | |
|:---|:---|:---|:---|
| | | **For the six months <br> September 30,** | **For the six months <br> September 30,** |
| <br>**Name** | <br>**Nature** | **2024** | **2025** |
| Coolpad Global Inc. | Lease expenses for mining machines included in cost of revenue | 1104984 | 2974741 |
| Coolpad Investment Limited | Debt waiver as a capital contribution | 61641887 |  |
| Coolpad Global Inc. | Disposal of mining machines | 13236741 | - |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Compensation for key
 management personnel of the Group

Compensation for key management personnel of the Group is set out below:

---

| | | |
|:---|:---|:---|
|  | **For the six months<br> September 30,** | **For the six months<br> September 30,** |
|  | **2024** | **2025** |
| Salaries, allowances and benefits in kind | 48000 | 93000 |
| Total | 48000 | 93000 |

---

[**Table of Contents**](#toc)

**18. SHAREHOLDERS' (DEFICIT) EQUITY AND RESERVES**

<u>Ordinary shares</u>

The Company was established under the laws of the Cayman Islands on October 17, 2023.

For the sake of undertaking a public offering of the Company's ordinary shares, on May 12, 2025, the Group completed a re-organizing transaction resulting in 17,000,000 ordinary shares comprised of (a) 6,999,920 Class A Ordinary Shares and (b) 10,000,080 Class B Ordinary Share outstanding that have been retroactively restated to the beginning of the first period presented.

Holders of Class A ordinary shares and Class B ordinary shares vote together as one class on all matters submitted to a vote by the shareholders at any general meeting of the Company. Each Class A ordinary shares is entitled to one (1) vote and each Class B ordinary shares is entitled to ten (10) votes. Each Class B ordinary shares shall not be entitled to any dividends or distributions

---

| | | |
|:---|:---|:---|
|  | **As of <br> March 31,<br> 2025** | **As of<br> September 30,<br> 2025** |
| Number of shares authorized |  |  |
| &nbsp;&nbsp;&nbsp;Ordinary share | 1000000000 | 1000000000 |
| Number of shares issued |  |  |
| &nbsp;&nbsp;&nbsp;Beginning balance | 10000000 | 17000000 |
| &nbsp;&nbsp;&nbsp;Issuance of shares for the year | 7000000 | - |
| &nbsp;&nbsp;&nbsp;Ending balance | 17000000 | 17000000 |

---

During the year ended March 31, 2025, the Company allotted 7,000,000 ordinary shares at $0.14 per share to an investor. The consideration was settled by USDT to the Group.

<u>Capital reserve</u>

Capital reserve represents the share premium which is the consideration received by the Company over the par value of the share when it was issued. During the year ended March 31, 2025, amount due to Coolpad Investment Limited of US$61,641,887 was waived by Coolpad Investment Limited and recorded as a capital contribution to the Group.

<u>Accumulated deficit</u>

Accumulated deficit represents the cumulative amount of net loss the Company incurred in history.

<u>Accumulated other comprehensive income</u>

Exchange differences arising from the translation of the net assets of the Group's foreign operations from their functional currencies to the Group's presentation currency (i.e. US$) are recognized directly in other comprehensive income and accumulated in the translation reserve. Such exchange differences accumulated in the foreign currency translation reserve are reclassified to profit or loss on the disposal of the foreign operations.

**19. FINANCIAL RISK MANAGEMENT**

The Group's activities expose it to a variety of financial risks from its operation include (i) credit risk, (ii) liquidity risk, (iii) market risk, (iv) price risk and (v) operational risk.

The directors review and agree policies and procedures for the management of these risks, which are executed by the management team. It is, and has been throughout the current and previous financial period/years, the Group's policy that no trading in derivatives for speculative purposes shall be undertaken.

The following sections provide details regarding the Group's exposure to the abovementioned financial risks and the objectives, policies and processes for the management of these risks.

There has been no change to the Group's exposure to these financial risks or the manner in which it manages and measures the risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Credit risk

Credit risk is the risk of financial loss arising from the non-performance of a counterparty to an agreement. Credit risk arises primarily from risks related to customers and other counterparties.

[**Table of Contents**](#toc)

The carrying amounts of financial assets after impairment are presented in the statements of financial position and are the amounts of maximum exposure of the Group to financial asset credit risks.

Spot transactions are traded within the limit of the amounts received in advance from customers. Therefore, the Group does not take excessive credit risks with any specific customers.

The Group's cash, cash equivalents and crypto assets for facilitating customer transactions are exposed to credit risk because they are deposited in financial institutions and/or cryptocurrency exchange brokers. Those financial institutions are highly credit worthy, and the cryptocurrency exchange brokers are well-established domestic and overseas exchange brokers. Thus, although the credit risk is concentrated in a small number of counterparties, it is considered to be limited. In addition, customer accounts receivable is mainly due from credit card companies, which are payment processors, for settlement of funds from customers. There is also a concentration of credit risk related to customer accounts receivable, as the Group uses a small number of payment processors. However, since the settlement period is short, the credit risk associated with those processors is considered to be limited.

As part of the risk management process, the Group evaluates the financial positions of financial institutions before selecting them and subsequently reviews them on a periodic basis. In selecting and dealing with cryptocurrency exchange brokers, the Group monitors the up-to-date information of such brokers via social media and other news sources in order to be informed about any changes in their businesses. In addition, if the Group obtains information related to their credit uncertainty, such as a downgrade of their credit ratings, necessary measures are taken by collaborating with all divisions concerned to avoid such risks.

The exposure to credit risk of the Group is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** |
|  | <br>**12-month or<br> lifetime ECL** | **Gross<br> carrying<br> amount** | **Loss<br> allowance** | **Net <br> carrying<br> amount** |
| Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | Lifetime ECL (Simplified) | 1977274 |  | 1977274 |
| &nbsp;&nbsp;&nbsp;Accounts receivables | Lifetime ECL (Simplified) | 52818 | (14) | 52804 |
| &nbsp;&nbsp;&nbsp;Other receivables | 12 – month ECL | 20197 | - | 20197 |
| Total |  | 2050289 | (14) | 2050275 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** |
|  | <br>**12-month or<br> lifetime ECL** | **Gross<br> carrying<br> amount** | **Loss<br> allowance** | **Net carrying<br> amount** |
| Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | Lifetime ECL (Simplified) | 460336 |  | 460336 |
| &nbsp;&nbsp;&nbsp;Accounts receivables | Lifetime ECL (Simplified) | 51833 |  | 51833 |
| &nbsp;&nbsp;&nbsp;Other receivables | 12 – month ECL | 20197 | - | 20197 |
| Total |  | 532366 | - | 532366 |

---

**Exposure to credit risk**

The Group has no significant concentration of credit risk except for those significant customers disclosed below. The Group has credit policies and procedures in place to minimize and mitigate its credit risk exposure.

The following table sets forth a summary of individual customers who represent 10% or more of the Group's revenue:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For six months ended<br> September 30,** | **For six months ended<br> September 30,** | **For six months ended<br> September 30,** | **For six months ended<br> September 30,** |
|  | **2024** | **2024** | **2025** | **2025** |
| Customer A | | 5,491,339 | | 9,990,283 |

---

[**Table of Contents**](#toc)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Liquidity risk

Liquidity risk refers to the risk that the Group will encounter difficulties in meeting its short-term obligations due to shortage of funds. The Group's exposure to liquidity risk arises primarily from mismatches of the maturities of financial assets and liabilities. It is managed by matching the payment and receipt cycles.

Based on the above considerations, management is of the opinion that the Group has sufficient funds to meet its working capital requirements and debt obligations, for at least the next 12 months. There are several factors that could potentially arise that could undermine the Group's plans, such as changes in the demand for its services, economic conditions, its operating results continuing to deteriorate and its shareholders unable to provide continued financial support.

The Group maintains sufficient cash and bank balances, and internally generated cash flows to finance their activities and management is satisfied that funds are available to finance the operations of the Group.

The table below analyzes the Group's financial liabilities into relevant maturity groupings based on the remaining period at the end of the reporting period to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows.

*<u>As of March 31, 2025</u>*

---

| | | | |
|:---|:---|:---|:---|
|  | **Carrying <br> amount** | **With <br> one year** | **2 to 4 years** |
| Accounts payables | 85799 | 85799 |  |
| Accounts payable – a related party | 3168498 | 3168498 |  |
| Accrued expenses and other payables | 379236 | 379236 |  |
| Lease liabilities – a related party | 9448328 | 2966771 | 6481557 |
| Total | 13081861 | 6600304 | 6481557 |

---

*<u>As of September 30, 2025</u>*

---

| | | | |
|:---|:---|:---|:---|
|  | **Carrying <br> amount** | **With <br> one year** | **2 to 4 years** |
| Accounts payables | 64155 | 64155 |  |
| Accounts payable – a related party | 1640510 | 1640510 |  |
| Accrued expenses and other payables | 639981 | 639981 |  |
| Lease liabilities – a related party | 9720731 | 3721493 | 5999238 |
| Total | 12065377 | 6066139 | 5999238 |

---

The maturity analysis of financial liabilities and the corresponding financial assets for managing liquidity risk are as follows. The contractual cash flow below reflects cash flows presented on an undiscounted cash flow basis, including contractual interest payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Market risk

Market risk is the risk of fluctuations in the fair value of cryptocurrencies or future cash flows as a result of changes in market price. The objective of market risk management is to manage and control market risk exposure within acceptable parameters while optimizing the return. Market risk mainly includes price fluctuation risk of cryptocurrencies.

Cryptocurrencies have a limited history, and the fair value of cryptocurrencies has been very volatile. The historical performance of cryptocurrencies is not indicative of their future price performance. The cryptocurrencies involved in the Group's operation are currently primarily based on Bitcoin and USDT. The Group currently does not use any derivative contracts to hedge its exposure to cryptocurrency risk, but management closely monitors the impact of the mainstream cryptocurrency exchange market on the change of exchange rates from cryptocurrency to fiat currency.

[**Table of Contents**](#toc)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Price risk

The Group is exposed to daily price risk on Bitcoin rewards it generates through contributing computing power to mining pools. Bitcoin rewards are typically liquidated on a daily basis.

Bitcoin currency prices are affected by various forces including global supply and demand, interest rates, exchange rates, inflation or deflation and the global political and economic conditions. The profitability of the Group is directly related to the current and future market price of digital currencies. A decline in the market prices for digital currencies could negatively impact the Group's future operations. The Group has not hedged the conversion of any of its sales of Bitcoin.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Operational risk

The Group is exposed to operational risk arising from a wide variety of factors associated with business processes, personnel, technology and infrastructure, and from external factors other than credit, market and liquidity risks, such as changes in legal and regulatory requirements. Especially, if any of the private keys relating to the Group's hot or cold wallets containing cryptocurrencies for its own accounts or for customers is lost, destroyed, or otherwise compromised or unavailable, and no backup of the private key is accessible, the Group will lose access to the cryptocurrencies in the related wallet and there will be a devastating impact on the Group's operation. Furthermore, the Group cannot provide assurance that the wallet will not be hacked or compromised. Cryptocurrency and blockchain technologies have been, and may in the future be, subject to security breaches, hacking, or other malicious activities. The customers' ability to access or sell their cryptocurrencies could be affected adversely due to any loss of private keys relating to, or hack or other compromise of, digital wallets used to store cryptocurrencies deposited by customers.

The Group is also exposed to vendor concentration risk. Ensuring the sufficiency of mining machine capacity and service providers are critical to the Company's operations as a crypto mining company. As of March 31, 2025, the Company depends on a related party to lease mining machines to the Company and an independent vendor to support the operation of the Company's activities in U.S. and Canada.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Foreign exchange risk
 management

Payables denominated primarily in foreign currencies are exposed to foreign exchange risks. Our foreign exchange risks arise primarily from fluctuations in the U.S. dollar. The Group manages foreign exchange risks by continuously monitoring trends in foreign exchange rates and managing its exposure to foreign exchange rate fluctuations.

**20. EARNINGS PER SHARE**

The calculation of basic earnings per share is based on the profit or loss attributable to ordinary equity shareholders of the Group and the weighted average number of ordinary shares in issue for the six months ended September 30, 2024 and 2025.

Diluted earnings per share is computed using the weighted average number of ordinary shares and dilutive potential ordinary shares outstanding during the respective periods.

The following reflects the income and shares data used in the basic and diluted earnings per ordinary share computations:

---

| | | |
|:---|:---|:---|
|  | **As of September 30,** | **As of September 30,** |
|  | **2024** | **2025** |
| **Profit for the year attributable to owners of the Company** |  |  |
| &nbsp;&nbsp;&nbsp;Basic and diluted | 1253352 | (202946) |
| Weighted average number of shares |  |  |
| &nbsp;&nbsp;&nbsp;Basic | 10000000 | 17000000 |

---

[**Table of Contents**](#toc)

**21. SUPPLEMENTAL CASH FLOW INFORMATION**

The non-cash investing and financing activities are as follows:

---

| | | |
|:---|:---|:---|
|  | **For the Six Months Ended <br> September 30,** | **For the Six Months Ended <br> September 30,** |
|  | **2024** | **2025** |
| Interest income received in form of cryptocurrencies | 2343 |  |
| Fund transfer paid on behalf for a related party in form of cryptocurrencies | 3261736 |  |
| Disposal of equipment to a related party to settle the amount due | 13326741 |  |
| Capital contribution in exchange for settlement of amount due to related party | 61641887 |  |

---

**22. CONTINGENT LIABILITIES**

Xcentz HK, the company incorporated in Hong Kong with business operation in U.S. and Canada, did not report the current year tax to the tax authority till the reporting date. The late tax filing may lead to contingent tax penalty as of March 31, 2025 and September 30, 2025. The tax return is not yet filed so it is not possible to give the Company evaluation of the likelihood of the outcome or estimate the possible amount of tax penalty. The contingent tax penalty is estimated at $218,369 and $206,635 and provision was made as of March 31, 2025 and September 30, 2025, respectively. Except the potential tax issue, the Company concludes that there was no contingent liability, either individually or in the aggregate, that could have resulted in an unfavorable outcome with a material adverse effect on the Group's results of operations, consolidated financial condition, or cash flows.

**23. SUBSEQUENT EVENTS**

The Company evaluated all events and transactions that occurred after September 30, 2025 up through March 23, 2026, which is the date that these unaudited interim condensed consolidated financial statements are available to be issued. Saved as the event below, there were no other material subsequent events that require disclosure in these unaudited interim condensed consolidated financial statements.

[**Table of Contents**](#toc)

**24. CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY**

The following presents condensed parent company only financial information of Coolbit Technologies Limited.

<u>Condensed Statement of Financial Position</u>

---

| | | |
|:---|:---|:---|
|  | **As of<br> March 31,<br> 2025** | **As of<br> September 30, <br> 2025** |
|  | **(Audited)** | **(Unaudited)** |
| **ASSETS** | | |
| **Non-current assets:** | | |
| &nbsp;&nbsp;&nbsp;Interests in subsidiaries | 2300010 | 2300010 |
| &nbsp;&nbsp;&nbsp;Deferred offering costs | 280030 | 584838 |
| **Total non-current assets** | 2580040 | 2884848 |
| **TOTAL ASSETS** | 2580040 | 2884848 |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |
| **Current liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;Due to related parties | 1918219 | 1910425 |
| &nbsp;&nbsp;&nbsp;Due to a subsidiary |  | 538331 |
| &nbsp;&nbsp;&nbsp;Accrual | 5000 | 54808 |
| **Total current liabilities** | 1923219 | 2503564 |
| **SHAREHOLDERS' EQUITY** |  |  |
| **Shareholders' equity** |  |  |
| Share capital\* | 170 | 170 |
| Capital reserve | 986930 | 986930 |
| Accumulated deficit | (330279) | (605816) |
| **Total shareholders' equity** | 656821 | 381284 |
| **TOTAL LIABILITIES AND SHAREHOLDERS' (DEFICIT) EQUITY** | 2580040 | 2884848 |

---

\* Retrospectively restated for the effect of share reorganization (see Note 1).

<u>Condensed Statements of Profit or Loss</u>

---

| | | |
|:---|:---|:---|
|  | **For the six months ended<br> September 30,** | **For the six months ended<br> September 30,** |
|  | **2024** | **2025** |
| **Expenses** |  |  |
| &nbsp;&nbsp;&nbsp;Legal and professional fees | (90000) | (182371) |
| &nbsp;&nbsp;&nbsp;Management fee expenses | (2654) |  |
| &nbsp;&nbsp;&nbsp;Wages and salaries | (48000) | (93000) |
| **Total expenses** | (140654) | (275371) |
| **Other income** |  |  |
| &nbsp;&nbsp;&nbsp;Foreign exchange gain/(loss) | 2654 | (166) |
| **Loss before income tax expense** | (138000) | (275537) |
| **Income tax expense** | - | - |
| **Net loss** | (138000) | (275537) |

---

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<u>Condensed statements of cash flows</u>

---

| | | |
|:---|:---|:---|
|  | **For the six months ended<br> September 30,** | **For the six months ended<br> September 30,** |
|  | **2024** | **2025** |
| **Cash flows from operating activities:** |  |  |
| Loss before income tax expenses | (138000) | (275537) |
| Change in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Accrual |  | 49808 |
| &nbsp;&nbsp;&nbsp;Due to a subsidiary | - | 538331 |
| **Cash (used in) provided by operating activities** | (138000) | 312602 |
| **Cash flows from financing activities:** |  |  |
| Proceeds from a related party | 399963 |  |
| Advance to related parties |  | (7794) |
| Payments for deferred offering costs | (261963) | (304808) |
| **Cash provided by (used in) financing activities** | 138000 | (312602) |
| **Net change in cash and cash equivalents** |  |  |
| Cash and cash equivalents at beginning of the year | - | - |
| **Cash and cash equivalents at the end of the year** | - | - |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Basis of Presentation

The Company was incorporated under the laws of the Cayman Islands as a limited company on October 17, 2023 and as a holding company.

In the condensed parent company only financial statements, the Company's investment in a subsidiary stated at cost of acquisition in Coolbit Investment, Coolpad USA, Coolpad CA and Magic Code. Those condensed parent company only financial statements should be read in connection with the consolidated financial statements and notes hereto.

The condensed parent company only financial statements are presented as if the incorporation of the Company and its acquisition of subsidiaries had taken place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Restricted Net Assets

Schedule I of Rule 5-04 of Regulation S-X requires the condensed financial information of registrant shall be filed when the restricted net assets of consolidated subsidiaries exceed 25 percent of consolidated net assets as of the end of the most recently completed fiscal year. For purposes of the above test, restricted net assets of consolidated subsidiaries shall mean that amount of the registrant's proportionate share of net assets of consolidated subsidiaries (after intercompany eliminations) which as of the end of the most recent fiscal year may not be transferred to the parent company by subsidiaries in the form of loans, advances or cash dividends without the consent of a third party (i.e., lender, regulatory agency, foreign government, etc.).

The condensed parent company only financial statements have to be prepared in accordance with Rule 12-04, Schedule I of Regulation S-X if the restricted net assets of the subsidiaries of Coolbit Technologies Limited exceed 25% of the consolidated net assets of Coolbit Technologies Limited. The Company generates revenue from its wholly owned subsidiary in Hong Kong. The abilities of the Company's subsidiaries in Hong Kong to pay dividends is not restricted. In this connection, the restricted net assets of the subsidiaries of Coolbit Technologies Limited do not exceed 25% of the consolidated net assets of Coolbit Technologies Limited and accordingly the above condensed parent company only financial information of Coolbit Technologies Limited is presented for supplementary reference.

As of March 31, 2025 and September 30, 2025, there were no material contingencies, significant provisions of long-term obligations, mandatory dividend or redemption requirements of redeemable stock or guarantees of the Company, except for those that have been separately disclosed in the consolidated financial statements, if any.

[**Table of Contents**](#toc)

![](fin_001.jpg)

**Report of Independent Registered Public Accounting Firm**

To: The Board of Directors and Shareholders of <br> Coolbit Technologies Limited and its subsidiaries

**Opinion on the Financial Statements**

We have audited the accompanying consolidated statements of financial position of Coolbit Technologies Limited and its subsidiaries (collectively the "Company") as of March 31, 2024, and 2025, and the related consolidated statements of profit or loss, changes in shareholders' (deficit) equity, and cash flows for each of the years in the two-year period ended March 31 2025, and the related notes (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of March 31, 2024 and 2025, and the results of its operations and its cash flows for each of the years in the two-year period ended March 31, 2025, in conformity with International Financial Reporting Standards as issued by the International Accounting Standards Board.

**Substantial Doubt about the Company's Ability to Continue as a Going Concern**

The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 1 to the consolidated financial statements, the Company had a working capital deficit and negative operating cash flows that raise substantial doubt about its ability to continue as a going concern. Management's plans in regard to these matters are also described in Note 1. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

**Restatement of previously issued consolidated financial statements**

As discussed in Note 2 to the consolidated financial statements, the consolidated financial statements as of and for the year ended March 31, 2025 have been restated to correct certain misstatements.

**Basis for Opinion**

These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

---

| |
|:---|
| /s/ WWC, P.C. |
| WWC, P.C. |
| Certified Public Accountants |
| PCAOB ID No.1171 |

---

We have served as the Company's auditor since 2024.

San Mateo, California

November 21, 2025, except for Notes 8, 14, 23, as to which the date is March 23, 2026

![](fin_002.jpg)

[**Table of Contents**](#toc)

**COOLBIT TECHNOLOGIES LIMITED AND ITS SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF FINANCIAL POSITION**

**AS OF MARCH 31, 2024 AND 2025**

**(Expressed in U.S. Dollars)**

---

| | | | |
|:---|:---|:---|:---|
|  | | **As of March 31,** | **As of March 31,** |
|  | <br>**Note** | **2024** | **2025** |
|  |  | | **(Restated)** |
| **ASSETS** |  |  |  |
| **Current assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | 6 | 1397217 | 1977274 |
| &nbsp;&nbsp;&nbsp;Crypto assets held | 8 | 2330238 | 321121 |
| &nbsp;&nbsp;&nbsp;Accounts receivables | 5 | 123275 | 52804 |
| &nbsp;&nbsp;&nbsp;Deposits, prepayments and other receivables | 7 | 819885 | 1254387 |
| **Total current assets** |  | 4670615 | 3605586 |
| **Non-current assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Equipment, net | 9 | 13236741 |  |
| &nbsp;&nbsp;&nbsp;Right-of-use assets | 10 |  | 6600703 |
| &nbsp;&nbsp;&nbsp;Deferred offering costs |  |  | 280030 |
| &nbsp;&nbsp;&nbsp;Prepayment of lease payments | 7 |  | 2383290 |
| &nbsp;&nbsp;&nbsp;Long-term deposits | 7 | 4090070 | 4482999 |
| **Total non-current assets** |  | 17326811 | 13747022 |
| **TOTAL ASSETS** |  | 21997426 | 17352608 |
| **LIABILITIES AND SHAREHOLDERS' (DEFICIT) EQUITY** |  |  |  |
| **Current liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable |  | 64099 | 85799 |
| &nbsp;&nbsp;&nbsp;Accounts payable – a related party |  |  | 3168498 |
| &nbsp;&nbsp;&nbsp;Amount due to a related party | 17 | 82275025 |  |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other payables | 11 | 298038 | 379236 |
| &nbsp;&nbsp;&nbsp;Lease liabilities – a related party | 10 |  | 2966771 |
| &nbsp;&nbsp;&nbsp;Tax payable |  | 315951 | 988763 |
| **Total current liabilities** |  | 82953113 | 7589067 |
| **Non-current liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Lease liabilities – a related party | 10 | - | 6481557 |
| Total non-current liabilities |  | - | 6481557 |
| **TOTAL LIABILITIES** |  | 82953113 | 14070624 |
| **LIABILITIES AND SHAREHOLDERS' (DEFICIT) EQUITY** |  |  |  |
| **Shareholders' (deficit) equity** |  |  |  |
| Share capital\* | 18 | 100 | 170 |
| Capital reserve | 18 |  | 62628817 |
| Accumulated deficit | 18 | (61136247) | (59411754) |
| Accumulated other comprehensive income | 18 | 180460 | 64751 |
| **Total shareholders' (deficit) equity** |  | (60955687) | 3281984 |
| **TOTAL LIABILITIES AND SHAREHOLDERS' (DEFICIT) EQUITY** |  | 21997426 | 17352608 |

---

\* Retrospectively restated for effect of share reorganization (see Note 1).

The accompanying notes are an integral part of these consolidated financial statements.

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**COOLBIT TECHNOLOGIES LIMITED AND ITS SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF PROFIT OR LOSS**

**FOR THE YEARS ENDED MARCH 31, 2024 AND 2025**

**(Expressed in U.S. Dollars, except for share and per share data)**

---

| | | | |
|:---|:---|:---|:---|
|  | | **For the years ended <br> March 31,** | **For the years ended <br> March 31,** |
|  | <br>**Note** | **2024** | **2025** |
|  |  | | **(Restated)** |
| **Revenue** | 12 | 4328133 | 15302212 |
| **Cost of revenue** |  |  |  |
| -External |  | (2637569) | (9896747) |
| -A related party |  | (766288) | (3551224) |
| **Total cost of revenue** | 13 | (3403857) | (13447971) |
| **Gross profit** |  | 924276 | 1854241 |
| **Operating expenses** |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales and marketing expenses |  | (9676) | (53470) |
| &nbsp;&nbsp;&nbsp;General and administrative expenses | 15 | (668928) | (787049) |
| **Total expenses** |  | (678604) | (840519) |
| **Other income (expenses)** |  |  |  |
| &nbsp;&nbsp;&nbsp;Foreign exchange (loss) gain |  | (274762) | 218330 |
| &nbsp;&nbsp;&nbsp;Other income and expenses, net | 14 | 671676 | 1794203 |
| &nbsp;&nbsp;&nbsp;Finance cost |  | - | (628150) |
| **Total other income and expenses, net** |  | 396914 | 1384383 |
| **Profit before income tax expense** |  | 642586 | 2398105 |
| **Income tax expenses** | 16 | (306396) | (673612) |
| **Profit for the year** |  | 336190 | 1724493 |
| **Other comprehensive income** |  |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency translation adjustment |  | 114680 | (115709) |
| **Total comprehensive income for the year** |  | 450870 | 1608784 |
| **Earnings per share attributable to owners of the Company** |  |  |  |
| Basic and diluted earnings per share\* | 20 | 0.03 | 0.15 |
| Weighted average number of shares outstanding - basic and diluted\* | 20 | 10000000 | 11750000 |

---

\* Retrospectively restated for the effect of share reorganization (see Note 1).

The accompanying notes are an integral part of these consolidated financial statements.

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**COOLBIT TECHNOLOGIES LIMITED AND ITS SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' (DEFICIT) EQUITY**

**FOR THE YEARS ENDED MARCH 31, 2024 AND 2025**

**(Expressed in U.S. Dollars, except for share and per share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Ordinary shares** | **Ordinary shares** | | | | |
|  |<br>**Note** | **No. of<br> shares\*** | **Amount** |<br>**Capital<br> reserve** |<br>**Accumulated<br> deficit** | **Accumulated <br> other**<br>**comprehensive <br> income** | **Total <br> shareholders'**<br>**(deficit) <br> equity** |
| **BALANCE, April 1, 2023** |  | 5882400 | 100 |  | (61472437) | 65780 | (61406557) |
| Net profit |  |  |  |  | 336190 |  | 336190 |
| Foreign currency translation adjustment |  | - | - | - | - | 114680 | 114680 |
| **BALANCE, March 31, 2024** |  | 10000000 | 100 |  | (61136247) | 180460 | (60955687) |
| Share issuance to new shareholder | 8, 18 | 7000000 | 70 | 986930 |  |  | 987000 |
| Capital contribution | 18 |  |  | 61641887 |  |  | 61641887 |
| Net profit |  |  |  |  | 1724493 |  | 1724493 |
| Foreign currency translation adjustment |  | - | - | - | - | (115709) | (115709) |
| **BALANCE, March 31, 2025 (restated)** |  | 17000000 | 170 | 62628817 | (59411754) | 64751 | 3281984 |

---

\* Retrospectively restated for the effect of share reorganization (see Note 1).

The accompanying notes are an integral part of these consolidated financial statements.

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**COOLBIT TECHNOLOGIES LIMITED AND ITS SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

**FOR THE YEARS ENDED MARCH 31, 2024 AND 2025**

**(Expressed in U.S. Dollars)**

---

| | | | |
|:---|:---|:---|:---|
|  | | **For the years ended <br> March 31,** | **For the years ended <br> March 31,** |
|  | <br>**Note** | **2024** | **2025** |
|  |  | | **(Restated)** |
| **Cash flows from operating activities:** |  |  |  |
| Profit before income tax expenses |  | 642586 | 2398105 |
| Adjustment to reconcile net income to cash used in operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;Revenue recognized from crypto assets earned | 12 | (3612995) | (15302212) |
| &nbsp;&nbsp;&nbsp;Realized gain on conversion of crypto assets held | 8, 14 | (843062) | (1132870) |
| &nbsp;&nbsp;&nbsp;Bank interest income | 14 | (1429) | (21598) |
| &nbsp;&nbsp;&nbsp;Interest income generated and received from deposits in crypto exchange | 8, 14 | (35025) | (2343) |
| &nbsp;&nbsp;&nbsp;Administrative charge on cryptocurrency transaction | 8 |  | 14021 |
| &nbsp;&nbsp;&nbsp;Finance cost on lease liabilities |  |  | 628150 |
| &nbsp;&nbsp;&nbsp;Provision for (reversal of) expected credit losses | 5 | 353 | (339) |
| &nbsp;&nbsp;&nbsp;Provision for penalty on non-filing on income tax returns | 1114 |  | 218369 |
| &nbsp;&nbsp;&nbsp;Reversal of impairment loss on crypto assets held | 8 | (3904) | (5080636) |
| &nbsp;&nbsp;&nbsp;Impairment loss on crypto assets held | 8 | 211744 | 5546168 |
| &nbsp;&nbsp;&nbsp;Gain on sale-and-leaseback transactions | 14 |  | (1321293) |
| &nbsp;&nbsp;&nbsp;Lease expenses | 13 |  | 1191645 |
| &nbsp;&nbsp;&nbsp;Depreciation | 9, 10 | 865203 | 2200234 |
| Change in operating assets and liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;Change in accounts receivables |  | (85403) | 85389 |
| &nbsp;&nbsp;&nbsp;Change in deposits, prepayments and other receivables |  | (4540708) | 81214 |
| &nbsp;&nbsp;&nbsp;Change in accounts payable |  | (48909) | 21700 |
| &nbsp;&nbsp;&nbsp;Change in accounts payable – a related party |  |  | 3168498 |
| &nbsp;&nbsp;&nbsp;Change in accrued expenses and other payables |  | (335509) | (137171) |
| **Cash used in operating activities** |  | (7787058) | (7444969) |
| **Cash flows from investing activities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest income received | 14 | 1429 | 21598 |
| &nbsp;&nbsp;&nbsp;Deposit paid for subscription of investments | 7 | (283000) |  |
| &nbsp;&nbsp;&nbsp;Refund of the deposit for subscription of investments | 7 |  | 283000 |
| &nbsp;&nbsp;&nbsp;Purchase of mining machines | 9 | (13648378) |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sales of crypto assets | 8 | 1460603 | 14579230 |
| **Cash (used in) provided by investing activities** |  | (12469346) | 14883828 |
| **Cash flows from financing activities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from a related party advances |  | 20646721 | 882363 |
| &nbsp;&nbsp;&nbsp;Repayment to a related party |  | (500000) | (3918579) |
| &nbsp;&nbsp;&nbsp;Payments for deferred offering costs |  |  | (280030) |
| &nbsp;&nbsp;&nbsp;Lease payment – capital element |  |  | (2797896) |
| &nbsp;&nbsp;&nbsp;Lease payment – interest element |  | - | (628150) |
| **Cash provided by (used in) financing activities** |  | 20146721 | (6742292) |
| **Effect of exchange rate changes on cash and cash equivalents** |  | 169090 | (116510) |
| **Net change in cash and cash equivalents** |  | 59407 | 580057 |
| Cash and cash equivalents at beginning of the year |  | 1337810 | 1397217 |
| **Cash and cash equivalents at the end of the year** |  | 1397217 | 1977274 |

---

A reconciliation of liabilities arising from financing activities as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | **Non-cash changes** | **Non-cash changes** | **Non-cash changes** | |
|  |<br>**As of<br> April 1** |<br>**Cash<br> changes** | **Additions** | **Capital <br> contribution** | **Others** |<br>**As of<br> March 31** |
| **2024** |  |  |  |  |  |  |
| Amount due to a related party | 62128304 | 20146721 | - | - | - | 82275025 |
| Total | 62128304 | 20146721 | - | - | - | 82275025 |
| **2025** |  |  |  |  |  |  |
| Lease liabilities |  |  | 9448328 |  |  | 9448328 |
| Amount due to a related party | 82275025 | (3036216) | 958800 | (61641887) | (18555722) | - |
| Total | 82275025 | (3036216) | 10407128 | (61641887) | (18555722) | 9448328 |

---

The accompanying notes are an integral part of these consolidated financial statements.

[**Table of Contents**](#toc)

**COOLBIT TECHNOLOGIES LIMITED AND ITS SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(Expressed in U.S. Dollars)**

 **1. CORPORATE INFORMATION**

&nbsp;&nbsp;&nbsp;&nbsp;**1.1** **General information** 

Coolbit Technologies Limited (collectively the "Company") was incorporated in Cayman Island on October 17, 2023 under the Cayman Islands Companies Law as an exempted company. The Company does not conduct any substantive operations on its own but conducts its primary operations through its subsidiaries. The Company and its subsidiaries (together, the "Group") are principally engaged in the following business activities: (i) crypto assets mining business in the United States ("U.S.") and Canada; and (ii) sale of mobile phones and related accessories in U.S..

&nbsp;&nbsp;&nbsp;&nbsp;**1.2** **Reorganization of the Group** 

Coolpad Group Limited ("Coolpad Group"), directly or indirectly owned the following subsidiaries before the Reorganization:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Coolpad Technologies Inc. ("Coolpad USA"), a company incorporated in the U.S. with limited
liability on August 22, 2011, is a subsidiary in the U.S.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Coolpad Technologies CA Inc. ("Coolpad CA"), a company incorporated in the Canada with limited
liability on April 26, 2019, and is a subsidiary in Canada;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Xcentz Inc. ("Xcentz USA"), a company incorporated in the USA with limited liability on August
14, 2018. It is a subsidiary in the US; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Xcentz Limited ("Xcentz HK"), a company incorporated in Hong Kong with limited liability on
May 6, 2019, and is a subsidiary in Hong Kong.

In order to facilitate the Company's initial public offering ("IPO"), the Group executed a series of reorganization transactions (the "Reorganization"), involved:

&nbsp;&nbsp;&nbsp;&nbsp;(1) On December 5, 2023, the Company acquired all of the issued and outstanding shares of Xcentz USA and Xcentz HK from Coolpad Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) On March 31, 2024, the Company acquired all of the issued and outstanding shares of Coolpad USA and Coolpad CA, from a wholly-owned subsidiary of Coolpad Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) On May 12, 2025, the Company's board of directors passed resolutions, which were approved by the shareholders on the same date, to (i) sub-divide each authorized and each issued share into 100,000 shares of par value US$0.00001 each, resulting in the Company's authorized share capital becoming US$50,000 divided into 5,000,000,000 shares of par value US$0.00001 each, with 17,000,000 issued shares; (ii) cancel US$40,000 of authorized unissued shares, resulting in the Company's authorized share capital becoming US$10,000 divided into 1,000,000,000 shares of par value US$0.00001 each, with 17,000,000 issued shares; (iii) re-designate the authorized and issued shares into US$100,000 divided into 1,000,000,000 shares with a par value of US$0.00001 each, comprised of (a) 900,000,000 Class A Ordinary Shares with a par value of US$0.00001 each, and (b) 100,000,000 Class B Ordinary Shares with a par value of US$0.00001 each, with the 17,000,000 currently outstanding shares re-designated into (a) 6,999,920 Class A Ordinary Shares, and (b) 10,000,080 Class B Ordinary Shares. These actions were effected in accordance with the laws of the Cayman Islands.

Holders of Class A ordinary shares and Class B ordinary shares vote together as one class on all matters submitted to a vote by the shareholders at any general meeting of the Company. Each Class A ordinary shares is entitled to one (1) vote and each Class B ordinary shares is entitled to ten (10) votes. Each Class B ordinary shares shall not be entitled to any dividends or distributions.

[**Table of Contents**](#toc)

The Reorganization was completed on May 12, 2025. As a result of the Reorganization, the Company became the holding company for a group of companies that will be referred to as the Company. Accordingly, the consolidated financial statements have been presented on a consolidated basis whereby the Company is shown as if it had been the holding company from the beginning of the first reporting period presented because all the companies in the Group were under common control.

The Group considered that the above share amendment was part of the Group's recapitalization prior to completion of its initial public offering. The Group believed it is appropriate to reflect on the above transactions on a retroactive basis. All shares and per share amounts used herein and in the accompanying consolidated financial statements have been retroactively restated to reflect the above share amendment.

&nbsp;&nbsp;&nbsp;&nbsp;**1.3** **Subsidiaries** 

As on the date of these consolidated financial statements, details of the subsidiary companies are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name** | **Place of incorporation** | **Date of incorporation** | **Principal activities** | **Effective <br> ownership<br> as of<br> March 31, <br> 2024** | **Effective <br> ownership <br> as of <br> March 31, <br> 2025** |
| Coolbit Investment Holdings Limited ("Coolbit Investment") | &nbsp;&nbsp;&nbsp;BVI | August 10, 2023 | Dormant | 100% | 100% |
| Coolbit Mining PTE. Ltd ("Coolbit Mining PTE") | &nbsp;&nbsp;&nbsp;Singapore | October 25, 2023 | Dormant | 100% | 100% |
| Coolpad Technologies Inc. ("Coolpad USA") | &nbsp;&nbsp;&nbsp;U.S. | August 22, 2011 | Sale of mobile phones and its accessories | 100% | 100% |
| Coolpad Technologies CA Inc. ("Coolpad CA") | &nbsp;&nbsp;&nbsp;Canada | April 26, 2019 | Sale of mobile phones and its accessories | 100% | 100% |
| Magic Code Inc. ("Magic Code") | &nbsp;&nbsp;&nbsp;Cayman Island | February 2, 2018 | Investment holding | 100% | 100% |
| Xcentz Inc. ("Xcentz USA") | &nbsp;&nbsp;&nbsp;U.S. | August 14, 2018 | Sale of mobile phones and its accessories | 100% | 100% |
| Xcentz Limited ("Xcentz HK") | &nbsp;&nbsp;&nbsp;Hong Kong | May 6, 2019 | Provision of pool mining service and sale of mobile phones and its accessories | 100% | 100% |

---

&nbsp;&nbsp;&nbsp;&nbsp;**1.4** **Liquidity and going concern** 

As of March 31, 2025, the Group had a working capital deficit of $3,983,481 and negative operating cash flows of $7,444,969. As of the date of these consolidated financial statements, there still exists substantial doubt that the Group will continue as a going concern. Management plans to continue to focus on improving operational efficiency and cost reductions. Additionally, the Group plans to raise capital via private placement or public offering in the event that the Group does not have adequate liquidity to meet its current obligations. However, there is no assurance that the Group will be successful in implementing the foregoing plans or additional financing will be available to the Group on commercially reasonable terms.

The accompanying audited consolidated financial statements have been prepared assuming the Group will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. These audited consolidated financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary should the Group be unable to continue as a going concern.

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 **2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

&nbsp;&nbsp;&nbsp;&nbsp;**2.1** **Basis of preparation** 

<u>Compliance with International Financial Reporting Standards</u>

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the International Financial Reporting Standards ("IFRSs") as issued by the International Accounting Standards Board ("IASB").

<u>Basis of measurement</u>

The consolidated financial statements of the Group have been prepared on a historical cost basis, except as disclosed in the accounting policies below.

<u>Basis of consolidation</u>

The consolidated financial statements comprise the financial statements of the Company and its subsidiaries. Inter-company transactions and balances between Company companies together with unrealized profits are eliminated in full in preparing the consolidated financial statements. Unrealized losses are also eliminated unless the transaction provides evidence of impairment on the asset transferred, in which case the loss is recognized in profit or loss.

<u>Foreign currency translation and convenience translation</u>

The Company uses United States dollar ("US$") as reporting currency. The functional currency of the Company and its subsidiaries incorporated in the U.S., Cayman Islands and BVI is US$, the functional currency of its subsidiary in Hong Kong is Hong Kong dollar ("HK$"); the functional currency of its subsidiary in Canada is Canadian dollar ("CAD"). The determination of the respective functional currency is based on the criteria of International Standard on Auditing (IAS) 21 The Effects of Changes in Foreign Exchange Rate.

The Group's assets and liabilities are translated into US$ has been made at the following year-end exchange rates. Its revenue and expenses are translated at the average exchange rate during the period. Capital accounts are translated at their historical exchange rates when the capital transactions occurred. Exchange gains and losses resulting from currency translation are recorded as other comprehensive income (losses) in the consolidated statements of profit or loss.

---

| | | |
|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** |
|  | **2024** | **2025** |
| Year-end HK$:US$ spot rate | 0.1278 | 0.1285 |
| Year-end CAD:US$ spot rate | 0.7385 | 0.6950 |

---

---

| | | |
|:---|:---|:---|
|  | **For the years ended <br> March 31,** | **For the years ended <br> March 31,** |
|  | **2024** | **2025** |
| Average HK$:US$ rate | 0.1278 | 0.1283 |
| Average CAD:US$ rate | 0.7417 | 0.7190 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**2.2** **New accounting pronouncement** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Adoption of new or amendments to IFRSs

The Group has adopted all the new and revised IFRS and Interpretations of IFRS that are relevant to its operations and effective for annual periods beginning on or after April 1, 2023. Changes to the Group's accounting policies have been made as required, in accordance with the transitional provisions in the respective IFRS and Interpretations of IFRS. The adoption of these new or amended IFRS and Interpretations of IFRS did not result in substantial changes to the Group's accounting policies and had no material effect on the amounts reported for the current or prior financial years.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) New or amendments to IFRSs that have been issued but are not yet effective

---

| | |
|:---|:---|
| **Description** | **Effective for<br> annual periods<br> beginning on or<br> after** |
| *Amendments to IAS 21: Lack of Exchangeability* | January 1, 2025 |
| *Amendments to IFRS 9 and IFRS 7: Amendments to the Classification and Measurement of Financial Instruments* | January 1, 2026 |
| *Amendments to IFRS 9 and IFRS 7: Contracts referencing Nature-dependent Electricity* | January 1, 2026 |
| *Annual Improvements to IFRS Accounting Standards—Volume 11* | January 1, 2026 |
| *IFRS 18: Presentation and Disclosure in Financial Statements* | January 1, 2027 |
| *IFRS 19: Subsidiaries without Public Accountability: Disclosures* | January 1, 2027 |

---

At the date of authorisation of these financial statements, certain IFRS and Interpretations of IFRS were issued but not yet effective. Consequential amendments were also made to various standards as a result of these new/revised standards.

The Group does not intend to early adopt any of the above new/revised standards, interpretations and amendments to the existing standards. Management anticipates that the adoption of the aforementioned revised/new standards will not have a material impact on the financial statements of the Group and Company in the period of their initial adoption.

The above new and amendments to existing standards do not expect to have a material impact on the consolidated financial statements of the Group. The Group will adopt the new and amended IFRSs to existing standards when they become effective.

&nbsp;&nbsp;&nbsp;&nbsp;**2.3** **Material accounting policies** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3.1** **Subsidiaries** 

A subsidiary is an investee over which the Company is able to exercise control. The Company controls an investee if all three of the following elements are present: power over the investee; exposure, or rights, to variable returns from the investee; and the ability to use its power to affect those variable returns. Control is reassessed whenever facts and circumstances indicate that there may be a change in any of these elements of control.

In the Company's statement of financial position, interests in subsidiaries are carried at cost less any impairment loss. The results of the subsidiaries are accounted for by the Company on the basis of the dividends received and receivable at the end of the reporting period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3.2** **Cash and cash equivalents** 

Cash and cash equivalents consist of cash on hand and deposit placed with banks, which are unrestricted as to withdrawal and use. The Group has not experienced any losses in such accounts. The Group's cash is held at well capitalized financial institutions, but they are not FDIC insured; however, management believes that the Group is not exposed to any significant credit risk on cash and cash equivalents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3.3** **Crypto assets held** 

Crypto assets held are included in current assets in the consolidated statements of financial position as an indefinite lived intangible asset. Crypto assets consist of Bitcoin and USDT. By their nature, crypto assets are identifiable non-monetary assets that lack physical substance. Future economic benefits attributable to these cryptocurrencies are expected to flow to the Group because these cryptocurrencies can be exchanged for fiat currencies. Furthermore, the cost of the Group's crypto assets can be measured using the quoted price of such cryptocurrencies at the time the fair value is being measured, which the Group considers to be primarily a Level 1 fair value input under the IFRS 13, *Fair Value Measurement* fair value hierarchy.

Crypto assets held are initially recognized based on the fair value of the crypto assets on the date of receipt. Crypto assets that are purchased in exchange for one digital asset for another digital asset are recognized at the fair value of the digital asset received. The Group recognizes realized gains or losses when crypto assets are sold on an exchange for other crypto assets or for cash consideration using a weighted average method of accounting. Sales of crypto assets to obtain fiat currency are presented as investing activities in the consolidated statements of cash flows.

Crypto assets are tested for impairment annually or whenever there is an indication that the intangible asset may be impaired. Impairment exists when the carrying amount exceeds its fair value, which is measured using the quoted price of the crypto assets in the principal market at the time its fair value is being measured, and the Group recognized an impairment loss in an amount equal to that excess. The Group monitors and evaluates the quality and relevance of the available information, such as pricing information from the asset's principal (or most advantageous) market or from other digital asset exchanges or markets, to determine whether such information is indicative of a potential impairment. To the extent an impairment loss is recognized, the loss establishes the new cost basis of the asset. If there is an indication that previously recognized impairment losses may no longer exist or may have decreased, the recoverable amount is estimated. A previously recognized impairment loss of an asset other than goodwill is reversed only if there has been a change in the estimates used to determine the recoverable amount of that asset, but not to an amount higher than the carrying amount that would have been determined (net of any depreciation/amortization) had no impairment loss been recognized for the asset in prior years. A reversal of such an impairment loss is credited to profit or loss in the period in which it arises.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3.4** **Accounts receivables** 

Accounts receivables are recognized when the Group has an unconditional right to receive consideration. A right to receive consideration is unconditional if only the passage of time is required before payment of that consideration is due. Accounts receivables are stated at amortized cost, less a loss allowance based on expected credit losses at each reporting date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3.5** **Deposits, prepayments and other receivables** 

Deposits, prepayments and other receivables consist of prepayment of hosting service fee and deposits paid to hosting service providers which are classified as non-current based on the terms of the respective agreements. These advances are unsecured and reviewed periodically to determine whether their carrying value has become impaired.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3.6** **Equipment, net** 

Equipment is stated at cost less accumulated depreciation charges and accumulated impairment charges. Generally, depreciation is calculated using a straight-line basis over the estimated useful life of the asset. The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis. The carrying values of property and equipment are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable.

An item of equipment is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the consolidated statements of profit or loss in the year the asset is derecognized. Residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate, at each financial year-end.

All costs that are directly attributable to bringing an asset to the location and condition necessary for it to be capable of operating in the manner intended by management, will be capitalized. These costs include direct employee benefits, rent and testing costs. Capitalization will be done until the asset is capable of operating in the manner intended by management. Repairs and maintenance costs are charged to the consolidated statements of profit or loss during the period which they are incurred.

The depreciation periods for property and equipment are:

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| | | |
|:---|:---|:---|
| **Classification** | **Estimated <br> useful life** | **Estimated <br> useful life** |
| Mining machines |  | 3 years |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3.7** **Deferred offering costs** 

IPO costs directly attributable to an offering of equity securities are deferred and would be charged against the gross proceeds of the offering as a reduction of additional paid-in capital upon the completion of the proposed IPO. These costs include legal fees related to the registration drafting and counsel, consulting fees related to the registration preparation, SEC filing and print related costs. As of March 31, 2024 and 2025, the Group recorded deferred offering costs of nil and $280,030 related to the IPO, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3.8** **Accounts payables and other payables and accruals** 

Accounts payables are obligations to pay for goods and/or services that have been acquired from suppliers in the ordinary course of business. Other payables and accruals primarily represent obligations to pay staff costs, surtaxes and value-added tax, and other operating service providers.

Accounts payables and other payables and accruals are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3.9** **Revenue recognition** 

Revenue from contracts with customers is recognized when control of goods or services is transferred to the customers at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services, excluding those amounts collected on behalf of third parties. Revenue excludes value added tax or other sales taxes and is after deduction of any trade discounts.

Revenue is recognized applying the following five steps:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) Identify the contract with a customer;

ii) Identify the performance obligations in the contract;

iii) Determine the transaction price;

iv) Allocate the transaction price to the performance obligations in the contract; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v) Recognize revenue when (or as) the Group satisfies a performance obligation.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(a) Crypto assets mining revenue*

 

The Group has entered into framework agreements, as amended from time to time, with mining pool operators to perform hash calculations for the mining pools. Each party has the unilateral right to terminate the contract at any time without any compensation to the other party for such termination. Therefore, the Group has concluded that the duration of the contract is less than 24 hours and that the contract is continuously renewed throughout the day. The Group has determined that the mining pool operator's renewal right is not a material right as the terms, conditions, and compensation amounts are at then market rates. Upon contract termination, the mining pool operator (i.e., the customer) is required to pay the Group any amount due that is related to previously satisfied performance obligations.

The Group's enforceable right to compensation only begins once the Group commences performing hash calculations for the Mining pool operators. The Group is entitled to compensation regardless of whether the mining pool operators successfully record a block to the Bitcoin blockchain. Providing a service to perform hash calculations for the pool operators is the only performance obligation in the Group's arrangements with mining pool operators and is an output of the Group's ordinary activities.

The Group is entitled to a non-cash consideration at an amount that approximates the total Bitcoins that could have been Mined using the hash calculations performed by the Group according to the pool operator's specification over the 24-hour period ended 23:59:59 UTC, based upon the then current blockchain Difficulty. The Bitcoin payout is settled on the following day, on a daily basis. The payout method used by the mining pools in which the Group participated is the Full-Pay-Per-Share ("FPPS") method. The Group's total compensation is calculated using the following formula: the sum of the Group's share of (1) block rewards and (2) transaction fees, less (3) mining pool operating fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Block rewards represent the Group's share of the total amount of block subsidies that are expected to be generated on the Bitcoin network as a whole based on the following factors determined for the 24-hour period beginning at midnight UTC daily. The block reward earned by the Group is calculated by dividing (a) the total amount of hash calculations the Group provides to the mining pool operator, by (b) the total Bitcoin network's implied hash calculations (as determined by the Bitcoin network Difficulty), multiplied by (c) the total amount of block subsidies that are expected to be generated on the Bitcoin network as a whole. The Group is entitled to its relative share of consideration even if a block is not successfully added to the blockchain by the mining pool.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Transaction fees represent the Group's share of the total fees paid by users of the network to execute transactions during the 24-hour period ended 23:59:59 UTC. Under FPPS, the transaction fees paid out by the mining pool operator to the Group is calculated by dividing (a) the total amount of transaction fees that are actually generated on the Bitcoin network as a whole during the 24-hour period beginning at midnight UTC daily, by (b) the total amount of block subsidies that are actually generated on the Bitcoin network as a whole during that 24-hour period, multiplied by (c) the Group's block rewards earned as calculated in (1) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Mining pool operating fees are charged by the mining pool operator for operating the mining pool as set forth on a rate schedule to the mining pool contract. The mining pool operating fees reduce the total amount of compensation the Group receives and are only incurred to the extent that the Group has generated mining revenue pursuant to the mining pool operators' payout calculation during the 24-hour period beginning at midnight UTC daily.

The non-cash consideration received in exchange for the Group's performing hash calculations, including block rewards and transaction fees, is variable because it depends, in part, on the amount of hash calculations the Group performs in accordance with the pool operator's specifications and the amount of transaction fees of the entire blockchain network for the 24-hour period, beginning at midnight UTC. The mining pool operating fees are also variable because they are calculated as a small fraction of the sum of the block rewards and the transaction fees, in accordance with the agreement with each mining pool operator. The Group is able to estimate the amount of variable consideration related to the block reward component on the date of contract inception because (a) the total amount of hash calculations the Group provides to the mining pool operator, (b) the total Bitcoin network's implied hash calculations and (c) the total amount of block subsidies that are expected to be generated on the Bitcoin network as a whole are either fixed or can be estimated on the date of contract inception. The performance obligation of transaction verification services is fulfilled over time as the Group provides computing power. However, the Group is not able to reliably estimate the amount of variable consideration related to transaction fee component until 23:59:59 UTC on the date of contract inception, because of the uncertainty of the actual amount of transaction fees of the entire blockchain network for that day. The mining pool operators will confirm the considerations for the 24 hours, including the block rewards, the transaction fees, and the mining pool operating fees at 23:59:59 UTC each day.

For each contract, the Group measures the non-cash consideration using the closing of daily quoted spot rate of Bitcoin on the date of contract inception for the operations in both Canada and U.S.. For each contract, the Group recognizes the non-cash consideration on the same day that control of the contracted service transfers to the mining pool operator, which is the same day as the contract inception.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(b) Sale of mobile phones and its accessories*

The Group recognizes revenue from sale of mobile phones and accessories when the customer obtains control of the Group's product based on the contractual shipping terms, at which time the performance obligation is deemed to be completed. The Group is primarily responsible for fulfilling the promise to deliver the product and bears risk of loss while the inventory is in-transit to the purchaser.

The Group only accepts the return of products that are defective or non-conforming due to defects in manufacturing and/or workmanship within 10-30 days upon receipt of products by the customers. For the years ended March 31, 2024 and 2025, the Group is not aware of any material claims against the Company in relation to sale of mobile phones.

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*Principal vs agent considerations*

When another party is involved in providing goods to the customer, the Group will apply the principal versus agent guidance in IFRS 15 *Revenue from Contracts with Customers* to determine if the Group is acting as the principal or an agent to the transaction.

*Principal vs agent considerations - crypto assets mining*

The Company is an agent and records revenue on a net basis as the Company provides transaction verification services to the Bitcoin Network and the pool operator is the party that controls the node and is the miner of record.

 

*Principal vs agent considerations - sale of mobile phones and its accessories*

The Company reports revenue on a gross basis based on management's assessment that (i) the Company is primarily responsible for fulfilling the promise to provide the specified goods or service, (ii) the Company has inventory risk before the specified good or service has been transferred to a customer or after transfer of control to the customer and (iii) the Company has discretion in establishing the price for the specified goods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3.10** **Cost of revenue** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(a) Crypto assets mining revenue*

 

It consists primarily of hosting service fees including power supply service, maintenance and technical support service incurred for operating the Group's mining machines in its revenue-generating activities, depreciation expense from the mining machines and leases expenses for the use of mining machines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(b) Sale of mobile phones and its accessories*

 

It represents the cost of purchasing mobile phones and accessories. The Company shifted its main business from sale of mobile phones and related accessories to digital assets mining business. No cost of mobile phones for the year ended March 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3.11** **Other income (expenses)** 

Other income (expenses) is recognized when it is probable that the economic benefits will flow to the Group (or out of the Group), and the amount of income (expenses) can be reliably measured. Other income is measured at the fair value of the consideration received or receivable.

Exchange gain on foreign currency translation, net was mainly derived from foreign exchange differences resulting from the unrealized gain on conversion of crypto assets held.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3.12** **Taxation** 

Taxation represents the sum of the tax paid or currently payable and deferred tax. The tax currently paid and payable is based on taxable profit for the period. Taxable profit differs from profit as reported in the consolidated statements of profit or loss because it excludes items of income or expense that are taxable or deductible in other periods and it further excludes income statement items that are never taxable or deductible.

Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amount of assets and liabilities in the consolidated financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted for using the liability method. Deferred tax liabilities are generally recognized for all taxable temporary differences, and deferred tax assets are recognized to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilized. Such assets and liabilities are not recognized if the temporary difference arises from goodwill or the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at the end of the reporting period and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the assets to be recovered.

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Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realized. Deferred tax is charged or credited to profit or loss, except when it relates to items charged or credited directly to other comprehensive income, in which case the deferred tax is also dealt with in other comprehensive income.

Deferred income tax is provided on temporary differences arising on interests in subsidiaries, except where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not be reversed in the foreseeable future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3.13** **Financial instruments** 

**Financial assets**

*Initial recognition and measurement*

Financial assets are recognized when the Group becomes a party to the contractual provisions of a financial instrument. Financial assets are derecognized when the rights to receive cash flows from the financial assets expire, or if the Group transfers the financial asset to another party and does not retain control or substantially all risks and rewards of the asset. Purchases and sales of financial assets in the normal course of business are accounted for at settlement date (i.e., the date that the asset is delivered to or by the Group).

At initial recognition, the Group measures its financial assets at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition or issue of the financial asset.

*Subsequent measurement*

After initial recognition, the Group classifies its financial assets as subsequently measured at either i) amortized cost, ii) fair value through other comprehensive income or iii) fair value through profit or loss on basis of both:

● The Group's business model for managing the financial assets;

● The contractual cash flow characteristics of the financial asset.

Subsequent to initial recognition, financial assets are measured as described below. At each consolidated statements of financial position date, the Group assesses whether there is objective evidence that a financial asset or a group of financial assets is impaired and recognizes a loss allowance for expected credit losses for financial assets measured at either amortized costs or at fair value through other comprehensive income. If, at the reporting date, the credit risk on the financial instrument has not increased significantly since initial recognition, the Group measures the loss allowance for that financial instrument at an amount equal to 12 months of expected credit losses. If, at the reporting date, the credit risk on a financial instrument has increased significantly since initial recognition, the Group measures the loss allowance for the financial instrument at an amount equal to the lifetime expected credit losses.

*Financial assets at amortized cost*

Financial assets are measured at amortized cost if both i) the financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows; and ii) the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest of on the principal amount outstanding.

A financial asset measured at amortized cost is initially recognized at fair value plus transaction cost directly attributable to the asset. After initial recognition, the carrying amount of the financial asset measured at amortized cost is determined using the effective interest method, less any impairment losses.

*Financial assets at fair value through other comprehensive income ("FVTOCI")*

 

On initial recognition, the Group may make an irrevocable election (on an instrument-by-instrument basis) to designate investments in equity instruments as at FVTOCI. Investments in equity instruments at FVTOCI are initially measured at fair value plus transaction costs.

Subsequently, they are measured at fair value with gains and losses arising from changes in fair value recognized in other comprehensive income and accumulated in the legal reserve fair value revaluation. The cumulative gain or loss is not reclassified to profit or loss on disposal of the equity investments, instead, it is transferred to retained earnings.

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*Financial assets at fair value through profit and loss ("FVTPL")*

 

Financial assets that do not meet the criteria for being measured at amortized cost or FVTOCI are measured at FVTPL.

Financial assets at FVTPL are measured at fair value at the end of each reporting period, with any fair value gains or losses recognized in profit or loss. The net gain or loss recognized in profit or loss includes any dividend or interest earned on the financial asset and is included in the 'fair value gain (loss) on revaluation' line item.

*Derecognized*

A financial asset is derecognized where the contractual right to receive cash flows from the asset has expired. On derecognition of a financial asset in its entirety, the difference between the carrying amount and the sum of the consideration received and any cumulative gain or loss that had been recognized in other comprehensive income for debt instruments is recognized in profit or loss.

*Offsetting of financial instruments*

 

A financial asset and a financial liability shall be offset and the net amount presented in the consolidated statements of financial position when, and only when, an entity (a) currently has a legally enforceable right to set off the recognized amounts; and (b) intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously.

**Financial liabilities**

*Initial recognition and measurement*

Financial liabilities are classified as either financial liabilities at fair value through profit or loss (derivative financial liabilities) or financial liabilities at amortized cost (accounts and other payables). All financial liabilities at amortized cost are initially recognized at the fair value of the consideration received less directly attributable transaction costs; transaction costs related to the issue of a compound financial instrument are allocated to the liability and equity components of the instruments in proportion to the allocation of proceeds.

*Subsequent measurement*

 

After initial recognition, financial liabilities are subsequently measured at amortized cost using the effective interest method. Gains and losses are recognized in the consolidated statements of profit or loss and comprehensive income when the liabilities are paid off or otherwise eliminated as well as through the amortization process. Purchases and sales of financial liabilities are recognized at settlement date.

*Derecognition*

A financial asset is derecognized when the obligation under the liability is discharged or cancelled or expired. Where an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, and the difference in the respective carrying amounts is recognized in the consolidated statements of profit or loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3.14** **Credit losses and impairment of assets** 

The Group recognizes a loss allowance for expected credit losses ("ECLs") on financial assets, such as cash and cash equivalents and accounts receivables, which are measured at amortized cost;

 

*Measurement of ECLs*

ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all expected cash shortfalls (i.e., the difference between the cash flows due to the Group in accordance with the contract and the cash flows that the Group expects to receive). The expected cash shortfalls are discounted using the following discount rates where the effect of discounting is material:

● fixed-rate financial assets, trade and other receivables: effective interest rate determined at initial recognition or an approximation thereof;

● variable-rate financial assets: current effective interest rate.

The maximum period considered when estimating ECLs is the maximum contractual period over which the Group is exposed to credit risk.

In measuring ECLs, the Group takes into account reasonable and supportable information that is available without undue cost or effort. This includes information about past events, current conditions and forecasts of future economic conditions.

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ECLs are measured on either of the following bases:

● 12-month ECLs: these are losses that are expected to result from possible default events within the 12 months after the reporting date; and

● lifetime ECLs: these are losses that are expected to result from all possible default events over the expected lives of the items to which the ECL model applies.

Loss allowances for accounts receivables are measured at an amount equal to lifetime ECLs. ECL on this type of financial asset is estimated using a provision matrix based on the Group's historical credit loss experience, adjusted for factors that are specific to the debtors and an assessment of both the current and forecast general economic conditions at the reporting date.

For all other financial instruments, the Group recognizes a loss allowance equal to 12-month ECLs unless there has been a significant increase in the credit risk of the financial instrument since initial recognition, in which case the loss allowance is measured at an amount equal to lifetime ECLs.

*Significant increases in credit risk*

 

In assessing whether the credit risk of a financial instrument has increased significantly since initial recognition, the Group compares the risk of a default occurring on the financial instrument assessed at the reporting date with that assessed at the date of initial recognition. In making this reassessment, the Group considers that a default event occurs when the borrower is unlikely to pay its credit obligations to the Group in full and without recourse. The Group considers both quantitative and qualitative information that is reasonable and supportable, including historical experience and forward-looking information that is available without undue cost or effort.

In particular, the following information is taken into account when assessing whether credit risk has increased significantly since initial recognition:

● failure to make payments of principal or interest on their contractually due dates;

● an actual or expected significant deterioration in a financial instrument's external or internal credit rating (if available);

● an actual or expected significant deterioration in the operating results of the debtor; and

● existing or forecast changes in the technological, market, economic or legal environment that have a significant adverse effect on the debtor's ability to meet its obligation to the Group.

Depending on the nature of the financial instruments, the assessment of a significant increase in credit risk is performed on either an individual basis or a collective basis. When the assessment is performed on a collective basis, the financial instruments are grouped based on shared credit risk characteristics, such as past-due status and credit risk ratings.

ECLs are remeasured at each reporting date to reflect changes in the financial instrument's credit risk since initial recognition. Any change in the ECL amount is recognized as an impairment gain or loss in profit or loss.

The Group recognizes an impairment gain or loss for all financial instruments with a corresponding adjustment to their carrying amount through a loss allowance account.

*Impairment and write-off policy*

At each reporting date, the Group assesses whether a financial asset is credit-impaired. A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred.

Evidence that a financial asset is credit-impaired includes the following observable events:

● significant financial difficulties of the debtor;

● a breach of contract, such as a default or delinquency in interest or principal payments;

● is becoming probable that the borrower will enter into bankruptcy or other financial reorganization;

● significant changes in the technological, market, economic or legal environment that have an adverse effect on the debtor; or

● the disappearance of an active market for security because of financial difficulties of the issuer.

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The gross carrying amount of a financial asset is written off (either partially or in full) to the extent that there is no realistic prospect of recovery. This is generally the case when the Group determines that the debtor does not have assets or sources of income that could generate sufficient cash flows to repay the amounts subject to the write-off.

Subsequent recoveries of an asset that was previously written off are recognized as a reversal of impairment in profit or loss in the period in which the recovery occurs.

*Credit losses from accounts receivables*

The Group recognizes an allowance for accounts receivables using the general expected credit losses model in manner a similar to the model and consideration used for assessing credit losses from financial instruments discussed above. Under this model, the Group calculates the allowance for credit losses by considering on a discounted basis, all expected shortfalls which are the difference between the quantity of cryptocurrency due to the Group in accordance with the contract and the quantity of cryptocurrency that the Group expects to receive, in various default scenarios for prescribed future periods and multiplying the shortfalls by the probability of each scenario occurring. The allowance on the financial asset is the sum of these probability-weighted outcomes.

The Group considers both internal and external, and quantitative and qualitative factors when estimating ECL for accounts receivables such as the creditworthiness of the counterparty, the result of the historical transactions with the counterparty, the business practice of the counterparty, regulatory development relating to the industry, liquidity of the underlying digital asset, and the trend of the general economy.

The Group recognizes an impairment gain or loss for expected credit losses from accounts receivables with a corresponding adjustment to their carrying amount through a loss allowance account. Subsequent recoveries of cryptocurrency receivables previously written off are recognized as a reversal of impairment in profit or loss in the period in which the recovery occurs.

As of March 31, 2024 and 2025, the balance of accounts receivables was $123,275 and $52,804, respectively. No accounts receivables were past due. Allowance of $353 and reversal of $339 were recognized against receivables for the years ended March 31, 2024 and 2025, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3.15** **Impairment of assets (other than financial assets)** 

Assets that have an indefinite useful life and assets not yet available for use are not subject to depreciation or amortization and are tested at least annually for impairment. Assets that are subject to depreciation or amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.

An impairment loss is recognized for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows. Non-financial assets for which an impairment loss is recorded, are reviewed for possible reversal of the impairment at each reporting date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3.16** **Fair value measurement** 

Accounting guidance defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact, and it considers assumptions that market participants would use when pricing the asset or liability.

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Accounting guidance establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument's categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Accounting guidance establishes three levels of inputs that may be used to measure fair value:

● Level 1 applies to assets or liabilities for which there are quoted prices, in active markets for identical assets or liabilities.

● Level 2 applies to assets or liabilities for which there are inputs other than quoted prices included within Level 1 that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical asset or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.

● Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

As of March 31, 2024 and 2025, all of the Group's financial assets and financial liabilities are carried at amortized costs and the carrying amounts approximate their fair values. There were no transfers between levels during the years ended March 31, 2024 and 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3.17** **Provisions and contingent liabilities** 

Provisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event, and it is probable that an outflow of economic benefits will be required to settle that obligation and a reliable estimate of the amount of the obligation can be made. Provisions are measured at the Directors' best estimate of the expenditure required to settle the obligation at the reporting date and are discounted to present value where the effect is material.

Where it is not probable that an outflow of economic benefits will be required, or the amount cannot be estimated reliably, the obligation is disclosed as a contingent liability, unless the probability of outflow of economic benefits is remote. Possible obligations, the existence of which will only be confirmed by the occurrence or non-occurrence of one or more future events, are also disclosed as contingent liabilities unless the probability of an outflow of economic benefits is remote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3.18** **Employee benefits** 

*Short-term employee benefits*

Short-term employee benefits including salaries, bonuses and paid annual leave that are expected to be settled wholly within 12 months after the end of the reporting periods, are expensed as the related service is provided. A liability is recognized at the amounts expected to be paid when the liabilities are settled if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by employees and the obligation can be estimated reliably.

*Termination benefits*

Termination benefits are expensed at the earlier of when the Group can no longer withdraw the offer of those benefits and when the Group recognizes costs for a restructuring. If benefits are not expected to be settled wholly within 12 months of the reporting date, then they are discounted to their present value.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3.19** **Leases** 

The Group assesses whether a contract is or contains a lease at the inception of the contract. The Group recognizes a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is a lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets (such as tablets and personal computers, small items of office furniture and telephones). For these leases the Group recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which the economic benefits from the leased assets are consumed.

The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Group uses its incremental borrowing rate.

Lease payments included in the measurement of the lease liability comprise:

● Fixed lease payments;

● Variable lease payments that depend on an index or rate, initially measured using the index or rate at the commencement date.

The lease liability is presented as a separate line in the consolidated statements of financial position.

The lease liability is subsequently measured by increasing the carrying amount to reflect the interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made.

The Group remeasures the lease liability (and makes a corresponding adjustment to the related right-of-use asset) whenever:

● The lease term has changed or there is a significant event or change in circumstances resulting in a change in the assessment of exercise of a purchase option, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate.

● The lease payments change due to changes in an index or rate or a change in expected payment under a guaranteed residual value, in which case the lease liability is remeasured by discounting the revised lease payments using an unchanged discount rate (unless the lease payments change is due to a change in a floating interest rate, in which case, a revised discount rate is used).

● A lease contract is modified, and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured based on the lease term of the modified lease by discounting the revised lease payments using a revised discount rate at the effective date of modification.

The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before commencement day, less any lease incentives received and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses.

Whenever the Group incurs an obligation for costs to dismantle and remove a leased asset, restore the site on which it is located or restore the underlying asset to the condition required by the terms and conditions of the lease, a provision is recognized and measured under IAS 37. To the extent that the costs relate to a right-of-use asset, the costs are included in the related right-of-use asset, unless those costs are incurred to produce inventories.

Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Group expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease.

The right-of-use assets are presented as a separate line in the consolidated statements of financial position.

The Group applies IAS 36 to determine whether a right-of-use asset is impaired and accounts for any identified impairment loss as described in the 'Property and equipment' policy.

Variable rents that do not depend on an index or rate are not included in the measurement of the lease liability and the right-of-use asset. The related payment is recognized as an expense in the period in which the event or condition triggers those payments occur.

As a practical expedient, IFRS 16 permits a lessee not to separate non-lease components, and instead account for any lease and associated non-lease components as a single arrangement. The Group has not used this practical expedient. For contracts that contain lease components and one or more additional lease or non-lease components, the Group allocates the consideration in the contract to each lease component on the basis of the relative stand-alone price of the lease component and the aggregate stand-alone price of the lease component and the aggregate stand-alone price of the non-lease components. The Group had no such lease arrangements during the years ended March 31, 2024 and 2025 and has none at the date of this report.

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The Group has elected not to recognize right-of-use assets and lease liabilities for short-term leases that have a lease term of 12 months or less and leases of low-value assets. The Group recognizes the lease payments associated with these leases as an expense in cost of revenue and general and administrative expenses on a straight-line basis over the lease term.

*Sale and leaseback transactions*

The Group determines whether the transfer of an asset is accounted for as a sale by determining when a performance obligation is satisfied in IFRS 15 if an asset is sold and subsequently leased back by the Group. The Group measures the right-of-use asset resulting from the leaseback at the proportion of the previous carrying amount of the asset that pertains to the right of use retained, provided that the transfer of an asset satisfies the requirements of IFRS 15 to be accounted for as a sale. The Group recognizes only the amount of any gain or loss that pertains to the rights transferred to the buyer-lessor. The Group will continue to recognize the transferred asset and will recognize a financial liability equal to the transfer proceeds if the transfer of an asset does not meet the criteria of IFRS 15 to be accounted for as a sale. The Group will make modifications to ensure that the sale proceeds are calculated at a fair value if the amount obtained for selling an asset does not match the asset's value or if the lease payments do not correspond with market rates. The difference will be considered a prepayment of future lease payments if the lease terms are less than market rates. On the other hand, if the lease terms exceed market rates, the difference will be seen as extra funding given to the seller-lessee by the buyer-lessor. The nature of the sale and leaseback arrangements is described in Note 10.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3.20** **Equity** 

The Group only has ordinary shares, and these are classified within equity upon issue. Shares transferred in relation to settlement of (convertible) debt are measured at fair value with fair value based on the closing price of the shares on the trading day prior to the settlement date. Equity is recognized upon the recognition of share-based payment expenses; shares issued upon exercise of such options are measured at their exercise price.

Transaction costs associated with an equity transaction are accounted for as a deduction from equity to the extent they are incremental costs directly attributable to the equity transaction that otherwise would have been avoided. Transaction costs related to the issue of a compound financial instrument are allocated to the liability and equity components of the instruments in proportion to the allocation of proceeds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3.21** **Earnings per share** 

Basic earnings per share are calculated as profit attributable to owners of the Company, divided by the weighted-average number of common shares outstanding during the reporting period.

Diluted earnings per share (earnings per share after adjustment for potential shares) are calculated after adjustment for the dilutive effects of all potential common shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3.22** **Related party** 

A related party is defined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A person or a close member of that person's family
is related to the Company if that person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) has control or joint control over the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) has significant influence over the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) is a member of the key management personnel of the Company
or of a parent of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) An entity is related to the Company if any of the following
conditions applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The entity and the Company are members of the same group
(which means that each parent, subsidiary and fellow subsidiary is related to the others);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) One entity is an associate or joint venture of the other
entity (or an associate or joint venture of a member of a group of which the other entity is a member);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Both entities
 are joint ventures of the same third party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) One entity
 is a joint venture of a third entity and the other entity is an associate of the third entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The entity is
 a post-employment benefit plan for the benefit of employees of either the Company or an entity
 related to the Company. If the Company is itself such a plan, the sponsoring employers are
 also related to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) The entity
 is controlled or jointly controlled by a person identified in (a); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) A person identified
 in (a) (i) has significant influence over the entity or is a member of the key management
 personnel of the entity (or of a parent of the entity).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3.23** **Correction of error** 

The Company has identified the following errors on the consolidated balance sheet as of March 31, 2025, consolidated statements of profit or loss for the year ended March 31, 2025, consolidated statements of changes in shareholders' equity for the year ended March 31, 2025 and consolidated statements of cash flows for the year ended March 31, 2025, as previously reported:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) impairment of its
 crypto assets held;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) recognition of
 operating lease on sale-and-leaseback transactions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) classification
 of gain on conversion of crypto assets held.

The Company has restated its consolidated balance sheet as of March 31, 2025, consolidated statements of profit or loss for the year ended 31 March 2025, consolidated statements of changes in shareholders' equity for the year ended March 31, 2025 and consolidated statement of cash flow for the year ended March 31, 2025.

The effects of these items in the Company's previously issued consolidated balance sheets as of March 31, 2025 are summarized as follows:

---

| | | | |
|:---|:---|:---|:---|
| **As of March 31, 2025** | **Previously<br> Reported** | **Adjustments** | **As restated** |
| Crypto assets held | 357312 | (36191) | 321121 |
| Deposits, prepayments and other receivables | 62742 | 1191645 | 1254387 |
| **Total current asset** | 2450132 | 1155454 | 3605586 |
| Right-of-use assets |  | 6600703 | 6600703 |
| Prepayment of lease payments |  | 2383290 | 2383290 |
| **Total non-current asset** | 4763029 | 8983993 | 13747022 |
| Accrued expenses and other payables | 257763 | 121473 | 379236 |
| Lease liabilities – current portion |  | 2966771 | 2966771 |
| Tax payable | 1167433 | (178670) | 988763 |
| **Total current liabilities** | 4679493 | 2909574 | 7589067 |
| Lease liabilities – non-current portion |  | 6481557 | 6481557 |
| **Total non-current liabilities** |  | 6481557 | 6481557 |
| Accumulated deficit | (60160070) | 748316 | (59411754) |
| **Total shareholder's equity** | 2533668 | 748316 | 3281984 |

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The effects of these items in the Company's previously issued consolidated statements of profit or loss for the year ended March 31, 2025 are summarized as follows:

---

| | | | |
|:---|:---|:---|:---|
| **As of March 31, 2025** | **Previously<br> Reported** | **Adjustments** | **As restated** |
| Cost of revenue – a related party | (3585391) | 34167 | (3551224) |
| Other income and expenses, net | 630574 | 1163629 | 1794203 |
| Finance cost |  | (628150) | (628150) |
| Income tax expenses | (852282) | 178670 | (673612) |
| **Profit for the year** | 976177 | 748316 | 1724493 |

---

The effects of these items in the Company's previously issued consolidated statements of changes in shareholders' equity for the year ended March 31, 2025 are summarized as follows:

---

| | | | |
|:---|:---|:---|:---|
| **As of March 31, 2025** | **Previously<br> Reported** | **Adjustments** | **As restated** |
| Net profit | 976177 | 748316 | 1724493 |
| Accumulated deficit | (60160070) | 748316 | (59411754) |
| Total shareholders'(deficit) equity | 2533668 | 748316 | 3281984 |

---

The effects of these items in the Company's previously issued consolidated statements of cash flow for the year ended March 31, 2025 are summarized as follows:

---

| | | | |
|:---|:---|:---|:---|
| **As of March 31, 2025** | **Previously<br> Reported** | **Adjustments** | **As restated** |
| **Cash used in operating activities** | | | |
| Profit before income tax expenses | 1828459 | 569646 | 2398105 |
| Realized gain on conversion of crypto assets held | (133248) | (429341) | (296093) |
| Administrative charge on cryptocurrency transaction |  | 14021 | 14021 |
| Finance cost on lease liability |  | 628150 | 628150 |
| Provision for penalty on non-filing on income tax returns | (96896) | 315265 | 218369 |
| Reversal of Impairment loss on crypto assets held |  | (5080636) | (5080636) |
| Impairment loss on crypto assets held | (36191) | 5509977 | 5446168 |
| Gain on sale-and-leaseback transactions |  | (1321293) | (1321293) |
| Prepayment of lease payments |  | 1191645 | 1191645 |
| Depreciation |  | 2200234 | 2200234 |
| Change in accrued expenses and other payables | 56621 | (193792) | (137171) |
| **Cash used in operating activities** | (10314755) | 2869786- | (7444969) |
| **Cash flows from investing activities** |  |  |  |
| Proceeds from sales of crypto assets | 14022970 | 556260 | 14579230 |
| **Cash used in investing activities** | 14327568 | 556260 | 14883828 |
| **Cash flows from financing activities** |  |  |  |
| Lease payment - capital element |  | (2797896) | (2797896) |
| Lease payment - interest elements |  | (628150) | (628150) |
| **Cash used in financing activities** | (3316246) | (3426046) | (6742292) |

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**3. SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGEMENTS**

The preparation of the consolidated financial statements requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below:

&nbsp;&nbsp;&nbsp;&nbsp;**3.1** **Depreciation of mining machines** 

Depreciation on the Group's mining machines is calculated using the straight-line method to allocate costs up to residual values over the estimated useful lives of the assets. The Group reviews the useful lives and residual values at least at each financial year-end and adjusted, if appropriate, to ensure that the method and rates of depreciation are consistent with the expected pattern of realization of economic benefits from mining machines. The Group estimates the useful lives of mining machines based on historical experience, taking into account anticipated technological changes. If there are significant changes from previously estimated useful lives, the amount of depreciation expenses may change.

&nbsp;&nbsp;&nbsp;&nbsp;**3.2** **Accounting for crypto assets held** 

IFRS Accounting Standards do not specifically address accounting for crypto assets. Accordingly, for the preparation of the consolidated financial statements, management needs to apply judgement in determining appropriate accounting policies based on the facts and circumstances of the Group's holding of crypto assets.

With a view to the Group's business, the Group expected to hold the crypto assets for capital gain and are included in current assets in the consolidated statements of financial position as an indefinite lived intangible asset under IAS 38. Crypto assets are initially recognized based on the fair value of the crypto assets on the date of receipt. Crypto assets that are purchased in exchange for one digital asset for another digital asset are recognized at the fair value of the digital asset received. The Group recognizes realized gains or losses when crypto assets are sold on an exchange for other crypto assets or for cash consideration using a weighted average method of accounting. Purchase of crypto assets using fiat currency or sales of crypto assets to obtain fiat currency is presented as investing activity in the consolidated cash flow of the Group.

An intangible asset with an indefinite useful life is not amortized but assessed for impairment whenever events or changes in circumstances occur indicating that it is more likely than not that the indefinite-lived asset is impaired. Impairment exists when the carrying amount exceeds its fair value, which is measured using the quoted price of the crypto assets in the principal market at the time its fair value is being measured, and the Group recognized an impairment loss in an amount equal to that excess. The Group monitors and evaluates the quality and relevance of the available information, such as pricing information from the asset's principal (or most advantageous) market or from other digital asset exchanges or markets, to determine whether such information is indicative of a potential impairment. To the extent an impairment loss is recognized, the loss establishes the new cost basis of the asset. If there is an indication that previously recognized impairment losses may no longer exist or may have decreased, the recoverable amount is estimated. A previously recognized impairment loss of an asset other than goodwill is reversed only if there has been a change in the estimates used to determine the recoverable amount of that asset, but not to an amount higher than the carrying amount that would have been determined (net of any depreciation/amortization) had no impairment loss been recognized for the asset in prior years. A reversal of such an impairment loss is credited to profit or loss in the period in which it arises.

In determining fair values, management needs to apply judgement to identify the relevant available markets, and to consider accessibility to and activity within those markets in order to identify the crypto assets markets for the Group. In the event that new guidance is issued by the IASB, the Group may be required to change its accounting policies, which could have a material effect on the Group's financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;**3.3** **Revenue from the crypto assets mining business** 

There is currently limited guidance in IFRS or alternative accounting frameworks for the accounting for the revenue from the crypto assets mining business. The Group's management has exercised significant judgment in determining appropriate accounting treatment for the recognition of revenue from the crypto assets mining business. Management has examined various factors surrounding the substance of the Group's operations, such as the reliability of the measurement of the cryptocurrencies received. In the event that new guidance is issued by the IASB, the Group may be required to change its accounting policies, which could have a material effect on the Group's financial statements.

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&nbsp;&nbsp;&nbsp;&nbsp;**3.4** **Estimates of current tax** 

The Group is required to recognize a provision for income taxes based upon the taxable income and temporary differences for each of the tax jurisdictions in which it operates and for all discrete reportable income streams within those jurisdictions. Significant judgement is required in determining the amount of the taxation provision and the timing of the payment thereon. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the income tax and deferred tax provisions in the period in which such determination is made.

&nbsp;&nbsp;&nbsp;&nbsp;**3.5** **Going concern** 

The assessment of going concern requires management to make judgements based on projections of the operating cash flows generated by the Group, which is subject to a number of key assumptions. The Group has determined there is material uncertainty that may cast significant doubt on the Group's ability to continue as a going concern but has concluded it is appropriate to prepare the consolidated financial statements on a going concern basis. Refer to Note 1 for further information.

**4.** **SEGMENT INFORMATION**

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker ("CODM"). The CODM, who is the Chief Executive Officer of the Company, is responsible for allocating resources, assessing performance of the operating segments and making strategic decisions. The CODM reviews results of operations including net income or loss when making decisions about allocating resources and assessing performance of the Group.

For the purpose of internal reporting and management's operation review, the Group has two reportable segments for years ended March 31, 2024 and 2025, (i) sale of mobile phones and related accessories; and (ii) crypto assets mining business. Segments were identified based on the Group's internal reporting and how the CODM assesses the performance of the business.

*Major customers*

The Group generated 83% and 100% of crypto assets mining revenue through the provision of computing power to one and two Bitcoin mining pools for the years ended March 31, 2024 and 2025, respectively.

*Geographical information*

Total assets by geographical region within the operating segment are as follows:

---

| | | |
|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** |
|  | **2024** | **2025** |
| **Total assets** |  | **(Restated)** |
| Hong Kong | 3591946 | 12799483 |
| U.S. | 12094547 | 3738817 |
| Canada | 6310933 | 814308 |
| Total | 21997426 | 17352608 |

---

Total assets by operating segment are as follows:

---

| | | |
|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** |
|  | **2024** | **2025** |
| **Total assets** |  | **(Restated)** |
| Sale of mobile phones and related accessories | 217259 | 32183 |
| Crypto assets mining business | 21424810 | 17282482 |
| Unallocated | 355357 | 37943 |
| Total | 21997426 | 17352608 |

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Key financial performance measures of the segments are as follows:

 

*For the year ended March 31, 2024*

 

---

| | | | |
|:---|:---|:---|:---|
|  | **Sale of<br> mobile<br> phones and<br> related<br> accessories** | **Crypto<br> assets<br> mining<br> business** | **Total** |
| Revenue | 715138 | 3612995 | 4328133 |
| Segment (loss) profit | (152986) | 1166300 | 1013314 |
| Unallocated corporate expenses |  |  | (95966) |
| Foreign exchange loss |  |  | (274762) |
| Income before income tax expense |  |  | 642586 |
| **Segment assets** | 217259 | 21424810 | 21642069 |
| Corporate and other unallocated assets |  |  | 355357 |
| Total assets |  |  | 21997426 |
| **Segment liabilities** | 212930 | 402456 | 615386 |
| Corporate and other unallocated liabilities |  |  | 82337727 |
| Total liabilities |  |  | 82953113 |
| Other items: |  |  |  |
| Depreciation |  | 865203 | 865203 |
| Capital expenditures |  | 14102554 | 14102554 |

---

 

*For the year ended March 31, 2025 **(restated)***

---

| | | | |
|:---|:---|:---|:---|
|  | **Sale of<br> mobile<br> phones and<br> related<br> accessories** | **Crypto<br> assets<br> mining<br> business** | **Total** |
| Revenue | - | 15302212 | 15302212 |
| Segment (loss) profit | (261828) | 3401489 | 3139661 |
| Unallocated corporate expenses |  |  | (331736) |
| Finance cost |  |  | (628150) |
| Foreign exchange gain |  |  | 218330 |
| Income before income tax expense |  |  | 2398105 |
| **Segment assets** | 32183 | 17282482 | 17314665 |
| Corporate and other unallocated assets |  |  | 37943 |
| Total assets |  |  | 17352608 |
| **Segment liabilities** | 168998 | 13841226 | 14010224 |
| Corporate and other unallocated liabilities |  |  | 60400 |
| Total liabilities |  |  | 14070624 |
| Other items: |  |  |  |
| Depreciation |  |  |  |
| Impairment losses recognized in the consolidated statements of profit or loss |  | 36191 | 36191 |
| Capital expenditures | - | - | - |

---

**5. ACCOUNTS RECEIVABLES**

Accounts receivables consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** |
|  | **2024** | **2025** |
| Accounts receivables | 123628 | 52818 |
| Allowance for expected credit losses | (353) | (14) |
| Accounts receivables, net | 123275 | 52804 |

---

Note:

(a) The
accounts receivable includes receivables from sale of mobile phones and related accessories. The Group offered these customers with a
credit period of 90 days.

(b) The
accounts receivable includes receivables from crypto assets mining business. Crypto asset mining rewards are typically transferred 1
day after the mining date. The accounts receivables generally have a credit period of 1 day.

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An impairment analysis is performed at each reporting date using a provision matrix to measure expected credit losses. The provision rates are based on days past due to the Group of various customer segments with similar loss patterns (i.e., customer type and rating, and forms of credit insurance). The calculation reflects the probability-weighted outcome, the time value of money and reasonable and supportable information that is available at the reporting date about past events, current conditions and forecasts of future economic conditions.

**6.** **CASH AND CASH EQUIVALENTS**

Cash and cash equivalents mainly consist of bank deposits. They are demand deposits and held for the purpose of meeting short-term cash commitments. Cash and cash equivalents in the statements of cash flows equals cash and cash equivalents in the statements of financial position.

The currency profiles of the Group's cash and bank balances as of the end of each reporting period are as follows:

---

| | | |
|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** |
|  | **2024** | **2025** |
| U.S. Dollar | 272388 | 1944454 |
| Hong Kong Dollar | 1057172 | 1194 |
| Canadian Dollar | 56581 | 20438 |
| Others | 11076 | 11188 |
| Total | 1397217 | 1977274 |

---

The Group's cash and cash equivalents were held at well capitalized financial institutions in the U.S., Hong Kong and Canada.

**7. DEPOSITS, PREPAYMENTS AND OTHER RECEIVABLES**

---

| | | |
|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** |
|  | **2024** | **2025** |
|  | | **(Restated)** |
| Deposit for hosting service fee | 4090070 | 4482999 |
| Prepayment of hosting services fee | 516688 | 42545 |
| Deposit for subscription of investments (note (a)) | 283000 |  |
| Prepayment of lease payments (note (b)) |  | 3574935 |
| Others | 20197 | 20197 |
| Total | 4909955 | 8120676 |
| Less: non-current (note (c)) | (4090070) | (6866289) |
| Current | 819885 | 1254387 |

---

Note:

(a) On March 15, 2024, the Group placed a deposit of $283,000 for
an initial public offering share subscription for a listed equity. The Group was unable to subscribe to an initial public offering share
and the deposit was refunded in October 2024.

(b) It represents the
 prepayment of lease payments in the sale and leaseback transaction of crypto mining machines.
 Please refer to Note 10 for the details.

(c) It includes long-term
 deposits of $4,090,070 as of March 31, 2024, and prepayment of lease payments of $2,383,290
 and long-term deposits of $4,482,999 as of March 31, 2025.

**8. CRYPTO ASSETS HELD**

Crypto assets held are accounted for as an indefinite lived intangible asset and are initially measured at cost. The Group assigns costs to transactions on a weighted-average basis. When performing impairment test, the fair value is measured using the quoted price of the crypto assets in the industry recognized cryptocurrency exchange, HashKey Exchange and OKX, at the time its fair value is being measured for the year ended March 31, 2025 and 2024, respectively. Management considers the prices quoted on HashKey Exchange and OKX to be a level 1 input under IFRS 13, *Fair Value Measurement*.

The balance of crypto assets held by the Group consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** |
|  | **2024** | **2025** |
|  | | **(Restated)** |
| Bitcoin | 1313515 | 321121 |
| USDT | 1016723 | - |
| Total | 2330238 | 321121 |

---

[**Table of Contents**](#toc)

The following table presents the movement of crypto assets of the Group for the years ended March 31, 2024 and 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Note** | **Bitcoin** | **USDT** | **Total** |
| At April 1, 2023 | (a) | - | - | - |
| Revenue generated from crypto assets mining business |  | 3574770 |  | 3574770 |
| Converted (to) from other crypto assets |  | (2053227) | 2896289 | 843062 |
| Converted to fiat |  |  | (1460000) | (1460000) |
| Interest income generated and received from deposits in crypto exchange | 21 | 412 | 34613 | 35025 |
| Impairment |  | (211744) |  | (211744) |
| Reversal of impairment |  | 3904 |  | 3904 |
| Payment for purchase of mining machines | 21 |  | (454176) | (454176) |
| Other charges |  | (600) | (3) | (603) |
| At March 31, 2024 |  | 1313515 | 1016723 | 2330238 |
| At April 1, 2024 |  | 1313515 | 1016723 | 2330238 |
| Revenue generated from crypto assets mining business |  | 15287634 |  | 15287634 |
| Converted (to) from other crypto assets |  | (10431926) | 11044546 | 612620 |
| Converted from (to) fiat |  | (5379637) | (8679343) | (14058980) |
| Interest income generated and received from deposits in crypto exchange | 21 |  | 2343 | 2343 |
| Repayment to a related party | 21 |  | (4360181) | (4360181) |
| Cryptocurrencies received in issuance of ordinary shares to new shareholders | 18, 21 |  | 987000 | 987000 |
| Impairment |  | (5546168) |  | (5546168) |
| Reversal of impairment |  | 5080636 |  | 5080636 |
| Other charges |  | (2933) | (11088) | (14021) |
| At March 31, 2025 **(restated)** |  | 321121 | - | 321121 |

---

Note:

(a) The
Group started the bitcoin mining business on April 1, 2023. No crypto assets were held by the Group before April 1, 2023.

The following table provides the reconciliation between net income and the movement of crypto assets of the Group for the years ended March 31, 2024 and 2025:

---

| | | |
|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** |
|  | **2024** | **2025** |
|  | | **(Restated)** |
| **Crypto assets from operating activities** |  |  |
| Revenue recognized from crypto assets mining business | 3612995 | 15302212 |
| Net income to be received by crypto assets | (38225) | (14578) |
| Fair value gain on conversion of other crypto assets | 843062 | 612620 |
| Interest income generated and received from deposits in crypto exchange | 35025 | 2343 |
| Reversal of impairment | 3904 | 5080636 |
| Impairment | (211744) | (5546168) |
| Other charges | (603) | (14021) |
| **Net crypto assets provided by operating activities** | 4244414 | 15423044 |
| **Crypto assets from investing activities:** |  |  |
| Cost of sales of crypto assets | (1460000) | (14058980) |
| Fund transfer paid on behalf for a related party |  | (5318981) |
| Fund transfer receipt on behalf from a related party |  | 958800 |
| Cryptocurrencies received in issuance of ordinary shares to new shareholders |  | 987000 |
| Payment for purchase of equipment | (454176) | - |
| **Net crypto assets used in investing activities** | (1914176) | (17432161) |
| Net increase in crypto assets | 2330238 | (2009117) |
| Crypto assets at beginning of year | - | 2330238 |
| Crypto assets at end of year | 2330238 | 321121 |

---

The management's estimates of impairment provision of cryptocurrencies are made based on the current market prices of cryptocurrencies through each balance sheet date. Fluctuations in the market price of cryptocurrencies after the balance sheet date are not considered in determining the provision for impairment of cryptocurrencies.

[**Table of Contents**](#toc)

**9. EQUIPMENT**, **NET**

---

| | | |
|:---|:---|:---|
|  | **Mining**<br>**machine** |<br>**Total** |
| **Cost** | | |
| As of April 1, 2023 |  |  |
| Additions | 14102554 | 14102554 |
| Exchange realignment | (610) | (610) |
| As of March 31, 2024 | 14101944 | 14101944 |
| Disposal | (14101944) | (14101944) |
| As of March 31, 2025 | - | - |
| **Accumulated depreciation** |  |  |
| As of April 1, 2023 |  |  |
| Depreciation for the year | 865203 | 865203 |
| As of March 31, 2024 | 865203 | 865203 |
| Disposal | (865203) | (865203) |
| As of March 31, 2025 | - | - |
| **Net carrying amount** |  |  |
| As of March 31, 2025 | - | - |
| As of March 31, 2024 | 13236741 | 13236741 |

---

Please refer to Note 10 for the sale and leaseback of mining machines arrangement.

**10. RIGHT-OF-USE ASSETS AND LEASE LIABILITIES**

The Group entered the sales and purchase agreement with its related party on April 1, 2024 for disposal of all of the mining machines to a related party, Coolpad Global Inc., to settle part of the amount due to Coolpad Global Inc.. On the same day, the Group entered into a mining machine lease agreement with Coolpad Global Inc. for the use of the mining machine for four years and the Group has a right to renew one more year. As the lease payment was calculated based on the number of mining machines in operation and the daily market price of bitcoin, the lease payment is variable lease payment. The transaction qualified as a sale under IFRS 15. The arrangement is qualified as a sale and leaseback transaction in accordance with IFRS 16.

The Company measured the right-of-use asset arising from the leaseback at the proportion of the previous carrying amount of the asset that relates to the right of use retained by the Company. Accordingly, the Company recognised only the amount of any gain or loss that relates to the rights transferred to the buyer-lessor. The Group recognized a right-of-use asset of $8,800,937 and a lease liability of $12,246,224. The gain recognized on the sale portion was $1,321,293, representing the portion of the rights transferred to the buyer-lessor. The Company made adjustments to measure the sale proceeds at fair value and any below-market terms was accounted for as a prepayment of lease payments. As such, the Company recorded $4,766,579 as a prepayment of lease payments.

**Operating lease right-of-use-assets**

The following table provides a reconciliation of the carrying amounts of operating lease right-of-use assets for the years ended March 31, 2024 and 2025:

---

| | | |
|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** |
|  | **2024** | **2025** |
| Carrying value at April 1 |  |  |
| Addition |  | 8800937 |
| Depreciation expense of right-of-use assets |  | (2200234) |
| Carrying value as of March 31 |  | 6600703 |

---

[**Table of Contents**](#toc)

**Operating lease liabilities**

The Company recognizes operating lease liabilities in accordance with IFRS 16, which are measured at the present value of future lease payments. Operating lease liabilities for the years ended March 31, 2024 and 2025, are detailed as follows:

---

| | | |
|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** |
|  | **2024** | **2025** |
| Balance as of April 1 |  |  |
| Addition |  | 12246224 |
| Payments of lease liabilities |  | (2797896) |
| Balance as of March 31 |  | 9448328 |

---

The following is a schedule of future minimum lease payments under operating lease agreements as of March 31, 2025:

---

| | |
|:---|:---|
| **Years ending March 31,** | |
| 2026 | 3426046 |
| 2027 | 3426046 |
| 2028 and thereafter | 3426046 |
| Total undiscounted lease payments | 10278138 |
| Less: imputed interest | (829810) |
| Present value of operating lease liabilities | 9448328 |

---

The following are the amounts recognized in consolidated statements of profit or loss and comprehensive income:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the years ended March 31,** | **For the years ended March 31,** | **For the years ended March 31,** | **For the years ended March 31,** | **For the years ended March 31,** |
|  | | **2024** | **2024** | **2025** | **2025** |
| Depreciation expense of operating lease right-of-use assets |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 2200234 |
| Interest expense on operating lease liabilities |  |  |  |  | 628150 |

---

The weighted average interest rate applied to the lease liabilities recognized in the consolidated statements of financial position was 5.875% per annum as of March 31, 2025. The weighted average remaining lease term was 3 years as of March 31, 2025.

**11. ACCRUED EXPENSES AND OTHER PAYABLES**

---

| | | |
|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** |
|  | **2024** | **2025** |
| Accrued payroll and welfare expenses | 226568 | 102002 |
| Other accrued expenses and payables | 11470 | 18865 |
| Other payables | 60000 | 40000 |
| Provision of income tax penalty (note a) | - | 218369 |
| Total | 298038 | 379236 |

---

Note:

(a) The
Company's subsidiaries had not filed income tax returns from years ended March 31, 2024 to respective tax authorities in U.S. and
Canada. Accumulated late tax filing interest and penalty was accrued.

(b) Other payables and accruals are non-interest bearing and repayable
on demand.

**12. REVENUE** 

(a) An analysis of revenue is as follows:

---

| | | |
|:---|:---|:---|
|  | **For the years ended<br> March 31,** | **For the years ended<br> March 31,** |
|  | **2024** | **2025** |
| **Revenue from contracts with customers** |  |  |
| &nbsp;&nbsp;&nbsp;Sales of mobile phones and related accessories – point in time | 715138 |  |
| &nbsp;&nbsp;&nbsp;Crypto assets mining service – over time | 3612995 | 15302212 |
| Total | 4328133 | 15302212 |

---

[**Table of Contents**](#toc)

(b) Disaggregated
revenue data by geographical region in terms of the mining machine's location and location of customers is as follows:

---

| | | |
|:---|:---|:---|
|  | **For the years ended<br> March 31,** | **For the years ended<br> March 31,** |
|  | **2024** | **2025** |
| U.S. | 715138 | 8905041 |
| Canada | 3612995 | 6397171 |
| Total | 4328133 | 15302212 |

---

**13. COST OF REVENUE**

An analysis of cost of revenue is as follows:

---

| | | |
|:---|:---|:---|
|  | **For the years ended<br> March 31,** | **For the years ended<br> March 31,** |
|  | **2024** | **2025** |
|  | | **(Restated)** |
| Hosting service fee | 1731117 | 9731337 |
| Depreciation of property and equipment | 865203 |  |
| Cost of mobile phones | 766288 |  |
| Consumables expense | 23867 | 50526 |
| Depreciation of Right-of-use asset |  | 2200234 |
| Lease expense |  | 1350990 |
| Employee compensation and benefits | 17382 | 114884 |
| Total | 3403857 | 13447971 |

---

Source of cost of revenue is as follows:

---

| | | |
|:---|:---|:---|
|  | **For the years ended<br> March 31,** | **For the years ended<br> March 31,** |
|  | **2024** | **2025** |
|  | | **(Restated)** |
| Related parties | 766288 | 3551224 |
| Third parties | 2637569 | 9896747 |
| Total | 3403857 | 13447971 |

---

**14. OTHER INCOME AND EXPENSES, NET**

Other income and expense, net consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **For the years ended<br> March 31,** | **For the years ended<br> March 31,** |
|  | **2024** | 2025 |
|  | | **(Restated)** |
| Realized gain on conversion of crypto assets held | 843062 | 1132870 |
| Bank interest income | 1429 | 21598 |
| Interest income generated and received from deposits in crypto exchange (note (a)) | 35025 | 2343 |
| Reversal of impairment loss on crypto assets held | 3904 | 5080636 |
| Impairment loss on crypto assets held | (211744) | (5546168) |
| Gain on sale-and-leaseback |  | 1321293 |
| Provision for penalty on non-filing on income tax returns (note (b)) | - | (218369) |
| Total | 671676 | 1794203 |

---

Note:

(a) The
Group placed crypto asset in a short-term deposit on crypto exchange to receive interest which is variable and redeemable on demand.

(b) The Company's
 subsidiary had not filed income tax returns for years ended March 31, 2024 to respective
 tax authorities in U.S. and Canada. $218,369 annual late tax filing interest and penalty
 was accrued during the year ended March 31, 2025.

[**Table of Contents**](#toc)

**15. GENERAL AND ADMINISTRATIVE EXPENSES**

---

| | | |
|:---|:---|:---|
|  | **For the years ended<br> March 31,** | **For the years ended<br> March 31,** |
|  | **2024** | **2025** |
| Legal and professional fees (note (a)) | 185667 | 259988 |
| Transportation expenses | 2536 | 6620 |
| Office expenses | 31067 | 580 |
| Management fees | 4816 | 10415 |
| Wages and salaries | 53934 | 206517 |
| Pension scheme contributions | 1214 | 4591 |
| Outsourcing service fees | 304323 | 202944 |
| Short-term lease expenses | 10247 | 43320 |
| Others | 75124 | 52074 |
| Total | 668928 | 787049 |

---

Note:

(a) It mainly represents the audit fee expense for the years
ended March 31, 2024 and 2025.

**16. INCOME TAXES**

The Company, Coolbit Investment and Magic Code are domiciled in the Cayman Islands and the BVI, respectively. Both localities currently enjoy permanent income tax holidays; accordingly, the Company, Coolbit Investment and Magic Code do not accrue income taxes.

Coolpad USA and Xcentz USA is incorporated in the U.S. and is subject to U.S. federal corporate income taxes with tax rate of 21%.

Coolbit Mining PTE Ltd is incorporated in Singapore and is subject to Singapore Profits Tax on the taxable income as reported in its statutory financial statements adjusted in accordance with relevant Singapore tax laws. The applicable tax rate is 17% in Singapore, with 75% of the first SGD10,000 taxable income and 50% of the next SGD190,000 taxable income are exempted from income tax. Coolbit Mining PTE Ltd did not generate any operating income during the years ended March 31, 2024 and 2025, hence, no income tax expense is provided.

Xcentz HK is incorporated in Hong Kong and is subject to Hong Kong Profits Tax on the taxable income as reported in its statutory financial statements adjusted in accordance with relevant Hong Kong tax laws. The applicable tax rate is 16.5% in Hong Kong. From year of assessment of 2019/2020 onwards, Hong Kong profits tax rates are 8.25% on assessable profits up to HK$2,000,000, and 16.5% on any part of assessable profits over HK$2,000,000.

[**Table of Contents**](#toc)

The Company's subsidiaries are subject to the below income tax rate under the respective governing jurisdiction:

---

| | |
|:---|:---|
| **Jurisdiction** | **Income tax rate** |
| Hong Kong | 8.25% to 16.5%, under two-tiered tax regime |
| Singapore | 17% |
| U.S. | 21% to 55% |
| Canada | 15% to 32% |

---

The income tax provision consists of the following components:

---

| | | |
|:---|:---|:---|
|  | **For the years ended <br> March 31,** | **For the years ended <br> March 31,** |
|  | **2024** | **2025** |
|  | | **(Restated)** |
| Current tax expense | 306396 | 673612 |
| Total income tax | 306396 | 673612 |

---

The following table sets forth the reconciliation from income tax calculated based on the applicable tax rates and (loss) profit before income tax presented in the consolidated financial statements:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the years ended <br> March 31,** | **For the years ended <br> March 31,** | **For the years ended <br> March 31,** | **For the years ended <br> March 31,** |
|  | **2024** | **2024** | **2025** | **2025** |
|  | | | **(Restated)** | |
| Profit before income tax expense | 642586 |  | 2398105 |  |
| Tax at Cayman Island statutory tax rate\* |  |  |  |  |
| Tax at Hong Kong statutory tax rate at 16.50% | 106027 | 16.5% | 395687 | 16.5% |
| Differential of local statutory tax rates | (41948) | (6.5)% | 396890 | 16.6% |
| Tax effect on non-assessable income | (104812) | (16.3)% | (370507) | (15.4)% |
| Tax effect on non-deductible expenses |  |  | 145649 | 6.1% |
| Tax loss not recognised | 347129 | 54.0% | 166024 | 6.9% |
| Tax loss on utilisation of previously unrecognised tax losses | - | - | (60131) | (2.5)% |
| Income tax credit | 306396 | 47.7% | 673612 | 28.2% |

---

\* As the Group's business operation mainly concentrated in Hong Kong, the Group determined to apply Hong Kong statutory tax rate in reconciliation of the statutory tax rate to the effective tax rate.

As of March 31, 2024 and 2025, the Group had $342,017 and $343,392 respectively, of net operating loss carryforwards available to reduce future taxable income, respectively. All the net operating loss carryforwards will carryforward indefinitely. No deferred tax has been recognised on the losses carried forward given the uncertainty on the generation of future profits.

[**Table of Contents**](#toc)

**17. RELATED PARTY TRANSACTIONS**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Balance with related parties

The related party of the Group with whom transactions are reported in these unaudited condensed consolidated financial statements are as follows:

---

| | |
|:---|:---|
| **Name of Individual** | **Relationship with the Group** |
| Coolpad Investment Limited | A shareholder of the Company |
| Coolpad Global Inc. | An affiliate of Coolpad Investment Limited |
| Yulong Computer Telecommunication Scientific (Shenzhen) Co., Ltd | An affiliate of Coolpad Investment Limited |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **March 31,** | **March 31,** | **March 31,** | **March 31,** |
| <br>**Name** | <br>**Nature** | **2024** | **2024** | **2025** | **2025** |
| Coolpad Investment Limited | Amount due to a related party |  | 82275025 |  |  |
| Coolpad Global Inc. | Accounts payable | | - | | 3,168,498 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(b) Transactions with related parties

The amount due to Coolpad Investment Limited represented the fund advances made to the Group for operation purpose. The amount is unsecured, interest-free and due on demand. Please refer to the Note 21 for the non-cash fund advances and repayment for the details.

The following table provides the transactions with these parties for the years presented:

---

| | | | |
|:---|:---|:---|:---|
| | | **For the years ended<br> March 31,** | **For the years ended<br> March 31,** |
| <br>**Name** | <br>**Nature** | **2024** | **2025** |
|  |  |  | **(Restated)** |
| Yulong Computer Telecommunication Scientific (Shenzhen) Co., Ltd | Purchase of mobile phones and its accessories | 766288 |  |
| Coolpad Global Inc. | Lease expenses for mining machines included in cost of revenue |  | 3551224 |
| Coolpad Investment Limited | Debt waiver as a capital contribution |  | 61641887 |
| Coolpad Global Inc. | Disposal of mining machines | - | 13236741 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Compensation for key management personnel of the Group

Compensation for key management personnel of the Group is set out below:

---

| | | |
|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** |
|  | **2024** | **2025** |
| Salaries, allowances and benefits in kind |  | 101000 |
| Pension scheme contributions |  | &nbsp;&nbsp;&nbsp;&nbsp;- |
| Total |  | 101000 |

---

[**Table of Contents**](#toc)

**18. SHAREHOLDERS' (DEFICIT) EQUITY AND RESERVES**

<u>Ordinary shares</u>

The Company was established under the laws of the Cayman Islands on October 17, 2023.

For the sake of undertaking a public offering of the Company's ordinary shares, on May 12, 2025, the Group completed a re-organizing transaction resulting in 17,000,000 ordinary shares comprised of (a) 6,999,920 Class A Ordinary Shares and (b) 10,000,080 Class B Ordinary Share outstanding that have been retroactively restated to the beginning of the first period presented.

Holders of Class A ordinary shares and Class B ordinary shares vote together as one class on all matters submitted to a vote by the shareholders at any general meeting of the Company. Each Class A ordinary shares is entitled to one (1) vote and each Class B ordinary shares is entitled to ten (10) votes. Each Class B ordinary shares shall not be entitled to any dividends or distributions

---

| | | |
|:---|:---|:---|
|  | **For the years ended <br> March 31,** | **For the years ended <br> March 31,** |
|  | **2024** | **2025** |
| Number of shares authorized |  |  |
| &nbsp;&nbsp;&nbsp;Ordinary share | 1000000000 | 1000000000 |
| Number of shares issued |  |  |
| &nbsp;&nbsp;&nbsp;Beginning balance | 10000000 | 10000000 |
| &nbsp;&nbsp;&nbsp;Issuance of shares for the year | - | 7000000 |
| &nbsp;&nbsp;&nbsp;Ending balance | 10000000 | 17000000 |

---

During the year ended March 31, 2025, the Company allotted 7,000,000 ordinary shares at $0.14 per share to an investor. The consideration was settled by USDT to the Group.

<u>Capital reserve</u>

Capital reserve represents the share premium which is the consideration received by the Company over the par value of the share when it was issued. During the year ended March 31, 2025, amount due to Coolpad Investment Limited of US$61,641,887 was waived by Coolpad Investment Limited and recorded as a capital contribution to the Group.

<u>Accumulated deficit</u>

Accumulated deficit represents the cumulative amount of net loss the Company incurred in history.

<u>Accumulated other comprehensive income</u>

Exchange differences arising from the translation of the net assets of the Group's foreign operations from their functional currencies to the Group's presentation currency (i.e. US$) are recognized directly in other comprehensive income and accumulated in the translation reserve. Such exchange differences accumulated in the foreign currency translation reserve are reclassified to profit or loss on the disposal of the foreign operations.

**19. FINANCIAL RISK MANAGEMENT**

The Group's activities expose it to a variety of financial risks from its operation include (i) credit risk, (ii) liquidity risk, (iii) market risk, (iv) price risk and (v) operational risk.

The directors review and agree policies and procedures for the management of these risks, which are executed by the management team. It is, and has been throughout the current and previous financial period/years, the Group's policy that no trading in derivatives for speculative purposes shall be undertaken.

The following sections provide details regarding the Group's exposure to the abovementioned financial risks and the objectives, policies and processes for the management of these risks.

There has been no change to the Group's exposure to these financial risks or the manner in which it manages and measures the risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Credit risk

Credit risk is the risk of financial loss arising from the non-performance of a counterparty to an agreement. Credit risk arises primarily from risks related to customers and other counterparties.

[**Table of Contents**](#toc)

The carrying amounts of financial assets after impairment are presented in the statements of financial position and are the amounts of maximum exposure of the Group to financial asset credit risks.

Spot transactions are traded within the limit of the amounts received in advance from customers. Therefore, the Group does not take excessive credit risks with any specific customers.

The Group's cash, cash equivalents and crypto assets for facilitating customer transactions are exposed to credit risk because they are deposited in financial institutions and/or cryptocurrency exchange brokers. Those financial institutions are highly credit worthy, and the cryptocurrency exchange brokers are well-established domestic and overseas exchange brokers. Thus, although the credit risk is concentrated in a small number of counterparties, it is considered to be limited. In addition, customer accounts receivable is mainly due from credit card companies, which are payment processors, for settlement of funds from customers. There is also a concentration of credit risk related to customer accounts receivable, as the Group uses a small number of payment processors. However, since the settlement period is short, the credit risk associated with those processors is considered to be limited.

As part of the risk management process, the Group evaluates the financial positions of financial institutions before selecting them and subsequently reviews them on a periodic basis. In selecting and dealing with cryptocurrency exchange brokers, the Group monitors the up-to-date information of such brokers via social media and other news sources in order to be informed about any changes in their businesses. In addition, if the Group obtains information related to their credit uncertainty, such as a downgrade of their credit ratings, necessary measures are taken by collaborating with all divisions concerned to avoid such risks.

The exposure to credit risk of the Group is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **As of March 31, 2024** | **As of March 31, 2024** | **As of March 31, 2024** |
|  | <br>**12-month or<br> lifetime ECL** | **Gross<br> carrying<br> amount** | **Loss<br> allowance** | **Net carrying<br> amount** |
| Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | Lifetime ECL (Simplified) | 1397217 |  | 1397217 |
| &nbsp;&nbsp;&nbsp;Accounts receivables | Lifetime ECL (Simplified) | 123628 | (353) | 123275 |
| &nbsp;&nbsp;&nbsp;Other receivables | 12 – month ECL | 303197 | - | 303197 |
| Total |  | 1824042 | (353) | 1823689 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** |
|  | <br>**12-month or<br> lifetime ECL** | **Gross<br> carrying<br> amount** | **Loss<br> allowance** | **Net <br> carrying<br> amount** |
| Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | Lifetime ECL (Simplified) | 1977274 |  | 1977274 |
| &nbsp;&nbsp;&nbsp;Accounts receivables | Lifetime ECL (Simplified) | 52818 | (14) | 52804 |
| &nbsp;&nbsp;&nbsp;Other receivables | 12 – month ECL | 20197 | - | 20197 |
| Total |  | 2050289 | (14) | 2050275 |

---

**Exposure to credit risk**

The Group has no significant concentration of credit risk except for those significant customers disclosed below. The Group has credit policies and procedures in place to minimize and mitigate its credit risk exposure.

The following table sets forth a summary of individual customers who represent 10% or more of the Group's revenue:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** | **As of March 31,** | **As of March 31,** |
|  | **2024** | **2024** | **2025** | **2025** |
| Customer A |  | 715050 |  |  |
| Customer B | | 3,612,995 | | 15,255,075 |

---

[**Table of Contents**](#toc)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Liquidity risk

Liquidity risk refers to the risk that the Group will encounter difficulties in meeting its short-term obligations due to shortage of funds. The Group's exposure to liquidity risk arises primarily from mismatches of the maturities of financial assets and liabilities. It is managed by matching the payment and receipt cycles.

Based on the above considerations, management is of the opinion that the Group has sufficient funds to meet its working capital requirements and debt obligations, for at least the next 12 months. There are several factors that could potentially arise that could undermine the Group's plans, such as changes in the demand for its services, economic conditions, its operating results continuing to deteriorate and its shareholders unable to provide continued financial support.

The Group maintains sufficient cash and bank balances, and internally generated cash flows to finance their activities and management is satisfied that funds are available to finance the operations of the Group.

The table below analyzes the Group's financial liabilities into relevant maturity groupings based on the remaining period at the end of the reporting period to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows.

*<u>As of March 31, 2024</u>*

---

| | | |
|:---|:---|:---|
|  | **Carrying <br> amount** | **With <br> one year** |
| Accounts payable | 64099 | 64099 |
| Accrued expenses and other payables | 298038 | 298038 |
| Due to a related party | 82275025 | 82275025 |
| Total | 82637162 | 82637162 |

---

*<u>As of March 31, 2025</u>*

---

| | | | |
|:---|:---|:---|:---|
|  | **Carrying <br> amount** | **With <br> one year** | **2 to 4 years** |
| Accounts payables | 85799 | 85799 |  |
| Accounts payable – a related party | 3168498 | 3168498 |  |
| Accrued expenses and other payables | 379236 | 379236 |  |
| Lease liabilities – a related party | 9448328 | 2966771 | 6481557 |
| Total | 13081861 | 6600304 | 6481557 |

---

The maturity analysis of financial liabilities and the corresponding financial assets for managing liquidity risk are as follows. The contractual cash flow below reflects cash flows presented on an undiscounted cash flow basis, including contractual interest payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Market risk

Market risk is the risk of fluctuations in the fair value of cryptocurrencies or future cash flows as a result of changes in market price. The objective of market risk management is to manage and control market risk exposure within acceptable parameters while optimizing the return. Market risk mainly includes price fluctuation risk of cryptocurrencies.

Cryptocurrencies have a limited history, and the fair value of cryptocurrencies has been very volatile. The historical performance of cryptocurrencies is not indicative of their future price performance. The cryptocurrencies involved in the Group's operation are currently primarily based on Bitcoin and USDT. The Group currently does not use any derivative contracts to hedge its exposure to cryptocurrency risk, but management closely monitors the impact of the mainstream cryptocurrency exchange market on the change of exchange rates from cryptocurrency to fiat currency.

[**Table of Contents**](#toc)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Price risk

The Group is exposed to daily price risk on Bitcoin rewards it generates through contributing computing power to mining pools. Bitcoin rewards are typically liquidated on a daily basis.

Bitcoin currency prices are affected by various forces including global supply and demand, interest rates, exchange rates, inflation or deflation and the global political and economic conditions. The profitability of the Group is directly related to the current and future market price of digital currencies. A decline in the market prices for digital currencies could negatively impact the Group's future operations. The Group has not hedged the conversion of any of its sales of Bitcoin.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Operational risk

The Group is exposed to operational risk arising from a wide variety of factors associated with business processes, personnel, technology and infrastructure, and from external factors other than credit, market and liquidity risks, such as changes in legal and regulatory requirements. Especially, if any of the private keys relating to the Group's hot or cold wallets containing cryptocurrencies for its own accounts or for customers is lost, destroyed, or otherwise compromised or unavailable, and no backup of the private key is accessible, the Group will lose access to the cryptocurrencies in the related wallet and there will be a devastating impact on the Group's operation. Furthermore, the Group cannot provide assurance that the wallet will not be hacked or compromised. Cryptocurrency and blockchain technologies have been, and may in the future be, subject to security breaches, hacking, or other malicious activities. The customers' ability to access or sell their cryptocurrencies could be affected adversely due to any loss of private keys relating to, or hack or other compromise of, digital wallets used to store cryptocurrencies deposited by customers.

The Group is also exposed to vendor concentration risk. Ensuring the sufficiency of mining machine capacity and service providers are critical to the Company's operations as a crypto mining company. As of March 31, 2025, the Company depends on a related party to lease mining machines to the Company and an independent vendor to support the operation of the Company's activities in U.S. and Canada.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Foreign exchange risk management

Payables denominated primarily in foreign currencies are exposed to foreign exchange risks. Our foreign exchange risks arise primarily from fluctuations in the U.S. dollar. The Group manages foreign exchange risks by continuously monitoring trends in foreign exchange rates and managing its exposure to foreign exchange rate fluctuations.

**20. EARNINGS PER SHARE**

The calculation of basic earnings per share is based on the profit or loss attributable to ordinary equity shareholders of the Group and the weighted average number of ordinary shares in issue for the year ended March 31, 2024 and 2025.

Diluted earnings per share is computed using the weighted average number of ordinary shares and dilutive potential ordinary shares outstanding during the respective periods.

The following reflects the income and shares data used in the basic and diluted earnings per ordinary share computations:

---

| | | |
|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** |
|  | **2024** | **2025** |
| **Profit for the year attributable to owners of the Company** |  | **(Restated)** |
| &nbsp;&nbsp;&nbsp;Basic and diluted | 336190 | 1724493 |
| Weighted average number of shares |  |  |
| &nbsp;&nbsp;&nbsp;Basic | 10000000 | 11750000 |

---

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**21. SUPPLEMENTAL CASH FLOW INFORMATION**

The non-cash investing and financing activities are as follows:

---

| | | |
|:---|:---|:---|
|  | **For the years ended <br> March 31,** | **For the years ended <br> March 31,** |
|  | **2024** | **2025** |
| Cryptocurrencies received from issuance of ordinary shares to new shareholders |  | 987000 |
| Payment for purchase of mining machines in form of cryptocurrencies | 454176 |  |
| Interest income received in form of cryptocurrencies | 35025 | 2343 |
| Fund transfer paid on behalf for a related party in form of cryptocurrencies |  | 5318981 |
| Fund transfer receipt on behalf from a related party in form of cryptocurrencies |  | 958800 |
| Disposal of equipment to a related party to settle the amount due |  | 13236741 |
| Capital contribution in exchange for settlement of amount due to related party | - | 61641887 |

---

**22. CONTINGENT LIABILITIES**

Xcentz HK, the company incorporated in Hong Kong with business operation in U.S. and Canada, did not report the current year tax to the tax authority till the reporting date. The late tax filing may lead to contingent tax penalty as of March 31, 2025. The tax return is not yet filed so it is not possible to give the Company evaluation of the likelihood of the outcome or estimate the possible amount of tax penalty. The contingent tax penalty is estimated at $218,369 and provision was made as of March 31, 2025. Except the potential tax issue, the Company concludes that there was no contingent liability, either individually or in the aggregate, that could have resulted in an unfavorable outcome with a material adverse effect on the Group's results of operations, consolidated financial condition, or cash flows.

**23. SUBSEQUENT EVENTS**

The Company evaluated all events and transactions that occurred after March 31, 2025 up through March 23, 2026, which is the date that these consolidated financial statements are available to be issued. Saved as the event below, there were no other material subsequent events that require disclosure in these consolidated financial statements.

On May 12, 2025, the Company's board of directors passed resolutions, which were approved by the shareholders on the same date, to (i) sub-divide each authorized and each issued share into 100,000 shares of par value US$0.00001 each, resulting in the Company's authorized share capital becoming US$50,000 divided into 5,000,000,000 shares of par value US$0.00001 each, with 17,000,000 issued shares; (ii) cancel US$40,000 of authorized unissued shares, resulting in the Company's authorized share capital becoming US$10,000 divided into 1,000,000,000 shares of par value US$0.00001 each, with 17,000,000 issued shares; (iii) re-designate the authorized and issued shares into US$100,000 divided into 1,000,000,000 shares with a par value of US$0.00001 each, comprised of (a) 900,000,000 Class A Ordinary Shares with a par value of US$0.00001 each, and (b) 100,000,000 Class B Ordinary Shares with a par value of US$0.00001 each, with the 17,000,000 currently outstanding shares re-designated into (a) 6,999,920 Class A Ordinary Shares, and (b) 10,000,080 Class B Ordinary Shares. These actions were effected in accordance with the laws of the Cayman Islands.

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**24. PARENT COMPANY ONLY FINANCIAL INFORMATION**

The following presents condensed parent company only financial information of Coolbit Technologies Limited.

<u>Condensed Statement of Financial Position</u>

---

| | | |
|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** |
|  | **2024** | **2025** |
| **ASSETS** |  |  |
| **Non-current assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Interests in subsidiaries | 2300010 | 2300010 |
| &nbsp;&nbsp;&nbsp;Deferred offering costs | - | 280030 |
| **Total non-current assets** | 2300010 | 2580040 |
| **TOTAL ASSETS** | 2300010 | 2580040 |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |
| **Current liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;Due to related parties | 2309910 | 1918219 |
| &nbsp;&nbsp;&nbsp;Accrual | - | 5000 |
| **Total current liabilities** | 2309910 | 1923219 |
| **SHAREHOLDERS' (DEFICIT) EQUITY** |  |  |
| **Shareholders' equity** |  |  |
| Share capital\* | 100 | 170 |
| Capital reserve |  | 986930 |
| Accumulated deficit | (10000) | (330279) |
| **Total shareholders' (deficit) equity** | (9900) | 656821 |
| **TOTAL LIABILITIES AND SHAREHOLDERS' (DEFICIT) EQUITY** | 2300010 | 2580040 |

---

\* Retrospectively restated for the effect of share reorganization (see Note 1).

<u>Condensed Statements of Profit or Loss</u>

---

| | | |
|:---|:---|:---|
|  | **For the years ended<br> March 31,** | **For the years ended<br> March 31,** |
|  | **2024** | **2025** |
| **Expenses** |  |  |
| &nbsp;&nbsp;&nbsp;Legal and professional fees | (10000) | (213405) |
| &nbsp;&nbsp;&nbsp;Management fee expenses |  | (6283) |
| &nbsp;&nbsp;&nbsp;Wages and salaries | - | (101000) |
| **Total expenses** | (10000) | (320688) |
| **Other income** |  |  |
| &nbsp;&nbsp;&nbsp;Foreign exchange gain | - | 409 |
| **Loss before income tax expense** | (10000) | (320279) |
| **Income tax expense** | - | - |
| **Net loss** | (10000) | (320279) |

---

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<u>Condensed statements of cash flows</u>

---

| | | |
|:---|:---|:---|
|  | **For the years ended March 31,** | **For the years ended March 31,** |
|  | **2024** | **2025** |
| **Cash flows from operating activities:** |  |  |
| Profit before income tax expenses | (10000) | (320279) |
| Change in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Accrual | - | 5000 |
| **Cash provided by operating activities** | (10000) | (315279) |
| **Cash flows from financing activities:** |  |  |
| Proceeds from a related party advances | 10000 | 595309 |
| Payments for deferred offering costs | - | (280030) |
| **Cash used in financing activities** | 10000 | (315279) |
| **Net change in cash and cash equivalents** |  |  |
| Cash and cash equivalents at beginning of the year | - | - |
| **Cash and cash equivalents at the end of the year** | - | - |

---

&nbsp;&nbsp;&nbsp;&nbsp;(i) Basis of Presentation

The Company was incorporated under the laws of the Cayman Islands as a limited company on October 17, 2023 and as a holding company.

In the condensed parent company only financial statements, the Company's investment in a subsidiary stated at cost of acquisition in Coolbit Investment, Coolpad USA, Coolpad CA and Magic Code. Those condensed parent company only financial statements should be read in connection with the consolidated financial statements and notes hereto.

The condensed parent company only financial statements are presented as if the incorporation of the Company and its acquisition of subsidiaries had taken place.

&nbsp;&nbsp;&nbsp;&nbsp;(ii) Restricted Net Assets

Schedule I of Rule 5-04 of Regulation S-X requires the condensed financial information of registrant shall be filed when the restricted net assets of consolidated subsidiaries exceed 25 percent of consolidated net assets as of the end of the most recently completed fiscal year. For purposes of the above test, restricted net assets of consolidated subsidiaries shall mean that amount of the registrant's proportionate share of net assets of consolidated subsidiaries (after intercompany eliminations) which as of the end of the most recent fiscal year may not be transferred to the parent company by subsidiaries in the form of loans, advances or cash dividends without the consent of a third party (i.e., lender, regulatory agency, foreign government, etc.).

The condensed parent company only financial statements have to be prepared in accordance with Rule 12-04, Schedule I of Regulation S-X if the restricted net assets of the subsidiaries of Coolbit Technologies Limited exceed 25% of the consolidated net assets of Coolbit Technologies Limited. The Company generates revenue from its wholly owned subsidiary in Hong Kong. The abilities of the Company's subsidiaries in Hong Kong to pay dividends is not restricted. In this connection, the restricted net assets of the subsidiaries of Coolbit Technologies Limited do not exceed 25% of the consolidated net assets of Coolbit Technologies Limited and accordingly the above condensed parent company only financial information of Coolbit Technologies Limited is presented for supplementary reference.

As of March 31, 2023 and 2024, there were no material contingencies, significant provisions of long-term obligations, mandatory dividend or redemption requirements of redeemable stock or guarantees of the Company, except for those that have been separately disclosed in the consolidated financial statements, if any.

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![](image_004.jpg)

**COOLBIT TECHNOLOGIES LIMITED**

**PRELIMINARY PROSPECTUS**

**Through and including [ ], 2026 (the 25th day after the date of this prospectus), all dealers effecting transactions in these securities, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to a dealer's obligation to deliver a prospectus when acting as an underwriter and with respect to their unsold allotments or subscriptions.**

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**PART II** 

**INFORMATION NOT REQUIRED IN PROSPECTUS** 

**Item 6.** **Indemnification of directors and officers.**

Cayman Islands law does not limit the extent to which a company's memorandum and 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 Memorandum and Articles of Association permit indemnification of officers and directors against all actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred in connection with the execution of their duties, powers, authorities or discretions as a director or officer of the Company, unless such losses or damages arise through the willful neglect or default of such directors or officers.

We intend to enter into indemnification agreements with each of our directors and officers. These agreements will require us to indemnify these individuals to the fullest extent permitted under Cayman Islands law against liabilities that may arise by reason of their service to us, and to advance expenses incurred as a result of any proceeding against them as to which they could be indemnified, subject to our Company reserving its rights to recover the full amount of such advances in the event that the director or officer is subsequently found to have been negligent or otherwise have breached his or her trust or fiduciary duties to our Company or to be in default thereof, or where the Cayman Islands courts have declined to grant relief.

The form of underwriting agreement to be filed as Exhibit 1.1 to this registration statement will also provide for indemnification of us and our officers and directors.

Insofar as indemnification for liabilities arising under the Securities Act of 1933, as amended, or 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 Securities and Exchange Commission, or the SEC, such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

**Item 7. Recent sales of unregistered securities.** 

During the past three years, the Company has issued the following securities. We believe that each of the following issuances was exempt from registration under Section 4(a)(2) of the Securities Act regarding transactions not involving a public offering and/or Regulation S promulgated thereunder regarding offshore offers and sales. No underwriters were involved in these issuances of securities.

On February 20, 2025, the Company issued 70 Ordinary Shares to Prime Palace Investment Limited pursuant to a Share Purchase and Share Subscription Agreement dated December 27, 2024, by and between the Company, Coolpad Investment Limited and Prime Palace Investment Limited at a price of US$14,100 per share. The transaction was part of a reorganization undertaken in preparation for the initial public offering and listing on Nasdaq of the Company's Ordinary Shares.

On May 12, 2025, the Company effected a forward stock split whereby it issued 100,000 Ordinary Shares in exchange for each outstanding Ordinary Share. Pursuant to the stock split, the Company issued an aggregate of 17,000,000 Ordinary Shares. The stock split was effected in preparation for the initial public offering and listing on Nasdaq of the Company's Ordinary Shares.

 ****

On May 22, 2025, the Company effected a forward stock split whereby it issued 4 Ordinary Shares in exchange for each outstanding Ordinary Share. Pursuant to the stock split, the Company issued an aggregate of 20,999,760 Ordinary Shares and then collectively, 11,749,680 Ordinary Shares were surrendered by shareholders of the Corporation. The stock split was effected in preparation for the initial public offering and listing on Nasdaq of the Company's Ordinary Shares.

 ****

**Item 8. Exhibits and financial statement schedules.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Exhibits.

See "Exhibit Index" beginning on page II-4 of this registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial statement schedules.

Schedules not listed above have been omitted because the information required to be set forth therein is not applicable or is shown in the consolidated financial statements or notes thereto.

[**Table of Contents**](#toc)

 ****

**Item 9. Undertakings.**

The undersigned Registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. 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;i. 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;ii. 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. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. 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 *.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment that contains a form of prospectus 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;c. 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;d. That, for the purpose of determining liability under the Securities Act of 1933 to any purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. each prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5) or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii) or (x) for the purpose of providing the information required by Section 10(a) of the Securities Act shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. That, for the purpose of determining liability under the Securities Act of 1933 to any purchaser: each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. That, for the purpose of determining liability of the registrant under the Securities Act to any purchaser in the initial distribution of the securities, the undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. The portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.

Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the undersigned registrant pursuant to the foregoing provisions, or otherwise, the undersigned registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act of 1933 and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the undersigned of expenses incurred or paid by a director, officer or controlling person of the undersigned 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 undersigned 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 them is against public policy as expressed in the Securities Act of 1933 and will be governed by the final adjudication of such issue.

[**Table of Contents**](#toc)

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description of document** |
| 1.1 | [Form of Underwriting Agreement\*](coolbitex1-1.htm) |
| 3.1 | [Amended and Restated Memorandum and Articles of Association effective May 22, 2026\*](coolbitex3-1.htm) |
| 4.1 | Specimen Stock Certificate\*\* |
| 5.1 | Form of Opinion of Conyers Dill & Pearman regarding the validity of the shares being registered\*\* |
| 8.1 | Form of Opinion of Conyers Dill & Pearman regarding certain Cayman Islands tax matters (included in Exhibit 5.1)\*\* |
| 10.1 | [Form of Independent Director's Agreement\*](coolbitex10-1.htm) |
| 10.2 | [Form of Indemnification Agreement\*](coolbitex10-2.htm) |
| 10.3 | [Form of Audit Committee Charter\*](coolbitex10-3.htm) |
| 10.4 | [Form of Nomination Committee Charter\*](coolbitex10-4.htm) |
| 10.5 | [Form of Compensation Committee Charter\*](coolbitex10-5.htm) |
| 10.6 | [Director's Service Agreement between Coolbit Technologies Limited and Jiajun Chen\*](coolbitex10-6.htm) |
| 10.7 | [Director's Service Agreement between Coolbit Technologies Limited and Sze Wah Sam Cheung\*](coolbitex10-7.htm) |
| 10.8 | [Procurement Contract between Xcentz Limited and Yongxudigitalco., Limited dated August 9, 2023^\*](coolbitex10-8.htm) |
| 10.9 | [Procurement Contract between Xcentz Limited and Digital Treasures Assets Pte. Ltd. dated August 11, 2023^\*](coolbitex10-9.htm) |
| 10.10 | [Procurement Contract between Xcentz Limited And Y ongxudigitalco., Limited dated September 28, 2023^\*](coolbitex10-10.htm) |
| 10.11 | [Future Sales and Purchase Agreement between Xcentz Limited and JingYun Intelligent Technology Limited dated November 3, 2023^\*](coolbitex10-11.htm) |
| 10.12 | [Procurement Contract between Xcentz Limited and Yongxudigitalco., Limited^\*](coolbitex10-12.htm) |
| 10.13 | [Sales and Purchase Agreement between Xcentz Limited and JingYun Intelligent Technology Limited dated June 12, 2024^\*](coolbitex10-13.htm) |
| 10.14 | Mining Pool Services Agreement between Xcentz Limited and Fram Farm Inc. (dba F2Pool) dated November 15, 2024^\*\* |
| 10.15 | [Mining Services Agreement between Xcentz Limited and Antpool Technologies (BVI) Limited dated August 30, 2023^\*](coolbitex10-15.htm) |
| 10.16 | Hosting Services Agreement between Xcentz Limited and 10139882 Manitoba Ltd. dated August 7, 2023^\*\* |
| 10.17 | [Hosting Services Agreement between Xcentz Limited and 10139882 Manitoba Ltd. dated September 5, 2023^\*](coolbitex10-17.htm) |
| 10.18 | [Hosting Services Agreement between Xcentz Limited and 10139882 Manitoba Ltd. dated December 15, 2023^\*](coolbitex10-18.htm) |
| 10.19 | [Hosting Services Agreement between Xcentz Limited and Octagon Energy Ltd. dated November 3, 2023^\*](coolbitex10-19.htm) |
| 10.20 | [Hosting Services Agreement between Xcentz Limited and Octagon Power USA Inc. dated December 15, 2023^\*](coolbitex10-20.htm) |
| 10.21 | [Computer Server Lease Agreement dated April 1, 2024^\*](coolbitex10-21.htm) |
| 10.22 | [Hashkey Agreement and associated Hashkey Investor Business Terms, as amended for the Addition of Dormant Account Clause between Xcentz Limited and Hashkey Exchange dated October 9, 2024\*](coolbitex10-22.htm) |
| 10.23 | Coinbase Agreement and associated Coinbase Wallet Dapp Terms of Service Agreement between Xcentz Limited and Coinbase Global Inc. dated October 9, 2024\*\* |
| 10.24 | Mining Services Agreement between Xcentz Limited and Antpool Technologies Pte. Ltd dated January 23, 2024^\*\* |
| 10.25 | [Asset Transfer Agreement between Xcentz Limited and Coolpad Global Inc. dated March 30, 2024\*](coolbitex10-25.htm) |
| 10.26 | Director's Service Agreement between Coolbit Technologies Limited and Cynthia Sin Yee Cheung\*\* |
| 10.27 | [Novation Agreement between Coolpad Technologies CA, Inc. and 10139882 Manitoba Ltd. dated January 1, 2026\*](coolbitex10-27.htm) |
| 10.28 | [Novation Agreement between Coolpad Technologies CA, Inc. and 10139882 Manitoba Ltd. dated January 1, 2026\*](coolbitex10-28.htm) |
| 10.29 | [Novation Agreement between Coolpad Technologies, Inc. and Octagon Energy Ltd. dated January 1, 2026\*](coolbitex10-29.htm) |
| 10.30 | [Novation Agreement between Coolpad Technologies, Inc. and Octagon Power USA Inc. dated January 1, 2026\*](coolbitex10-30.htm) |
| **10.31** | **Assignment of Mining Pool Services between XCentz Limited, Coolpad Technologies CA, Inc. and Coolpad Technologies Inc. dated December 31, 2025\*\*** |
| **10.32** | **Assignment of Hosting Services Agreement between XCentz Limited, Coolpad Technologies CA, Inc. and Coolpad Technologies Inc. dated January 1, 2026\*\*** |
| **10.33** | **Assignment of Computer Server Lease Agreement between XCentz Limited, Coolpad Technologies, Inc. and Coolpad Technologies Inc. dated January 1, 2026\*\*** |
| **10.34** | **[Mining Services Agreement between Coolpad Technologies CA, Inc., Coolpad Technologies Inc. and Antpool Technologies (BVI) Limited dated December 31, 2025\*](coolbitex10-34.htm)** |
| 10.35 | [Novation Agreement between Coolpad Global Inc., Xcentz Limited, Coolpad Technologies CA, Inc. and Coolpad Technologies, Inc. dated January 1, 2026\*](coolbitex10-35.htm) |
| 14.1 | [Code of Ethics\*](coolbitex14-1.htm) |
| 21.1 | [List of Subsidiaries of the Registrant\*](coolbitex21-1.htm) |
| 23.1 | [Consent of WWC, PC\*](coolbitex23-1.htm) |
| 23.2 | Consent of Conyers Dill & Pearman (included in Exhibits 5.1 and 8.1)\*\* |
| 23.3 | [Consent of Frost & Sullivan\*](coolbitex23-3.htm) |
| 23.4 | Consent of Lifang & Partners, Shenzhen Office\*\* |
| 23.5 | Consent of Aird & Berlis LLP\*\* |
| 24.1 | [Form of Power of Attorney (included on signature page)\*](#p_001) |
| 99.1 | Form of Opinion of Robertsons regarding Hong Kong law matters\*\* |
| 99.2 | Form of Opinion of Lifang & Partners, Shenzhen Office regarding PRC law matters\*\* |
| 99.3 | [Company Representation under Item 8.A.4 of Form 20-F\*](coolbitex99-3.htm) |
| 107 | [Filing Fee Table\*](coolbitex-fee.htm) |

---

---

| | |
|:---|:---|
| ^ | Certain portions of these exhibits have been omitted pursuant to Item 601(b)(10)(iv) of Regulation S-K on the basis that the Registrant customarily and actually treats that information as private or confidential and the omitted information is not material. The Registrant agrees to furnish an unredacted copy of the exhibits to the SEC upon its request. |
| \* | Attached hereto. |
| \*\* | To be submitted by amendment |

---

[**Table of Contents**](#toc)

**SIGNATURES** 

Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant has duly caused this registration statement on Form F-1 to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Richmond, British Columbia on May 22, 2026.

---

| | |
|:---|:---|
| COOLBIT TECHNOLOGIES LIMITED | COOLBIT TECHNOLOGIES LIMITED |
| By: | /s/ Jiajun Chen |
|  | Jiajun Chen |
|  | Chief Executive Officer |
|  | (Principal Executive Officer) |

---

We, the undersigned directors and executive officers of Coolbit Technologies Limited and its subsidiaries hereby severally constitute and appoint Jiajun Chen, singly (with full power to act alone), our true and lawful attorney-in-fact and agent with full power of substitution and resubstitution in him, for him and in his name, place and stead, and in any and all capacities, to sign this registration statement on Form F-1 and any and all amendments (including post-effective amendments) to this registration statement (or any other registration statement for the same offering that is to be effective upon filing pursuant to Rule 462(b) under the Securities Act), and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorney-in-fact and agent, and him, full power and authority to do and perform each and every act and thing requisite or necessary to be done in and about the premises, as full to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent or his 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 on Form F-1/A has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ Jiajun Chen | Chief Executive Officer and Director |  |
| Jiajun Chen | (*Principal Executive Officer*) | May 22, 2026 |
| /s/ Fei Ma | Chief Financial Officer |  |
| Fei Ma | (*Principal Financial and Accounting Officer*) | May 22, 2026 |
| /s/ Sze Wah Sam Cheung | Director | May 22, 2026 |
| Sze Wah Sam Cheung |  |  |
| /s/ Cynthia Sin Yee Cheung \* | Director | May 22, 2026 |
| Cynthia Sin Yee Cheung |  |  |
| /s/ Kingyin Wong \* | Director | May 22, 2026 |
| Kingyin Wong |  |  |
| /s/Guan Wang \* | Director | May 22, 2026 |
| Guan Wang |  |  |

---

---

| | |
|:---|:---|
| \*By: | /s/ Jiajun Chen |
|  | Jiajun Chen, Attorney-in-fact |

---

[**Table of Contents**](#toc)

**SIGNATURE OF AUTHORIZED REPRESENTATIVE OF THE REGISTRANT**

Pursuant to the Securities Act, the undersigned, the duly authorized representative in the United States of America, has signed this registration statement or amendment thereto in Newark, Delaware, United States of America on May 22, 2026.

---

| | |
|:---|:---|
| <u>Puglisi & Associates,</u> | <u>Puglisi & Associates,</u> |
| Authorized U.S. Representative | Authorized U.S. Representative |
| By: | /s/ Donald J. Pulgisi |
| Name: | Donald J. Pulgisi |
| Title: | Managing Director |

---

## Exhibit 1.1

**Exhibit 1.1**

**COOLBIT TECHNOLOGIES LIMITED**

**UNDERWRITING AGREEMENT**

**[ ] Class A Ordinary Shares by the Company**

[Date], 2026

Eddid Securities USA Inc.

40 Wall Street, Suite 1606,

New York, NY 10005

*As Representative of the Several Underwriters Named on Schedule I hereto*

Ladies and Gentlemen:

COOLBIT TECHNOLOGIES LIMITED, a Cayman Islands exempted company with limited liability (the "<u>Company</u>") and Prime Palace Investment Limited, a shareholder of the Company (the "<u>Selling Shareholder</u>") propose, subject to the terms and conditions stated herein, to issue and sell to the underwriters named in **Schedule I** hereto (the "<u>Underwriters</u>," or each, an "<u>Underwriter</u>"), for whom Eddid Securities USA Inc. is acting as representative (the "<u>Representative</u>," and if there are no Underwriters other than the Representative, references to multiple Underwriters shall be disregarded and the term Representative as used herein shall have the same meaning as Underwriter), an aggregate of [ ] Class A ordinary shares, par value $0.00001 per share (the "<u>Ordinary Shares</u>"), of the Company (the "<u>Firm Shares</u>"), of which [ ] Ordinary Shares are to be issued and sold by the Company and [ ] Ordinary Shares are to be sold by the Selling Shareholder (the Ordinary Shares to be sold by the Selling Shareholder being the "<u>Shareholder Shares</u>"). The Company has also granted to the Representative an option to purchase up to [●]<sup>1</sup> additional Ordinary Shares, on the terms and for the purposes set forth in Section 4(b) hereof (the "<u>Additional Shares</u>"). The Firm Shares and any Additional Shares purchased pursuant to this Agreement are herein collectively referred to as the "<u>Offered Securities</u>." The offering and sale of the Offered Securities contemplated by this Agreement is referred to herein as the "<u>Offering</u>."

The Company, the Selling Shareholder and the several Underwriters hereby confirm their agreement as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.***  ***Registration Statement and Prospectus*** .

The Company has prepared and filed with the Securities and Exchange Commission (the "<u>Commission</u>") a registration statement covering the Securities on Form F-1 (File No.333-) under the Securities Act of 1933, as amended (the "<u>Securities Act</u>"), and the rules and regulations (the "<u>Rules and Regulations</u>") of the Commission thereunder, including a preliminary prospectus relating to the Offered Securities and such amendments to such registration statement (including post effective amendments) as may have been required to the date of this Agreement. Such registration statement, as amended (including any post effective amendments), has been declared effective by the Commission. Such registration statement, including amendments thereto (including post effective amendments thereto) and all documents and information deemed to be a part of the Registration Statement through incorporation by reference or otherwise at the time of effectiveness thereof (the "<u>Effective Time</u>"), the exhibits and any schedules thereto at the Effective Time or thereafter during the period of effectiveness and the documents and information otherwise deemed to be a part thereof or included therein by the Securities Act or otherwise pursuant to the Rules and Regulations at the Effective Time or thereafter during the period of effectiveness, is herein called the "<u>Registration Statement</u>." If the Company has filed or files an abbreviated registration statement pursuant to Rule 462(b) under the Securities Act (the "<u>Rule 462 Registration Statement</u>"), then any reference herein to the term Registration Statement shall include such Rule 462 Registration Statement. Any preliminary prospectus included in the Registration Statement or filed with the Commission pursuant to Rule 424(a) under the Securities Act is hereinafter called a "<u>Preliminary Prospectus</u>." The Preliminary Prospectus relating to the Offered Securities that was included in the Registration Statement immediately prior to the pricing of the Offering contemplated hereby is hereinafter called the "<u>Pricing Prospectus</u>."

<sup>1</sup> 15% of Company's Firm Shares.

The Company is filing with the Commission pursuant to Rule 424 under the Securities Act a final prospectus covering the Securities, which includes the information permitted to be omitted therefrom at the Effective Time by Rule 430A under the Securities Act. Such final prospectus, as so filed, is hereinafter called the "<u>Final Prospectus</u>." The Final Prospectus, the Pricing Prospectus and any Preliminary Prospectus in the form in which they were included in the Registration Statement or filed with the Commission pursuant to Rule 424 under the Securities Act is hereinafter called a "<u>Prospectus</u>." Reference made herein to any Preliminary Prospectus, the Pricing Prospectus or to the Prospectus shall be deemed to refer to and include any documents incorporated by reference therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.***  ***Representations and Warranties of the Company Regarding the Offering.*** 

(a) The Company represents and warrants to, and agrees with, the several Underwriters, as of the date hereof and as of the Closing Date (as defined in Section 4(d) below) or the Option Closing Date (as defined in Section 4(b) below) as the case may be, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **No Material Misstatements or Omissions**. At each time of effectiveness, at the date hereof, at the
Closing Date or the Option Closing Date, the Registration Statement and any post-effective amendment thereto complied or will comply in
all material respects with the requirements of the Securities Act and the Rules and Regulations and did not, does not, and will not, as
the case may be, contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary
to make the statements therein not misleading. The Time of Sale Disclosure Package (as defined below) as of the date hereof and at the
Closing Date or Option Closing Date, any roadshow or investor presentations delivered to and approved by the Underwriters for use in connection
with the marketing of the offering of the Offered Securities (the " <u>Marketing Materials</u> "), if any, and the Final Prospectus,
as amended or supplemented, as of its date, at the time of filing pursuant to Rule 424(b) under the Securities Act, at the Closing Date
or the Option Closing Date, did not, does not and will not contain any untrue statement of a material fact or omit to state a material
fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were
made, not misleading. The representations and warranties set forth in the two immediately preceding sentences shall not apply to statements
in or omissions from the Registration Statement, the Time of Sale Disclosure Package or any Prospectus in reliance upon, and in conformity
with, written information furnished to the Company by the Underwriters specifically for use in the preparation thereof, which written
information is described in Section 7(f). The Registration Statement contains all exhibits and schedules required to be filed by the Securities
Act or the Rules and Regulations. No order preventing or suspending the effectiveness or use of the Registration Statement or any Prospectus
is in effect and no proceedings for such purpose have been instituted or are pending, or, to the knowledge of the Company, are contemplated
or threatened by the Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) **Marketing Materials**. The Company has not distributed any prospectus or other Offering material
in connection with the offering and sale of the Offered Securities other than the Time of Sale Disclosure Package and the roadshow or
investor presentations delivered to and approved by the Representative for use in connection with the marketing of the offering of the
Offered Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) **Accurate Disclosure**. (A) The Company has provided a copy to the Underwriters of each Issuer Free
Writing Prospectus (as defined below) used in the sale of the Offered Securities. The Company has filed all Issuer Free Writing Prospectuses
required to be so filed with the Commission, and no order preventing or suspending the effectiveness or use of any Issuer Free Writing
Prospectus is in effect and no proceedings for such purpose have been instituted or are pending, or, to the knowledge of the Company,
are contemplated or threatened by the Commission. When taken together with the rest of the Time of Sale Disclosure Package or the Final
Prospectus, no Issuer Free Writing Prospectus, as of its issue date and at all subsequent times though the completion of the public offer
and sale of the Offered Securities, has, does or will include (1) any untrue statement of a material fact or omission to state any material
fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading,
or (2) information that conflicted, conflicts or will conflict with the information contained in the Registration Statement or the Final
Prospectus. The representations and warranties set forth in the immediately preceding sentence shall not apply to statements in or omissions
from the Time of Sale Disclosure Package, the Final Prospectus or any Issuer Free Writing Prospectus in reliance upon, and in conformity
with, written information furnished to the Company by any Underwriter specifically for use in the preparation thereof, which written information
is described in Section 7(f). As used in this paragraph and elsewhere in this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) " <u>Time of Sale Disclosure Package</u> " means the Prospectus most recently filed with the
Commission before the time of this Agreement, including any preliminary prospectus supplement deemed to be a part thereof, each Issuer
Free Writing Prospectus, and the description of the transaction provided by the Underwriters included on **Schedule II**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) " <u>Issuer Free Writing Prospectus</u> " means any "issuer free writing prospectus,"
as defined in Rule 433 under the Securities Act, relating to the Securities that (A) is required to be filed with the Commission by the
Company, or (B) is exempt from filing pursuant to Rule 433(d)(5)(i) or (d)(8) under the Securities Act, in each case in the form filed
or required to be filed with the Commission or, if not required to be filed, in the form retained in the Company's records pursuant
to Rule 433(g) under the Securities Act.

At the time of filing of the Registration Statement and at the date hereof, the Company was not and is not an "ineligible issuer," as defined in Rule 405 under the Securities Act or an "excluded issuer" as defined in Rule 164 under the Securities Act.

Each Issuer Free Writing Prospectus listed on **Schedule III** satisfied, as of its issue date and at all subsequent times through the Prospectus Delivery Period (as defined in Section 5(a) hereof), all other conditions as may be applicable to its use as set forth in Rules 164 and 433 under the Securities Act, including any legend, record-keeping or other requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) **Financial Statements**. The financial statements of the Company, together with the related notes
and schedules, included in the Registration Statement, the Time of Sale Disclosure Package and the Final Prospectus comply in all material
respects with the applicable requirements of the Securities Act and the Securities Exchange Act of 1934, as amended (the " <u>Exchange Act</u> "), and the rules and regulations of the Commission thereunder, and fairly present in all material respects the financial
condition of the Company as of the dates indicated and the results of operations and changes in cash flows for the periods therein specified
in accordance with generally accepted accounting principles in the United States of America (" <u>U.S. GAAP</u> "). No other
financial statements, pro forma financial information or schedules are required under the Securities Act, the Exchange Act, or the Rules
and Regulations to be included in the Registration Statement, the Time of Sale Disclosure Package or the Final Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) **Pro Forma Financial Information**. The pro forma financial statements included in the Registration
Statement, the Time of Sale Disclosure Package and the Final Prospectus include assumptions that provide a reasonable basis for presenting
the significant effects directly attributable to the transactions and events described therein, the related pro forma adjustments give
appropriate effect to those assumptions, and the pro forma adjustments reflect the proper application of those adjustments to the historical
financial statements amounts in the pro forma financial statements included in the Registration Statement, the Time of Sale Disclosure
Package and the Final Prospectus. The pro forma financial statements included in the Registration Statement, the Time of Sale Disclosure
Package and the Final Prospectus comply as to form in all material respects with the application requirements of Regulation S-X under
the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) **Independent Accountants.** To the Company's knowledge, WWC, P.C., which has expressed its opinion
with respect to the audited financial statements and schedules included as a part of the Registration Statement, the Time of Sale Disclosure
Package and the Final Prospectus, is an independent public accounting firm with respect to the Company within the meaning of the Securities
Act and the Rules and Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) **Accounting Controls.** The Company and its subsidiaries will maintain a system of "internal
control over financial reporting" (as defined under Rules 13a-15 and 15d-15 under the Exchange Act) that complies with the requirements
of the Exchange Act and has been designed by, or under the supervision of, its principal executive and principal financial officer, or
persons performing similar functions, to provide reasonable assurance regarding the reliability of financial reporting and the preparation
of financial statements for external purposes in accordance with U.S. GAAP, including, but not limited to, internal accounting controls
sufficient to provide reasonable assurance that (i) transactions are executed in accordance with management's general or specific
authorizations; (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with U.S. GAAP
and to maintain asset accountability; (iii) access to assets is permitted only in accordance with management's general or specific
authorization; and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate
action is taken with respect to any differences.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) **Forward-Looking Statements**. The Company had a reasonable basis for, and made in good faith, each
"forward-looking statement" (within the meaning of Section 27A of the Securities Act or Section 21E of the Exchange Act) contained
or incorporated by reference in the Registration Statement, the Time of Sale Disclosure Package, the Final Prospectus or the Marketing
Materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) **Statistical and Marketing-Related Data**. All statistical or market-related data included or incorporated
by reference in the Registration Statement, the Time of Sale Disclosure Package or the Final Prospectus, or included in the Marketing
Materials, are based on or derived from sources that the Company reasonably believes to be reliable and accurate, and the Company has
obtained the written consent to the use of such data from such sources, to the extent required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) **Pursuant to the Exchange Act**. The Company has filed with the Commission a Form 8-A (File Number) providing for the registration pursuant to Section 12(b) under the Exchange Act of the Ordinary Shares. The registration of the Ordinary
Shares under the Exchange Act has been declared effective by the Commission on or prior to the date hereof. The Company has taken no action
designed to, or likely to have the effect of, terminating the registration of the Ordinary Shares under the Exchange Act, nor has the
Company received any notification that the Commission is contemplating terminating such registration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) **Stock Exchange Listing**. The Ordinary Shares have been approved for listing on The Nasdaq Capital
Market (" <u>Nasdaq</u> "), and the Company has taken no action designed to, or likely to have the effect of, delisting the
Ordinary Shares from Nasdaq, nor has the Company received any written notification that Nasdaq is contemplating terminating such listing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) **Absence of Manipulation**. The Company has not taken, directly or indirectly, any action that is
designed to or that has constituted or that would reasonably be expected to cause or result in the stabilization or manipulation of the
price of any security of the Company to facilitate the sale or resale of the Offered Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) **Investment Company Act**. The Company is not and, after giving effect to the offering and sale of
the Offered Securities and the application of the net proceeds thereof, will not be an "investment company," as such term
is defined in the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) **Payments.** All payments to be made by the Company under this Agreement and, except as expressly
disclosed in each of the Registration Statement, the Time of Sale Disclosure Package and the Prospectus, all dividends and other distributions
on the Ordinary Shares (i) may, under the current laws and regulations of the Cayman Islands, British Virgin Islands, Canada, Hong Kong,
Singapore and the United States or any political subdivision or any authority or agency therein or thereof having power to tax, or of
any other jurisdiction in which the Company is organized or incorporated, engaged in business or is otherwise resident for tax purposes
or any political subdivision or any authority or agency therein or thereof having the power to tax (each, a " <u>Relevant Taxing Jurisdiction</u> "), be freely transferred out of the Relevant Taxing Jurisdiction and (ii) will, under the current laws and regulations
of any Relevant Taxing Jurisdiction, not be subject to withholding or deduction of or on account of taxes and are otherwise payable free
and clear of any withholding or deduction of or on account of taxes in each Relevant Taxing Jurisdiction and without the necessity of
obtaining any governmental authorization in any Relevant Taxing Jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) **Foreign Private Issuer.** The Company is a "foreign private issuer" (as such term is
defined in the Rules and Regulations under the Securities Act and Exchange Act) and, as of the Effective Time, the conditions to the use
of Form F-1 in connection with this offering and sale of the Offered Securities as contemplated hereby have been satisfied.

(b) Any certificate signed by any officer of the Company and delivered to the Underwriters or to counsel for the Underwriters shall be deemed a representation and warranty by the Company to the Underwriters as to the matters covered thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.***  ***Representations and Warranties Regarding the Company and the Selling Shareholder.*** 

(a) The Company represents and warrants to, and agrees with, the several Underwriters, as of the date hereof and as of the Closing Date or the Option Closing Date as the case may be, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Good Standing**. Each of the Company and its subsidiaries has been duly incorporated or organized
and is validly existing as a company, corporation or other entity in good standing (or equivalent status in the relevant jurisdiction)
under the laws of its jurisdiction of incorporation or organization. Each of the Company and its subsidiaries has the power and authority
(corporate or otherwise) to own its properties and conduct its business as currently being carried on and as described in the Registration
Statement, the Time of Sale Disclosure Package and the Prospectus, and is duly qualified to do business as a foreign corporation or other
entity in good standing in each jurisdiction in which it owns or leases real property or in which the conduct of its business makes such
qualification necessary, except where the failure to so qualify would not have or be reasonably likely to result in a material adverse
effect upon the business, prospects, properties, operations, condition (financial or otherwise) or results of operations of the Company
and its subsidiaries, taken as a whole, or in its ability to perform its obligations under this Agreement (" <u>Material Adverse Effect</u> ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) **Validity and Binding Effect of Agreement**. This Agreement has been duly and validly authorized by
the Company, and, when executed and delivered, will constitute, the valid and binding agreement of the Company, enforceable against the
Company in accordance with its terms, except: (i) as such enforceability may be limited by bankruptcy, insolvency, reorganization or similar
laws affecting creditors' rights generally; (ii) as enforceability of any indemnification or contribution provision may be limited
under the federal and state securities laws; and (iii) that the remedy of specific performance and injunctive and other forms of equitable
relief may be subject to the equitable defenses and to the discretion of the court before which any proceeding therefor may be brought.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) **Contracts**. The execution, delivery and performance of this Agreement and the consummation of the
transactions herein and therein contemplated will not (A) result in a breach or violation of any of the terms and provisions of, or constitute
a default under, any law, order, rule or regulation to which the Company or any subsidiary is subject, or by which any property or asset
of the Company or any subsidiary is bound or affected, except to the extent that such conflict, breach or default is not reasonably likely
to result in a Material Adverse Effect, (B) conflict with, result in any violation or breach of, or constitute a default (or an event
that with notice or lapse of time or both would become a default) under, or give to others any right of termination, amendment, acceleration
or cancellation (with or without notice, lapse of time or both) (a " <u>Default Acceleration Event</u> ") of, any agreement,
lease, credit facility, debt, note, bond, mortgage, indenture or other instrument (the " <u>Contracts</u> ") or obligation or
other understanding to which the Company or any subsidiary is a party or by which any property or asset of the Company or any subsidiary
is bound or affected, except to the extent that such conflict, default, or Default Acceleration Event is not reasonably likely to result
in a Material Adverse Effect, or (C) result in a breach or violation of any of the terms and provisions of, or constitute a default under,
the Company's Amended and Restated Memorandum and Articles of Association (" <u>Memorandum and Articles</u> ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) **No Violations of Governing Documents**. Neither the Company nor any of its subsidiaries is in violation,
breach or default under its Memorandum and Articles or other equivalent constitutional, organizational or governing documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) **Consents**. No consents, approvals, orders, authorizations or filings are required on the part of
the Company in connection with the execution, delivery or performance of this Agreement and the issue and sale of the Offered Securities,
except (A) the registration under the Securities Act of the Offered Securities, which has been effected, (B) the necessary filings and
approvals from Nasdaq to list the Offered Securities, (C) such consents, approvals, authorizations, registrations or qualifications as
may be required under state or foreign securities or Blue Sky laws and the rules of the Financial Industry Regulatory Authority, Inc.
(" <u>FINRA</u> ") in connection with the purchase and distribution of the Offered Securities by the several Underwriters, (D)
such consents and approvals as have been obtained and are in full force and effect, and (E) such consents, approvals, orders, authorizations
and filings the failure of which to make or obtain is not reasonably likely to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) **Capitalization**. The Company and each subsidiary have an authorized capitalization as set forth
in the Registration Statement, the Time of Sale Disclosure Package and the Final Prospectus. All of the issued and outstanding shares
of the Company and each subsidiary are duly authorized and validly issued, fully paid and nonassessable, and have been issued in compliance
with all applicable securities laws, and conform to the description thereof in the Registration Statement, the Time of Sale Disclosure
Package and the Final Prospectus. Since the respective dates as of which information is provided in the Registration Statement, the Time
of Sale Disclosure Package or the Final Prospectus, the Company has not entered into or granted any convertible or exchangeable securities,
options, warrants, agreements, contracts or other rights in existence to purchase or acquire from the Company any shares of the Company
or any subsidiary. The Offered Securities have been duly authorized for issuance and sale and, when issued and paid for, will be validly
issued, fully paid and non-assessable; the holders thereof are not and will not be subject to personal liability by reason of being such
holders; the Offered Securities are not and will not be subject to the preemptive rights of any holders of any security of the Company
or similar contractual rights granted by the Company; and all corporate action required to be taken for the authorization, issuance and
sale of the Offered Securities has been duly and validly taken. The Offered Securities conform in all material respects to all statements
with respect thereto contained in the Registration Statement, the Time of Sale Disclosure Package and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) **Taxes**. Each of the Company and its subsidiaries has (a) filed all foreign, federal, state and local
tax returns (as hereinafter defined) required to be filed with taxing authorities prior to the date hereof or has duly obtained extensions
of time for the filing thereof (except where the failure to file would not, individually or in the aggregate, have a Material Adverse
Effect) and (b) paid all taxes (as hereinafter defined) shown as due and payable on such returns that were filed and has paid all taxes
imposed on or assessed against the Company or such respective subsidiary (except where the failure to pay would not, individually or in
the aggregate, have a Material Adverse Effect). The provisions for taxes payable, if any, shown on the financial statements included in
the Registration Statement, the Time of Sale Disclosure Package and the Final Prospectus are sufficient for all accrued and unpaid taxes,
whether or not disputed, and for all periods to and including the dates of such consolidated financial statements. To the knowledge of
the Company, no issues have been raised (and are currently pending) by any taxing authority in connection with any of the returns or taxes
asserted as due from the Company or its subsidiaries, and no waivers of statutes of limitation with respect to the returns or collection
of taxes have been given by or requested from the Company or its subsidiaries. The term " <u>taxes</u> " mean all federal, state,
local, foreign, and other net income, gross income, gross receipts, sales, use, ad valorem, transfer, franchise, profits, license, lease,
service, service use, withholding, payroll, employment, excise, severance, stamp, occupation, premium, property, windfall profits, customs,
duties or other taxes, fees, assessments, or charges of any kind whatever, together with any interest and any penalties, additions to
tax, or additional amounts with respect thereto. The term " <u>returns</u> " means all returns, declarations, reports, statements,
and other documents required to be filed in respect to taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) **Material Change**. Since the respective dates as of which information is given in the Registration
Statement, the Time of Sale Disclosure Package or the Final Prospectus, and except as disclosed in the Registration Statement, the Time
of Sale Disclosure Package or the Final Prospectus, (a) neither the Company nor any of its subsidiaries has incurred any material liabilities
or obligations, direct or contingent, or entered into any material transactions other than in the ordinary course of business, (b) the
Company has not declared or paid any dividends or made any distribution of any kind with respect to its share capital; (c) there has not
been any change in the issued share capital of the Company or any of its subsidiaries (other than a change in the number of outstanding
Ordinary Shares due to the issuance of shares upon the exercise of outstanding options or warrants, upon the conversion of outstanding
preferred shares or other convertible securities, due to the vesting of outstanding share grants or the issuance of restricted stock awards
or restricted stock units under the Company's existing stock awards plan, or any new grants thereof in the ordinary course of business),
(d) there has not been any material change in the Company's long-term or short-term debt, other than periodic accruals in the ordinary
course pursuant to the terms of the Company's outstanding debt, and (e) there has not been the occurrence of any Material Adverse
Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) **Absence of Proceedings**. There is no action, suit, proceeding, inquiry, arbitration, investigation,
litigation or governmental proceeding pending or, to the Company's knowledge, threatened against, or involving the Company, any
of its subsidiaries, or any executive officer or director which has not been disclosed in the Registration Statement, the Time of Sale
Disclosure Package and the Final Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) **Regulatory**. Except as described in the Registration Statement, the Time of Sale Disclosure Package
and the Final Prospectus: (i) neither the Company nor any subsidiary has received notice from any Governmental Entity (as defined below)
alleging or asserting noncompliance with any Applicable Regulations (as defined below) or Authorizations (as defined below); (ii) the
Company and each subsidiary is and has been in material compliance with federal, state or foreign statutes, laws, ordinances, rules and
regulations applicable to the Company (collectively, " <u>Applicable Regulations</u> "); (iii) the Company and each subsidiary
possesses all licenses, certificates, approvals, clearances, consents, authorizations, qualifications, registrations, permits, and supplements
or amendments thereto required by any such Applicable Regulations and/or to carry on its businesses as now conducted (" <u>Authorizations</u> ")
and such Authorizations are valid and in full force and effect and the Company and each subsidiary is not in violation of any term of
any such Authorizations; (iv) neither the Company nor any subsidiary has received notice of any claim, action, suit, proceeding, hearing,
enforcement, investigation, arbitration or other action from any Governmental Entity or third party alleging that any product, operation
or activity is in violation of any Applicable Regulations or Authorizations or has any knowledge that any such Governmental Entity or
third party is considering any such claim, litigation, arbitration, action, suit, investigation or proceeding, nor, has there been any
material noncompliance with or violation of any Applicable Regulations by the Company or any subsidiary that could reasonably be expected
to require the issuance of any such communication or result in an investigation, corrective action, or enforcement action by any Governmental
Entity; and (v) neither the Company nor any subsidiary has received notice that any Governmental Entity has taken, is taking or intends
to take action to limit, suspend, modify or revoke any Authorizations or has any knowledge that any such Governmental Entity has threatened
or is considering such action. Neither the Company nor any subsidiary, nor to the Company's knowledge, any of its directors, officers,
employees or agents has been convicted of any crime under any Applicable Regulations. " <u>Governmental Entity</u> " shall be
defined as any arbitrator, court, governmental body, regulatory body, administrative agency or other authority, body or agency (whether
foreign or domestic) having jurisdiction over the Company or its subsidiaries or any of its properties, assets or operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) **Good Title**. The Company and each of its subsidiaries have good and marketable title to all property
(whether real or personal) described in the Registration Statement, the Time of Sale Disclosure Package and the Final Prospectus as being
owned by them that are material to the business of the Company, in each case free and clear of all liens, claims, security interests,
other encumbrances or defects, except those that are disclosed in the Registration Statement, the Time of Sale Disclosure Package or the
Final Prospectus and those that are not reasonably likely to result in a Material Adverse Effect. The property held under lease by the
Company and its subsidiaries is held by them under valid, subsisting and enforceable leases with only such exceptions with respect to
any particular lease as do not interfere in any material respect with the conduct of the business of the Company and its subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) **Intellectual Property**. The Company and each of its subsidiaries have, or have rights to use, all
patents, patent applications, registered trademarks, trademark applications, registered service marks, registered trade names, trade secrets,
inventions, registered copyrights, licenses and other intellectual property rights necessary for use, or currently used in connection
with their respective businesses as described in the Registration Statement and which the failure to so have would have or reasonably
be expected to result in a Material Adverse Effect (collectively, the " <u>Intellectual Property Rights</u> "). Neither the
Company nor any subsidiary has received written notice that any of the Intellectual Property Rights has expired, terminated or been abandoned,
or is expected to expire or terminate or be abandoned. Neither the Company nor any subsidiary has received, since the date of the latest
audited financial statements included within the Registration Statement, the Time of Sale Disclosure Package and the Final Prospectus,
a written notice of a claim or otherwise has any knowledge that the Intellectual Property Rights violate or infringe upon the rights of
any person. To the knowledge of the Company, all such Intellectual Property Rights are enforceable and there is no existing infringement
by another person of any of the Intellectual Property Rights. The Company and its subsidiaries have taken reasonable security measures
to protect the secrecy, confidentiality and value of all of their intellectual properties, except where failure to do so would not, individually
or in the aggregate, have or reasonably be expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) **Employment Matters**. There is (A) to the Company's knowledge, no unfair labor practice complaint
pending against the Company, or any of its subsidiaries, nor threatened against it or any of its subsidiaries, before any state or local
labor relation board or any foreign labor relations board, and no grievance or arbitration proceeding arising out of or under any collective
bargaining agreement is so pending against the Company or any of its subsidiaries, or, to the Company's knowledge, threatened against
it and (B) to the Company's knowledge, no labor disturbance by the employees of the Company or any of its subsidiaries exists or
is imminent, and the Company is not aware of any existing or imminent labor disturbance by the employees of any of its or its subsidiaries,
principal suppliers, manufacturers, customers or contractors, that could reasonably be expected, singularly or in the aggregate, to have
a Material Adverse Effect. The Company is not aware that any key employee or significant group of employees of the Company or any subsidiary
plans to terminate employment with the Company or any such subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) **ERISA Compliance**. No "prohibited transaction" (as defined in Section 406 of the Employee
Retirement Income Security Act of 1974, as amended, including the regulations and published interpretations thereunder (" <u>ERISA</u> "),
or Section 4975 of the Internal Revenue Code of 1986, as amended from time to time (the " <u>Code</u> ")) or "accumulated
funding deficiency" (as defined in Section 302 of ERISA) or any of the events set forth in Section 4043(b) of ERISA (other than
events with respect to which the thirty (30)-day notice requirement under Section 4043 of ERISA has been waived) has occurred or could
reasonably be expected to occur with respect to any employee benefit plan of the Company or any of its subsidiaries which would reasonably
be expected to, singularly or in the aggregate, have a Material Adverse Effect. Each employee benefit plan of the Company or any of its
subsidiaries is in compliance in all material respects with applicable law, including ERISA and the Code. The Company and its subsidiaries
have not incurred and could not reasonably be expected to incur liability under Title IV of ERISA with respect to the termination of,
or withdrawal from, any pension plan (as defined in ERISA). Each pension plan for which the Company or any of its subsidiaries would have
any liability that is intended to be qualified under Section 401(a) of the Code is so qualified, and, to the Company's knowledge,
nothing has occurred, whether by action or by failure to act, which could, singularly or in the aggregate, cause the loss of such qualification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) **Environmental Matters**. The Company and its subsidiaries are in compliance with all foreign, federal,
state and local rules, laws and regulations relating to the use, treatment, storage and disposal of hazardous or toxic substances or waste
and protection of health and safety or the environment which are applicable to their businesses (" <u>Environmental Laws</u> "),
except where the failure to comply has not had and would not reasonably be expected to have, singularly or in the aggregate, a Material
Adverse Effect. There has been no storage, generation, transportation, handling, treatment, disposal, discharge, emission, or other release
of any kind of toxic or other wastes or other hazardous substances by, due to, or caused by the Company or any of its subsidiaries (or,
to the Company's knowledge, any other entity for whose acts or omissions the Company or any of its subsidiaries is or may otherwise
be liable) upon any of the property now or previously owned or leased by the Company or any of its subsidiaries, or upon any other property,
in violation of any law, statute, ordinance, rule, regulation, order, judgment, decree or permit or which would, under any law, statute,
ordinance, rule (including rule of common law), regulation, order, judgment, decree or permit, give rise to any liability, except for
any violation or liability which has not had and would not reasonably be expected to have, singularly or in the aggregate, a Material
Adverse Effect; and there has been no disposal, discharge, emission or other release of any kind onto such property or into the environment
surrounding such property of any toxic or other wastes or other hazardous substances with respect to which the Company or any of its subsidiaries
has knowledge.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) **SOX Compliance**. The Company has taken all actions it deems reasonably necessary or advisable
 to take on or prior to the date of this Agreement to assure that, upon and at all times after the Effective Date, it will be in
 compliance in all material respects with all applicable provisions of the Sarbanes-Oxley Act of 2002 and all rules and regulations
 promulgated thereunder or implementing the provisions thereof (the " <u>Sarbanes-Oxley Act</u> ") that are then in effect
 and will take all action it deems reasonably necessary or advisable to assure that it will be in compliance in all material respects
 with other applicable provisions of the Sarbanes-Oxley Act not currently in effect upon it and at all times after the effectiveness
 of such provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) **Money Laundering Laws**. The operations of the Company and its subsidiaries are and have been conducted
at all times in compliance with applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transactions
Reporting Act of 1970, as amended, the money laundering statutes of all jurisdictions, the rules and regulations thereunder and any related
or similar rules, regulations or guidelines, issued, administered or enforced by any Governmental Entity (collectively, the " <u>Money Laundering Laws</u> "); and no action, suit or proceeding by or before any Governmental Entity involving the Company or any of its
subsidiaries with respect to the Money Laundering Laws is pending or, to the knowledge of the Company, threatened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) **Anti-Bribery and Corruption Laws.** Neither the Company nor any subsidiary, nor, to the knowledge
of the Company, any director, officer, employee, representative, agent, affiliate of the Company, any subsidiary or any other person acting
on behalf of the Company or any subsidiary, is aware of or has taken any action, directly or indirectly, that would result in a violation
by such persons of the (i) Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder (the " <u>FCPA</u> "),
including, without limitation, making use of the mails or any means or instrumentality of interstate commerce corruptly in furtherance
of an offer, payment, promise to pay or authorization of the payment of any money, or other property, gift, promise to give, or authorization
of the giving of anything of value to any "foreign official" (as such term is defined in the FCPA) or any foreign political
party or official thereof or any candidate for foreign political office, in contravention of the FCPA and the Company and, to the knowledge
of the Company, its affiliates have conducted their businesses in compliance with the FCPA and have instituted and maintain policies and
procedures designed to ensure, and which are reasonably expected to continue to ensure, continued compliance therewith, or (ii) the OECD
Convention on Combating Bribery of Foreign Public Officials in International Business Transactions or any similar laws in any other jurisdictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) **Sanctions**. Neither the Company nor any subsidiary, nor to the knowledge of the Company, any director,
officer, employee, representative, agent or affiliate of the Company or any of its subsidiaries or any other person acting on behalf of
the Company or any subsidiary is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S.
Treasury Department (" <u>OFAC</u> "), or is otherwise a person whom transactions are currently prohibited under: (i) the laws
and regulations administered by OFAC; (ii) any equivalent European Union measure, including sanctions imposed against certain states,
organizations and individuals under the European Union's Common Foreign & Security Policy; (iii) any economic sanctions administered
by His Majesty's Treasury; or (iv) any sanctions administered by the United Nations Security Council; or any other relevant sanctions
authority (collectively, " <u>Sanctions</u> "); and neither the Company nor any subsidiary will directly or indirectly use the
proceeds of the Offering, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other
person or entity, for the purpose of financing the activities of any person, or in any country or territory, that currently is the subject
or target of Sanctions or in any other manner that will result in a violation by any person (including any person participating in the
transaction whether as an underwriter, advisor, investor or otherwise) of Sanctions. Neither the Company nor any subsidiary will directly
or indirectly use the proceeds of the offering of the Offered Securities contemplated hereby, or lend, contribute or otherwise make available
such proceeds to any person or entity, for the purpose of financing the activities of any person currently subject to any U.S. sanctions
administered by OFAC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) **Insurance**. Following the consummation of the Offering contemplated hereby, the Company and each
subsidiary will carry insurance in such amounts and covering such risks as is adequate for the conduct of its business and the value of
its properties and as is customary for companies engaged in similar businesses in similar industries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) **Books and Records**. The minute books of the Company and each subsidiary have been made available
to the Underwriters and counsel for the Underwriters, and such books (i) contain a complete summary of all meetings and actions of the
board of directors (including each board committee) and shareholders of the Company and each subsidiary (or analogous governing bodies
and interest holders, as applicable), since the time of its respective incorporation or organization through the date of the latest meeting
and action, and (ii) accurately in all material respects reflect all transactions referred to in such minutes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) **No Violation**. Neither the Company nor any its subsidiaries nor, to its knowledge, any other party
is in violation, breach or default of any Contract that has resulted in or could reasonably be expected to result in a Material Adverse
Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiii) **Continued Business**. No supplier, customer, distributor or sales agent of the Company or any subsidiary
has notified the Company or any subsidiary that it intends to discontinue or decrease the rate of business done with the Company or any
subsidiary, except where such discontinuation or decrease has not resulted in and could not reasonably be expected to result in a Material
Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiv) **No Finder's Fee**. There are no claims, payments, issuances, arrangements or understandings
for services in the nature of a finder's, consulting or origination fee with respect to the introduction of the Company to any Underwriter
or the sale of the Offered Securities hereunder or any other arrangements, agreements, understandings, payments or issuances with respect
to the Company that may affect the Underwriters' compensation, as defined by FINRA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxv) **No Fees.** Except as disclosed to the Representative in writing, the Company has not made any direct
or indirect payments (in cash, securities or otherwise) to (i) any person, as a finder's fee, investing fee or otherwise, in consideration
of such person raising capital for the Company or introducing to the Company persons who provided capital to the Company, (ii) any FINRA
member participating in the Offering as defined in FINRA Rule 5110(j)(15) (" <u>Participating FINRA Member</u> "), or (iii)
any person or entity that has any direct or indirect affiliation or association with any Participating FINRA Member within the twelve
(12) month period prior to the date on which the Registration Statement was filed with the Commission (" <u>Filing Date</u> ")
or through the 60 day period after the Registration Statement is declared effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvi) **Proceeds**. None of the net proceeds of the Offering will be paid by the Company to any Participating
FINRA Member or any affiliate or associate of any Participating FINRA Member, except as specifically authorized herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvii) **No FINRA Affiliations**. To the Company's knowledge and except as disclosed to the Representative
in writing, no (i) officer or director of the Company or its subsidiaries, (ii) owner of 10% or more of any class of the Company's
securities or (iii) owner of any amount of the Company's unregistered securities acquired within the 180-day period prior to the
Filing Date, has any direct or indirect affiliation or association with any Participating FINRA Member. The Company will advise the Representative
and counsel to the Underwriters if it becomes aware that any officer, director of the Company or its subsidiaries or any owner of 10%
or more of any class of the Company's securities is or becomes an affiliate or associated person of a FINRA member participating
in the Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxviii) **No Financial Advisor**. Other than the Underwriters, no person has the right to act as an underwriter
or as a financial advisor to the Company in connection with the transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxix) **Cyber Security and Data Protection**. The information technology assets and equipment, computers,
systems, networks, hardware, software, websites, applications, and databases of the Company and its subsidiaries (collectively, " <u>IT Systems</u> ") are adequate for, and operate and perform in all material respects as required in connection with the operations of
the businesses of the Company and its subsidiaries as currently conducted, free and clear of all material bugs, errors, defects, Trojan
horses, time bombs, malware and other corruptants; the Company and its subsidiaries have implemented and maintained commercially reasonable
controls, policies, procedures, and safeguards to maintain and protect their material confidential information and the integrity, continuous
operation, redundancy and security of all IT Systems and data (including all personal, personally identifiable, sensitive, confidential
or regulated data (collectively, " <u>Personal Data</u> ")) used in connection with their businesses and implemented backup
and disaster recovery technology consistent with industry standards and practice, and there have been no breaches, violations, outages,
attack or unauthorized uses of or accesses to same; the Company and its subsidiaries are presently in material compliance with all applicable
laws or statutes and all judgments, orders, rules and regulations of any court or arbitrator or governmental or regulatory authority,
internal policies and contractual obligations relating to the privacy and security of IT Systems and Personal Data and to the protection
of such IT Systems and Personal Data from unauthorized use, access, misappropriation or modification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxx) **No Registration Rights**. Except as described in the Registration Statement, the Time of Sale Disclosure
Package and the Final Prospectus, there are no contracts, agreements or understandings between the Company and any person granting such
person the right (other than rights which have been waived in writing or otherwise satisfied) to require the Company to file a registration
statement under the Securities Act with respect to any securities of the Company owned or to be owned by such person or to require the
Company to include such securities in the securities registered pursuant to the Registration Statement or in any securities being registered
pursuant to any other registration statement filed by the Company under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxi) **Prior Sales of Securities**. Except as set forth in the Registration Statement, the Time of Sale
Disclosure Package and the Final Prospectus, the Company has not sold or issued any Ordinary Shares during the six-month period preceding
the date hereof, including any sales pursuant to Rule 144A under, or Regulations D or S of, the Securities Act, other than shares issued
pursuant to employee benefit plans, stock option plans or other employee compensation plans, pursuant to outstanding preferred shares,
options, rights or warrants or other outstanding convertible securities or in connection with the vesting of any outstanding share grants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxii) **Jurisdiction.** The Company has the power to submit, and pursuant to this Agreement, has submitted,
legally, validly, effectively and irrevocably, to the jurisdiction of the New York Supreme Court, County of New York, and the United States
District Court for the Southern District of New York; and the Company has the power to designate, appoint and empower, and pursuant to
this Agreement has, designated, appointed and empowered, validly, effectively and irrevocably, an agent for service of process in any
suit or proceeding based on or arising under this Agreement in any U.S. Federal or New York State court in the Borough of Manhattan in
the City of New York, as provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxiii) **Immunity**. Neither the Company nor
any of its subsidiaries, and none of their respective properties or assets, has any immunity from the jurisdiction of any court or from
any legal process (whether through service or notice, attachment prior to judgment, attachment in aid of execution, executing or otherwise)
under the laws of any jurisdiction in which it has been incorporated or in which any of its property or assets are held.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxiv) **PFIC Status**. Subject to the qualifications, limitations, exceptions and assumptions set forth in
the Registration Statement, the Time of Sale Disclosure Package and the Prospectus, the Company believes that it will not be a passive
foreign investment company (a " <u>PFIC</u> "), as defined in section 1297 of the Internal Revenue Code of 1986, as amended,
in its current taxable year and does not anticipate becoming a PFIC in future years.

(b) The Selling Shareholder represents and warrants to, and agrees with, the several Underwriters, as of the date hereof and as of the Closing Date, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) All consents, approvals, authorizations and orders necessary for the execution and delivery by such Selling Shareholder of this Agreement, and for the sale and delivery of the Shareholder Shares to be sold by such Selling Shareholder hereunder, have been obtained, except for the registration under the Securities Act of the Shareholder Shares or approval for listing on the Nasdaq and such consents, approvals, authorizations and orders (x) as may be required under federal or state securities or Blue Sky laws or the rules and regulations of FINRA or (y) that have already been obtained; and such Selling Shareholder has full right, power and authority to enter into this Agreement, and to sell, assign, transfer and deliver the Shareholder Shares to be sold by such Selling Shareholder hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The sale of the Shareholder Shares to be sold by such Selling Shareholder hereunder and the compliance by such Selling Shareholder with this Agreement, and the consummation of the transactions herein contemplated will not conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, any indenture, mortgage, deed of trust, loan agreement, lease or other agreement or instrument to which such Selling Shareholder is a party or by which such Selling Shareholder is bound or to which any of the property or assets of such Selling Shareholder is subject, except as would not reasonably be expected to affect the validity of the Shareholder Shares being sold by such Selling Shareholder or impact the ability of such Selling Shareholder to perform their obligations under this Agreement; and no consent, approval, authorization, order, registration or qualification of or with any such court or governmental body or agency is required for the performance by such Selling Shareholder of their obligations under this Agreement and the consummation by such Selling Shareholder of the transactions contemplated by this Agreement in connection with the Shareholder Shares to be sold by such Selling Shareholder hereunder, except the registration under the Securities Act of the Shareholder Shares or approval for listing on Nasdaq and such consents, approvals, authorizations, orders, registrations or qualifications as may be required under federal or state securities or Blue Sky laws or the rules and regulations of FINRA in connection with the purchase and distribution of the Shareholder Shares by the Underwriters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Such Selling Shareholder has, and immediately prior to the time of delivery such Selling Shareholder will have, good and valid title to, or a valid "security entitlement" within the meaning of Section 8-501 of the New York Uniform Commercial Code in respect of, the Shareholder Shares to be sold by such Selling Shareholder hereunder at such time of delivery, free and clear of all liens, encumbrances, equities or adverse claims; and, upon delivery of such Shareholder Shares and payment therefor pursuant hereto, good and valid title to such Shareholder Shares, free and clear of all liens, encumbrances, equities or adverse claims, will pass to the several Underwriters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Such Selling Shareholder has not taken and will not take, directly or indirectly, any action that is designed to or that has constituted or might reasonably be expected to cause or result in stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Shareholder Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) To the extent that any statements or omissions made in the Registration Statement, any Preliminary Prospectus, the Prospectus or any amendment or supplement thereto are made in reliance upon and in conformity with written information furnished to the Company by such Selling Shareholder expressly for use therein (it being understood and agreed upon that the only such information furnished by the Selling Shareholder consists of the following information furnished on behalf of such Selling Shareholder: the legal name, address and the number of securities owned by such Selling Shareholder before and after the offering contemplated hereby and the other information with respect to such Selling Shareholder (other than percentages) that appears in the table and corresponding footnotes under the caption "Principal Shareholders" in the Registration Statement, any Preliminary Prospectus, the Prospectus or any amendment or supplement thereto, such statements or omissions made in the Registration Statement and Preliminary Prospectus did, and such statements or omissions made in the Prospectus and any further amendments or supplements to the Registration Statement and the Prospectus will, when they become effective or are filed with the Commission, as the case may be, not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) In order to facilitate the Underwriters' documentation of their compliance with the reporting and withholding provisions of the Tax Equity and Fiscal Responsibility Act of 1982 with respect to the transactions herein contemplated, such Selling Shareholder will deliver to the Representative prior to or at the first time of delivery a properly completed and executed United States Treasury Department Form W-9 (or other applicable form or statement specified by Treasury Department regulations in lieu thereof).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) The obligations of the Selling Shareholder hereunder shall not be terminated by operation of law, or in the case of a partnership or corporation, by the dissolution of such partnership, limited liability company or corporation, or by the occurrence of any other event; if any such partnership, limited liability company or corporation should be dissolved, or if any other such event should occur, before the delivery of the Shareholder Shares to be sold by such Selling Shareholder hereunder, certificates or book entry securities entitlements representing the Shareholder Shares to be sold by such Selling Shareholder hereunder shall be delivered by or on behalf of the Selling Shareholder in accordance with the terms and conditions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Such Selling Shareholder will not directly or indirectly use the proceeds of the offering of the Shareholder Shares hereunder, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other person or entity, (i) to fund or facilitate any activities of or business with any person, or in any country or territory, that, at the time of such funding, is the subject or the target of any sanctions administered or enforced by the U.S. government, including, without limitation, the OFAC, of the Treasury or the U.S. Department of State and including, without limitation, the designation as a "specially designated national" or "blocked person," the European Union, His Majesty's Treasury, the United Nations Security Council, or other relevant sanctions authority, or in any other manner that will result in a violation by any person (including any person participating in the transaction, whether as underwriter, advisor, investor or otherwise) of Sanctions, or (ii) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any person in violation of any applicable anti-money laundering laws, including, but not limited to, the Bank Secrecy Act of 1970, as amended by the USA PATRIOT ACT of 2001, the Currency and Foreign Transactions Reporting Act of 1970, as amended, Russian Federal Law No. 115-FZ "On Combating the Legalization (Laundering) of Criminally Obtained Income and Funding of Terrorism" dated August 7, 2001, as amended, and the rules and regulations promulgated thereunder, and the anti-money laundering laws of the various jurisdictions in which the Company and its subsidiaries conduct business or any anti-corruption laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Such Selling Shareholder is not prompted by any material information concerning the Company or any of its subsidiaries that is not disclosed in the Registration Statement or Prospectus to sell their Shareholder Shares pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.***  ***Purchase, Sale and Delivery of Offered Securities.*** 

(a) On the basis of the representations, warranties and agreements herein contained, but subject to the terms and conditions herein set forth, the Company and the Selling Shareholder agree to issue and/and sell the Firm Shares to the several Underwriters, and the several Underwriters agree, severally and not jointly, to purchase the Firm Shares set forth opposite the names of the Underwriters in Schedule I hereto. The purchase price for each Firm Share shall be $_____per share<sup>2</sup>.

(b) The Company hereby grants to the Underwriters an option (the "<u>Over-allotment Option</u>"), exercisable for 45 days from the effective date of the Registration Statement, to purchase up to an additional [●] Ordinary Shares, in each case solely for the purpose of covering over-allotments of such securities, if any. The exercise of the Over-allotment Option is at the Representative's sole discretion.

The Over-allotment Option granted pursuant to Section 4(b) hereof may be exercised by the Representative on or within 45 days from the effective date of the Registration Statement. The purchase price to be paid per Additional Share shall be equal to the price per Firm Share in Section 4(a). The Underwriters shall not be under any obligation to purchase any Additional Shares prior to the exercise of the Over-allotment Option. The Over-allotment Option granted hereby may be exercised by the giving of oral notice to the Company from the Representative, which shall be confirmed in writing via overnight mail or facsimile or other electronic transmission, setting forth the number of Additional Shares to be purchased and the date and time for delivery of and payment for the Additional Shares (the "<u>Option Closing Date</u>"), which shall not be later than five (5) full business days after the date of the notice or such other time as shall be agreed upon by the Company and the Representative, at the offices of the Representative's counsel or at such other place (including remotely by facsimile or other electronic transmission) as shall be agreed upon by the Company and the Representative. If such delivery and payment for the Additional Shares does not occur on the Closing Date, the Option Closing Date will be as set forth in the notice. Upon exercise of the Over-allotment Option with respect to all or any portion of the Additional Shares, subject to the terms and conditions set forth herein, (i) the Company shall become obligated to sell to the Underwriters the number of Additional Shares specified in such notice and (ii) the Underwriters shall purchase that portion of the total number of Additional Shares.

Payment for the Additional Shares shall be made on the Option Closing Date by wire transfer in Federal (same day) funds, upon delivery to the Representative of certificates (in form and substance satisfactory to the Representative) representing the Additional Shares (or if uncertificated through the facilities of DTC) for the account of the Underwriters. The Company shall not be obligated to sell or deliver the Additional Shares except upon tender of payment by the Underwriters for applicable Additional Shares. The Option Closing Date may be simultaneous with, but not earlier than, the Closing Date; and in the event that such time and date are simultaneous with the Closing Date, the term "Closing Date" shall refer to the time and date of delivery of the Firm Shares and Additional Shares.

(c) The Offered Securities will be delivered by the Company and the Selling Shareholder to the Representative, for the respective accounts of the several Underwriters against payment of the purchase price therefor by wire transfer of same day funds payable to the order of the Company at the offices of Eddid Securities USA Inc., 40 Wall Street, Suite 1606, New York, NY 10005, or such other location as may be mutually acceptable, at 9:00 a.m. Eastern Time, on the second (or if the Offered Securities are priced, as contemplated by Rule 15c6-1(c) under the Exchange Act, after 4:30 p.m. Eastern time, the third) full business day following the date hereof, or at such other time and date as the Representative, the Company and the Selling Shareholder determine pursuant to Rule 15c6-1(a) under the Exchange Act. The time and date of delivery of the Firm Shares is referred to herein as the "<u>Closing Date</u>." On the Closing Date (or the Option Closing Date), (i) the Company shall allot and issue and the Selling Shareholder shall transfer the Firm Shares (or Additional Shares), procure that the Company's transfer agent write up its register of members to reflect such allotment and issue and (ii) the Company and the Selling Shareholder shall deliver the Firm Shares (or the Additional Shares) which shall be registered in the register of members of the Company in the name or names and shall be in such denominations as the Representative may request on behalf of the Underwriters at least one (1) business day before the Closing Date (or Option Closing Date), to the respective accounts of the several Underwriters, which delivery shall with respect to the Shares, be made through the facilities of the Depository Trust Company's Deposit or Withdrawal at Custodian ("<u>DWAC</u>") system.

<sup>2</sup> 7.5% discount.

(d) It is understood that the Representative has been authorized, for its own account and the accounts of the several Underwriters, to accept delivery of and receipt for, and make payment of the purchase price for, the Offered Securities the Underwriters have agreed to purchase. The Representative, individually and not as the Representative of the Underwriters, may (but shall not be obligated to) make payment for any Offered Securities to be purchased by any Underwriter whose funds shall not have been received by the Representative by the Closing Date (or the Option Closing Date), for the account of such Underwriter, but any such payment shall not relieve such Underwriter from any of its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.***  ***Covenants.*** 

(a) The Company covenants and agrees with the Underwriters as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Company shall prepare the Final Prospectus in a form approved by the Representative and file such
Final Prospectus pursuant to Rule 424(b) under the Securities Act not later than the Commission's close of business on the second business
day following the execution and delivery of this Agreement, or, if applicable, such earlier time as may be required by the Rules and Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) During the period beginning on the date hereof and ending on the later of the Closing Date or Option Closing
Date or such date as determined by the Representative the Final Prospectus is no longer required by law to be delivered in connection
with sales by an underwriter or dealer (the " <u>Prospectus Delivery Period</u> "), prior to amending or supplementing the Registration
Statement, including any Rule 462 Registration Statement, the Time of Sale Disclosure Package or the Final Prospectus, the Company shall
furnish to the Representative for review and comment a copy of each such proposed amendment or supplement, and the Company shall not file
any such proposed amendment or supplement to which the Representative reasonably objects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) From the date of this Agreement until the end of the Prospectus Delivery Period, the Company shall promptly
advise the Representative in writing (A) of the receipt of any comments of, or requests for additional or supplemental information from,
the Commission, (B) of the time and date of any filing of any post-effective amendment to the Registration Statement or any amendment
or supplement to the Time of Sale Disclosure Package, the Final Prospectus or any Issuer Free Writing Prospectus, (C) of the time and
date that any post-effective amendment to the Registration Statement becomes effective and (D) of the issuance by the Commission of any
stop order suspending the effectiveness of the Registration Statement or of any order preventing or suspending its use or the use of the
Time of Sale Disclosure Package, the Final Prospectus or any Issuer Free Writing Prospectus, or of any proceedings to remove, suspend
or terminate from listing or quotation the Ordinary Shares from any securities exchange upon which it is listed for trading or included
or designated for quotation, or of the threatening or initiation of any proceedings for any of such purposes. If the Commission shall
enter any such stop order at any time during the Prospectus Delivery Period, the Company will use its reasonable efforts to obtain the
lifting of such order at the earliest possible moment. Additionally, the Company agrees that it shall comply with the provisions of Rules
424(b), 430A, 430B or 430C as applicable, under the Securities Act and will use its reasonable efforts to confirm that any filings made
by the Company under Rule 424(b) or Rule 433 were received in a timely manner by the Commission (without reliance on Rule 424(b)(8) or
164(b) of the Securities Act).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) (A) During the Prospectus Delivery Period, the Company and the Selling Shareholder will comply with
 all requirements imposed upon it by the Securities Act, as now and hereafter amended, and by the Rules and Regulations, as from time
 to time in force, and by the Exchange Act, as now and hereafter amended, so far as necessary to permit the continuance of sales of
 or dealings in the Offered Securities as contemplated by the provisions hereof, the Time of Sale Disclosure Package, the
 Registration Statement and the Final Prospectus. If during the Prospectus Delivery Period any event occurs the result of which would
 cause the Final Prospectus (or if the Final Prospectus is not yet available to prospective purchasers, the Time of Sale Disclosure
 Package) to include an untrue statement of a material fact or omit to state a material fact necessary to make the statements
 therein, in the light of the circumstances then existing, not misleading, or if during such period it is necessary or appropriate in
 the opinion of the Company or its counsel or the Representative or counsel to the Underwriters to amend the Registration Statement
 or supplement the Final Prospectus (or if the Final Prospectus is not yet available to prospective purchasers, the Time of Sale
 Disclosure Package) to comply with the Securities Act, the Company will promptly notify the Representative, allow the Representative
 the opportunity to provide reasonable comments on such amendment, prospectus supplement or document, and will amend the Registration
 Statement or supplement the Final Prospectus (or if the Final Prospectus is not yet available to prospective purchasers, the Time of
 Sale Disclosure Package) or file such document (at the expense of the Company) so as to correct such statement or omission or effect
 such compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) If at any time during the Prospectus Delivery Period there occurred or occurs an event or development the result of which such Issuer Free Writing Prospectus conflicted or would conflict with the information contained in the Registration Statement or any Prospectus or included or would include, when taken together with the Time of Sale Disclosure Package, an untrue statement of a material fact or omitted or would omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances prevailing at that subsequent time, not misleading, the Company will promptly notify the Representative and will promptly amend or supplement, at its own expense, such Issuer Free Writing Prospectus to eliminate or correct such conflict, untrue statement or omission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Company shall take or cause to be taken all necessary action to qualify the Offered Securities for
sale under the securities laws of such jurisdictions as the Representative reasonably designates and to continue such qualifications in
effect so long as required, except that the Company shall not be required in connection therewith to qualify as a foreign corporation
or as a dealer in securities in any jurisdiction in which it is not so qualified, to execute a general consent to service of process in
any state or to subject itself to taxation in respect of doing business in any jurisdiction in which it is not otherwise subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) The Company will furnish to the Underwriters and counsel to the Underwriters copies of the Registration
Statement, each Prospectus, any Issuer Free Writing Prospectus, and all amendments and supplements to such documents, in each case as
soon as available and in such quantities as the Underwriters may from time to time reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) The Company will make generally available to its shareholders as soon as practicable, but in any event
not later than 15 months after the end of the Company's current fiscal quarter, an earnings statement (which need not be audited)
covering a 12-month period that shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 of the Rules and Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) The Company, whether or not the transactions contemplated hereunder are consummated or this Agreement
is terminated, will pay or cause to be paid all expenses relating to the Offering, including, without limitation, (A) all filing fees
and expenses relating to the registration of the Offered Securities with the Commission, (B) all FINRA public offering filing fees, (C)
all fees and expenses relating to the listing of the Ordinary Shares on Nasdaq, (D) all fees, expenses, and disbursements relating to
the registration or qualification of the Offered Securities under the "blue sky" securities laws of such states and other
jurisdictions as the Representative may reasonably designate (including, without limitation, all filing and registration fees, and the
reasonable fees and disbursements of the Company's "blue sky" counsel) unless such filings are not required in connection
with the Company's proposed Nasdaq listing, (E) all fees, expenses and disbursements relating to the registration, qualification
or exemption of the Offered Securities under the securities law of such foreign jurisdiction as the Representative may reasonably designate,
(F) the costs of all mailing and printing of the Offering documents, (G) transfer and/or stamp taxes, if any, payable upon the transfer
of Offered Securities from the Company to the Representative, (H) the fees and expenses of the Company's counsel and accountants,
and (I) a maximum of $300,000 (" <u>Accountable Expense Allowance</u> ") for fees and expenses including "road show,"
background checks, diligence, and reasonable legal fees and disbursements for the Representative's counsel of up to $130,000 (the
" <u>Accountable Expenses</u> ") and up to $[ ] for clearing agent fees. Notwithstanding the foregoing, any advance previously
paid by the Company to the Representative, which the Company and the Representative acknowledge is in the amount of $135,000 (the " <u>Advance</u> "),
shall be applied towards the Accountable Expense Allowance set forth herein; provided that the Representative will reimburse the Company
for any remaining portion of the Advance to the extent such amount of the Advance was not used for the Accountable Expenses actually incurred
by the Representative in the Offering. If this Agreement is terminated, the Company will reimburse the Representative for reasonable fees
and disbursements of counsel incurred by the Underwriters in connection with their investigation, preparing to market and marketing the
Offered Securities or in contemplation of performing its obligations hereunder. The Selling Shareholder covenants and agrees with the several Underwriters that such Selling Shareholder will
pay or cause to be paid all costs and expenses incident to the performance of such Selling Shareholder's obligations with respect
to (i) all taxes incident to the sale and delivery of the Shareholder Shares to be sold by such Selling Shareholder to the Underwriters
hereunder, and the Selling Shareholder agrees to reimburse the Representative for associated carrying costs if such tax payment is not
rebated on the day of payment and for any portion of such tax payment not rebated and (ii) all fees and expenses of any advisors or counsel
for such Selling Shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) The Company intends to apply the net proceeds from the sale of the Offered Securities to be sold by it
hereunder for the purposes set forth in the Registration Statement, the Time of Sale Disclosure Package and the Final Prospectus under
the heading "Use of Proceeds".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) The Company has not taken and will not take, directly or indirectly, during the Prospectus Delivery Period,
any action designed to or which might reasonably be expected to cause or result in, or that has constituted, the stabilization or manipulation
of the price of any security of the Company to facilitate the sale or resale of the Offered Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) Each of the Company and Selling Shareholder represents and agrees that, unless it obtains the prior written consent of the Representative
and each Underwriter, it has not made and will not make any offer relating to the Offered Securities that would constitute an Issuer Free
Writing Prospectus; provided that the prior written consent of the parties hereto shall be deemed to have been given in respect of the
free writing prospectuses included in **Schedule III**. Any such free writing prospectus consented to by the Company and the Representative
is hereinafter referred to as a " <u>Permitted Free Writing Prospectus</u>." The Company represents that it has treated or
agrees that it will treat each Permitted Free Writing Prospectus as an "issuer free writing prospectus," as defined in Rule
433, and has complied or will comply with the requirements of Rule 433 applicable to any Permitted Free Writing Prospectus, including
timely Commission filing where required, legending and record-keeping.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) The Company, on behalf of itself and any successor entity, agrees that, without the prior written consent
of the Representative (such consent not be unreasonably withheld or delayed), it will not, for a period of 180 days from the commencement
of sales of the Ordinary Shares on the Nasdaq (the " <u>Lock-Up Period</u> "), (i) offer, pledge, sell, contract to sell, sell
any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or
otherwise transfer or dispose of, directly or indirectly, any shares of the Company or any securities convertible into or exercisable
or exchangeable for shares of the Company; (ii) file or caused to be filed any registration statement with the Commission relating to
the offering of any shares of the Company or any securities convertible into or exercisable or exchangeable for shares of the Company;
(iii) complete any offering of debt securities of the Company, other than entering into a line of credit with a traditional bank or (iv)
enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership
of issued share capital of the Company, whether any such transaction described in clause (i), (ii), (iii) or (iv) above is to be settled
by delivery of shares of the Company or such other securities, in cash or otherwise. The restrictions contained in the preceding sentence
shall not apply to (i) the Ordinary Shares to be sold hereunder, (ii) the issuance by the Company of Ordinary Shares upon the exercise
of a stock option or warrant or the conversion of a security outstanding on the date hereof, which is disclosed in the Registration Statement,
the Time of Sale Disclosure Package and the Final Prospectus, the terms of which option, warrant or other outstanding convertible security
are not thereafter amended, (iii) the adoption of an equity incentive plan, the grant of options and/or restricted stock grants thereunder,
and the filing of a registration statement on Form S-8 at least sixty (60) days after the Closing Date; provided, however, that any sales
by parties to the Lock-Up Agreements (as defined in Section 6(i)) shall be subject to the Lock-Up Agreements and (iv) issuance of securities
in connection with an acquisition or a strategic relationship; provided that none of such securities shall be saleable in the public market
until the expiration of the Lock-Up Period described above unless otherwise approved by the Underwriters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) To engage and maintain, at its expense, a registrar and transfer agent for the Ordinary Shares (if other
than the Company).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) To use its reasonable best efforts to maintain the listing of the Ordinary Shares on Nasdaq.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) To not take, directly or indirectly, any action designed to cause or result in, or that has constituted
or might reasonably be expected to constitute, under the Exchange Act or otherwise, the stabilization or manipulation of the price of
any securities of the Company to facilitate the sale or resale of the Offered Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) The Company further agrees that, in addition to the expenses payable pursuant to Section 5(a)(viii), on
the Closing Date, it shall pay to the Representative, by deduction from the net proceeds of the Offering contemplated herein, a non-accountable
expense allowance equal to one percent (1%) of the gross proceeds received by the Company from the sale of the Offered Securities; provided,
however, that in the event that the Offering is terminated, the Company agrees to reimburse the Underwriters pursuant to Section 5(a)(viii)
and Section 9 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) If, from the date of the listing of the Ordinary Shares of the Company on Nasdaq until the 12-month anniversary
following the consummation of the Offering (but no longer than three years from the commencement of sales of the Offering), the Company
or any of its subsidiaries decides to raise funds in the U.S. by means of a public offering (including through an at-the-market facility)
or a private placement or any other capital-raising financing of equity, equity-linked or debt securities using an underwriter or placement
agent, Representative (or any affiliate designated by the Representative) shall have the first right to act as sole book-running manager,
sole underwriter or sole placement agent for such financing (the " <u>Right of First Refusal</u> "). Each of the transactions
described in the foregoing sentence is a " <u>Subject Transaction</u> " and the rights granted to the Representative in this
Section 5(xvii) are individually and collectively the " <u>Right of First Refusal</u> ".

The Company shall notify the Representative of its intention to pursue a Subject Transaction, including the material terms thereof, by providing written notice thereof by email, registered mail or overnight courier service addressed to the Representative. If the Representative fails to exercise the Right of First Refusal with respect to any Subject Transaction within five (5) business days after the mailing of such written notice, then the Representative shall have no further claim or right with respect to the Subject Transaction. The Representative may elect, in its sole and absolute discretion, not to exercise its Right of First Refusal with respect to any Subject Transaction; provided that any such election by the Representative shall not adversely affect the Representative's Right of First Refusal with respect to any other Subject Transaction during the one (1) year period agreed to above. If the Representative does not elect to exercise the Right of First Refusal and the material terms of the Subject Transaction are subsequently materially modified as to scope and nature, then the Company shall resubmit the proposed modified terms of the Subject Transaction in writing to the Representative, and the Representative shall have five (5) business days after receipt of such written notice to advise the Company of its election to participate in the proposed transaction.

The Representative's Right of First Refusal is subject to the Company's right of "termination for cause," which shall include the Representative's material failure to provide the underwriting services contemplated in this Underwriting Agreement. The Company's exercise of its right of "termination for cause" eliminates any obligation with respect to the Right of First Refusal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) The Underwriters shall be entitled to a cash fee equal to seven point five percent (7.5%) of the gross
proceeds received by the Company from the sale of any equity, debt and/or equity derivative instruments to any investor actually introduced
by the Underwriters to the Company during the period commencing March 21, 2024 and ending on the earlier of (i) the Closing Date or (ii)
September 30, 2026 (each a "Tail Financing" and the aforesaid period, the "Engagement Period"), and such Tail
Financing is consummated at any time during the Engagement Period or within the twelve (12) months immediately following the expiration
or termination of the Engagement Period (the "Tail Period"), provided that such Tail Financing is by a party actually introduced
to the Company in an offering in which the Company has direct knowledge of such party's participation. The right to receive a fee
in connection with this Section 5(a)(xviii) shall be subject to FINRA Rule 5110(g)(5)(B), and the Company shall have a right of termination
for cause, which includes that the Company may terminate the Underwriters' engagement upon the Underwriters' material failure
to provide the underwriting services required by this Agreement. The Company's exercise of the right of termination for cause will
eliminate any obligations with respect to the payment of any termination fee or provision of any tail financing fee, including the tail
financing set forth above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***6.***  ***Conditions of the Underwriter's Obligations.*** 

The respective obligations of the several Underwriters hereunder to purchase the Offered Securities are subject to the accuracy, as of the date hereof and at all times through the Closing Date or Option Closing Date (as if made on the Closing Date or Option Closing Date), of and compliance with all representations, warranties and agreements of the Company and the Selling Shareholder contained herein, the performance by the Company and the Selling Shareholder of their obligations hereunder and the following additional conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If filing of the Final Prospectus, or any amendment or supplement thereto, or any Issuer Free Writing
Prospectus, is required under the Securities Act or the Rules and Regulations, the Company shall have filed the Final Prospectus (or such
amendment or supplement) or such Issuer Free Writing Prospectus with the Commission in the manner and within the time period so required
(without reliance on Rule 424(b)(8) or 164(b) under the Securities Act); the Registration Statement shall remain effective; no stop order
suspending the effectiveness of the Registration Statement or any part thereof, any Rule 462 Registration Statement, or any amendment
thereof, nor suspending or preventing the use of the Time of Sale Disclosure Package, any Prospectus, the Final Prospectus or any Issuer
Free Writing Prospectus shall have been issued; no proceedings for the issuance of such an order shall have been initiated or threatened
by the Commission; any request of the Commission or the Representative for additional information (to be included in the Registration
Statement, the Time of Sale Disclosure Package, any Prospectus, the Final Prospectus, any Issuer Free Writing Prospectus or otherwise)
shall have been complied with to the satisfaction of the Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Ordinary Shares shall be approved for listing on Nasdaq, and satisfactory evidence thereof shall have
been provided to the Representative and its counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) FINRA shall have raised no objection to the fairness and reasonableness of the underwriting terms and
arrangements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Representative shall not have reasonably determined, and advised the Company, that the Registration
Statement, the Time of Sale Disclosure Package, any Prospectus, the Final Prospectus, or any amendment thereof or supplement thereto,
or any Issuer Free Writing Prospectus, contains an untrue statement of fact which, in the reasonable opinion of the Representative, is
material, or omits to state a fact which, in the reasonable opinion of the Representative, is material and is required to be stated therein
or necessary to make the statements therein not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) On the Closing Date (or Option Closing Date), there shall have been furnished to the Representative on
behalf of the Underwriters the opinion and negative assurance letters of Schlueter & Associates, P.C., U.S. securities counsel to
the Company, related to the Company and the Offered Securities, dated the Closing Date (or Option Closing Date), and addressed to the
Underwriters, in form and substance reasonably satisfactory to the Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) On the Closing Date (or Option Closing Date), there shall have been
furnished to the Representative on behalf of the Underwriters the opinion and negative assurance letters of Conyers Dill & Pearman,
Cayman Islands and British Virgin Islands counsel to the Company and Selling Shareholder, related to the Company, the Selling Shareholder,
Coolbit Investment Holdings Limited and the Offered Securities, dated the Closing Date (or Option Closing Date), and addressed to the
Underwriters, in form and substance reasonably satisfactory to the Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) On the Closing Date (or Option Closing Date), there shall have been furnished to the Representative on
behalf of the Underwriters the opinion and negative assurance letters of Schlueter & Associates, P.C., U.S. counsel, Aird & Berlis
LLP, Canada counsel and Robertsons, Hong Kong counsel and Rahan & Tann, Singapore counsel, related to the Company and its subsidiaries,
dated the Closing Date (or Option Closing Date), as applicable, and addressed to the Underwriters, in form and substance reasonably satisfactory
to the Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Underwriters shall have received a letter from WWC, P.C., on the date hereof and on the Closing Date
(or Option Closing Date), addressed to the Underwriters, confirming that it is independent public accountants within the meaning of the
Securities Act and are in compliance with the applicable requirements relating to the qualifications of accountants under Rule 2-01 of
Regulation S-X of the Commission, and confirming, as of the date of each such letter (or, with respect to matters involving changes or
developments since the respective dates as of which specified financial information is given in the Registration Statement, the Time of
Sale Disclosure Package and the Final Prospectus, as of a date not prior to the date hereof or more than five (5) days prior to the date
of such letter), the conclusions and findings of said firm with respect to the financial information and other matters required by the
Underwriters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) On the Closing Date (or Option Closing Date), there shall have been furnished to the Underwriters a certificate,
dated the Closing Date (or Option Closing Dater) and addressed to the Underwriters, signed by the chief executive officer and the chief
financial officer of the Company, in their capacity as officers of the Company, to the effect that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The representations and warranties of the Company in this Agreement that are qualified by materiality
or by reference to any Material Adverse Effect are true and correct in all respects, and all other representations and warranties of the
Company in this Agreement are true and correct, in all material respects, as if made at and as of the Closing Date (or Option Closing
Date), and the Company has complied in all material respects with all the agreements and satisfied all the conditions on its part required
to be performed or satisfied at or prior to the Closing Date (or Option Closing Date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) No stop order or other order (A) suspending the effectiveness of the Registration Statement or any part
thereof or any amendment thereof, (B) suspending the qualification of the Offered Securities for offering or sale, or (C) suspending or
preventing the use of the Time of Sale Disclosure Package, any Prospectus, the Final Prospectus or any Issuer Free Writing Prospectus,
has been issued, and no proceeding for that purpose has been instituted or, to their knowledge, is contemplated by the Commission or any
state or regulatory body; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) There has been no occurrence of any event resulting or reasonably likely to result in a Material Adverse
Effect during the period from and after the date of this Agreement and prior to the Closing Date (or Option Closing Date).

On the Closing Date (or Option Closing Date), there shall have been furnished to the Underwriters a certificate, dated the Closing Date (or Option Closing Date) and addressed to the Underwriters, signed by the Company's secretary to the effect that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) that the Company's Memorandum and Articles attached to such certificate is true and complete, has
not been modified and is in full force and effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) that each of its subsidiaries' memorandum and articles of association, or charter documents attached
to such certificate is true and complete, has not been modified and is in full force and effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) that the resolutions of the Company's board of directors relating to this Offering attached to such
certificate are in full force and effect and have not been modified; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Company and each of its subsidiaries is in good standing accompanied by the relevant Certificates
of Good Standing dated the Closing Date (or Option Closing Date).

The documents referred to in such certificate shall be attached to such certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) On or before the date hereof, the Representative shall have received duly executed lock-up agreements,
substantially in the form of **Exhibit A** hereto (a " <u>Lock-Up Agreement</u> "), by and between the Representative and
each of the parties specified in **Schedule IV.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Company and the Selling Shareholder shall have furnished to the Representative and its counsel
 such additional documents, certificates and evidence as the Representative and its counsel may have reasonably requested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The Company shall deliver or cause the Offered Securities to be delivered by the Company to the Representative
at the Closing Date (or Option Closing Date), which shares shall be delivered via The Depository Trust Company Deposit or Withdrawal at
Custodian system for the accounts of the several Underwriters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The Company and the Selling Shareholder shall deliver or cause the Shareholder Shares to be delivered,
not later than the date of this Agreement, by the Selling Shareholder to the Representative, which shares shall be delivered via The Depository
Trust Company Deposit or Withdrawal at Custodian system for the accounts of the several Underwriters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) On the Closing Date, there shall have been furnished to the Underwriters a certificate, dated the Closing
Date and addressed to the Underwriters, duly executed by the Selling Shareholder, in customary form reasonably acceptable to the Representative.

If any condition specified in this Section 6 shall not have been fulfilled when and as required to be fulfilled, this Agreement may be terminated by the Representative by notice to the Company at any time at or prior to the Closing Date (or Option Closing Date), and such termination shall be without liability of any party to any other party, except that Section 5(a)(viii), Section 7 and Section 8 shall survive any such termination and remain in full force and effect.

***7.***  ***Indemnification and Contribution*** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each of the Company and the Selling Shareholder agrees, to the fullest
extent permissible by applicable law, indemnify, defend and hold harmless each Underwriter, its affiliates, and the respective controlling
persons, directors, officers, members, shareholders, agents and employees, and each person, if any, who controls such Underwriter within
the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, from and against any losses, claims, damages or liabilities
to which such Underwriter or such person may become subject, under the Securities Act or otherwise (including in settlement of any litigation
if such settlement is effected with the written consent of the Company), insofar as such losses, claims, damages or liabilities (or actions
in respect thereof) arise out of or are based upon (i) an untrue statement or alleged untrue statement of a material fact contained in
the Registration Statement, including the information deemed to be a part of the Registration Statement at the time of effectiveness and
at any subsequent time pursuant to Rules 430A and 430B of the Rules and Regulations, or arise out of or are based upon the omission from
the Registration Statement, or alleged omission to state therein, a material fact required to be stated therein or necessary to make the
statements therein not misleading (ii) an untrue statement or alleged untrue statement of a material fact contained in the Time of Sale
Disclosure Package, any oral or written communication with potential investors undertaken in reliance on Section 5(d) of the Securities
Act (" <u>Written Testing-the-Waters Communications</u> "), any Prospectus, the Final Prospectus, or any amendment or supplement
thereto, any Issuer Free Writing Prospectus, or the Marketing Materials or in any other materials used in connection with the offering
of the Offered Securities, or arise out of or are based upon the omission or alleged omission to state therein a material fact required
to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading,
(iii) in whole or in part, any inaccuracy in the representations and warranties of the Company or the Selling Shareholder contained herein,
or (iv) in whole or in part, any failure of the Company or the Selling Shareholder to perform its obligations hereunder or under law,
and will reimburse each Underwriter for any legal or other expenses reasonably incurred by it in connection with evaluating, investigating
or defending against such loss, claim, damage, liability or action; *provided, however*, that the Company and the Selling Shareholder
shall not be liable in any such case to the extent that any such loss, claim, damage, liability or action arises out of or is based upon
an untrue statement or alleged untrue statement or omission or alleged omission made in the Registration Statement, the Time of Sale Disclosure
Package, any Written Testing-the-Waters Communications, any Prospectus, the Final Prospectus, or any amendment or supplement thereto or
any Issuer Free Writing Prospectus, in reliance upon and in conformity with written information furnished to the Company or the Selling
Shareholder by such Underwriter specifically for use in the preparation thereof, which written information is described in Section 7(f).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Underwriter, severally and not jointly, will indemnify, defend
and hold harmless the Company and Selling Shareholder, their affiliates, directors, officers and employees, and each person, if any, who
controls the Company or the Selling Shareholder within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act,
from and against any losses, claims, damages or liabilities to which the Company or the Selling Shareholder may become subject, under
the Securities Act or otherwise (including in settlement of any litigation, if such settlement is effected with the written consent of
such Underwriter), insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon
an untrue statement or alleged untrue statement of a material fact contained in the Registration Statement, the Time of Sale Disclosure
Package, any Prospectus, the Final Prospectus, or any amendment or supplement thereto or any Issuer Free Writing Prospectus, or arise
out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary
to make the statements therein not misleading, in each case to the extent, but only to the extent, that such untrue statement or alleged
untrue statement or omission or alleged omission was made in the Registration Statement, the Time of Sale Disclosure Package, any Prospectus,
the Final Prospectus, or any amendment or supplement thereto or any Issuer Free Writing Prospectus in reliance upon and in conformity
with written information furnished to the Company or Selling Shareholder or by such Underwriter specifically for use in the preparation
thereof, which written information is described in Section 7(f), and will reimburse the Company and the Selling Shareholder for any legal
or other expenses reasonably incurred by the Company and the Selling Shareholder in connection with evaluating, investigating, and defending
against any such loss, claim, damage, liability or action. The obligation of each Underwriter to indemnify the Company and the Selling
Shareholder (including any controlling person, director or officer thereof) shall be limited to the amount of the underwriting discount
applicable to the Offered Securities to be purchased by such Underwriter hereunder actually received by such Underwriter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Promptly after receipt by an indemnified party under subsection
(a) or (b) above of notice of the commencement of any action, such indemnified party shall, if a claim in respect thereof is to be made
against the indemnifying party under such subsection, notify the indemnifying party in writing of the commencement thereof, but the failure
to notify the indemnifying party shall not relieve the indemnifying party from any liability that it may have to any indemnified party
except to the extent such indemnifying party has been materially prejudiced by such failure. In case any such action shall be brought
against any indemnified party, and it shall notify the indemnifying party of the commencement thereof, the indemnifying party shall be
entitled to participate in, and, to the extent that it shall wish, jointly with any other indemnifying party similarly notified, to assume
the defense thereof, with counsel satisfactory to such indemnified party, and after notice from the indemnifying party to such indemnified
party of the indemnifying party's election so to assume the defense thereof, the indemnifying party shall not be liable to such
indemnified party under such subsection for any legal or other expenses subsequently incurred by such indemnified party in connection
with the defense thereof; *provided*, *however*, that if (i) the indemnified party has reasonably concluded (based on advice
of counsel) that there may be legal defenses available to it or other indemnified parties that are different from or in addition to those
available to the indemnifying party, (ii) a conflict or potential conflict exists (based on advice of counsel to the indemnified party)
between the indemnified party and the indemnifying party (in which case the indemnifying party will not have the right to direct the
defense of such action on behalf of the indemnified party), or (iii) the indemnifying party has not in fact employed counsel reasonably
satisfactory to the indemnified party to assume the defense of such action within a reasonable time after receiving notice of the commencement
of the action, the indemnified party shall have the right to employ a single counsel to represent it in any claim in respect of which
indemnity may be sought under subsection (a) or (b) of this Section 7, in which event the reasonable fees and expenses of such separate
counsel shall be borne by the indemnifying party or parties and reimbursed to the indemnified party as incurred.

The indemnifying party under this Section 7 shall not be liable for any settlement of any proceeding effected without its written consent, but if settled with such consent or if there be a final judgment for the plaintiff, the indemnifying party agrees to indemnify the indemnified party against any loss, claim, damage, liability or expense by reason of such settlement or judgment. No indemnifying party shall, without the prior written consent of the indemnified party, effect any settlement, compromise or consent to the entry of judgment in any pending or threatened action, suit or proceeding in respect of which any indemnified party is a party or could be named and indemnity was or would be sought hereunder by such indemnified party, unless such settlement, compromise or consent (a) includes an unconditional release of such indemnified party from all liability for claims that are the subject matter of such action, suit or proceeding and (b) does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of any indemnified party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If the indemnification provided for in this Section 7 is unavailable
or insufficient to hold harmless an indemnified party under subsection (a) or (b) above, then each indemnifying party shall contribute
to the amount paid or payable by such indemnified party as a result of the losses, claims, damages or liabilities referred to in subsection
(a) or (b) above, (i) in such proportion as is appropriate to reflect the relative benefits received by the Company and the Selling Shareholder
on the one hand and the Underwriters on the other from the offering and sale of the Offered Securities or (ii) if the allocation provided
by clause (i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits
referred to in clause (i) above but also the relative fault of the Company on the one hand and the Underwriters/Selling Shareholder on
the other in connection with the statements or omissions that resulted in such losses, claims, damages or liabilities, as well as any
other relevant equitable considerations. The relative benefits received by the Company and the Selling Shareholder on the one hand and
the Underwriters on the other shall be deemed to be in the same proportion as the total net proceeds from the Offering (before deducting
expenses) received by the Company bear to the total underwriting discount received by the Underwriters, in each case as set forth in the
table on the cover page of the Final Prospectus. The relative fault shall be determined by reference to, among other things, whether the
untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information
supplied by the Company or the Underwriters and the parties' relevant intent, knowledge, access to information and opportunity to
correct or prevent such untrue statement or omission. The Company, the Selling Shareholder and the Underwriters agree that it would not
be just and equitable if contributions pursuant to this subsection (d) were to be determined by pro rata allocation or by any other method
of allocation that does not take account of the equitable considerations referred to in the first sentence of this subsection (d). The
amount paid by an indemnified party as a result of the losses, claims, damages or liabilities referred to in the first sentence of this
subsection (d) shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in connection with
investigating or defending against any action or claim that is the subject of this subsection (d). Notwithstanding the provisions of this
subsection (d), no Underwriter shall be required to contribute any amount in excess of the amount of the of the underwriting discount
applicable to the Offered Securities to be purchased by such Underwriter hereunder actually received by such Underwriter. No person guilty
of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any
person who was not guilty of such fraudulent misrepresentation. The Underwriters' respective obligations to contribute as provided
in this Section 7 are several in proportion to their respective underwriting commitments and not joint.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The obligations of the Company and the Selling Shareholder under this
Section 7 shall be in addition to any liability that the Company and the Selling Shareholder may otherwise have and the benefits of such
obligations shall extend, upon the same terms and conditions, to each person, if any, who controls any Underwriter within the meaning
of Section 15 of the Securities Act or Section 20 of the Exchange Act; and the obligations of each Underwriter under this Section 7 shall
be in addition to any liability that each Underwriter may otherwise have and the benefits of such obligations shall extend, upon the same
terms and conditions, to the Company, the Selling Shareholder and their officers, directors and each person who controls the Company or
the Selling Shareholder within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) For purposes of this Agreement, each Underwriter severally confirms,
and the Company and the Selling Shareholder acknowledge, that there is no information concerning such Underwriter furnished in writing
to the Company and the Selling Shareholder by such Underwriter specifically for preparation of or inclusion in the Registration Statement,
the Time of Sale Disclosure Package, any Prospectus, the Final Prospectus or any Issuer Free Writing Prospectus, other than the statement
set forth in the last paragraph on the cover page of the Prospectus, the marketing and legal names of each Underwriter, and the statements
set forth in the "Underwriting" section of the Registration Statement, the Time of Sale Disclosure Package, and the Final
Prospectus only insofar as such statements relate to the amount of selling concession and re-allowance, if any, or to over-allotment,
stabilization and related activities that may be undertaken by such Underwriter.

***8.***  ***Representations and Agreements to Survive Delivery*** .

 ****

All representations, warranties, and agreements of the Company and the Selling Shareholder contained herein or in certificates delivered pursuant hereto, including, but not limited to, the agreements of the several Underwriters and the Company contained in Section 5(a)(viii) and Section 7 hereof, shall remain operative and in full force and effect regardless of any investigation made by or on behalf of the several Underwriters or any controlling person thereof, or the Company or any of its officers, directors, or controlling persons, and shall survive delivery of, and payment for, the Offered Securities to and by the Underwriters hereunder.

***9.***  ***Termination of this Agreement*** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Representative shall have the right to terminate this Agreement
by giving notice to the Company as hereinafter specified at any time at or prior to the Closing Date, if in the discretion of the Representative,
(i) there has occurred any material adverse change in the securities markets or any event, act or occurrence that has materially disrupted,
or in the opinion of the Representative, will in the future materially disrupt, the securities markets or there shall be such a material
adverse change in general financial, political or economic conditions or the effect of international conditions on the financial markets
in the Cayman Islands, the British Virgin Islands, Canada, Hong Kong, Singapore or the United States is such as to make it, in the judgment
of the Representative, inadvisable or impracticable to market the Offered Securities or enforce contracts for the sale of the Offered
Securities (ii) trading in the Company's Ordinary Shares shall have been suspended by the Commission or Nasdaq or trading in securities
generally on the Nasdaq Stock Market, the NYSE or the NYSE MKT shall have been suspended, (iii) minimum or maximum prices for trading
shall have been fixed, or maximum ranges for prices for securities shall have been required, on the Nasdaq Stock Market, the NYSE or
NYSE American, by such exchange or by order of the Commission or any other governmental authority having jurisdiction, (iv) a banking
moratorium shall have been declared by the Cayman Islands, the British Virgin Islands, Canada, Hong Kong, Singapore, the United States,
federal or state authorities, (v) there shall have occurred any attack on, outbreak or escalation of hostilities or act of terrorism
involving the Cayman Islands, the British Virgin Islands, Canada, Hong Kong, Singapore, the United States, or any jurisdiction that the
Company has operations and assets or any declaration by the Cayman Islands, the British Virgin Islands, Canada, Hong Kong, Singapore,
the United States, or any jurisdiction that the Company has operations and assets of a national emergency or war, any substantial change
or development involving a prospective substantial change in the Cayman Islands, the British Virgin Islands, Canada, Hong Kong, Singapore,
the United States, or any jurisdiction that the Company has operations and assets or other international political, financial or economic
conditions or any other calamity or crisis, or (vi) the Company suffers any loss by strike, fire, flood, earthquake, accident or other
calamity, whether or not covered by insurance, or (vii) in the judgment of the Representative, there has been, since the time of execution
of this Agreement or since the respective dates as of which information is given in the Registration Statement, the Time of Sale Disclosure
Package or the Final Prospectus, any material adverse change in the assets, properties, condition, financial or otherwise, or in the
results of operations, business affairs or business prospects of the Company and its subsidiaries, whether or not arising in the ordinary
course of business. Any such termination shall be without liability of any party to any other party except that the provisions of Section
5(a)(viii) and Section 7 hereof shall at all times be effective and shall survive such termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Representative elects to terminate this Agreement as
provided in this Section 9, the Company and the other Underwriters shall be notified promptly by the Representative by telephone, confirmed
by letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If this Agreement is terminated pursuant to any of its provisions,
the Company shall not be under any liability to any Underwriter, and no Underwriter shall be under any liability to the Company, except
that (y) subject to a maximum reimbursement of $[300,000], the Company will reimburse the Representative only for all actual, accountable
out-of-pocket expenses (including the reasonable fees and disbursements of Sichenzia Ross Ference Carmel LLP, its counsel) reasonably
incurred by the Representative in connection with the proposed purchase and sale of the Offered Securities or in contemplation of performing
their obligations hereunder and (z) no Underwriter who shall have failed or refused to purchase the Firm Shares agreed to be purchased
by it under this Agreement, without some reason sufficient hereunder to justify cancellation or termination of its obligations under
this Agreement, shall be relieved of liability to the Company, or to the other Underwriters for damages occasioned by its failure or
refusal.

***10.***  ***Substitution of Underwriters*** .

 ****

If any Underwriter or Underwriters shall default in its or their obligations to purchase Firm Shares hereunder on the Closing Date and the aggregate number of Firm Shares which such defaulting Underwriter or Underwriters agreed but failed to purchase does not exceed ten percent (10%) of the total number of Firm Shares to be purchased by all Underwriters on such Closing Date, the other Underwriters shall be obligated severally, in proportion to their respective commitments hereunder, to purchase the Firm Shares which such defaulting Underwriter or Underwriters agreed but failed to purchase on such Closing Date. If any Underwriter or Underwriters shall so default and the aggregate number of Firm Shares with respect to which such default or defaults occur is more than ten percent (10%) of the total number of Firm Shares to be purchased by all Underwriters on such Closing Date and arrangements satisfactory to the remaining Underwriters and the Company for the purchase of such Firm Shares by other persons are not made within forty-eight (48) hours after such default, this Agreement shall terminate.

If the remaining Underwriters or substituted Underwriters are required hereby or agree to take up all or part of the Firm Shares of a defaulting Underwriter or Underwriters on such Closing Date as provided in this Section 10, (i) the Company shall have the right to postpone such Closing Date for a period of not more than five (5) full business days in order to permit the Company to effect whatever changes in the Registration Statement, the Final Prospectus, or in any other documents or arrangements, which may thereby be made necessary, and the Company agrees to promptly file any amendments to the Registration Statement or the Final Prospectus which may thereby be made necessary, and (ii) the respective numbers of Firm Shares to be purchased by the remaining Underwriters or substituted Underwriters shall be taken as the basis of their underwriting obligation for all purposes of this Agreement. Nothing herein contained shall relieve any defaulting Underwriter of its liability to the Company or any other Underwriter for damages occasioned by its default hereunder. Any termination of this Agreement pursuant to this Section 10 shall be without liability on the part of any non-defaulting Underwriters or the Company, except that the obligations with respect to expenses to be paid or reimbursed pursuant to Section 5(a)(viii) and Section 7 and Sections 9 through 17, inclusive, shall not terminate and shall remain in full force and effect.

***11.***  ***Notices*** .

 ****

All notices and communications hereunder shall be in writing and mailed or delivered or by telephone or telegraph if subsequently confirmed in writing, (a) if to the Representative, Eddid Securities USA Inc., 40 Wall Street, Suite 1606, New York, NY 10005, Attention: Mr. Tom Li, and to Sichenzia Ross Ference Carmel LLP, 1185 Avenue of the Americas, 26<sup>th</sup> Floor, New York, NY 10036, Attention: Benjamin Tan, Esq., (b) if to the Company, to the Company's agent for service at such agent's address appears on the cover page of the Registration Statement with a copy to Schlueter & Associates, P.C., 5655 South Yosemite Street, Suite 350, Greenwood Village, CO 80111, Attention: Henry F. Schlueter, Esq. and David Stefanski, Esq. and (c)) if to the Selling Shareholder, to the Selling Shareholder's agent for service at [ ] with a copy to Schlueter & Associates, P.C., 5655 South Yosemite Street, Suite 350, Greenwood Village, CO 80111, Attention: Henry F. Schlueter, Esq. and David Stefanski, Esq.

***12.***  ***Persons Entitled to Benefit of Agreement*** .

 ****

This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective successors and assigns and the controlling persons, officers and directors referred to in Section 7. Nothing in this Agreement is intended or shall be construed to give to any other person, firm or corporation any legal or equitable remedy or claim under or in respect of this Agreement or any provision herein contained. The term "successors and assigns" as herein used shall not include any purchaser, as such purchaser, of any of the Offered Securities from any Underwriters.

***13.***  ***Absence of Fiduciary Relationship*** .

 ****

Each of the Company and Selling Shareholder acknowledges and agrees that: (a) each Underwriter has been retained solely to act as underwriter in connection with the sale of the Offered Securities and that no fiduciary, advisory or agency relationship between the Company and any Underwriter, or between the Selling Shareholder and any Underwriter, has been created in respect of any of the transactions contemplated by this Agreement, irrespective of whether the Underwriter has advised or is advising the Company on other matters; (b) the price and other terms of the Offered Securities set forth in this Agreement were established by the Company and the Selling Shareholder following discussions and arms-length negotiations with the Underwriters and the Company and the Selling Shareholder are capable of evaluating and understanding and understands and accepts the terms, risks and conditions of the transactions contemplated by this Agreement; (c) it has been advised that the Underwriters and their affiliates are engaged in a broad range of transactions that may involve interests that differ from those of the Company and the Selling Shareholder and that no Underwriter has any obligation to disclose such interest and transactions to the Company and the Selling Shareholder by virtue of any fiduciary, advisory or agency relationship. Underwriters have no obligation to disclose, or account to the Company and the Selling Shareholder for, any of such additional financial interests; and (d) it has been advised that each Underwriter is acting, in respect of the transactions contemplated by this Agreement, solely for the benefit of such Underwriter, and not on behalf of the Company or the Selling Shareholder. Each of the Company and Selling Shareholder hereby waives and releases, to the fullest extent permitted by law, any claims that the Company or Selling Shareholder may have against the Underwriters with respect to any breach or alleged breach of fiduciary duty.

***14.***  ***Amendments and Waivers*** .

 ****

No provision of this Agreement may be waived, modified, supplemented or amended except in a written instrument signed, in the case of an amendment, by the Company and the Representative (and to the extent that such amendment directly impacts the rights of the Selling Shareholder). No waiver of any default with respect to any provision, condition or requirement of this Agreement shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall any delay or omission of any party to exercise any right hereunder in any manner impair the exercise of any such right.

***15.***  ***Partial Unenforceability*** .

 ****

The invalidity or unenforceability of any section, paragraph, clause or provision of this Agreement shall not affect the validity or enforceability of any other section, paragraph, clause or provision.

***16.***  ***Governing Law*** .

 ****

This Agreement shall be governed by and construed in accordance with the laws of the State of New York.

***17.***  ***Submission to Jurisdiction*** .

 ****

Each of the Company and Selling Shareholder hereby agrees that any action, proceeding or claim against it arising out of, or relating in any way to this Agreement shall be brought and enforced in the New York Supreme Court, County of New York, or in the United States District Court for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. Each of the Company and Selling Shareholder hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. EACH OF THE COMPANY (ON BEHALF OF ITSELF AND, TO THE FULLEST EXTENT PERMITTED BY LAW, ON BEHALF OF ITS RESPECTIVE EQUITY HOLDERS AND CREDITORS), THE SELLING SHAREHOLDER AND THE UNDERWRITERS HEREBY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY CLAIM BASED UPON, ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT, THE REGISTRATION STATEMENT, THE TIME OF SALE DISCLOSURE PACKAGE, ANY PROSPECTUS AND THE FINAL PROSPECTUS.

***18.***  ***Entire Agreement.*** 

 ****

This Agreement, together with the exhibits and schedules thereto and the Prospectus contain the entire understanding of the parties with respect to the subject matter hereof and thereof and supersede all prior agreements and understandings, oral or written, with respect to such matters, which the parties acknowledge have been merged into such documents, exhibits and schedules. Notwithstanding anything herein to the contrary, the engagement letter dated March 21, 2024, as amended on April 28, 2025 and March 30, 2026 (the "<u>Engagement Letter</u>") between the Company and the Representative shall continue to be effective during their terms and the terms therein shall continue to survive and be enforceable by the Representative, provided that, in the event of a conflict between the terms and conditions of this Agreement and the Engagement Letter and its amendment, the terms and conditions of this Agreement shall control.

***19.***  ***Counterparts.*** 

This Agreement may be executed and delivered (including by facsimile transmission or electronic mail) in one or more counterparts and, if executed in more than one counterpart, the executed counterparts shall each be deemed to be an original and all such counterparts shall together constitute one and the same instrument.

[*Signature Page Follows*]

Please sign and return to the Company and the Selling Shareholder the enclosed duplicates of this letter whereupon this letter will become a binding agreement among the Company, the Selling Shareholder and the several Underwriters in accordance with its terms.

Very truly yours,

**COOLBIT TECHNOLOGIES LIMITED**

  <br> Name: <br> Title:

**PRIME PALACE INVESTMENT LIMITED**

  <br> Name: <br> Title:

Confirmed as of the date first above-mentioned by the Representative of the several Underwriters.

**Eddid Securities USA Inc.**

  <br> Name: <br> Title:

[Signature page to Underwriting Agreement]

**SCHEDULE I**

---

| | |
|:---|:---|
| Name | Number of Ordinary Shares To be Purchased |
| Eddid Securities USA Inc. |  |
| Total |  |

---

**SCHEDULE II**

**Time of Sale Disclosure Package**

**SCHEDULE III**

**Issuer Free Writing Prospectus**

**SCHEDULE IV**

**Lock-Up Parties**

**Final Term Sheet**

---

| | |
|:---|:---|
| Issuer: | COOLBIT TECHNOLOGIES LIMITED (the "<u>Company</u>") |
| Symbol: |  |
| Selling Shareholder: | Prime Palace Investment Limited |
| Securities: | [ ] Class A Ordinary Shares |
| Public Offering Price: | $ per Class A Ordinary Share. |
| Underwriting Discount (7.5%): | $|
| Non-accountable Expense Allowance (1%): | $|
| Trade Date: |  |
| Settlement Date: |  |
| Underwriter: | Eddid Securities USA Inc. |

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**EXHIBIT A** 

**Form of Lock-Up** 

**Form of Lock-Up Agreement**

[ ], 2026

Eddid Securities USA Inc.

40 Wall Street, Suite 1606,

New York, NY 10005

As Representative of the several Underwriters named on Schedule 1 to the Underwriting Agreement referenced below

Ladies and Gentlemen:

The undersigned understands that Eddid Securities USA Inc. (the "**Representative**"), proposes to enter into an Underwriting Agreement (the "**Underwriting Agreement**") with COOLBIT TECHNOLOGIES LIMITED, a Cayman Islands exempted company with limited liability (the "**Company**") and Prime Palace Investment Limited (the "**Selling Shareholder**") providing for the public offering (the "**Public Offering**") of Class A ordinary shares, par value $0.00001 per share, of the Company (the "**Ordinary Shares**").

To induce the Representative to continue its efforts in connection with the Public Offering, the undersigned hereby agrees that, without the prior written consent of the Representative, the undersigned will not, during the period commencing on the date hereof and ending One Hundred and Eighty (180) days from the date the Ordinary Shares commence trading on the Nasdaq (the "**Lock-Up Period**"), (1) offer, pledge, sell, contract to sell, grant, lend, or otherwise transfer or dispose of, directly or indirectly, any Ordinary Shares or any securities convertible into or exercisable or exchangeable for Ordinary Shares, held or owned as at the closing of the Public Offering (collectively, the "**Lock-Up Securities**"); (2) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of the Lock-Up Securities, whether any such transaction described in clause (1) or (2) above is to be settled by delivery of Lock-Up Securities, in cash or otherwise; (3) make any demand for or exercise any right with respect to the registration of any Lock-Up Securities; or (4) publicly disclose the intention to make any offer, sale, pledge or disposition, or to enter into any transaction, swap, hedge or other arrangement relating to any Lock-Up Securities. Notwithstanding the foregoing, and subject to the conditions below, the undersigned may transfer Lock-Up Securities without the prior written consent of the Representative in connection with (a) transactions relating to Lock-Up Securities acquired in open market transactions after the completion of the Public Offering; <u>provided</u> that no filing under Section 13 or Section 16(a) of the Securities Exchange Act of 1934, as amended (the "**Exchange Act**"), or other public announcement shall be required or shall be voluntarily made in connection with subsequent sales of Lock-Up Securities acquired in such open market transactions; (b) transfers of Lock-Up Securities as a *bona fide* gift, by will or intestacy or to a family member or trust for the benefit of the undersigned (for purposes of this lock-up agreement, "family member" means any relationship by blood, marriage or adoption, not more remote than first cousin); (c) transfers of Lock-Up Securities to a charity or educational institution; (d) if the undersigned is a corporation, partnership, limited liability company or other business entity, (i) any transfers of Lock-Up Securities to another corporation, partnership or other business entity that controls, is controlled by or is under common control with the undersigned or (ii) distributions of Lock-Up Securities to members, partners, shareholders, subsidiaries or affiliates (as defined in Rule 405 promulgated under the Securities Act of 1933, as amended) of the undersigned; (e) if the undersigned is a trust, to a trustee or beneficiary of the trust; <u>provided</u> that in the case of any transfer pursuant to the foregoing clauses (b), (c) (d) or (e), (i) any such transfer shall not involve a disposition for value, (ii) each transferee shall sign and deliver to the Representative a lockup agreement substantially in the form of this lock-up agreement and (iii) no filing under Section 13 or Section 16(a) of the Exchange Act or other public announcement shall be required or shall be voluntarily made during the Lock-Up Period; (f) the receipt by the undersigned from the Company of Ordinary Shares upon the vesting of restricted stock awards or stock units or upon the exercise of options to purchase the Company's Ordinary Shares issued under an equity incentive plan of the Company or an employment arrangement described in the Pricing Prospectus provided always that the adoption of any equity incentive plan, the grant of options and/or restricted stock grants thereunder, and the filing of a registration statement on Form S-8 occur at least sixty (60) days after the Closing Date (as defined in the Underwriting Agreement) (the "**Plan Shares**") or the transfer or withholding of Ordinary Shares or any securities convertible into Ordinary Shares to the Company upon a vesting event of the Company's securities or upon the exercise of options to purchase the Company's securities, in each case on a "cashless" or "net exercise" basis or to cover tax obligations of the undersigned in connection with such vesting or exercise, <u>provided</u> that if the undersigned is required to file a report under Section 13 or Section 16(a) of the Exchange Act reporting a reduction in beneficial ownership of Ordinary Shares during the Lock-Up Period, the undersigned shall include a statement in such schedule or report to the effect that the purpose of such transfer was to cover tax withholding obligations of the undersigned in connection with such vesting or exercise and, <u>provided further</u>, that the Plan Shares shall be subject to the terms of this lock-up agreement; (g) the transfer of Lock-Up Securities pursuant to agreements described in the Pricing Prospectus under which the Company has the option to repurchase such securities or a right of first refusal with respect to the transfer of such securities, <u>provided</u> that if the undersigned is required to file a report under Section 13 or Section 16(a) of the Exchange Act reporting a reduction in beneficial ownership of Ordinary Shares during the Lock-Up Period, the undersigned shall include a statement in such schedule or report describing the purpose of the transaction; (h) the establishment of a trading plan pursuant to Rule 10b5-1 under the Exchange Act for the transfer of Lock-Up Securities, <u>provided</u> that (i) such plan does not provide for the transfer of Lock-Up Securities during the Lock-Up Period and (ii) to the extent a public announcement or filing under the Exchange Act, if any, is required of or voluntarily made by or on behalf of the undersigned or the Company regarding the establishment of such plan, such public announcement or filing shall include a statement to the effect that no transfer of Lock-Up Securities may be made under such plan during the Lock-Up Period; (i) the transfer of Lock-Up Securities that occurs by operation of law, such as pursuant to a qualified domestic order or in connection with a divorce settlement, <u>provided</u> that the transferee agrees to sign and deliver a lock-up agreement substantially in the form of this lock-up agreement for the balance of the Lock-Up Period, and <u>provided further</u>, that any filing under Section 13 or Section 16(a) of the Exchange Act that is required to be made during the Lock-Up Period as a result of such transfer shall include a statement that such transfer has occurred by operation of law; and (j) the transfer of Lock- Up Securities pursuant to a bona fide third party tender offer, merger, consolidation or other similar transaction made to all holders of the Ordinary Shares involving a change of control (as defined below) of the Company after the closing of the Public Offering and approved by the Company's board of directors; <u>provided</u> that in the event that the tender offer, merger, consolidation or other such transaction is not completed, the Lock-Up Securities owned by the undersigned shall remain subject to the restrictions contained in this lock-up agreement. For purposes of clause (j) above, "change of control" shall mean the consummation of any bona fide third party tender offer, merger, amalgamation, consolidation or other similar transaction the result of which is that any "person" (as defined in Section 13(d)(3) of the Exchange Act), or group of persons, becomes the beneficial owner (as defined in Rules 13d-3 and 13d- 5 of the Exchange Act) of a majority of total voting power of the voting shares of the Company. The undersigned also agrees and consents to the entry of stop transfer instructions with the Company's transfer agent and registrar against the transfer of the undersigned's Lock-Up Securities except in compliance with this lock-up agreement.

If the undersigned is an officer or director of the Company, (i) the undersigned agrees that the foregoing restrictions shall be equally applicable to any issuer-directed or "friends and family" securities that the undersigned may purchase in the Public Offering; (ii) the Representative agrees that, at least three (3) business days before the effective date of any release or waiver of the foregoing restrictions in connection with a transfer of Lock-Up Securities, the Representative will notify the Company of the impending release or waiver; and (iii) the Company has agreed in the Underwriting Agreement to announce the impending release or waiver by press release through a major news service at least two (2) business days before the effective date of the release or waiver. Any release or waiver granted by the Representative hereunder to any such officer or director shall only be effective two (2) business days after the publication date of such press release. The provisions of this paragraph will not apply if (a) the release or waiver is effected solely to permit a transfer of Lock-Up Securities not for consideration and (b) the transferee has agreed in writing to be bound by the same terms described in this lock-up agreement to the extent and for the duration that such terms remain in effect at the time of such transfer.

For the avoidance of doubt, nothing herein shall apply to Ordinary Shares acquired by the undersigned after the Public Offering.

The undersigned understands that the Company and the Representative are relying upon this lock-up agreement in proceeding toward consummation of the Public Offering. The undersigned further understands that this lock-up agreement is irrevocable and shall be binding upon the undersigned's heirs, legal representatives, successors and assigns.

The undersigned understands that, if the Underwriting Agreement is not executed by [●], 2026 or if the Underwriting Agreement (other than the provisions thereof which survive termination) shall terminate or be terminated prior to payment for and delivery of the Ordinary Shares to be sold thereunder, then this lock-up agreement shall be void and of no further force or effect.

Whether or not the Public Offering actually occurs depends on a number of factors, including market conditions. Any Public Offering will only be made pursuant to an Underwriting Agreement, the terms of which are subject to negotiation between the Company and the Representative.

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| |
|:---|
| Very truly yours, |
| (Name - Please Print) |
| (Signature) |

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| |
|:---|
| (Name of Signatory, in the case of entities - Please Print) |
| (Title of Signatory, in the case of entities - Please Print) |
| Address: |

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## Exhibit 3.1

**Exhibit 3.1**

**THE COMPANIES ACT (AS REVISED)**

**EXEMPTED COMPANY LIMITED BY SHARES**

**SECOND AMENDED AND RESTATED**

**MEMORANDUM OF ASSOCIATION**

**OF**

**Coolbit Technologies Limited**

**(Adopted by a special resolution passed on [●] 2026 with effect from [●] 2026)**

1. The name of the Company is Coolbit Technologies Limited.

2. The registered office of the Company shall be at the offices of Conyers Trust Company (Cayman) Limited,
Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman KY1-1111, Cayman Islands.

3. Subject to the following provisions of this Memorandum, the objects for which the Company is established
are unrestricted and shall include, but without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to act and perform all the functions of a holding company in all its branches and to coordinate the policy
and administration of any subsidiary company or companies wherever incorporated or carrying on business or of any group of companies of
which the Company or any subsidiary company is a member or which are in any manner controlled directly or indirectly by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to act as an investment company and for that purpose to subscribe, acquire, hold, dispose, sell, deal
in or trade upon any terms, whether conditionally or absolutely, shares, stock, debentures, debenture stock, annuities, notes, mortgages,
bonds, obligations and securities, foreign exchange, foreign currency deposits and commodities, issued or guaranteed by any company wherever
incorporated, or by any government, sovereign, ruler, commissioners, public body or authority, supreme, municipal, local or otherwise,
by original subscription, tender, purchase, exchange, underwriting, participation in syndicates or in any other manner and whether or
not fully paid up, and to meet calls thereon.

4. Subject to the following provisions of this Memorandum, the Company shall have and be capable of exercising
all the functions of a natural person of full capacity irrespective of any question of corporate benefit, as provided by Section 27(2)
of the Companies Act.

5. Nothing in this Memorandum shall permit the Company to carry on a business for which a licence is required
under the laws of the Cayman Islands unless duly licensed.

6. The Company shall not trade in the Cayman Islands with any person, firm or corporation except in furtherance
of the business of the Company carried on outside the Cayman Islands; provided that nothing in this clause shall be construed as to prevent
the Company effecting and concluding contracts in the Cayman Islands, and exercising in the Cayman Islands all of its powers necessary
for the carrying on of its business outside the Cayman Islands.

7. The liability of each member is limited to the amount from time to time unpaid on such member's shares.

8. The share capital of the Company is US$10,000 (a) 3,600,000,000 Class A Ordinary Shares with a par value
of US$0.0000025 each, and (b) 100,000,000 Class B Ordinary Shares with a par value of US$0.00001 each, with the power for the Company,
insofar as is permitted by law, to redeem or purchase any of its shares and to increase or reduce the said share capital subject to the
provisions of the Companies Act (As Revised) and the Articles of Association of the Company and to issue any part of its capital, whether
original, redeemed or increased, with or without any preference, priority or special privilege or subject to any postponement of rights
or to any conditions or restrictions; and so that, unless the conditions of issue shall otherwise expressly declare, every issue of shares,
whether declared to be preference or otherwise, shall be subject to the power hereinbefore contained.

9. The Company may exercise the power contained in the Companies Act to deregister in the Cayman Islands
and be registered by way of continuation in another jurisdiction.

10. Capitalised terms that are not defined in this Memorandum bear the same meanings as those given in the
Articles of Association of the Company.

The Companies Act (As Revised)

Exempted Company Limited by Shares

SECOND AMENDED AND RESTATED

ARTICLES OF ASSOCIATION

OF

**Coolbit Technologies Limited**

(Adopted by a special resolution passed on [●] 2026 with effect from [●] 2026)

<u>I N D E X</u>

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| | |
|:---|:---|
| SUBJECT | Article No. |
| Table A | 1 |
| Interpretation | 1-4 |
| Share Capital | 5 |
| Alteration Of Capital | 6 |
| Share Rights | 7 |
| Variation Of Rights | 8 |
| Shares | 9 |
| Share Certificates | 10 |
| Lien | 11 |
| Calls On Shares | 12 |
| Forfeiture Of Shares | 13 |
| Register Of Members | 14 |
| Record Dates | 14 |
| Transfer Of Shares | 15 |
| Transmission Of Shares | 16 |
| Untraceable Members | 16 |
| General Meetings | 17 |
| Notice Of General Meetings | 17 |
| Proceedings At General Meetings | 18-19 |
| Voting | 20-21 |
| Proxies | 22-23 |
| Corporations Acting By Representatives | 24 |
| No Action By Written Resolutions Of Members | 24 |
| Board Of Directors | 24 |
| Disqualification Of Directors | 25 |
| Executive Directors | 25 |
| Alternate Directors | 26 |
| Directors' Fees And Expenses | 26 |
| Directors' Interests | 27 |
| General Powers Of The Directors | 28 |
| Borrowing Powers | 29 |
| Proceedings Of The Directors | 29 |
| Audit Committee | 30 |
| Officers | 31 |
| Register of Directors and Officers | 31 |
| Minutes | 31 |
| Seal | 32 |
| Authentication Of Documents | 32 |
| Destruction Of Documents | 32 |
| Dividends And Other Payments | 33-34 |
| Reserves | 35 |
| Capitalisation | 36 |
| Subscription Rights Reserve | 36 |
| Accounting Records | 37 |
| Audit | 38 |
| Notices | 38 |
| Signatures | 39 |
| Winding Up | 39 |
| Indemnity | 40 |
| Financial Year End | 40 |
| Amendment To Memorandum and Articles of Association And Name of Company | 40 |
| Information | 40 |

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i

THE COMPANIES ACT (AS REVISED)

EXEMPTED COMPANY LIMITED BY SHARES

SECOND AMENDED AND RESTATED

ARTICLES OF ASSOCIATION

OF

**Coolbit Technologies Limited**

(Adopted by a special resolution passed on [●] 2026 with effect from [●] 2026)

<u>TABLE A</u>

1. The regulations in Table A in the Schedule to the Companies Act
(As Revised) do not apply to the Company.

<u>INTERPRETATION</u>

2. (1) In these Articles, unless the context otherwise requires,
the words standing in the first column of the following table shall bear the meaning set opposite them respectively in the second column.

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| | |
|:---|:---|
| <u>WORD</u> | <u>MEANING</u> |
| "Act" | The Companies Act, Cap. 22 (As Revised) of the Cayman Islands. |
| "address | for the purposes of these Articles, "address" includes an electronic address unless the Act or rules of the Designated Stock Exchange require a postal address. |
| "Affiliate" | shall have the meaning given to it in Rule 405 of the United States Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder. |
| &nbsp;&nbsp;&nbsp;&nbsp;"Articles" | these Articles in their present form or as supplemented or amended or substituted from time to time. |
| "Audit Committee" | the audit committee of the Company formed by the Board pursuant to Article 123 hereof, or any successor audit committee. |
| "Auditor" | the independent auditor of the Company which shall be an internationally recognized firm of independent accountants. |
| "Board" or "Directors" | the board of directors of the Company or the directors present at a meeting of directors of the Company at which a quorum is present. |
| "capital" | the share capital from time to time of the Company. |
| "Class A Ordinary Shares" | Class A Ordinary Shares with a par value of US$0.0000025 each of the Company having the rights set out in these Articles. |
| "Class B Ordinary Shares" | Class B Ordinary Shares with a par value of US$0.00001 each of the Company having the rights set out in these Articles. |
| "clear days" | in relation to the period of a notice, that period excluding the day when the notice is given or deemed to be given and the day for which it is given or on which it is to take effect. |

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| | |
|:---|:---|
| "clearing house" | a clearing house recognised by the laws of the jurisdiction in which the shares of the Company (or depositary receipts therefor) are listed or quoted on a stock exchange or interdealer quotation system in such jurisdiction. |
| "Company" | Coolbit Technologies Limited |
| "competent regulatory authority" | a competent regulatory authority in the territory where the shares of the Company (or depositary receipts therefor) are listed or quoted on a stock exchange or interdealer quotation system in such territory. |
| "Conversion Date" | in respect of a Conversion Notice means the day on which that Conversion Notice is delivered. |
| "Conversion Notice" | a written notice delivered to the Company at its Office (and as otherwise stated therein) stating that a holder of Class B Ordinary Shares elects to convert the number of Class B Ordinary Shares specified therein pursuant to Article 10. |
| "Conversion Number" | in relation to any Class B Ordinary Shares, such number of Class A Ordinary Shares as may, upon exercise of the Conversion Right, be issued at the Conversion Rate. |
| "Conversion Rate" | means, at any time, on a 1 : 1 basis. |
| "Conversion Right" | in respect of a Class B Ordinary Share means the right of its holder, subject to the provisions of these Articles and to any applicable fiscal or other laws or regulations including the Act, to convert all or any of its Class B Ordinary Shares, into the Conversion Number of Class A Ordinary Shares in its discretion. |
| "debenture" and "debenture holder" | include debenture stock and debenture stockholder respectively. |
| "Designated Stock Exchange" | the stock exchange in the United States of America on which any shares are listed for trading. |
| "dollars" and "$" | dollars, the legal currency of the United States of America. |
| "electronic communication" | a communication sent, transmitted, conveyed and received by wire, by radio, by optical means or by other similar means in any form through any medium. |
| "electronic meeting" | a general meeting held and conducted wholly and exclusively by virtual attendance and participation by Members and/or proxies by means of electronic facilities. |
| "Exchange Act" | the Securities Exchange Act of 1934, as amended. |
| "head office" | such office of the Company as the Directors may from time to time determine to be the principal office of the Company. |
| "hybrid meeting" | a general meeting convened for the (i) physical attendance by Members and/or proxies at the Principal Meeting Place and where applicable, one or more Meeting Locations and (ii) virtual attendance and participation by Members and/or proxies by means of electronic facilities. |
| "Meeting Location" | has the meaning given to it in Article 65A. |
| "Independent Director" | a director who is an independent director as defined in the applicable rules and regulations of the Designated Stock Exchange. |
| "Member" | a duly registered holder from time to time of the shares in the capital of the Company. |
| "Memorandum of Association" | the memorandum of association of the Company, as amended from time to time. |

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| | |
|:---|:---|
| "month" | a calendar month. |
| "Notice" | written notice unless otherwise specifically stated these Articles and, where the context so requires, shall include any other document or communication to be served, issued, or given by the Company under these Articles or pursuant to applicable laws and regulations, including the rules of the Designated Stock Exchange and/or competent regulatory authority. For the avoidance of doubt, Notice may be provided in physical or electronic form. |
| "Office" | the registered office of the Company for the time being. |
| "ordinary resolution" | a resolution shall be an ordinary resolution when it has been passed by a simple majority of votes cast by such Members as, being entitled so to do, vote in person or, in the case of any Member being a corporation, by its duly authorised representative or, where proxies are allowed, by proxy at a general meeting of which Notice has been duly given in accordance with Article 60; |
| "paid up" | paid up or credited as paid up. |
| "physical meeting" | a general meeting held and conducted by physical attendance and participation by Members and/or proxies at the Principal Meeting Place and/or where applicable, one or more Meeting Locations. |
| "Principal Meeting Place" | shall have the meaning given to it in Article 60(2). |
| "Register" | the principal register and where applicable, any branch register of Members of the Company to be maintained at such place within or outside the Cayman Islands as the Board shall determine from time to time. |
| "Registration Office" | in respect of any class of share capital such place as the Board may from time to time determine to keep a branch register of Members in respect of that class of share capital and where (except in cases where the Board otherwise directs) the transfers or other documents of title for such class of share capital are to be lodged for registration and are to be registered. |
| "SEC" | the United States Securities and Exchange Commission. |
| "Securities Act" | mean the U.S. Securities Act 1933 as amended, or any similar federal statute and the rules and regulations of the SEC thereunder as the same shall be in effect from time to time. |
| "Seal" | common seal or any one or more duplicate seals of the Company (including a securities seal) for use in the Cayman Islands or in any place outside the Cayman Islands. |
| "Secretary" | any person, firm or corporation appointed by the Board to perform any of the duties of secretary of the Company and includes any assistant, deputy, temporary or acting secretary. |
| "shares" | shares in the capital of the Company including Class A Ordinary Shares and Class B Ordinary Shares. |
| "special resolution" | a resolution shall be a special resolution when it has been passed by a majority of not less than two-thirds of votes cast by such Members as, being entitled so to do, vote in person or, in the case of such Members as are corporations, by their respective duly authorised representative or, where proxies are allowed, by proxy at a general meeting of which Notice has been duly given in accordance with Article 60; |
|  | a special resolution shall be effective for any purpose for which an ordinary resolution is expressed to be required under any provision of these Articles or the Statutes. |
| "Statutes" | the Act and every other law of the Legislature of the Cayman Islands for the time being in force applying to or affecting the Company, its Memorandum of Association and/or these Articles. |
| "year" | a calendar year. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) In these Articles, unless there be something within the subject or context inconsistent with such construction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) words importing the singular include the plural and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) words importing a gender include both gender and the neuter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) words importing persons include companies, associations and bodies of persons whether corporate or not;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the words:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "may" shall be construed as permissive;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "shall" or "will" shall be construed as imperative;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) expressions referring to writing shall, unless the contrary intention appears, be construed as including
printing, lithography, email, facsimile, photography and other modes of representing or reproducing words or figures in a legible and
non-transitory form or, to the extent permitted by and in accordance with the Statutes and other applicable laws, rules and regulations,
any visible substitute for writing (including an electronic communication), or modes of representing or reproducing words partly in one
visible form and partly in another visible form, including electronic writing or display (such as digital documents or electronic communications),
or represented by any other substitute or format for storage or transmission for writing or partly one and partly another provided that
both the mode of service of the relevant document or Notice and the Member's election comply with all applicable Statutes, rules
and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any requirement as to delivery under the Articles include delivery in the form of an electronic record
(as defined in the Electronic Transactions Act of the Cayman Islands) or an electronic communication;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) references to any law, ordinance, statute or statutory provision shall be interpreted as relating to any
statutory modification or re-enactment thereof for the time being in force;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) save as aforesaid words and expressions defined in the Statutes shall bear the same meanings in these
Articles if not inconsistent with the subject in the context;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) references to a document (including, but without limitation, a resolution in writing) being signed or
executed include references to it being signed or executed under hand or under seal or by electronic signature or by electronic communication
or by any other method and references to a Notice or document include a Notice or document recorded or stored in any digital, electronic,
electrical, magnetic or other retrievable form or medium and information in visible form whether having physical substance or not;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Sections 8 and 19 of the Electronic Transaction Act of the Cayman Islands, as amended from time to time,
shall not apply to these Articles to the extent it imposes obligations or requirements in addition to those set out in these Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the right of a Member to speak at an electronic meeting or a hybrid meeting shall include the right to
raise questions or make statements to the chairman of the meeting, verbally or in written form, by means of electronic facilities. Such
a right shall be deemed to have been duly exercised if the questions or statements may be heard or seen by all or only some of the persons
present at the meeting (or only by the chairman of the meeting) in which event the chairman of the meeting shall relay the questions raised
or the statements made verbatim to all persons present at the meeting, either orally or in writing using electronic facilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) a reference to a meeting (a) shall, where the context is appropriate, include a meeting that has been
postponed by the Board pursuant to Article 65E, and (b) shall mean a meeting convened and held in any manner permitted by these Articles
and any Member or Director attending and participating at a meeting by means of electronic facilities shall be deemed to be present at
that meeting for all purposes of the Statutes and these Articles, and attend, participate, attending, participating, attendance and participation
shall be construed accordingly;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) references to a person's participation in the business of a general meeting include without limitation
and as relevant the right (including, in the case of a corporation, through a duly authorised representative) to speak or communicate,
vote, be represented by a proxy and have access in hard copy or electronic form to all documents which are required by the Statutes or
these Articles to be made available at the meeting, and participate and participating in the business of a general meeting shall be construed
accordingly;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) references to electronic facilities include, without limitation, website addresses, webinars, webcast,
video or any form of conference call systems (telephone, video, web or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) where a Member is a corporation, any reference in these Articles to a Member shall, where the context
requires, refer to a duly authorised representative of such Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) references to "in the ordinary course of business" and comparable expressions mean the ordinary
and usual course of business of the relevant party, consistent in all material respects (including nature and scope) with the prior practice
of such party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) unless the context otherwise requires, any reference to "print", "printed", or
"printed copy" and "printing" shall be deemed to include electronic versions or electronic copies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) any reference to the term "place" within these Articles shall be construed as applicable only
in contexts where a physical location is required or relevant. Any reference to a "place" for the delivery, receipt, or payment
of monies, whether by the Company or by Members, shall not preclude the use of electronic means for such delivery, receipt, or payment.
For the avoidance of doubt, references to a "place" in the context of meetings shall include physical, electronic, or hybrid
meeting formats, as permitted by applicable laws and regulations. Notices of meetings, adjournments, postponements, or any other references
to a "place" shall be interpreted to include virtual platforms or electronic means of communication where applicable. Where
the term "place" is out of context, unnecessary, or not applicable, such reference shall be disregarded without affecting the
validity or interpretation of the relevant provision.

<u>SHARE CAPITAL</u>

3. (1) The share capital of the Company at the date on which
these Articles come into effect shall be US$10,000 divided into (a) 3,600,000,000 Class A Ordinary Shares with a par value of US$0.0000025
each, and (b) 100,000,000 Class B Ordinary Shares with a par value of US$0.00001 each.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Subject to the Act, the Company's Memorandum and Articles
of Association and, where applicable, the rules and regulations of the Designated Stock Exchange and/or any competent regulatory authority,
the Company shall have the power to purchase or otherwise acquire its own shares and such power shall be exercisable by the Board in
such manner, upon such terms and subject to such conditions as it in its absolute discretion thinks fit and any determination by the
Board of the manner of purchase shall be deemed authorized by these Articles for purposes of the Act. Subject to the Act, the Listing
Rules and/or the rules of any competent regulatory authority, the Company is hereby authorized to make payments in respect of a redemption
or purchase of its own shares in any manner authorized by the Act, including out of its capital. The purchase of any share shall not
oblige the Company to purchase any other share other than as may be required pursuant to applicable law and any other contractual obligations
of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The Company is authorised to hold treasury shares in accordance
with the Act and may designate as treasury shares any of its shares that it purchases or redeems, or any share surrendered to it subject
to the rules and regulations of the Designated Stock Exchange and/or any competent regulatory authority. Shares held by the Company as
treasury shares shall continue to be classified as treasury shares until such shares are either cancelled or transferred as the Board
may determine on such terms and subject to such conditions as it in its absolute discretion thinks fits in accordance with the Act subject
to the rules and regulations of the Designated Stock Exchange and/or any competent regulatory authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The Company may accept the surrender for no consideration
of any fully paid share unless, as a result of such surrender, there would no longer be any issued shares of the Company other than shares
held as treasury shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) No share shall be issued to bearer.

<u>ALTERATION OF CAPITAL</u>

4. (1) The Company may from time to time by ordinary resolution
in accordance with the Act alter the conditions of its Memorandum of Association to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) increase its capital by such sum, to be divided into shares of such amounts, as the resolution shall prescribe;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) consolidate and divide all or any of its capital into shares of larger amount than its existing shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) without prejudice to the powers of the Board under Article 13, divide its shares into several classes
and without prejudice to any special rights previously conferred on the holders of existing shares attach thereto respectively any preferential,
deferred, qualified or special rights, privileges, conditions or such restrictions which in the absence of any such determination by the
Company in general meeting, as the Directors may determine provided always that, for the avoidance of doubt, where a class of shares has
been authorized by the Company no resolution of the Company in general meeting is required for the issuance of shares of that class and
the Directors may issue shares of that class and determine such rights, privileges, conditions or restrictions attaching thereto as aforesaid,
and further provided that where the Company issues shares which do not carry voting rights, the words "non-voting" shall appear
in the designation of such shares and where the equity capital includes shares with different voting rights, the designation of each class
of shares, other than those with the most favourable voting rights, must include the words "restricted voting" or "limited
voting";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) sub-divide its shares, or any of them, into shares of smaller amount than is fixed by the Memorandum of
Association (subject, nevertheless, to the Act), and may by such resolution determine that, as between the holders of the shares resulting
from such sub-division, one or more of the shares may have any such preferred, deferred or other rights or be subject to any such restrictions
as compared with the other or others as the Company has power to attach to unissued or new shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) cancel any shares which, at the date of the passing of the resolution, have not been taken, or agreed
to be taken, by any person, and diminish the amount of its capital by the amount of the shares so cancelled or, in the case of shares,
without par value, diminish the number of shares into which its capital is divided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) No alteration may be made of the kind contemplated by Article
4(1), or otherwise, to the par value of the Class A Ordinary Shares or the Class B Ordinary Shares unless an identical alteration is
made to the par value of the Class A Ordinary Shares or the Class B Ordinary Shares, as the case may be.

5. The Board may settle as it considers expedient any difficulty
which arises in relation to any consolidation and division under the Article 4 and in particular but without prejudice to the generality
of the foregoing may issue certificates in respect of fractions of shares or arrange for the sale of the shares representing fractions
and the distribution of the net proceeds of sale (after deduction of the expenses of such sale) in due proportion amongst the Members
who would have been entitled to the fractions, and for this purpose the Board may authorise any person to transfer the shares representing
fractions to their purchaser or resolve that such net proceeds be paid to the Company for the Company's benefit. Such purchaser
will not be bound to see to the application of the purchase money nor will his title to the shares be affected by any irregularity or
invalidity in the proceedings relating to the sale.

6. The Company may from time to time by special resolution, subject
to any confirmation or consent required by the Act, reduce its share capital or any capital redemption reserve or other undistributable
reserve in any manner permitted by law.

7. Except so far as otherwise provided by the conditions of issue,
or by these Articles, any capital raised by the creation of new shares shall be treated as if it formed part of the original capital
of the Company, and such shares shall be subject to the provisions contained in these Articles with reference to the payment of calls
and instalments, transfer and transmission, forfeiture, lien, cancellation, surrender, voting and otherwise.

<u>SHARE RIGHTS</u>

8. Subject to the provisions of the Act, the rules and regulations
of the Designated Stock Exchange and the Memorandum and Articles of Association and to any special rights conferred on the holders of
any shares or class of shares, and without prejudice to Article 13 hereof, any share in the Company (whether forming part of the present
capital or not) may be issued with or have attached thereto such rights or restrictions whether in regard to dividend, voting, return
of capital or otherwise as the Board may determine, including without limitation on terms that they may be, or at the option of the Company
or the holder are, liable to be redeemed on such terms and in such manner, including out of capital, as the Board may deem fit.

9. Subject to the Act, the rules and regulations of the Designated
Stock Exchange and the Memorandum and Articles of Association, and to any special rights conferred on the holders of any shares or attaching
to any class of shares, shares may be issued on the terms that may be or at the option of the Company or the holder are, liable to be
redeemed on such terms and in such manner, including out of capital, as the Board may deem fit.

10. Subject to Article 13(1), the Memorandum of Association and any
resolution of the Members to the contrary and without prejudice to any special rights conferred thereby on the holders of any other shares
or class of shares, the share capital of the Company immediately upon the effectiveness of these Articles shall be divided into shares
of two classes, Class A Ordinary Shares and Class B Ordinary Shares. The Class A Ordinary Shares and the Class B Ordinary Shares shall
carry equal rights and rank *pari passu* with one another other than as set out below:

(a) *As regards conversion* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Subject to the provisions hereof and to compliance with all fiscal and other laws and regulations applicable
thereto, including the Act, a holder of Class B Ordinary Shares shall have the Conversion Right in respect of each Class B Ordinary Share.
For the avoidance of doubt, a holder of Class A Ordinary Shares shall have no rights to convert Class A Ordinary Shares into Class B Ordinary
Shares under any circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each Class B Ordinary Share shall be converted at the option of the holder, at any time after issue and
without the payment of any additional sum, into one fully paid Class A Ordinary Share calculated at the Conversion Rate. Such conversion
shall take effect on the Conversion Date. A Conversion Notice shall not be effective if it is not accompanied by the share certificates
in respect of the relevant Class B Ordinary Shares and such other evidence (if any) as the Directors may reasonably require to prove the
title of the person exercising such right (or, if such certificates have been lost or destroyed, such evidence of title and such indemnity
as the Directors may reasonably require). Any and all taxes and stamp, issue and registration duties (if any) arising on conversion shall
be borne by the holder of Class B Ordinary Shares requesting conversion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) On the Conversion Date, every Class B Ordinary Share to be converted shall automatically be re-designated
and re-classified as a Class A Ordinary Share with such rights and restrictions attached thereto and shall rank pari passu in all respects
with the Class A Ordinary Shares then in issue and the Company shall enter or procure the entry of the name of the relevant holder of
Class B Ordinary Shares as the holder of the same number of Class A Ordinary Shares resulting from the conversion of the Class B Ordinary
Shares in, and make any other necessary and consequential changes to, the Register and shall procure that certificates in respect of the
relevant Class A Ordinary Shares, together with a new certificate for any unconverted Class B Ordinary Shares comprised in the certificate(s)
surrendered by the holder of the Class B Ordinary Shares, are issued to the holders thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Until such time as the Class B Ordinary Shares have been converted into Class A Ordinary Shares, the Company
shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) at all times keep available for issue and free of all liens, charges, options, mortgages, pledges, claims,
equities, encumbrances and other third-party rights of any nature, and not subject to any pre-emptive rights out of its authorised but
unissued share capital, such number of authorised but unissued Class A Ordinary Shares as would enable all Class B Ordinary Shares to
be converted into Class A Ordinary Shares and any other rights of conversion into, subscription for or exchange into Class A Ordinary
Shares to be satisfied in full; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) not make any issue, grant or distribution or take any other action if the effect would be that on the
conversion of the Class B Ordinary Shares to Class A Ordinary Shares it would be required to issue Class A Ordinary Shares at a price
lower than the par value thereof

(b) *As regards Voting Rights* 

Holders of Class A Ordinary Shares and Class B Ordinary Shares have the right to receive notice of, attend, speak and vote at general meetings of the Company. Holders of Class A Ordinary Shares and Class B Ordinary Shares shall, at all times (other than in respect of separate general meetings of the holders of a class or series of shares held in accordance with Article 11 below), vote together as one class on all matters submitted to a vote for Members' consent. Each Class A Ordinary Share shall be entitled to one (1) vote on all matters subject to the vote at general meetings of the Company, and each Class B Ordinary Share shall be entitled to ten(10) votes on all matters subject to the vote at general meetings of the Company.

(c) *As regards Transfer* 

Upon any sale, transfer, assignment or disposition of Class B Ordinary Shares by a holder thereof to any person or entity which is not an Affiliate of such holder, such Class B Ordinary Shares validly transferred to the new holder shall be automatically and immediately converted into an equal number of Class A Ordinary Shares. For the avoidance of doubt, (i) a sale, transfer, assignment or disposition shall be effective upon the Company's registration of such sale, transfer, assignment or disposition in the Company's Register; and (ii) the creation of any pledge, charge, encumbrance or other third party right of whatever description on any of Class B Ordinary Shares to secure a holder's contractual or legal obligations shall not be deemed as a sale, transfer, assignment or disposition unless and until any such pledge, charge, encumbrance or other third party right is enforced and results in the third party holding legal title to the related Class B Ordinary Shares, in which case all the related Class B Ordinary Shares shall be automatically converted into the same number of Class A Ordinary Shares upon the Company's registration of the third party or its designee as a Member holding that number of Class A Ordinary Shares in the Register.

(d) *As regards dividends* 

 

Each Class A Ordinary Share be entitled to such dividends as the Board may from time to time declare. Each Class B Ordinary Share shall not be entitled to any dividends or distributions.

(e) *As regards a winding up or dissolution* 

In the event of a winding up or dissolution of the Company, whether voluntary or involuntary or for the purpose of a reorganisation or otherwise or upon any distribution of capital, the Class A Ordinary Shares and the Class B Ordinary Shares shall be entitled to the surplus assets of the Company on a *pari passu* basis.

<u>VARIATION OF RIGHTS</u>

11. Subject to the Act and without prejudice to Article 8, all or
any of the special rights for the time being attached to the shares or any class of shares may, unless otherwise provided by the terms
of issue of the shares of that class, from time to time (whether or not the Company is being wound up) be varied, modified or abrogated
with the sanction of a special resolution passed at a separate general meeting of the holders of the shares of that class. To every such
separate general meeting all the provisions of these Articles relating to general meetings of the Company shall, *mutatis mutandis*,
apply, but so that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) notwithstanding Article 59 which shall not apply to this Article 11, separate general meetings of the
holders of a class or series of shares may be called only by (i) the Chairman of the Board, or (ii) a majority of the entire Board (unless
otherwise specifically provided by the terms of issue of the shares of such class or series). Nothing in this Article 11 shall be deemed
to give any Member or Members the right to call a class or series meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the necessary quorum (whether at a separate general meeting or at its adjourned meeting) shall be a person
or persons or (in the case of a Member being a corporation) its duly authorized representative together holding or representing by proxy
not less than one-third in nominal value or par value of the issued shares of that class (but so that if at any adjourned meeting of such
holders a quorum as above defined is not present, those Members who are present shall form a quorum (whatever the number of shares held
by them));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) every holder of shares of the class shall be entitled on a poll to one vote for every such share held
by him; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any holder of shares of the class present in person or by proxy or authorised representative may demand
a poll.

12. The special rights conferred upon the holders of any shares or
class of shares shall not, unless otherwise expressly provided in the rights attaching to or the terms of issue of such shares, be deemed
to be varied, modified or abrogated by the creation or issue of further shares ranking *pari passu* therewith.

<u>SHARES</u>

13. (1) Subject to the Act, these Articles and, where applicable,
the rules and regulations of the Designated Stock Exchange and without prejudice to any special rights or restrictions for the time being
attached to any shares or any class of shares, the unissued shares of the Company (whether forming part of the original or any increased
capital) shall be at the disposal of the Board, which may offer, allot, grant options over or otherwise dispose of them to such persons,
at such times and for such consideration and upon such terms and conditions as the Board may in its absolute discretion determine but
so that no shares shall be issued at a discount to their nominal value. In particular and without prejudice to the generality of the
foregoing, the Board is hereby empowered to authorize by resolution or resolutions from time to time the issuance of one or more classes
or series of preferred shares and to fix the designations, powers, preferences and relative, participating, optional and other rights,
if any, and the qualifications, limitations and restrictions thereof, if any, including, without limitation, the number of shares constituting
each such class or series, dividend rights, conversion rights, redemption privileges, voting powers, full or limited or no voting powers,
and liquidation preferences, and to increase or decrease the size of any such class or series (but not below the number of shares of
any class or series of preferred shares then outstanding) to the extent permitted by the Act. Without limiting the generality of the
foregoing, the resolution or resolutions providing for the establishment of any class or series of preferred shares may, to the extent
permitted by law, provide that such class or series shall be superior to, rank equally with or be junior to the preferred shares of any
other class or series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Neither the Company nor the Board shall be obliged, when making
or granting any allotment of, offer of, option over or disposal of shares, to make, or make available, any such allotment, offer, option
or shares to Members or others with registered addresses in any particular territory or territories being a territory or territories
where, in the absence of a registration statement or other special formalities, this would or might, in the opinion of the Board, be
unlawful or impracticable. Members affected as a result of the foregoing sentence shall not be, or be deemed to be, a separate class
of members for any purpose whatsoever. Except as otherwise expressly provided in the resolution or resolutions providing for the establishment
of any class or series of preferred shares, no vote of the holders of preferred shares or ordinary shares shall be a prerequisite to
the issuance of any shares of any class or series of the preferred shares authorized by and complying with the conditions of the Memorandum
and Articles of Association.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The Board may issue options, warrants or convertible securities
or securities of similar nature conferring the right upon the holders thereof to subscribe for, purchase or receive any class of shares
or securities in the capital of the Company on such terms as it may from time to time determine.

14. The Company may in connection with the issue of any shares exercise
all powers of paying commission and brokerage conferred or permitted by the Act. Subject to the Act, the commission may be satisfied
by the payment of cash or by the allotment of fully or partly paid shares or partly in one and partly in the other.

15. Except as required by law, no person shall be recognised by the
Company as holding any share upon any trust and the Company shall not be bound by or required in any way to recognise (even when having
notice thereof) any equitable, contingent, future or partial interest in any share or any fractional part of a share or (except only
as otherwise provided by these Articles or by law) any other rights in respect of any share except an absolute right to the entirety
thereof in the registered holder.

16. Subject to the Act and these Articles, the Board may at any time
after the allotment of shares but before any person has been entered in the Register as the holder, recognise a renunciation thereof
by the allottee in favour of some other person and may accord to any allottee of a share a right to effect such renunciation upon and
subject to such terms and conditions as the Board considers fit to impose.

<u>SHARE CERTIFICATES</u>

17. Every share certificate shall be issued under the Seal or a facsimile
thereof or with the Seal printed thereon and shall specify the number and class and distinguishing numbers (if any) of the shares to
which it relates, and the amount paid up thereon and may otherwise be in such form as the Directors may from time to time determine.
No certificate shall be issued representing shares of more than one class. The Board may by resolution determine, either generally or
in any particular case or cases, that any signatures on any such certificates (or certificates in respect of other securities) need not
be autographic but may be affixed to such certificates by some mechanical means or may be printed thereon.

18. (1) In the case of a share held jointly by several persons,
the Company shall not be bound to issue more than one certificate therefor and delivery of a certificate to one of several joint holders
shall be sufficient delivery to all such holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Where a share stands in the names of two or more persons,
the person first named in the Register shall as regards service of notices and, subject to the provisions of these Articles, all or any
other matters connected with the Company, except the transfer of the shares, be deemed the sole holder thereof.

19. The Company is not obliged to issue a share certificate to a
Member unless the Member requests it in writing from the Company. Every person whose name is entered, upon an allotment of shares, as
a Member in the Register shall be entitled without payment, to receive one certificate for all such shares of any one class or several
certificates each for one or more of such shares of such class upon payment for every certificate after the first of such reasonable
out-of-pocket expenses as the Board from time to time determines.

20. Share certificates shall be issued within the relevant time limit
as prescribed by the Act or as the Designated Stock Exchange may from time to time determine, whichever is the shorter, after allotment
or, except in the case of a transfer which the Company is for the time being entitled to refuse to register and does not register, after
lodgment of a transfer with the Company. Every share certificate of the Company shall bear legends required under the applicable laws,
including the Securities Act.

21. (1) Upon every transfer of shares the certificate held by
the transferor shall be given up to be cancelled, and shall forthwith be cancelled accordingly, and a new certificate shall be issued
to the transferee in respect of the shares transferred to him at such fee as is provided in paragraph (2) of this Article 21. If any
of the shares included in the certificate so given up shall be retained by the transferor a new certificate for the balance shall be
issued to him at the aforesaid fee payable by the transferor to the Company in respect thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The fee referred to in paragraph (1) above shall be an amount
not exceeding the relevant maximum amount as the Designated Stock Exchange may from time to time determine provided that the Board may
at any time determine a lower amount for such fee.

22. If a share certificate shall be damaged or defaced or alleged
to have been lost, stolen or destroyed a new certificate representing the same shares may be issued to the relevant Member upon request
and on payment of such fee as the Board may determine and, subject to compliance with such terms (if any) as to evidence and indemnity
and to payment of the costs and reasonable out-of-pocket expenses of the Company in investigating such evidence and preparing such indemnity
as the Board may think fit and, in case of damage or defacement, on delivery of the old certificate to the Company provided always that
where share warrants have been issued, no new share warrant shall be issued to replace one that has been lost unless the Board has determined
that the original has been destroyed.

<u>LIEN</u>

23. The Company shall have a first and paramount lien on every share
(not being a fully paid share) for all moneys (whether presently payable or not) called or payable at a fixed time in respect of that
share. The Company shall also have a first and paramount lien on every share (not being a fully paid share) registered in the name of
a Member (whether or not jointly with other Members) for all amounts of money presently payable by such Member or his estate to the Company
whether the same shall have been incurred before or after notice to the Company of any equitable or other interest of any person other
than such member, and whether the period for the payment or discharge of the same shall have actually become due or not, and notwithstanding
that the same are joint debts or liabilities of such Member or his estate and any other person, whether a Member or not. The Company's
lien on a share shall extend to all dividends or other moneys payable thereon or in respect thereof. The Board may at any time, generally
or in any particular case, waive any lien that has arisen or declare any share exempt in whole or in part, from the provisions of this
Article 23.

24. Subject to these Articles, the Company may sell in such manner
as the Board determines any share on which the Company has a lien, but no sale shall be made unless some sum in respect of which the
lien exists is presently payable, or the liability or engagement in respect of which such lien exists is liable to be presently fulfilled
or discharged nor until the expiration of fourteen (14) clear days after a notice in writing, stating and demanding payment of the sum
presently payable, or specifying the liability or engagement and demanding fulfilment or discharge thereof and giving notice of the intention
to sell in default, has been served on the registered holder for the time being of the share or the person entitled thereto by reason
of his death or bankruptcy.

25. The net proceeds of the sale shall be received by the Company
and applied in or towards payment or discharge of the debt or liability in respect of which the lien exists, so far as the same is presently
payable, and any residue shall (subject to a like lien for debts or liabilities not presently payable as existed upon the share prior
to the sale) be paid to the person entitled to the share at the time of the sale. To give effect to any such sale the Board may authorise
some person to transfer the shares sold to the purchaser thereof. The purchaser shall be registered as the holder of the shares so transferred
and he shall not be bound to see to the application of the purchase money, nor shall his title to the shares be affected by any irregularity
or invalidity in the proceedings relating to the sale.

<u>CALLS ON SHARES</u>

26. Subject to these Articles and to the terms of allotment, the
Board may from time to time make calls upon the Members in respect of any moneys unpaid on their shares (whether on account of the nominal
value of the shares or by way of premium), and each Member shall (subject to being given at least fourteen (14) clear days' Notice
specifying the time and place of payment) pay to the Company as required by such notice the amount called on his shares. A call may be
extended, postponed or revoked in whole or in part as the Board determines but no Member shall be entitled to any such extension, postponement
or revocation except as a matter of grace and favour.

27. A call shall be deemed to have been made at the time when the
resolution of the Board authorising the call was passed and may be made payable either in one lump sum or by instalments.

28. A person upon whom a call is made shall remain liable for calls
made upon him notwithstanding the subsequent transfer of the shares in respect of which the call was made. The joint holders of a share
shall be jointly and severally liable to pay all calls and instalments due in respect thereof or other moneys due in respect thereof.

29. If a sum called in respect of a share is not paid before or on
the day appointed for payment thereof, the person from whom the sum is due shall pay interest on the amount unpaid from the day appointed
for payment thereof to the time of actual payment at such rate (not exceeding twenty per cent. (20%) per annum) as the Board may determine,
but the Board may in its absolute discretion waive payment of such interest in whole or in part.

30. No Member shall be entitled to receive any dividend or bonus
or to be present and vote (save as proxy for another Member) at any general meeting either personally or by proxy, or be reckoned in
a quorum, or exercise any other privilege as a Member until all calls or instalments due by him to the Company, whether alone or jointly
with any other person, together with interest and expenses (if any) shall have been paid.

31. On the trial or hearing of any action or other proceedings for
the recovery of any money due for any call, it shall be sufficient to prove that the name of the Member sued is entered in the Register
as the holder, or one of the holders, of the shares in respect of which such debt accrued, that the resolution making the call is duly
recorded in the minute book, and that notice of such call was duly given to the Member sued, in pursuance of these Articles; and it shall
not be necessary to prove the appointment of the Directors who made such call, nor any other matters whatsoever, but the proof of the
matters aforesaid shall be conclusive evidence of the debt.

32. Any amount payable in respect of a share upon allotment or at
any fixed date, whether in respect of nominal value or premium or as an instalment of a call, shall be deemed to be a call duly made
and payable on the date fixed for payment and if it is not paid the provisions of these Articles shall apply as if that amount had become
due and payable by virtue of a call duly made and notified.

33. On the issue of shares the Board may differentiate between the
allottees or holders as to the amount of calls to be paid and the times of payment.

34. The Board may, if it thinks fit, receive from any Member willing
to advance the same, and either in money or money's worth, all or any part of the moneys uncalled and unpaid or instalments payable
upon any shares held by him and upon all or any of the moneys so advanced (until the same would, but for such advance, become presently
payable) pay interest at such rate (if any) as the Board may decide. The Board may at any time repay the amount so advanced upon giving
to such Member not less than one (1) month's Notice of its intention in that behalf, unless before the expiration of such notice
the amount so advanced shall have been called up on the shares in respect of which it was advanced. Such payment in advance shall not
entitle the holder of such share or shares to participate in respect thereof in a dividend subsequently declared.

<u>FORFEITURE OF SHARES</u>

35. (1) If a call remains unpaid after it has become due and payable
the Board may give to the person from whom it is due not less than fourteen (14) clear days' Notice:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) requiring payment of the amount unpaid together with any interest which may have accrued and which may
still accrue up to the date of actual payment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) stating that if the Notice is not complied with the shares on which the call was made will be liable to
be forfeited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If the requirements of any such Notice are not complied with,
any share in respect of which such Notice has been given may at any time thereafter, before payment of all calls and interest due in
respect thereof has been made, be forfeited by a resolution of the Board to that effect, and such forfeiture shall include all dividends
and bonuses declared in respect of the forfeited share but not actually paid before the forfeiture.

36. When any share has been forfeited, notice of the forfeiture shall
be served upon the person who was before forfeiture the holder of the share. No forfeiture shall be invalidated by any omission or neglect
to give such Notice.

37. The Board may accept the surrender of any share liable to be
forfeited hereunder and, in such case, references in these Articles to forfeiture will include surrender.

38. Any share so forfeited shall be deemed the property of the Company
and may be sold, re-allotted or otherwise disposed of to such person, upon such terms and in such manner as the Board determines, and
at any time before a sale, re-allotment or disposition the forfeiture may be annulled by the Board on such terms as the Board determines.

39. A person whose shares have been forfeited shall cease to be a
Member in respect of the forfeited shares but nevertheless shall remain liable to pay the Company all moneys which at the date of forfeiture
were presently payable by him to the Company in respect of the shares, with (if the Board shall in its discretion so requires) interest
thereon from the date of forfeiture until payment at such rate (not exceeding twenty per cent. (20%) per annum) as the Board shall determine.
The Board may enforce payment thereof if it thinks fit, and without any deduction or allowance for the value of the forfeited shares,
at the date of forfeiture, but his liability shall cease if and when the Company shall have received payment in full of all such moneys
in respect of the shares. For the purposes of this Article 39 any sum which, by the terms of issue of a share, is payable thereon at
a fixed time which is subsequent to the date of forfeiture, whether on account of the nominal value of the share or by way of premium,
shall notwithstanding that time has not yet arrived be deemed to be payable at the date of forfeiture, and the same shall become due
and payable immediately upon the forfeiture, but interest thereon shall only be payable in respect of any period between the said fixed
time and the date of actual payment.

40. A declaration by a Director or the Secretary that a share has
been forfeited on a specified date shall be conclusive evidence of the facts therein stated as against all persons claiming to be entitled
to the share, and such declaration shall (subject to the execution of an instrument of transfer by the Company if necessary) constitute
a good title to the share, and the person to whom the share is disposed of shall be registered as the holder of the share and shall not
be bound to see to the application of the consideration (if any), nor shall his title to the share be affected by any irregularity in
or invalidity of the proceedings in reference to the forfeiture, sale or disposal of the share. When any share shall have been forfeited,
notice of the declaration shall be given to the Member in whose name it stood immediately prior to the forfeiture, and an entry of the
forfeiture, with the date thereof, shall forthwith be made in the Register, but no forfeiture shall be in any manner invalidated by any
omission or neglect to give such notice or make any such entry.

41. Notwithstanding any such forfeiture as aforesaid the Board may
at any time, before any shares so forfeited shall have been sold, re-allotted or otherwise disposed of, permit the shares forfeited to
be bought back upon the terms of payment of all calls and interest due upon and expenses incurred in respect of the share, and upon such
further terms (if any) as it thinks fit.

42. The forfeiture of a share shall not prejudice the right of the
Company to any call already made or instalment payable thereon.

43. The provisions of these Articles as to forfeiture shall apply
in the case of non-payment of any sum which, by the terms of issue of a share, becomes payable at a fixed time, whether on account of
the nominal value of the share or by way of premium, as if the same had been payable by virtue of a call duly made and notified.

<u>REGISTER OF MEMBERS</u>

44. (1) The Company shall keep in one or more books a Register
of its Members and shall enter therein the following particulars, that is to say:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the name and address of each Member, the number and class of shares held by him and the amount paid or
agreed to be considered as paid on such shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the date on which each person was entered in the Register; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the date on which any person ceased to be a Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Company may keep an overseas or local or other branch
register of Members resident in any place, and the Board may make and vary such regulations as it determines in respect of the keeping
of any such register and maintaining a Registration Office in connection therewith.

45. The Register and branch register of Members, as the case may
be, shall be open to inspection for such times and on such days as the Board shall determine by Members without charge or by any other
person, upon a maximum payment of $2.50 or such other sum specified by the Board, at the Office or Registration Office or such other
place at which the Register is kept in accordance with the Act. The Register including any overseas or local or other branch register
of Members may, after compliance with any notice requirements of the Designated Stock Exchange or by any electronic means in such manner
as may be accepted by the Designated Stock Exchange to that effect, be closed for inspection at such times or for such periods not exceeding
in the whole thirty (30) days in each year as the Board may determine and either generally or in respect of any class of shares.

 

<u>RECORD DATES</u>

46. For the purpose of determining the Members entitled to notice
of or to vote at any general meeting, or any adjournment thereof, or entitled to express consent to corporate action in writing without
a meeting, or entitled to receive payment of any dividend or other distribution or allotment of any rights, or entitled to exercise any
rights in respect of any change, conversion or exchange of shares or for the purpose of any other lawful action, the Board may fix, in
advance, a date as the record date for any such determination of Members, which date shall not be more than sixty (60) days nor less
than ten (10) days before the date of such meeting, nor more than sixty (60) days prior to any other such action.

If the Board does not fix a record date for any general meeting, the record date for determining the Members entitled to a notice of or to vote at such meeting shall be at the close of business on the day next preceding the day on which notice is given, or, if in accordance with these Articles notice is waived, at the close of business on the day next preceding the day on which the meeting is held. The record date for determining the Members for any other purpose shall be at the close of business on the day on which the Board adopts the resolution relating thereto.

A determination of the Members of record entitled to notice of or to vote at a meeting of the Members shall apply to any adjournment of the meeting; provided, however, that the Board may fix a new record date for the adjourned meeting.

<u>TRANSFER OF SHARES</u>

47. (1) Subject to these Articles, including, without limitation,
in the case of Class B Ordinary Shares, Article 10(c), any Member may transfer all or any of his shares by an instrument of transfer
in the usual or common form or in a form prescribed by the Designated Stock Exchange or in any other form approved by the Board and may
be under hand or, if the transferor or transferee is a clearing house or a central depository house or its nominee(s), by hand or by
machine imprinted signature or by such other manner of execution as the Board may approve from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Notwithstanding the provisions of subparagraph (1) above,
for so long as any shares are listed on the Designated Stock Exchange, titles to such listed shares may be evidenced and transferred
in accordance with the laws applicable to and the rules and regulations of the Designated Stock Exchange that are or shall be applicable
to such listed shares. The register of members of the Company in respect of its listed shares (whether the Register or a branch register)
may be kept by recording the particulars required by Section 40 of the Act in a form otherwise than legible if such recording otherwise
complies with the laws applicable to and the rules and regulations of the Designated Stock Exchange that are or shall be applicable to
such listed shares.

48. The instrument of transfer shall be executed by or on behalf
of the transferor and the transferee provided that the Board may dispense with the execution of the instrument of transfer by the transferee
in any case which it thinks fit in its discretion to do so. Without prejudice to Article 47, the Board may also resolve, either generally
or in any particular case, upon request by either the transferor or transferee, to accept mechanically executed transfers. The transferor
shall be deemed to remain the holder of the share until the name of the transferee is entered in the Register in respect thereof. Nothing
in these Articles shall preclude the Board from recognising a renunciation of the allotment or provisional allotment of any share by
the allottee in favour of some other person.

49. (1) The Board may, in its absolute discretion, and without
giving any reason therefor, refuse to register a transfer of any share (not being a fully paid up share) to a person of whom it does
not approve, or any share issued under any share incentive scheme for employees upon which a restriction on transfer imposed thereby
still subsists, and it may also, without prejudice to the foregoing generality, refuse to register a transfer of any share to more than
four joint holders or a transfer of any share (not being a fully paid up share) on which the Company has a lien.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Board in so far as permitted by any applicable law may,
in its absolute discretion, at any time and from time to time transfer any share upon the Register to any branch register or any share
on any branch register to the Register or any other branch register. In the event of any such transfer, the shareholder requesting such
transfer shall bear the cost of effecting the transfer unless the Board otherwise determines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Unless the Board otherwise agrees (which agreement may be
on such terms and subject to such conditions as the Board in its absolute discretion may from time to time determine, and which agreement
the Board shall, without giving any reason therefor, be entitled in its absolute discretion to give or withhold), no shares upon the
Register shall be transferred to any branch register nor shall shares on any branch register be transferred to the Register or any other
branch register and all transfers and other documents of title shall be lodged for registration, and registered, in the case of any shares
on a branch register, at the relevant Registration Office, and, in the case of any shares on the Register, at the Office or such other
place at which the Register is kept in accordance with the Act.

50. Without limiting the generality of the Article 49, the Board
may decline to recognise any instrument of transfer unless:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a fee of such maximum sum as the Designated Stock Exchange may determine to be payable or such lesser
sum as the Board may from time to time require is paid to the Company in respect thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the instrument of transfer is in respect of only one class of share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the instrument of transfer is lodged at the Office or such other place at which the Register is kept in
accordance with the Act or the Registration Office (as the case may be) accompanied by the relevant share certificate(s) and such other
evidence as the Board may reasonably require to show the right of the transferor to make the transfer (and, if the instrument of transfer
is executed by some other person on his behalf, the authority of that person so to do); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if applicable, the instrument of transfer is duly and properly stamped.

51. If the Board refuses to register a transfer of any share, it
shall, within two months after the date on which the transfer was lodged with the Company, send to each of the transferor and transferee
notice of the refusal.

52. The registration of transfers of shares or of any class of shares
may, after compliance with any notice requirement of the Designated Stock Exchange, be suspended at such times and for such periods (not
exceeding in the whole thirty (30) days in any year) as the Board may determine. The period of thirty (30) days may be extended for a
further period or periods not exceeding thirty (30) days in respect of any year if approved by the Members by ordinary resolution.

<u>TRANSMISSION OF SHARES</u>

53. If a Member dies, the survivor or survivors where the deceased
was a joint holder, and his legal personal representatives where he was a sole or only surviving holder, will be the only persons recognised
by the Company as having any title to his interest in the shares; but nothing in this Article will release the estate of a deceased Member
(whether sole or joint) from any liability in respect of any share which had been solely or jointly held by him.

54. Any person becoming entitled to a share in consequence of the
death or bankruptcy or winding-up of a Member may, upon such evidence as to his title being produced as may be required by the Board,
elect either to become the holder of the share or to have some person nominated by him registered as the transferee thereof. If he elects
to become the holder he shall notify the Company in writing either at the Registration Office or the Office, as the case may be, to that
effect. If he elects to have another person registered he shall execute a transfer of the share in favour of that person. The provisions
of these Articles relating to the transfer and registration of transfers of shares shall apply to such notice or transfer as aforesaid
as if the death or bankruptcy of the Member had not occurred and the notice or transfer were a transfer signed by such Member.

55. A person becoming entitled to a share by reason of the death
or bankruptcy or winding-up of a Member shall be entitled to the same dividends and other advantages to which he would be entitled if
he were the registered holder of the share. However, the Board may, if it thinks fit, withhold the payment of any dividend payable or
other advantages in respect of such share until such person shall become the registered holder of the share or shall have effectually
transferred such share, but, subject to the requirements of Article 76(2) being met, such a person may vote at meetings.

<u>UNTRACEABLE MEMBERS</u>

56. (1) Without prejudice to the rights of the Company under paragraph
(2) of this Article 56, the Company may cease sending cheques for dividend entitlements or dividend warrants by post if such cheques
or warrants have been left uncashed on two consecutive occasions. However, the Company may exercise the power to cease sending cheques
for dividend entitlements or dividend warrants after the first occasion on which such a cheque or warrant is returned undelivered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Company shall have the power to sell, in such manner as
the Board thinks fit, any shares of a Member who is untraceable, but no such sale shall be made unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all cheques or warrants in respect of dividends of the shares in question, being not less than three in
total number, for any sum payable in cash to the holder of such shares in respect of them sent during the relevant period in the manner
authorised by the Articles have remained uncashed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) so far as it is aware at the end of the relevant period, the Company has not at any time during the relevant
period received any indication of the existence of the Member who is the holder of such shares or of a person entitled to such shares
by death, bankruptcy or operation of law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Company, if so required by the rules governing the listing of shares on the Designated Stock Exchange,
has given notice to, and caused advertisement in newspapers to be made in accordance with the requirements of, the Designated Stock Exchange
of its intention to sell such shares in the manner required by the Designated Stock Exchange, and a period of three (3) months or such
shorter period as may be allowed by the Designated Stock Exchange has elapsed since the date of such advertisement.

For the purpose of the foregoing, the "relevant period" means the period commencing twelve (12) years before the date of publication of the advertisement referred to in paragraph (c) of this Article and ending at the expiry of the period referred to in that paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To give effect to any such sale the Board may authorise some
person to transfer the said shares and an instrument of transfer signed or otherwise executed by or on behalf of such person shall be
as effective as if it had been executed by the registered holder or the person entitled by transmission to such shares, and the purchaser
shall not be bound to see to the application of the purchase money nor shall his title to the shares be affected by any irregularity
or invalidity in the proceedings relating to the sale. The net proceeds of the sale will belong to the Company and upon receipt by the
Company of such net proceeds it shall become indebted to the former Member for an amount equal to such net proceeds. No trust shall be
created in respect of such debt and no interest shall be payable in respect of it and the Company shall not be required to account for
any money earned from the net proceeds which may be employed in the business of the Company or as it thinks fit. Any sale under this
Article shall be valid and effective notwithstanding that the Member holding the shares sold is dead, bankrupt or otherwise under any
legal disability or incapacity.

<u>GENERAL MEETINGS</u>

57. The Company shall, if required by the Statute, in each year hold
a general meeting as its annual general meeting, and shall specify the meeting as such in the notices calling it. An annual general meeting
of the Company shall be held at such time and place as may be determined by the Board.

58. Each general meeting, other than an annual general meeting, shall
be called an extraordinary general meeting. All General meetings (including an annual general meeting, any adjourned general meeting
or postponed meeting) may be held as a physical meeting at such times and in any part of the world and at one or more locations as provided
in Article 65A, as a hybrid meeting or as an electronic meeting, as may be determined by the Board in its absolute discretion.

59. A majority of the Board or the Chairman of the Board may call
extraordinary general meetings, which extraordinary general meetings shall be held at such times and locations (as permitted hereby)
as such person or persons shall determine. Any one or more Members holding not less than one-third of all votes attaching to the total
issued and paid up share capital of the Company at the date of deposit of the requisition shall at all times have the right, by written
requisition to the Board or the Secretary of the Company, to require an extraordinary general meeting to be called by the Board for the
transaction of any business specified in such requisition; and such meeting shall be held within two (2) months after the deposit of
such requisition. If within twenty one (21) days of such deposit the Board fails to proceed to convene such meeting the requisitionist(s)
himself (themselves) may do so in the same manner, and all reasonable expenses incurred by the requisitionist(s) as a result of the failure
of the Board shall be reimbursed to the requisitionist(s) by the Company.

<u>NOTICE OF GENERAL MEETINGS</u>

60. (1) An annual general meeting and any extraordinary general
meeting may be called by not less than ten (10) clear days' Notice but a general meeting may be called by shorter notice, subject
to the Act, if it is so agreed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of a meeting called as an annual general meeting, by all the Members entitled to attend and
vote thereat; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of any other meeting, by a majority in number of the Members having the right to attend and
vote at the meeting, being a majority together holding not less than ninety-five per cent. (95%) in nominal value of the issued shares
giving that right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The notice shall specify (a) the time and place of the meeting,
(b) save for an electronic meeting, the place of the meeting and if there is more than one meeting location as determined by the Board
pursuant to Article 65A, the principal place of the meeting (the "**Principal Meeting Place** "), (c) if the general meeting
is to be a hybrid meeting or an electronic meeting, the Notice shall include a statement to that effect and with details of the electronic
facilities for attendance and participation by electronic means at the meeting or where such details will be made available by the Company
prior to the meeting, and (d) in case of special business, the general nature of the business. The notice convening an annual general
meeting shall specify the meeting as such. Notice of every general meeting shall be given to all Members other than to such Members as,
under the provisions of these Articles or the terms of issue of the shares they hold, are not entitled to receive such notices from the
Company, to all persons entitled to a share in consequence of the death or bankruptcy or winding-up of a Member and to each of the Directors.

61. The accidental omission to give Notice of a meeting or (in cases
where instruments of proxy are sent out with the Notice) to send such instrument of proxy to, or the non-receipt of such Notice or such
instrument of proxy by, any person entitled to receive such Notice shall not invalidate any resolution passed or the proceedings at that
meeting.

<u>PROCEEDINGS AT GENERAL MEETINGS</u>

62. (1) All business shall be deemed special that is transacted
at an extraordinary general meeting, and also all business that is transacted at an annual general meeting, with the exception of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the declaration and sanctioning of dividends; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) consideration and adoption of the accounts and balance sheet and the reports of the Directors and Auditors
and other documents required to be annexed to the balance sheet.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) No business other than the appointment of a chairman of a
meeting shall be transacted at any general meeting unless a quorum is present at the commencement of the business. At any general meeting
of the Company, two (2) Members entitled to vote and present in person or by proxy or in the case of a Member being a corporation by
its duly authorised representative shall form a quorum for all purposes.

63. If within thirty (30) minutes (or such longer time not exceeding
one hour as the chairman of the meeting may determine to wait) after the time appointed for the meeting a quorum is not present, the
meeting shall stand adjourned to the same day in the next week at the same time and (where applicable) same place(s) or to such time
and (where applicable) such place(s) and in such form and manner referred to in Article 58 as the Board may absolutely determine. If
at such adjourned meeting a quorum is not present within half an hour from the time appointed for holding the meeting, the meeting shall
be dissolved.

64. (1) The Chairman of the Board shall preside as chairman at
every general meeting. If at any meeting the chairman is not present within fifteen (15) minutes after the time appointed for holding
the meeting, or is not willing to act as chairman, the Directors present shall choose one of their number to act, or if one Director
only is present he shall preside as chairman if willing to act. If no Director is present, or if each of the Directors present declines
to take the chair, or if the chairman chosen shall retire from the chair, the Members present in person or by its duly authorised representative
or by proxy and entitled to vote shall elect one of their number to be chairman.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If the chairman of a general meeting is participating in the
general meeting using an electronic facility or facilities and becomes unable to participate in the general meeting using such electronic
facility or facilities, another person (determined in accordance with Article 64(1) above) shall preside as chairman of the meeting unless
and until the original chairman of the meeting is able to participate in the general meeting using the electronic facility or facilities

65. The chairman may adjourn the meeting from time to time (or indefinitely)
and/or from place to place(s) and/or from one form to another (a physical meeting, a hybrid meeting or an electronic meeting), but no
business shall be transacted at any adjournedmeeting other than the business which might lawfully have been transacted at the meeting
had the adjournment not taken place. When a meeting is adjourned for fourteen (14) days or more, at least seven (7) clear days'
notice of the adjourned meeting shall be given specifying the time and place of the adjourned meeting but it shall not be necessary to
specify in such notice the nature of the business to be transacted at the adjourned meeting and the general nature of the business to
be transacted. Save as aforesaid, it shall be unnecessary to give notice of an adjournment.

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|:---|:---|:---|
| 65A. | (1) | The Board may, at its absolute discretion, arrange for persons entitled to attend a general meeting to do so by simultaneous attendance and participation by means of electronic facilities at such location or locations ("**Meeting Location(s)**") determined by the Board at its absolute discretion. Any Member or any proxy attending and participating in such way or any Member or proxy attending and participating in an electronic meeting or a hybrid meeting by means of electronic facilities is deemed to be present at and shall be counted in the quorum of the meeting. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) All general meetings are subject to the following and, where
appropriate, all references to a "Member" or "Members" in this sub-paragraph (2) shall include a proxy or proxies
respectively:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) where a Member is attending a Meeting Location and/or in the case of a hybrid meeting, the meeting shall
be treated as having commenced if it has commenced at the Principal Meeting Place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Members present in person or by proxy at a Meeting Location and/or Members attending and participating
in an electronic meeting or a hybrid meeting by means of electronic facilities shall be counted in the quorum for and entitled to vote
at the meeting in question, and that meeting shall be duly constituted and its proceedings valid provided that the chairman of the meeting
is satisfied that adequate electronic facilities are available throughout the meeting to ensure that Members at all Meeting Locations
and Members participating in an electronic meeting or a hybrid meeting by means of electronic facilities are able to participate in the
business for which the meeting has been convened;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) where Members attend a meeting by being present at one of the Meeting Locations and/or where Members participating
in an electronic meeting or a hybrid meeting by means of electronic facilities, a failure (for any reason) of the electronic facilities
or communication equipment, or any other failure in the arrangements for enabling those in a Meeting Location other than the Principal
Meeting Place to participate in the business for which the meeting has been convened or in the case of an electronic meeting or a hybrid
meeting, the inability of one or more Members or proxies to access, or continue to access, the electronic facilities despite adequate
electronic facilities having been made available by the Company, shall not affect the validity of the meeting or the resolutions passed,
or any business conducted there or any action taken pursuant to such business provided that there is a quorum present throughout the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if any of the Meeting Locations is not in the same jurisdiction as the Principal Meeting Place and/or
in the case of a hybrid meeting, the provisions of these Articles concerning the service and giving of Notice for the meeting, and the
time for lodging proxies, shall apply by reference to the Principal Meeting Place; and in the case of an electronic meeting, the time
for lodging proxies shall be as stated in the Notice for the meeting.

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| | |
|:---|:---|
| 65B. | The Board and, at any general meeting, the chairman of the meeting may from time to time make arrangements for managing attendance and/or participation and/or voting at the Principal Meeting Place, any Meeting Location(s) and/or participation in an electronic meeting or a hybrid meeting by means of electronic facilities (whether involving the issue of tickets or some other means of identification, passcode, seat reservation, electronic voting or otherwise) as it shall in its absolute discretion consider appropriate, and may from time to time change any such arrangements, provided that a Member who, pursuant to such arrangements, is not entitled to attend, in person or by proxy, at any Meeting Location shall be entitled so to attend at one of the other Meeting Locations; and the entitlement of any Member so to attend the meeting or adjourned meeting or postponed meeting at such Meeting Location or Meeting Locations shall be subject to any such arrangement as may be for the time being in force and by the Notice of meeting or adjourned meeting or postponed meeting stated to apply to the meeting. |

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65C. If it appears to the chairman of the general meeting that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the electronic facilities at the Principal Meeting Place or at such other Meeting Location(s) at which
the meeting may be attended have become inadequate for the purposes referred to in Article 65A(1) or are otherwise not sufficient to allow
the meeting to be conducted substantially in accordance with the provisions set out in the Notice of the meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of an electronic meeting or a hybrid meeting, electronic facilities being made available by
the Company have become inadequate; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) it is not possible to ascertain the view of those present or to give all persons entitled to do so a reasonable
opportunity to communicate and/or vote at the meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) there is violence or the threat of violence, unruly behaviour or other disruption occurring at the meeting
or it is not possible to secure the proper and orderly conduct of the meeting;

then, without prejudice to any other power which the chairman of the meeting may have under these Articles or at common law, the chairman may, at his/her absolute discretion, without the consent of the meeting, and before or after the meeting has started and irrespective of whether a quorum is present, interrupt or adjourn the meeting (including adjournment for indefinite period). All business conducted at the meeting up to the time of such adjournment shall be valid.

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| | |
|:---|:---|
| 65D. | The Board and, at any general meeting, the chairman of the meeting may make any arrangement and impose any requirement or restriction the Board or the chairman of the meeting, as the case may be, considers appropriate to ensure the security and orderly conduct of a meeting (including, without limitation, requirements for evidence of identity to be produced by those attending the meeting, the searching of their personal property and the restriction of items that may be taken into the meeting place, determining the number and frequency of and the time allowed for questions that may be raised at a meeting). Members shall also comply with all requirements or restrictions imposed by the owner of the premises at which the meeting is held. Any decision made under this Article shall be final and conclusive and a person who refuses to comply with any such arrangements, requirements or restrictions may be refused entry to the meeting or ejected (physically or electronically) from the meeting. |

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| | |
|:---|:---|
| 65E. | If, after the sending of Notice of a general meeting but before the meeting is held, or after the adjournment of a meeting but before the adjourned meeting is held (whether or not Notice of the adjourned meeting is required), the Directors, in their absolute discretion, consider that it is inappropriate, impracticable, unreasonable or undesirable for any reason to hold the general meeting on the date or at the time or place or by means of electronic facilities specified in the Notice calling the meeting, they may change or postpone the meeting to another date, time and/or place and/or change the electronic facilities and/or change the form of the meeting (a physical meeting, an electronic meeting or a hybrid meeting) without approval from the Members. Without prejudice to the generality of the foregoing, the Directors shall have the power to provide in every Notice calling a general meeting the circumstances in which a postponement of the relevant general meeting may occur automatically without further notice, including without limitation where a number 8 or higher typhoon signal, black rainstorm warning or other similar event is in force at any time on the day of the meeting. This Article shall be subject to the following: |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) when a meeting is so postponed, the Company shall endeavour to post a Notice of such postponement on the
Company's website as soon as practicable (provided that failure to post such a Notice shall not affect the automatic postponement
of a meeting);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) when only the form of the meeting or electronic facilities specified in the Notice are changed, the Board
shall notify the Members of details of such change in such manner as the Board may determine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) when a meeting is postponed or changed in accordance with this Article, subject to and without prejudice
to Article 65, unless already specified in the original Notice of the meeting, the Board shall fix the date, time, place (if applicable)
and electronic facilities (if applicable) for the postponed or changed meeting and shall notify the Members of such details in such manner
as the Board may determine; further all proxy forms shall be valid (unless revoked or replaced by a new proxy) if they are received as
required by these Articles not less than 48 hours before the time of the postponed meeting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notice of the business to be transacted at the postponed or changed meeting shall not be required, nor
shall any accompanying documents be required to be recirculated, provided that the business to be transacted at the postponed or changed
meeting is the same as that set out in the original Notice of general meeting circulated to the Members.

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|:---|:---|
| 65F. | All persons seeking to attend and participate in an electronic meeting or a hybrid meeting shall be responsible for maintaining adequate facilities to enable them to do so. Subject to Article 65C, any inability of a person or persons to attend or participate in a general meeting by way of electronic facilities shall not invalidate the proceedings of and/or resolutions passed at that meeting. |

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|:---|:---|
| 65G. | Without prejudice to other provisions in Article 65, a physical meeting may also be held by means of such telephone, electronic or other communication facilities as permit all persons participating in the meeting to communicate with each other simultaneously and instantaneously, and participation in such a meeting shall constitute presence in person at such meeting |

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66. If an amendment is proposed to any resolution under consideration
but is in good faith ruled out of order by the chairman of the meeting, the proceedings on the substantive resolution shall not be invalidated
by any error in such ruling. In the case of a resolution duly proposed as a special resolution, no amendment thereto (other than a mere
clerical amendment to correct a patent error) may in any event be considered or voted upon.

<u>VOTING</u>

67. (1) Holders of Class A Ordinary Shares and Class B Ordinary
Shares have the right to receive notice of, attend, speak and vote at general meetings of the Company. Except as required by applicable
law and subject to these Articles, holders of Class A Ordinary Shares and Class B Ordinary Shares shall at all times vote together as
one class on all matters submitted to a vote of the Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Subject to any special rights or restrictions as to voting
for the time being attached to any shares by or in accordance with these Articles, at any general meeting on a show of hands:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) every Member holding Class A Ordinary Shares present in person (or being a corporation, is present by
a duly authorised representative), or by proxy shall have one (1) vote for every fully paid Class A Ordinary Share of which he is the
holder and on a poll every Member present in person or by proxy or, in the case of a Member being a corporation, by its duly authorised
representative shall have one (1) vote for every fully paid Class A Ordinary Share of which he is the holder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) every Member holding Class B Ordinary Shares present in person (or being a corporation, is present by
a duly authorised representative), or by proxy shall have ten (10) votes for every fully paid Class B Ordinary Share of which he is the
holder and on a poll every Member present in person or by proxy or, in the case of a Member being a corporation, by its duly authorised
representative shall have ten (10) votes for every fully paid Class B Ordinary Share of which he is the holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) No amount paid up or credited as paid up on a share in advance
of calls or instalments is treated for the foregoing purposes as paid up on the share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Notwithstanding anything contained in these Articles, where
more than one proxy is appointed by a Member which is a clearing house or a central depository house (or its nominee(s)), each such proxy
shall have one vote on a show of hands. A resolution put to the vote of a meeting shall be decided by way of a poll save that in the
case of a physical meeting, the chairman of the meeting may decide that a vote be on a show of hands unless voting by way of a poll is
required by the rules and regulations of the Designated Stock Exchange or (before or on the declaration of the result of the show of
hands or on the withdrawal of any other demand for a poll) a poll is demanded:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by at least three Members present in person or (in the case of a Member being a corporation) by its duly
authorised representative or by proxy for the time being entitled to vote at the meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by a Member or Members present in person or (in the case of a Member being a corporation) by its duly
authorised representative or by proxy and representing not less than one tenth of the total voting rights of all Members having the right
to vote at the meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) by a Member or Members present in person or (in the case of a Member being a corporation) by its duly
authorised representative or by proxy and holding shares in the Company conferring a right to vote at the meeting being shares on which
an aggregate sum has been paid up equal to not less than one tenth of the total sum paid up on all shares conferring that right.

A demand by a person as proxy for a Member or in the case of a Member being a corporation by its duly authorised representative shall be deemed to be the same as a demand by a Member. Votes (whether on a show of hands or by way of poll) may be cast by such means, electronic or otherwise, as the Directors or the chairman of the meeting may determine.

68. Unless a poll is duly demanded and the demand is not withdrawn,
a declaration by the chairman that a resolution has been carried, or carried unanimously, or by a particular majority, or not carried
by a particular majority, or lost, and an entry to that effect made in the minute book of the Company, shall be conclusive evidence of
the facts without proof of the number or proportion of the votes recorded for or against the resolution.

69. If a poll is duly demanded the result of the poll shall be deemed
to be the resolution of the meeting at which the poll was demanded. The Company shall only be required to disclose the voting figures
on a poll if such disclosure is required by the rules and regulations of the Designated Stock Exchange.

70. A poll demanded on the election of a chairman, or on a question
of adjournment, shall be taken forthwith. A poll demanded on any other question shall be taken in such manner (including the use of ballot
or voting papers or tickets) and either forthwith or at such time (being not later than thirty (30) days after the date of the demand)
and place as the chairman directs. It shall not be necessary (unless the chairman otherwise directs) for notice to be given of a poll
not taken immediately.

71. The demand for a poll shall not prevent the continuance of a
meeting or the transaction of any business other than the question on which the poll has been demanded, and, with the consent of the
chairman, it may be withdrawn at any time before the close of the meeting or the taking of the poll, whichever is the earlier.

72. On a poll votes may be given either personally or by proxy.

73. A person entitled to more than one vote on a poll need not use
all his votes or cast all the votes he uses in the same way.

74. All questions submitted to a meeting shall be decided by a simple
majority of votes except where a greater majority is required by these Articles, by the Act or the rules and regulations of the Designated
Stock Exchange. In the case of an equality of votes, whether on a show of hands or on a poll, the chairman of such meeting shall be entitled
to a second or casting vote in addition to any other vote he may have.

75. Where there are joint holders of any share any one of such joint
holders may vote, either in person or by proxy, in respect of such share as if he were solely entitled thereto, but if more than one
of such joint holders be present at any meeting the vote of the senior holder who tenders a vote, whether in person or by proxy, shall
be accepted to the exclusion of the votes of the other joint holders, and for this purpose seniority shall be determined by the order
in which the names stand in the Register in respect of the joint holding. Several executors or administrators of a deceased Member in
whose name any share stands shall for the purposes of this Article be deemed joint holders thereof.

76. (1) A Member who is a patient for any purpose relating to
mental health or in respect of whom an order has been made by any court having jurisdiction for the protection or management of the affairs
of persons incapable of managing their own affairs may vote, whether on a show of hands or on a poll, by his receiver, committee, *curator bonis* or other person in the nature of a receiver, committee or *curator bonis* appointed by such court, and such receiver,
committee, *curator bonis* or other person may vote on a poll by proxy, and may otherwise act and be treated as if he were the registered
holder of such shares for the purposes of general meetings, provided that such evidence as the Board may require of the authority of
the person claiming to vote shall have been deposited at the Office, head office or Registration Office, as appropriate, not less than
forty-eight (48) hours before the time appointed for holding the meeting, or adjourned meeting or postponed meeting, or poll, as the
case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any person entitled under Article 54 to be registered as the
holder of any shares may vote at any general meeting in respect thereof in the same manner as if he were the registered holder of such
shares, provided that forty-eight (48) hours at least before the time of the holding of the meeting or adjourned meeting or postponed
meeting, as the case may be, at which he proposes to vote, he shall satisfy the Board of his entitlement to such shares, or the Board
shall have previously admitted his right to vote at such meeting in respect thereof.

77. No Member shall, unless the Board otherwise determines, be entitled
to attend and vote and to be reckoned in a quorum at any general meeting unless he is duly registered and all calls or other sums presently
payable by him in respect of shares in the Company have been paid.

78. If:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any objection shall be raised to the qualification of any voter; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any votes have been counted which ought not to have been counted or which might have been rejected; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any votes are not counted which ought to have been counted;

the objection or error shall not vitiate the decision of the meeting or adjourned meeting on any resolution unless the same is raised or pointed out at the meeting or, as the case may be, the adjourned meeting at which the vote objected to is given or tendered or at which the error occurs. Any objection or error shall be referred to the chairman of the meeting and shall only vitiate the decision of the meeting on any resolution if the chairman decides that the same may have affected the decision of the meeting. The decision of the chairman on such matters shall be final and conclusive.

<u>PROXIES</u>

79. Any Member entitled to attend and vote at a meeting of the Company
shall be entitled to appoint another person as his proxy to attend and vote instead of him. A Member who is the holder of two or more
shares may appoint more than one proxy to represent him and vote on his behalf at a general meeting of the Company or at a class meeting.
A proxy need not be a Member. In addition, a proxy or proxies representing either a Member who is an individual or a Member which is
a corporation shall be entitled to exercise the same powers on behalf of the Member which he or they represent as such Member could exercise.

80. The instrument appointing a proxy shall be in such form, including
electronic or otherwise, as the Board may determine and in the absence of such determination, shall be in writing, which may include
electronic writing, and signed by the appointor or of his attorney duly authorised in writing or, if the appointor is a corporation,
either under its seal or under the hand of an officer, attorney or other person authorised to sign the same. In the case of an instrument
of proxy purporting to be signed on behalf of a corporation by an officer thereof it shall be assumed, unless the contrary appears, that
such officer was duly authorised to sign such instrument of proxy on behalf of the corporation without further evidence of the facts.

81. (1) The Company may, at its absolute discretion, provide an
electronic address for the receipt of any document or information relating to proxies for a general meeting (including any instrument
of proxy or invitation to appoint a proxy, any document necessary to show the validity of, or otherwise relating to, an appointment of
proxy (whether or not required under these Articles) and notice of termination of the authority of a proxy). If such an electronic address
is provided, the Company shall be deemed to have agreed that any such document or information (relating to proxies as aforesaid) may
be sent by electronic means to that address, subject as hereafter provided and subject to any other limitations or conditions specified
by the Company when providing the address. Without limitation, the Company may from time to time determine that any such electronic address
may be used generally for such matters or specifically for particular meetings or purposes and, if so, the Company may provide different
electronic addresses for different purposes. The Company may also impose any conditions on the transmission of and its receipt of such
electronic communications including, for the avoidance of doubt, imposing any security or encryption arrangements as may be specified
by the Company. If any document or information required to be sent to the Company under this Article is sent to the Company by electronic
means, such document or information is not treated as validly delivered to or deposited with the Company if the same is not received
by the Company at its designated electronic address provided in accordance with this Article or if no electronic address is so designated
by the Company for the receipt of such document or information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The instrument appointing a proxy and (if required by the
Board) the power of attorney or other authority (if any) under which it is signed, or a certified copy of such power or authority, shall
be delivered to such place or one of such places (if any) as may be specified for that purpose in or by way of note to or in any document
accompanying the notice convening the meeting (or, if no place is so specified at the Registration Office or the Office, as may be appropriate)
, or if the Company has provided an electronic address in accordance with the preceding paragraph, shall be received at the electronic
address specified, not less than forty-eight (48) hours before the time appointed for holding the meeting, the postponed meeting or adjourned
meeting at which the person named in the instrument proposes to vote or, in the case of a poll taken subsequently to the date of a meeting
or adjourned meeting, not less than twenty-four (24) hours before the time appointed for the taking of the poll and in default the instrument
of proxy shall not be treated as valid. No instrument appointing a proxy shall be valid after the expiration of twelve (12) months from
the date named in it as the date of its execution, except at an adjourned meeting or on a poll demanded at a meeting or an adjourned
meeting in cases where the meeting was originally held within twelve (12) months from such date. Delivery of an instrument appointing
a proxy shall not preclude a Member from attending and voting at the meeting convened and in such event, the instrument appointing a
proxy shall be deemed to be revoked.

82. Instruments of proxy shall be in any common form or in such other
form as the Board may approve (provided that this shall not preclude the use of the two-way form) and the Board may, if it thinks fit,
send out with the notice of any meeting forms of instrument of proxy for use at the meeting. The instrument of proxy shall be deemed
to confer authority to demand or join in demanding a poll and to vote on any amendment of a resolution put to the meeting for which it
is given as the proxy thinks fit. The instrument of proxy shall, unless the contrary is stated therein, be valid as well for any adjournment
or postponement of the meeting as for the meeting to which it relates. The Board may decide, either generally or in any particular case,
to treat a proxy appointment as valid notwithstanding that the appointment or any of the information required under these Articles has
not been received in accordance with the requirements of these Articles. Subject to aforesaid, if the proxy appointment and any of the
information required under these Articles is not received in the manner set out in these Articles, the appointee shall not be entitled
to vote in respect of the shares in question.

83. A vote given in accordance with the terms of an instrument of
proxy shall be valid notwithstanding the previous death or insanity of the principal, or revocation of the instrument of proxy or of
the authority under which it was executed, provided that no intimation in writing of such death, insanity or revocation shall have been
received by the Company at the Office or the Registration Office (or such other place as may be specified for the delivery of instruments
of proxy in the notice convening the meeting or other document sent therewith) two (2) hours at least before the commencement of the
meeting, the postponed meeting or adjourned meeting, or the taking of the poll, at which the instrument of proxy is used.

84. Anything which under these Articles a Member may do by proxy
he may likewise do by his duly appointed attorney and the provisions of these Articles relating to proxies and instruments appointing
proxies shall apply *mutatis mutandis* in relation to any such attorney and the instrument under which such attorney is appointed.

<u>CORPORATIONS ACTING BY REPRESENTATIVES</u>

85. (1) Any corporation which is a Member may by resolution of
its directors or other governing body authorise such person as it thinks fit to act as its representative at any meeting of the Company
or at any meeting of any class of Members. The person so authorised shall be entitled to exercise the same powers on behalf of such corporation
as the corporation could exercise if it were an individual Member and such corporation shall for the purposes of these Articles be deemed
to be present in person at any such meeting if a person so authorised is present thereat.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If a clearing house (or its nominee(s)) or a central depository
entity (or its nominee(s)), being a corporation, is a Member, it may authorise such persons as it thinks fit to act as its representatives
at any meeting of the Company or at any meeting of any class of Members provided that the authorisation shall specify the number and
class of shares in respect of which each such representative is so authorised. Each person so authorised under the provisions of this
Article shall be deemed to have been duly authorised without further evidence of the facts and be entitled to exercise the same rights
and powers on behalf of the clearing house or a central depository entity (or its nominee(s)) as if such person was the registered holder
of the shares of the Company held by the clearing house or a central depository entity (or its nominee(s)) including the right to vote
individually on a show of hands.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Any reference in these Articles to a duly authorised representative
of a Member being a corporation shall mean a representative authorised under the provisions of this Article.

<u>ACTION BY WRITTEN RESOLUTIONS OF MEMBERS</u>

86. (1) Prior to the listing of the Class A Ordinary Shares of the
Company on the Designated Stock Exchange, a resolution in writing signed (in such manner as to indicate, expressly or impliedly, unconditional
approval) by or on behalf of all persons for the time being entitled to receive Notice of and to attend and vote at general meetings
of the Company shall, for the purposes of these Articles, be treated as a resolution duly passed at a general meeting of the Company
and, where relevant, as a special resolution so passed. Any such resolution shall be deemed to have been passed at a meeting held on
the date on which it was signed by the last Member to sign, and where the resolution states a date as being the date of his signature
thereof by any Member the statement shall be prima facie evidence that it was signed by him on that date. Such a resolution may consist
of several documents in the like form, each signed by one or more relevant Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Following the listing of the Class A Ordinary Shares of the
Company on the Designated Stock Exchange, any action required or permitted to be taken at any annual or extraordinary general meetings
of the Company may be taken only upon the vote of the Members at an annual or extraordinary general meeting duly noticed and convened
in accordance with these Articles and the Act and may not be taken by written resolution of Members without a meeting.

<u>BOARD OF DIRECTORS</u>

87. (1) Unless otherwise determined by the Company in general meeting,
the number of Directors shall not be less than two (2). There shall be no maximum number of Directors unless otherwise determined from
time to time by the Board. For so long as the shares are listed on the Designated Stock Exchange, the Directors shall include such number
of Independent Directors as applicable law, rules or regulations or the Designated Stock Exchange require, unless the Board resolves
to follow any available exceptions or exemptions. The Directors shall be elected or appointed in accordance with Article 87 and 88 and
shall hold office until the expiration of his term or until their successors are elected or appointed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Subject to the Articles and the Act, the Company may by ordinary
resolution elect any person to be a Director either to fill a casual vacancy or as an addition to the existing Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The Directors shall have the power from time to time and at
any time to appoint any person as a Director to fill a casual vacancy on the Board or as an addition to the existing Board subject to
the Company's compliance with director nomination procedures required under the rules and regulations of the Designated Stock Exchange
as long as shares are listed on the Designated Stock Exchange, unless the Board resolves to follow any available exceptions or exemptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) No Director shall be required to hold any shares of the Company
by way of qualification and a Director who is not a Member shall be entitled to receive notice of and to attend and speak at any general
meeting of the Company and of all classes of shares of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Subject to any provision to the contrary in these Articles,
a Director may be removed by way of an ordinary resolution of the Members at any time before the expiration of his period of office notwithstanding
anything in these Articles or in any agreement between the Company and such Director (but without prejudice to any claim for damages
under any such agreement).

under the provisions of subparagraph (5) above may be filled by the election or appointment by ordinary resolution of the Members at
the meeting at which such Director is removed or by the affirmative vote of a simple majority of the remaining Directors present and
voting at a Board meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) The Company may from time to time in general meeting by ordinary
resolution increase or reduce the number of Directors but so that the number of Directors shall never be less than two (2).

<u>DISQUALIFICATION OF DIRECTORS</u>

88. The office of a Director shall be vacated if the Director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) resigns his office by notice in writing delivered to the Company
at the Office or tendered at a meeting of the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) becomes of unsound mind or dies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) without special leave of absence from the Board, is absent
from meetings of the Board for three consecutive meetings and the Board resolves that his office be vacated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) becomes bankrupt or has a receiving order made against him
or suspends payment or compounds with his creditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) is prohibited by law from being a Director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) ceases to be a Director by virtue of any provision of the
Statutes or is removed from office pursuant to these Articles.

<u>EXECUTIVE DIRECTORS</u>

89. The Board may from time to time appoint any one or more of its
body to be a managing director, joint managing director or deputy managing director or to hold any other employment or executive office
with the Company for such period (subject to their continuance as Directors) and upon such terms as the Board may determine and the Board
may revoke or terminate any of such appointments. Any such revocation or termination as aforesaid shall be without prejudice to any claim
for damages that such Director may have against the Company or the Company may have against such Director. A Director appointed to an
office under this Article 91 shall be subject to the same provisions as to removal as the other Directors of the Company, and he shall
(subject to the provisions of any contract between him and the Company) ipso facto and immediately cease to hold such office if he shall
cease to hold the office of Director for any cause.

90. Notwithstanding Articles 95, 96, 97 and 98, an executive director
appointed to an office under Article 89 hereof shall receive such remuneration (whether by way of salary, commission, participation in
profits or otherwise or by all or any of those modes) and such other benefits (including pension and/or gratuity and/or other benefits
on retirement) and allowances as the Board may from time to time determine, and either in addition to or in lieu of his remuneration
as a Director.

<u>ALTERNATE DIRECTORS</u>

91. Any Director may at any time by Notice delivered to the Office
or head office or at a meeting of the Directors appoint any person (including another Director) to be his alternate Director. Any person
so appointed shall have all the rights and powers of the Director or Directors for whom such person is appointed in the alternative provided
that such person shall not be counted more than once in determining whether or not a quorum is present. An alternate Director may be
removed at any time by the body which appointed him and, subject thereto, the office of alternate Director shall continue until the happening
of any event which, if he were a Director, would cause him to vacate such office or if his appointer ceases for any reason to be a Director.
Any appointment or removal of an alternate Director shall be effected by Notice signed by the appointor and delivered to the Office or
head office or tendered at a meeting of the Board. An alternate Director may also be a Director in his own right and may act as alternate
to more than one Director. An alternate Director shall, if his appointor so requests, be entitled to receive notices of meetings of the
Board or of committees of the Board to the same extent as, but in lieu of, the Director appointing him and shall be entitled to such
extent to attend and vote as a Director at any such meeting at which the Director appointing him is not personally present and generally
at such meeting to exercise and discharge all the functions, powers and duties of his appointor as a Director and for the purposes of
the proceedings at such meeting the provisions of these Articles shall apply as if he were a Director save that as an alternate for more
than one Director his voting rights shall be cumulative.

92. An alternate Director shall only be a Director for the purposes
of the Act and shall only be subject to the provisions of the Act insofar as they relate to the duties and obligations of a Director
when performing the functions of the Director for whom he is appointed in the alternative and shall alone be responsible to the Company
for his acts and defaults and shall not be deemed to be the agent of or for the Director appointing him. An alternate Director shall
be entitled to contract and be interested in and benefit from contracts or arrangements or transactions and to be repaid expenses and
to be indemnified by the Company to the same extent *mutatis mutandis* as if he were a Director but he shall not be entitled to
receive from the Company any fee in his capacity as an alternate Director except only such part, if any, of the remuneration otherwise
payable to his appointor as such appointor may by Notice to the Company from time to time direct.

93. Every person acting as an alternate Director shall have one vote
for each Director for whom he acts as alternate (in addition to his own vote if he is also a Director). If his appointor is for the time
being absent from the People's Republic of China or otherwise not available or unable to act, the signature of an alternate Director
to any resolution in writing of the Board or a committee of the Board of which his appointor is a member shall, unless the notice of
his appointment provides to the contrary, be as effective as the signature of his appointor.

94. An alternate Director shall ipso facto cease to be an alternate
Director if his appointor ceases for any reason to be a Director, however, such alternate Director or any other person may be re-appointed
by the Directors to serve as an alternate Director.

<u>DIRECTORS' FEES AND EXPENSES</u>

95. The Directors shall receive such remuneration as the Board may
from time to time determine. Each Director shall be entitled to be repaid or prepaid all traveling, hotel and incidental expenses reasonably
incurred or expected to be incurred by him in attending meetings of the Board or committees of the board or general meetings or separate
meetings of any class of shares or of debenture of the Company or otherwise in connection with the discharge of his duties as a Director.

96. Each Director shall be entitled to be repaid or prepaid all travelling,
hotel and incidental expenses reasonably incurred or expected to be incurred by him in attending meetings of the Board or committees
of the Board or general meetings or separate meetings of any class of shares or of debentures of the Company or otherwise in connection
with the discharge of his duties as a Director.

97. Any Director who, by request, goes or resides abroad for any
purpose of the Company or who performs services which in the opinion of the Board go beyond the ordinary duties of a Director may be
paid such extra remuneration (whether by way of salary, commission, participation in profits or otherwise) as the Board may determine
and such extra remuneration shall be in addition to or in substitution for any ordinary remuneration provided for by or pursuant to any
other Article.

98. The Board shall determine any
payment to any Director or past Director of the Company by way of compensation for loss of office, or as consideration for or in connection
with his retirement from office (not being payment to which the Director is contractually entitled).

<u>DIRECTORS' INTERESTS</u>

99. A Director may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) hold any other office or place of profit with the Company (except that of Auditor) in conjunction with
his office of Director for such period and upon such terms as the Board may determine. Any remuneration (whether by way of salary, commission,
participation in profits or otherwise) paid to any Director in respect of any such other office or place of profit shall be in addition
to any remuneration provided for by or pursuant to any other Article;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) act by himself or his firm in a professional capacity for the Company (otherwise than as Auditor) and
he or his firm may be remunerated for professional services as if he were not a Director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) continue to be or become a director, managing director, joint managing director, deputy managing director,
executive director, manager or other officer or member of any other company promoted by the Company or in which the Company may be interested
as a vendor, shareholder or otherwise and (unless otherwise agreed) no such Director shall be accountable for any remuneration, profits
or other benefits received by him as a director, managing director, joint managing director, deputy managing director, executive director,
manager or other officer or member of or from his interests in any such other company. Subject as otherwise provided by these Articles
the Directors may exercise or cause to be exercised the voting powers conferred by the shares in any other company held or owned by the
Company, or exercisable by them as Directors of such other company in such manner in all respects as they think fit (including the exercise
thereof in favour of any resolution appointing themselves or any of them directors, managing directors, joint managing directors, deputy
managing directors, executive directors, managers or other officers of such company) or voting or providing for the payment of remuneration
to the director, managing director, joint managing director, deputy managing director, executive director, manager or other officers of
such other company and any Director may vote in favour of the exercise of such voting rights in manner aforesaid notwithstanding that
he may be, or about to be, appointed a director, managing director, joint managing director, deputy managing director, executive director,
manager or other officer of such a company, and that as such he is or may become interested in the exercise of such voting rights in manner
aforesaid.

Notwithstanding the foregoing, no Independent Director shall without the consent of the Audit Committee take any of the foregoing actions or any other action that would reasonably be likely to affect such Director's status as an Independent Director.

100. Subject to the Act and to these Articles, no Director or proposed
or intending Director shall be disqualified by his office from contracting with the Company, either with regard to his tenure of any
office or place of profit or as vendor, purchaser or in any other manner whatsoever, nor shall any such contract or any other contract
or arrangement in which any Director is in any way interested be liable to be avoided, nor shall any Director so contracting or being
so interested be liable to account to the Company or the Members for any remuneration, profit or other benefits realised by any such
contract or arrangement by reason of such Director holding that office or of the fiduciary relationship thereby established provided
that such Director shall disclose the nature of his interest in any contract or arrangement in which he is interested in accordance with
Article 101 herein. Any such transaction that would reasonably be likely to affect a Director's status as an Independent Director,
or that would constitute a "related party transaction" as defined by the rules and regulations of the Designated Stock Exchange
or under applicable laws, shall require the approval of the Audit Committee.

101. A Director who to his knowledge is in any way, whether directly
or indirectly, interested in a contract or arrangement or proposed contract or arrangement with the Company shall declare the nature
of his interest at the meeting of the Board at which the question of entering into the contract or arrangement is first considered, if
he knows his interest then exists, or in any other case at the first meeting of the Board after he knows that he is or has become so
interested. For the purposes of this Article, a general Notice to the Board by a Director to the effect that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) he is a member or officer of a specified company or firm and is to be regarded as interested in any contract
or arrangement which may after the date of the Notice be made with that company or firm; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) he is to be regarded as interested in any contract or arrangement which may after the date of the Notice
be made with a specified person who is connected with him;

shall be deemed to be a sufficient declaration of interest under this Article in relation to any such contract or arrangement, provided that no such Notice shall be effective unless either it is given at a meeting of the Board or the Director takes reasonable steps to secure that it is brought up and read at the next Board meeting after it is given.

102. Following a declaration being made pursuant to the last preceding
two Articles, subject to any separate requirement for Audit Committee approval under applicable law or the rules and regulations of the
Designated Stock Exchange, and unless disqualified by the chairman of the relevant Board meeting, a Director may vote in respect of any
contract or proposed contract or arrangement in which such Director is interested and may be counted in the quorum at such meeting.

<u>GENERAL POWERS OF THE DIRECTORS</u>

103. (1) The business of the Company shall be managed and conducted
by the Board, which may pay all expenses incurred in forming and registering the Company and may exercise all powers of the Company (whether
relating to the management of the business of the Company or otherwise) which are not by the Statutes or by these Articles required to
be exercised by the Company in general meeting, subject nevertheless to the provisions of the Statutes and of these Articles and to such
regulations being not inconsistent with such provisions, as may be prescribed by the Company in general meeting, but no regulations made
by the Company in general meeting shall invalidate any prior act of the Board which would have been valid if such regulations had not
been made. The general powers given by this Article shall not be limited or restricted by any special authority or power given to the
Board by any other Article.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any person contracting or dealing with the Company in the
ordinary course of business shall be entitled to rely on any written or oral contract or agreement or deed, document or instrument entered
into or executed as the case may be by any one Director on behalf of the Company and the same shall be deemed to be validly entered into
or executed by the Company as the case may be and shall, subject to any rule of law, be binding on the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Without prejudice to the general powers conferred by these
Articles it is hereby expressly declared that the Board shall have the following powers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to give to any person the right or option of requiring at a future date that an allotment shall be made
to him of any share at par or at such premium as may be agreed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to give to any Directors, officers or employees of the Company an interest in any particular business
or transaction or participation in the profits thereof or in the general profits of the Company either in addition to or in substitution
for a salary or other remuneration; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to resolve that the Company be deregistered in the Cayman Islands and continued in a named jurisdiction
outside the Cayman Islands subject to the provisions of the Act.

104. The Board may establish any regional or local boards or agencies
for managing any of the affairs of the Company in any place, and may appoint any persons to be members of such local boards, or any managers
or agents, and may fix their remuneration (either by way of salary or by commission or by conferring the right to participation in the
profits of the Company or by a combination of two or more of these modes) and pay the working expenses of any staff employed by them
upon the business of the Company. The Board may delegate to any regional or local board, manager or agent any of the powers, authorities
and discretions vested in or exercisable by the Board (other than its powers to make calls and forfeit shares), with power to sub-delegate,
and may authorise the members of any of them to fill any vacancies therein and to act notwithstanding vacancies. Any such appointment
or delegation may be made upon such terms and subject to such conditions as the Board may think fit, and the Board may remove any person
appointed as aforesaid, and may revoke or vary such delegation, but no person dealing in good faith and without notice of any such revocation
or variation shall be affected thereby.

105. The Board may by power of attorney appoint any company, firm
or person or any fluctuating body of persons, whether nominated directly or indirectly by the Board, to be the attorney or attorneys
of the Company for such purposes and with such powers, authorities and discretions (not exceeding those vested in or exercisable by the
Board under these Articles) and for such period and subject to such conditions as it may think fit, and any such power of attorney may
contain such provisions for the protection and convenience of persons dealing with any such attorney as the Board may think fit, and
may also authorise any such attorney to sub-delegate all or any of the powers, authorities and discretions vested in him. Such attorney
or attorneys may, if so authorised under the Seal of the Company, execute any deed or instrument under their personal seal with the same
effect as the affixation of the Company's Seal.

106. The Board may entrust to and confer upon a managing director,
joint managing director, deputy managing director, an executive director or any Director any of the powers exercisable by it upon such
terms and conditions and with such restrictions as it thinks fit, and either collaterally with, or to the exclusion of, its own powers,
and may from time to time revoke or vary all or any of such powers but no person dealing in good faith and without notice of such revocation
or variation shall be affected thereby.

107. All cheques, promissory notes, drafts, bills of exchange and
other instruments, whether negotiable or transferable or not, and all receipts for moneys paid to the Company shall be signed, drawn,
accepted, endorsed or otherwise executed, as the case may be, in such manner as the Board shall from time to time by resolution determine.
The Company's banking accounts shall be kept with such banker or bankers as the Board shall from time to time determine.

108. (1) The Board may establish or concur or join with other companies
(being subsidiary companies of the Company or companies with which it is associated in business) in establishing and making contributions
out of the Company's moneys to any schemes or funds for providing pensions, sickness or compassionate allowances, life assurance
or other benefits for employees (which expression as used in this and the following paragraph shall include any Director or ex-Director
who may hold or have held any executive office or any office of profit under the Company or any of its subsidiary companies) and ex-employees
of the Company and their dependants or any class or classes of such person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Board may pay, enter into agreements to pay or make grants
of revocable or irrevocable pensions or other benefits to employees and ex-employees and their dependants, or to any of such persons,
including pensions or benefits additional to those, if any, to which such employees or ex-employees or their dependants are or may become
entitled under any such scheme or fund as mentioned in the last preceding paragraph. Any such pension or benefit may, as the Board considers
desirable, be granted to an employee either before and in anticipation of or upon or at any time after his actual retirement, and may
be subject or not subject to any terms or conditions as the Board may determine.

<u>BORROWING POWERS</u>

109. The Board may exercise all the powers of the Company to raise
or borrow money and to mortgage or charge all or any part of the undertaking, property and assets (present and future) and uncalled capital
of the Company and, subject to the Act, to issue debentures, bonds and other securities, whether outright or as collateral security for
any debt, liability or obligation of the Company or of any third party.

110. Debentures, bonds and other securities may be made assignable
free from any equities between the Company and the person to whom the same may be issued.

111. Any debentures, bonds or other securities may be issued at a
discount (other than shares), premium or otherwise and with any special privileges as to redemption, surrender, drawings, allotment of
shares, attending and voting at general meetings of the Company, appointment of Directors and otherwise.

112. (1) Where any uncalled capital of the Company is charged, all
persons taking any subsequent charge thereon shall take the same subject to such prior charge, and shall not be entitled, by notice to
the Members or otherwise, to obtain priority over such prior charge.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Board shall cause a proper register to be kept, in accordance
with the provisions of the Act, of all charges specifically affecting the property of the Company and of any series of debentures issued
by the Company and shall duly comply with the requirements of the Act in regard to the registration of charges and debentures therein
specified and otherwise.

<u>PROCEEDINGS OF THE DIRECTORS</u>

113. The Board may meet for the despatch of business, adjourn and
otherwise regulate its meetings as it considers appropriate. Questions arising at any meeting shall be determined by a majority of votes.
In the case of any equality of votes the chairman of the meeting shall have an additional or casting vote.

114. A meeting of the Board may be convened by the Secretary on request
of a Director or by any Director. The Secretary shall convene a meeting of the Board of which notice may be given in writing or by telephone
or by electronic means to an electronic address from time to time notified to the Company by such Director or (if the recipient consents
to it being made available on a website) by making it available on a website or in such other manner as the Board may from time to time
determine whenever he shall be required so to do by the president or chairman, as the case may be, or any Director.

115. (1) The quorum necessary for the transaction of the business
of the Board may be fixed by the Board and, unless so fixed at any other number, shall be two (2) of the Board. An alternate Director
shall be counted in a quorum in the case of the absence of a Director for whom he is the alternate provided that he shall not be counted
more than once for the purpose of determining whether or not a quorum is present.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Directors may participate in any meeting of the Board by means
of a conference, telephone, electronic or other communications equipment through which all persons participating in the meeting can communicate
with each other simultaneously and instantaneously and, for the purpose of counting a quorum, such participation shall constitute presence
at a meeting as if those participating were present in person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Any Director who ceases to be a Director at a Board meeting
may continue to be present and to act as a Director and be counted in the quorum until the termination of such Board meeting if no other
Director objects and if otherwise a quorum of Directors would not be present.

116. The continuing Directors or a sole continuing Director may act
notwithstanding any vacancy in the Board but, if and so long as the number of Directors is reduced below the minimum number fixed by
or in accordance with these Articles as the quorum, the continuing Directors or Director, notwithstanding that the number of Directors
is below the number fixed by or in accordance with these Articles as the quorum or that there is only one continuing Director, may act
for the purpose of filling vacancies in the Board or of summoning general meetings of the Company but not for any other purpose.

117. The Chairman of the Board shall be the chairman of all meetings
of the Board. If the Chairman of the Board is not present at any meeting within five (5) minutes after the time appointed for holding
the same, the Directors present may choose one of their number to be chairman of the meeting.

118. A meeting of the Board at which a quorum is present shall be
competent to exercise all the powers, authorities and discretions for the time being vested in or exercisable by the Board.

119. (1) The Board may delegate any of its powers, authorities and
discretions to committees (including, without limitation, the Audit Committee), consisting of such Director or Directors and other persons
as it thinks fit, and they may, from time to time, revoke such delegation or revoke the appointment of and discharge any such committees
either wholly or in part, and either as to persons or purposes. Any committee so formed shall, in the exercise of the powers, authorities
and discretions so delegated, conform to any regulations which may be imposed on it by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) All acts done by any such committee in conformity with such
regulations, and in fulfilment of the purposes for which it was appointed, but not otherwise, shall have like force and effect as if
done by the Board, and the Board (or if the Board delegates such power, the committee) shall have power to remunerate the members of
any such committee, and charge such remuneration to the current expenses of the Company.

120. The meetings and proceedings of any committee consisting of two
or more members shall be governed by the provisions contained in these Articles for regulating the meetings and proceedings of the Board
so far as the same are applicable and are not superseded by any regulations imposed by the Board under the last preceding Article, indicating,
without limitation, any committee charter adopted by the Board for purposes or in respect of any such committee.

121. A resolution in writing signed by all the Directors except such
as are temporarily unable to act through ill-health or disability shall (provided that such number is sufficient to constitute a quorum
and further provided that a copy of such resolution has been given or the contents thereof communicated to all the Directors for the
time being entitled to receive notices of Board meetings in the same manner as notices of meetings are required to be given by these
Articles) be as valid and effectual as if a resolution had been passed at a meeting of the Board duly convened and held. A notification
of consent to such resolution given by a Director in writing to the Board by any means (including by means of electronic communication)
shall be deemed to be his/her signature to such resolution in writing for the purpose of this Article. Such resolution may be contained
in one document or in several documents in like form each signed by one or more of the Directors and for this purpose a facsimile signature
of a Director shall be treated as valid.

122. All acts bona fide done by the Board or by any committee or by
any person acting as a Director or members of a committee, shall, notwithstanding that it is afterwards discovered that there was some
defect in the appointment of any member of the Board or such committee or person acting as aforesaid or that they or any of them were
disqualified or had vacated office, be as valid as if every such person had been duly appointed and was qualified and had continued to
be a Director or member of such committee.

<u>AUDIT COMMITTEE</u>

123. Without prejudice to the freedom of the Directors to establish
any other committees, for so long as the shares of the Company (or depositary receipts therefor) are listed or quoted on the Designated
Stock Exchange, the Board shall establish and maintain an Audit Committee as a committee of the Board, the composition and responsibilities
of which shall comply with the rules and regulations of the Designated Stock Exchange and the rules and regulations of the SEC.

124. The Board shall adopt a formal written audit committee charter
and review and assess the adequacy of the formal written charter on an annual basis.

125. For so long as the shares of the Company (or depositary receipts
therefor) are listed or quoted on the Designated Stock Exchange, the Company shall conduct an appropriate review of all related party
transactions on an ongoing basis and shall utilize the Audit Committee for the review and approval of potential conflicts of interest
in accordance with the audit committee charter.

<u>OFFICERS</u>

126. (1) The officers of the Company shall consist of the Chairman
of the Board, the Directors and Secretary and such additional officers (who may or may not be Directors) as the Board may from time to
time determine, all of whom shall be deemed to be officers for the purposes of the Act and these Articles. In addition to the officers
of the Company, the Board may also from time to time determine and appoint managers and delegate to the same such powers and duties as
are prescribed by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Directors shall, as soon as may be after each appointment
or election of Directors, elect amongst the Directors a chairman and if more than one Director is proposed for this office, the election
to such office shall take place in such manner as the Directors may determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The officers shall receive such remuneration as the Directors
may from time to time determine.

127. (1) The Secretary and additional officers, if any, shall be appointed
by the Board and shall hold office on such terms and for such period as the Board may determine. If thought fit, two or more persons
may be appointed as joint Secretaries. The Board may also appoint from time to time on such terms as it thinks fit one or more assistant
or deputy Secretaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Secretary shall attend all meetings of the Members and
shall keep correct minutes of such meetings and enter the same in the proper books provided for the purpose. He shall perform such other
duties as are prescribed by the Act or these Articles or as may be prescribed by the Board.

128. The officers of the Company shall have such powers and perform
such duties in the management, business and affairs of the Company as may be delegated to them by the Directors from time to time.

129. A provision of the Act or of these Articles requiring or authorising
a thing to be done by or to a Director and the Secretary shall not be satisfied by its being done by or to the same person acting both
as Director and as or in place of the Secretary.

<u>REGISTER OF DIRECTORS AND OFFICERS</u>

130. The Company shall cause to be kept in one or more books at its
Office a Register of Directors and Officers in which there shall be entered the full names and addresses of the Directors and Officers
and such other particulars as required by the Act or as the Directors may determine. The Company shall send to the Registrar of Companies
in the Cayman Islands a copy of such register, and shall from time to time notify to the said Registrar of any change that takes place
in relation to such Directors and Officers as required by the Act.

<u>MINUTES</u>

131. (1) The Board shall cause minutes to be duly entered in books
provided for the purpose:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) of all elections and appointments of officers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) of the names of the Directors present at each meeting of the Directors and of any committee of the Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) of all resolutions and proceedings of each general meeting of the Members, meetings of the Board and meetings
of committees of the Board and where there are managers, of all proceedings of meetings of the managers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Minutes shall be kept by the Secretary at the Office.

<u>SEAL</u>

132. (1) The Company shall have one or more Seals, as the Board may
determine. For the purpose of sealing documents creating or evidencing securities issued by the Company, the Company may have a securities
seal which is a facsimile of the Seal of the Company with the addition of the word "Securities" on its face or in such other
form as the Board may approve. The Board shall provide for the custody of each Seal and no Seal shall be used without the authority of
the Board or of a committee of the Board authorised by the Board in that behalf. Subject as otherwise provided in these Articles, any
instrument to which a Seal is affixed shall be signed autographically by one Director or by such other person (including a Director)
or persons as the Board may appoint, either generally or in any particular case, save that as regards any certificates for shares or
debentures or other securities of the Company the Board may by resolution determine that such signatures or either of them shall be dispensed
with or affixed by some method or system of mechanical signature. Every instrument executed in manner provided by this Article 132 shall
be deemed to be sealed and executed with the authority of the Board previously given.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Where the Company has a Seal for use abroad, the Board may
by writing under the Seal appoint any agent or committee abroad to be the duly authorised agent of the Company for the purpose of affixing
and using such Seal and the Board may impose restrictions on the use thereof as may be thought fit. Wherever in these Articles reference
is made to the Seal, the reference shall, when and so far as may be applicable, be deemed to include any such other Seal as aforesaid.

<u>AUTHENTICATION OF DOCUMENTS</u>

133. Any Director or the Secretary or any person appointed by the
Board for the purpose may authenticate any documents affecting the constitution of the Company and any resolution passed by the Company
or the Board or any committee, and any books, records, documents and accounts relating to the business of the Company, and to certify
copies thereof or extracts therefrom as true copies or extracts, and if any books, records, documents or accounts are elsewhere than
at the Office or the head office the local manager or other officer of the Company having the custody thereof shall be deemed to be a
person so appointed by the Board. A document purporting to be a copy of a resolution, or an extract from the minutes of a meeting, of
the Company or of the Board or any committee which is so certified shall be conclusive evidence in favour of all persons dealing with
the Company upon the faith thereof that such resolution has been duly passed or, as the case may be, that such minutes or extract is
a true and accurate record of proceedings at a duly constituted meeting.

<u>DESTRUCTION OF DOCUMENTS</u>

134. (1) The Company shall be entitled to destroy the following documents
at the following times:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any share certificate which has been cancelled at any time after the expiry of one (1) year from the date
of such cancellation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any dividend mandate or any variation or cancellation thereof or any notification of change of name or
address at any time after the expiry of two (2) years from the date such mandate variation cancellation or notification was recorded by
the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any instrument of transfer of shares which has been registered at any time after the expiry of seven (7)
years from the date of registration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any allotment letters after the expiry of seven (7) years from the date of issue thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) copies of powers of attorney, grants of probate and letters of administration at any time after the expiry
of seven (7) years after the account to which the relevant power of attorney, grant of probate or letters of administration related has
been closed;

and it shall conclusively be presumed in favour of the Company that every entry in the Register purporting to be made on the basis of any such documents so destroyed was duly and properly made and every share certificate so destroyed was a valid certificate duly and properly cancelled and that every instrument of transfer so destroyed was a valid and effective instrument duly and properly registered and that every other document destroyed hereunder was a valid and effective document in accordance with the recorded particulars thereof in the books or records of the Company. Provided always that: (1) the foregoing provisions of this Article 134 shall apply only to the destruction of a document in good faith and without express notice to the Company that the preservation of such document was relevant to a claim; (2) nothing contained in this Article 134 shall be construed as imposing upon the Company any liability in respect of the destruction of any such document earlier than as aforesaid or in any case where the conditions of proviso (1) above are not fulfilled; and (3) references in this Article 134 to the destruction of any document include references to its disposal in any manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Notwithstanding any provision contained in these Articles,
the Directors may, if permitted by applicable law, authorise the destruction of documents set out in sub-paragraphs (a) to (e) of paragraph
(1) of this Article 134 and any other documents in relation to share registration which have been microfilmed or electronically stored
by the Company or by the share registrar on its behalf provided always that this Article shall apply only to the destruction of a document
in good faith and without express notice to the Company and its share registrar that the preservation of such document was relevant to
a claim.

<u>DIVIDENDS AND OTHER PAYMENTS</u>

135. Subject to the Act, the Board may from time to time declare dividends
in any currency to be paid to the Members.

136. Dividends may be declared and paid out of the profits of the
Company, realised or unrealised, or from any reserve set aside from profits which the Directors determine is no longer needed. The Board
may also declare and pay dividends out of share premium account or any other fund or account which can be authorised for this purpose
in accordance with the Act.

137. Except in so far as the rights attaching to, or the terms of
issue of, any share otherwise provide:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all dividends shall be declared and paid according to the amounts paid up on the shares in respect of
which the dividend is paid, but no amount paid up on a share in advance of calls shall be treated for the purposes of this Article as
paid up on the share; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all dividends shall be apportioned and paid pro rata according to the amounts paid up on the shares during
any portion or portions of the period in respect of which the dividend is paid.

138. The Board may from time to time pay to the Members such interim
dividends as appear to the Board to be justified by the profits of the Company and in particular (but without prejudice to the generality
of the foregoing) if at any time the share capital of the Company is divided into different classes, the Board may pay such interim dividends
in respect of those shares in the capital of the Company which confer on the holders thereof deferred or non-preferential rights as well
as in respect of those shares which confer on the holders thereof preferential rights with regard to dividend and provided that the Board
acts bona fide the Board shall not incur any responsibility to the holders of shares conferring any preference for any damage that they
may suffer by reason of the payment of an interim dividend on any shares having deferred or non-preferential rights and may also pay
any fixed dividend which is payable on any shares of the Company half-yearly or on any other dates, whenever such profits, in the opinion
of the Board, justifies such payment.

139. The Board may deduct from any dividend or other moneys payable
to a Member by the Company on or in respect of any shares all sums of money (if any) presently payable by him to the Company on account
of calls or otherwise.

140. No dividend or other moneys payable by the Company on or in respect
of any share shall bear interest against the Company.

141. Any dividend, interest or other sum payable in cash to the holder
of shares may be paid by cheque or warrant sent through the post addressed to the holder at his registered address or, in the case of
joint holders, addressed to the holder whose name stands first in the Register in respect of the shares at his address as appearing in
the Register or addressed to such person and at such address as the holder or joint holders may in writing direct. Every such cheque
or warrant shall, unless the holder or joint holders otherwise direct, be made payable to the order of the holder or, in the case of
joint holders, to the order of the holder whose name stands first on the Register in respect of such shares, and shall be sent at his
or their risk and payment of the cheque or warrant by the bank on which it is drawn shall constitute a good discharge to the Company
notwithstanding that it may subsequently appear that the same has been stolen or that any endorsement thereon has been forged. Any one
of two or more joint holders may give effectual receipts for any dividends or other moneys payable or property distributable in respect
of the shares held by such joint holders.

142. All dividends or bonuses unclaimed for one (1) year after having
been declared may be invested or otherwise made use of by the Board for the benefit of the Company until claimed. Any dividend or bonuses
unclaimed after a period of six (6) years from the date of declaration shall be forfeited and shall revert to the Company. The payment
by the Board of any unclaimed dividend or other sums payable on or in respect of a share into a separate account shall not constitute
the Company a trustee in respect thereof.

143. Whenever the Board has resolved that a dividend be paid or declared,
the Board may further resolve that such dividend be satisfied wholly or in part by the distribution of specific assets of any kind and
in particular of paid up shares, debentures or warrants to subscribe securities of the Company or any other company, or in any one or
more of such ways, and where any difficulty arises in regard to the distribution the Board may settle the same as it thinks expedient,
and in particular may issue certificates in respect of fractions of shares, disregard fractional entitlements or round the same up or
down, and may fix the value for distribution of such specific assets, or any part thereof, and may determine that cash payments shall
be made to any Members upon the basis of the value so fixed in order to adjust the rights of all parties, and may vest any such specific
assets in trustees as may seem expedient to the Board and may appoint any person to sign any requisite instruments of transfer and other
documents on behalf of the persons entitled to the dividend, and such appointment shall be effective and binding on the Members. The
Board may resolve that no such assets shall be made available to Members with registered addresses in any particular territory or territories
where, in the absence of a registration statement or other special formalities, such distribution of assets would or might, in the opinion
of the Board, be unlawful or impracticable and in such event the only entitlement of the Members aforesaid shall be to receive cash payments
as aforesaid. Members affected as a result of the foregoing sentence shall not be or be deemed to be a separate class of Members for
any purpose whatsoever.

144. (1) Whenever the Board has resolved that a dividend be paid or
declared on any class of the share capital of the Company, the Board may further resolve either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that such dividend be satisfied wholly or in part in the form of an allotment of shares credited as fully
paid up, provided that the Members entitled thereto will be entitled to elect to receive such dividend (or part thereof if the Board so
determines) in cash in lieu of such allotment. In such case, the following provisions shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the basis of any such allotment shall be determined by the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Board, after determining the basis of allotment, shall give not less than ten (10) days' Notice
to the holders of the relevant shares of the right of election accorded to them and shall send with such notice forms of election and
specify the procedure to be followed and the place at which and the latest date and time by which duly completed forms of election must
be lodged in order to be effective;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the right of election may be exercised in respect of the whole or part of that portion of the dividend
in respect of which the right of election has been accorded; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the dividend (or that part of the dividend to be satisfied by the allotment of shares as aforesaid) shall
not be payable in cash on shares in respect whereof the cash election has not been duly exercised ("the non-elected shares")
and in satisfaction thereof shares of the relevant class shall be allotted credited as fully paid up to the holders of the non-elected
shares on the basis of allotment determined as aforesaid and for such purpose the Board shall capitalise and apply out of any part of
the undivided profits of the Company (including profits carried and standing to the credit of any reserves or other special account, share
premium account, capital redemption reserve other than the Subscription Rights Reserve) as the Board may determine, such sum as may be
required to pay up in full the appropriate number of shares of the relevant class for allotment and distribution to and amongst the holders
of the non-elected shares on such basis; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that the Members entitled to such dividend shall be entitled to elect to receive an allotment of shares
credited as fully paid up in lieu of the whole or such part of the dividend as the Board may think fit. In such case, the following provisions
shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the basis of any such allotment shall be determined by the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Board, after determining the basis of allotment, shall give not less than ten (10) days' Notice
to the holders of the relevant shares of the right of election accorded to them and shall send with such notice forms of election and
specify the procedure to be followed and the place at which and the latest date and time by which duly completed forms of election must
be lodged in order to be effective;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the right of election may be exercised in respect of the whole or part of that portion of the dividend
in respect of which the right of election has been accorded; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the dividend (or that part of the dividend in respect of which a right of election has been accorded)
shall not be payable in cash on shares in respect whereof the share election has been duly exercised ("the elected shares")
and in lieu thereof shares of the relevant class shall be allotted credited as fully paid up to the holders of the elected shares on the
basis of allotment determined as aforesaid and for such purpose the Board shall capitalise and apply out of any part of the undivided
profits of the Company (including profits carried and standing to the credit of any reserves or other special account, share premium account,
capital redemption reserve other than the Subscription Rights Reserve) as the Board may determine, such sum as may be required to pay
up in full the appropriate number of shares of the relevant class for allotment and distribution to and amongst the holders of the elected
shares on such basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) (a) The shares allotted pursuant to the provisions of paragraph (1) of this Article 144 shall rank *pari passu* in all respects with shares of the same class (if any) then in issue save only as regards participation in the relevant
dividend or in any other distributions, bonuses or rights paid, made, declared or announced prior to or contemporaneously with the payment
or declaration of the relevant dividend unless, contemporaneously with the announcement by the Board of their proposal to apply the provisions
of sub-paragraph (a) or (b) of paragraph (2) of this Article 144 in relation to the relevant dividend or contemporaneously with their
announcement of the distribution, bonus or rights in question, the Board shall specify that the shares to be allotted pursuant to the
provisions of paragraph (1) of this Article shall rank for participation in such distribution, bonus or rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Board may do all acts and things considered necessary or expedient to give effect to any capitalisation
pursuant to the provisions of paragraph (1) of this Article 144, with full power to the Board to make such provisions as it thinks fit
in the case of shares becoming distributable in fractions (including provisions whereby, in whole or in part, fractional entitlements
are aggregated and sold and the net proceeds distributed to those entitled, or are disregarded or rounded up or down or whereby the benefit
of fractional entitlements accrues to the Company rather than to the Members concerned). The Board may authorise any person to enter into
on behalf of all Members interested, an agreement with the Company providing for such capitalisation and matters incidental thereto and
any agreement made pursuant to such authority shall be effective and binding on all concerned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The Board may determine and resolve in respect of any one
particular dividend of the Company that notwithstanding the provisions of paragraph (1) of this Article 144 a dividend may be satisfied
wholly in the form of an allotment of shares credited as fully paid up without offering any right to shareholders to elect to receive
such dividend in cash in lieu of such allotment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The Board may on any occasion determine that rights of election
and the allotment of shares under paragraph (1) of this Article 144 shall not be made available or made to any shareholders with registered
addresses in any territory where, in the absence of a registration statement or other special formalities, the circulation of an offer
of such rights of election or the allotment of shares would or might, in the opinion of the Board, be unlawful or impracticable, and
in such event the provisions aforesaid shall be read and construed subject to such determination. Members affected as a result of the
foregoing sentence shall not be or be deemed to be a separate class of Members for any purpose whatsoever.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Any resolution declaring a dividend on shares of any class
by the Board, may specify that the same shall be payable or distributable to the persons registered as the holders of such shares at
the close of business on a particular date, notwithstanding that it may be a date prior to that on which the resolution is passed, and
thereupon the dividend shall be payable or distributable to them in accordance with their respective holdings so registered, but without
prejudice to the rights inter se in respect of such dividend of transferors and transferees of any such shares. The provisions of this
Article shall *mutatis mutandis* apply to bonuses, capitalisation issues, distributions of realised capital profits or offers or
grants made by the Company to the Members.

<u>RESERVES</u>

145. (1) The Board shall establish an account to be called the share
premium account and shall carry to the credit of such account from time to time a sum equal to the amount or value of the premium paid
on the issue of any share in the Company. Unless otherwise provided by the provisions of these Articles, the Board may apply the share
premium account in any manner permitted by the Act. The Company shall at all times comply with the provisions of the Act in relation
to the share premium account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Before recommending any dividend, the Board may set aside
out of the profits of the Company such sums as it determines as reserves which shall, at the discretion of the Board, be applicable for
any purpose to which the profits of the Company may be properly applied and pending such application may, also at such discretion, either
be employed in the business of the Company or be invested in such investments as the Board may from time to time think fit and so that
it shall not be necessary to keep any investments constituting the reserve or reserves separate or distinct from any other investments
of the Company. The Board may also without placing the same to reserve carry forward any profits which it may think prudent not to distribute.

<u>CAPITALISATION</u>

146. The Company may, upon the recommendation of the Board, at any
time and from time to time pass an ordinary resolution to the effect that it is desirable to capitalise all or any part of any amount
for the time being standing to the credit of any reserve or fund (including a share premium account and capital redemption reserve and
the profit and loss account) whether or not the same is available for distribution and accordingly that such amount be set free for distribution
among the Members or any class of Members who would be entitled thereto if it were distributed by way of dividend and in the same proportions,
on the basis that the same is not paid in cash but is applied either in or towards paying up the amounts for the time being unpaid on
any shares in the Company held by such Members respectively or in paying up in full unissued shares, debentures or other obligations
of the Company, to be allotted and distributed credited as fully paid up among such Members, or partly in one way and partly in the other,
and the Board shall give effect to such resolution provided that, for the purposes of this Article 146, a share premium account and any
capital redemption reserve or fund representing unrealised profits, may be applied only in paying up in full unissued shares of the Company
to be allotted to such Members credited as fully paid.

147. The Board may settle, as it considers appropriate, any difficulty
arising in regard to any distribution and in particular may issue certificates in respect of fractions of shares or authorise any person
to sell and transfer any fractions or may resolve that the distribution should be as nearly as may be practicable in the correct proportion
but not exactly so or may ignore fractions altogether, and may determine that cash payments shall be made to any Members in order to
adjust the rights of all parties, as may seem expedient to the Board. The Board may appoint any person to sign on behalf of the persons
entitled to participate in the distribution any contract necessary or desirable for giving effect thereto and such appointment shall
be effective and binding upon the Members.

<u>SUBSCRIPTION RIGHTS RESERVE</u>

148. The following provisions shall have effect to the extent that
they are not prohibited by and are in compliance with the Act:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) If, so long as any of the rights attached to any warrants
issued by the Company to subscribe for shares of the Company shall remain exercisable, the Company does any act or engages in any transaction
which, as a result of any adjustments to the subscription price in accordance with the provisions of the conditions of the warrants,
would reduce the subscription price to below the par value of a share, then the following provisions shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as from the date of such act or transaction the Company shall
establish and thereafter (subject as provided in this Article 148) maintain in accordance with the provisions of this Article 148 a reserve
(the "Subscription Rights Reserve") the amount of which shall at no time be less than the sum which for the time being would
be required to be capitalised and applied in paying up in full the nominal amount of the additional shares required to be issued and
allotted credited as fully paid pursuant to sub-paragraph (c) below on the exercise in full of all the subscription rights outstanding
and shall apply the Subscription Rights Reserve in paying up such additional shares in full as and when the same are allotted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Subscription Rights Reserve shall not be used for any purpose other than that specified above unless
all other reserves of the Company (other than share premium account) have been extinguished and will then only be used to make good losses
of the Company if and so far as is required by law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) upon the exercise of all or any of the subscription rights represented by any warrant, the relevant subscription
rights shall be exercisable in respect of a nominal amount of shares equal to the amount in cash which the holder of such warrant is required
to pay on exercise of the subscription rights represented thereby (or, as the case may be the relevant portion thereof in the event of
a partial exercise of the subscription rights) and, in addition, there shall be allotted in respect of such subscription rights to the
exercising warrantholder, credited as fully paid, such additional nominal amount of shares as is equal to the difference between:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the said amount in cash which the holder of such warrant is required to pay on exercise of the subscription
rights represented thereby (or, as the case may be, the relevant portion thereof in the event of a partial exercise of the subscription
rights); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the nominal amount of shares in respect of which such subscription rights would have been exercisable
having regard to the provisions of the conditions of the warrants, had it been possible for such subscription rights to represent the
right to subscribe for shares at less than par and immediately upon such exercise so much of the sum standing to the credit of the Subscription
Rights Reserve as is required to pay up in full such additional nominal amount of shares shall be capitalised and applied in paying up
in full such additional nominal amount of shares which shall forthwith be allotted credited as fully paid to the exercising warrantholders;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if, upon the exercise of the subscription rights represented by any warrant, the amount standing to the
credit of the Subscription Rights Reserve is not sufficient to pay up in full such additional nominal amount of shares equal to such difference
as aforesaid to which the exercising warrantholder is entitled, the Board shall apply any profits or reserves then or thereafter becoming
available (including, to the extent permitted by law, share premium account) for such purpose until such additional nominal amount of
shares is paid up and allotted as aforesaid and until then no dividend or other distribution shall be paid or made on the fully paid shares
of the Company then in issue. Pending such payment and allotment, the exercising warrantholder shall be issued by the Company with a certificate
evidencing his right to the allotment of such additional nominal amount of shares. The rights represented by any such certificate shall
be in registered form and shall be transferable in whole or in part in units of one share in the like manner as the shares for the time
being are transferable, and the Company shall make such arrangements in relation to the maintenance of a register therefor and other matters
in relation thereto as the Board may think fit and adequate particulars thereof shall be made known to each relevant exercising warrantholder
upon the issue of such certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Shares allotted pursuant to the provisions of this Article
shall rank *pari passu* in all respects with the other shares allotted on the relevant exercise of the subscription rights represented
by the warrant concerned. Notwithstanding anything contained in paragraph (1) of this Article, no fraction of any share shall be allotted
on exercise of the subscription rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The provision of this Article as to the establishment and
maintenance of the Subscription Rights Reserve shall not be altered or added to in any way which would vary or abrogate, or which would
have the effect of varying or abrogating the provisions for the benefit of any warrantholder or class of warrantholders under this Article
without the sanction of a special resolution of such warrantholders or class of warrantholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) A certificate or report by the auditors for the time being
of the Company as to whether or not the Subscription Rights Reserve is required to be established and maintained and if so the amount
thereof so required to be established and maintained, as to the purposes for which the Subscription Rights Reserve has been used, as
to the extent to which it has been used to make good losses of the Company, as to the additional nominal amount of shares required to
be allotted to exercising warrantholders credited as fully paid, and as to any other matter concerning the Subscription Rights Reserve
shall (in the absence of manifest error) be conclusive and binding upon the Company and all warrantholders and shareholders.

<u>ACCOUNTING RECORDS</u>

149. The Board shall cause true accounts to be kept of the sums of
money received and expended by the Company, and the matters in respect of which such receipt and expenditure take place, and of the property,
assets, credits and liabilities of the Company and of all other matters required by the Act or necessary to give a true and fair view
of the Company's affairs and to explain its transactions.

150. The accounting records shall be kept at the Office or, at such
other place or places as the Board decides and shall always be open to inspection by the Directors. No Member (other than a Director)
shall have any right of inspecting any accounting record or book or document of the Company except as conferred by law or authorised
by the Board or the Company in general meeting.

151. Subject to Article 152, a printed copy of the Directors'
report, accompanied by the balance sheet and profit and loss account, including every document required by law to be annexed thereto,
made up to the end of the applicable financial year and containing a summary of the assets and liabilities of the Company under convenient
heads and a statement of income and expenditure, together with a copy of the Auditors' report, shall be sent to each person entitled
thereto in any manner set out in Article 160 every year. The Directors shall have the discretion to lay these documents before the Company
at any annual general meeting held in accordance with Article 57 in which case, the documents shall be sent to each person entitled thereto
at least ten (10) days before the date of the general meeting. This Article shall not require a copy of those documents to be sent to
any person whose address the Company is not aware or to more than one of the joint holders of any shares or debentures.

152. Subject to due compliance with all applicable Statutes, rules
and regulations, including, without limitation, the rules and regulations of the Designated Stock Exchange, and to obtaining all necessary
consents, if any, required thereunder, the requirements of Article 151 shall be deemed satisfied in relation to any person by sending
to the person in any manner not prohibited by the Statutes, a summarised financial statements derived from the Company's annual
accounts and the directors' report which shall be in the form and containing the information required by applicable laws and regulations,
provided that any person who is otherwise entitled to the annual financial statements of the Company and the directors' report
thereon may, if he so requires by notice in writing served on the Company, demand that the Company sends to him, in addition to a summarised
financial statements, a complete printed copy of the Company's annual financial statement and the directors' report thereon.

153. The requirement to send to a person referred to in Article 151
the documents referred to in that article or a summary financial report in accordance with Article 152 shall be deemed satisfied where,
in accordance with all applicable Statutes, rules and regulations, including, without limitation, the rules and regulations of the Designated
Stock Exchange, the Company publishes copies of the documents referred to in Article 151 and, if applicable, a summary financial report
complying with Article 152, on the Company's computer network or in any other permitted manner (including by sending any form of
electronic communication), and that person has agreed or is deemed to have agreed to treat the publication or receipt of such documents
in such manner as discharging the Company's obligation to send to him a copy of such documents.

<u>AUDIT</u>

154. Subject to applicable law and rules and regulations of the Designated
Stock Exchange, the Board shall appoint an Auditor to audit the accounts of the Company and such auditor shall hold office until removed
from office by a resolution of the Directors. Such auditor may be a Member but no Director or officer or employee of the Company shall,
during his continuance in office, be eligible to act as an Auditor.

155. Subject to the Act the accounts of the Company shall be audited
at least once in every year.

156. The remuneration of the Auditor shall be determine by the Audit
Committee or, in the absence of such Audit Committee, by the Board.

157. The Board may remove the Auditor at any time before the expiration
of his term of office and may by resolution appoint another Auditor in his stead.

158. The Auditor shall at all reasonable times have access to all
books kept by the Company and to all accounts and vouchers relating thereto; and he may call on the Directors or officers of the Company
for any information in their possession relating to the books or affairs of the Company.

159. The statement of income and expenditure and the balance sheet
provided for by these Articles shall be examined by the Auditor and compared by him with the books, accounts and vouchers relating thereto;
and he shall make a written report thereon stating whether such statement and balance sheet are drawn up so as to present fairly the
financial position of the Company and the results of its operations for the period under review and, in case information shall have been
called for from Directors or officers of the Company, whether the same has been furnished and has been satisfactory. The financial statements
of the Company shall be audited by the Auditor in accordance with generally accepted auditing standards. The Auditor shall make a written
report thereon in accordance with generally accepted auditing standards and the report of the Auditor shall be submitted to the Audit
Committee. The generally accepted auditing standards referred to herein may be those of a country or jurisdiction other than the Cayman
Islands. If so, the financial statements and the report of the Auditor should disclose this fact and name such country or jurisdiction.

<u>NOTICES</u>

160. Any Notice or document, whether or not, to be given or issued
under these Articles from the Company to a Member shall be in writing or by cable, telex or facsimile transmission message or other form
of electronic transmission or electronic communication and any such Notice and document may be served or delivered by the Company on
or to any Member either (i) personally or (ii) by sending it through the post in a prepaid envelope addressed to such Member at his registered
address as appearing in the Register or at any other address supplied by him to the Company for the purpose or, (iii) by transmitting
it to any such address or transmitting it to any telex or facsimile transmission number or electronic number or electronic address or
website supplied by him to the Company for the giving of Notice to him or which the person transmitting the notice reasonably and bona
fide believes at the relevant time will result in the Notice being duly received by the Member or (iv) by advertisement in appropriate
newspapers in accordance with the requirements of the Designated Stock Exchange or, (v) to the extent permitted by the applicable laws,
by placing it on the Company's website. In the case of joint holders of a share all notices shall be given to that one of the joint
holders whose name stands first in the Register and notice so given shall be deemed a sufficient service on or delivery to all the joint
holders.

161. Any Notice or other document:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if served or delivered by post, shall where appropriate be sent by airmail and shall be deemed to have
been served or delivered on the day following that on which the envelope containing the same, properly prepaid and addressed, is put into
the post; in proving such service or delivery it shall be sufficient to prove that the envelope or wrapper containing the notice or document
was properly addressed and put into the post and a certificate in writing signed by the Secretary or other officer of the Company or other
person appointed by the Board that the envelope or wrapper containing the Notice or other document was so addressed and put into the post
shall be conclusive evidence thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if sent by electronic communication, shall be deemed to be given on the day on which it is transmitted
from the server of the Company or its agent. A Notice placed on the Company's website is deemed given by the Company to a Member
on the day on which it is placed on the Company's website;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if served or delivered in any other manner contemplated by these Articles, shall be deemed to have been
served or delivered at the time of personal service or delivery or, as the case may be, at the time of the relevant despatch or transmission
or publication; and in proving such service or delivery a certificate in writing signed by the Secretary or other officer of the Company
or other person appointed by the Board as to the act and time of such service, delivery, despatch or transmission or publication shall
be conclusive evidence thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) may be given to a Member in the English language or such other language as may be approved by the Directors,
subject to due compliance with all applicable Statutes, rules and regulations.

162. (1) Any Notice or other document delivered or sent by post to
or left at the registered address of any Member in pursuance of these Articles shall, notwithstanding that such Member is then dead or
bankrupt or that any other event has occurred, and whether or not the Company has notice of the death or bankruptcy or other event, be
deemed to have been duly served or delivered in respect of any share registered in the name of such Member as sole or joint holder unless
his name shall, at the time of the service or delivery of the Notice or document, have been removed from the Register as the holder of
the share, and such service or delivery shall for all purposes be deemed a sufficient service or delivery of such Notice or document
on all persons interested (whether jointly with or as claiming through or under him) in the share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) A Notice may be given by the Company to the person entitled
to a share in consequence of the death, mental disorder or bankruptcy of a Member by sending it through the post in a prepaid letter,
envelope or wrapper addressed to him by name, or by the title of representative of the deceased, or trustee of the bankrupt, or by any
like description, at the address, if any, supplied for the purpose by the person claiming to be so entitled, or (until such an address
has been so supplied) by giving the notice in any manner in which the same might have been given if the death, mental disorder or bankruptcy
had not occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Any person who by operation of law, transfer or other means
whatsoever shall become entitled to any share shall be bound by every Notice in respect of such share which prior to his name and address
being entered on the Register shall have been duly given to the person from whom he derives his title to such share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Every Member or a person who is entitled to receive notice
from the Company under the provisions of the Statutes or these Articles may register with the Company an electronic address to which
notices can be served upon him.

<u>SIGNATURES</u>

163. For the purposes of these Articles, a cable or telex or facsimile
or electronic transmission message purporting to come from a holder of shares or, as the case may be, a Director, or, in the case of
a corporation which is a holder of shares from a director or the secretary thereof or a duly appointed attorney or duly authorised representative
thereof for it and on its behalf, shall in the absence of express evidence to the contrary available to the person relying thereon at
the relevant time be deemed to be a document or instrument in writing signed by such holder or Director in the terms in which it is received.
The signature to any notice or document to be given by the Company may be written, printed or made electronically.

<u>WINDING UP</u>

164. (1) Subject to Article 164(2), the Board shall have power in
the name and on behalf of the Company to present a petition to the court for the Company to be wound up.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Unless otherwise provided by the Ac, a resolution that the
Company be wound up by the court or be wound up voluntarily shall be a special resolution.

165. (1) Subject to any special rights, privileges or restrictions
as to the distribution of available surplus assets on liquidation for the time being attached to any class or classes of shares (i) if
the Company shall be wound up and the assets available for distribution amongst the Members shall be more than sufficient to repay the
whole of the capital paid up at the commencement of the winding up, the excess shall be distributed *pari passu* amongst such members
in proportion to the amount paid up on the shares held by them respectively and (ii) if the Company shall be wound up and the assets
available for distribution amongst the Members as such shall be insufficient to repay the whole of the paid-up capital such assets shall
be distributed so that, a nearly as may be, the losses shall be borne by the Members in proportion to the capital paid up, or which ought
to have been paid up, at the commencement of the winding up on the shares held by them respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If the Company shall be wound up (whether the liquidation
is voluntary or by the court) the liquidator may, with the authority of a special resolution and any other sanction required by the Act,
divide among the Members in specie or kind the whole or any part of the assets of the Company and whether or not the assets shall consist
of properties of one kind or shall consist of properties to be divided as aforesaid of different kinds, and may for such purpose set
such value as he deems fair upon any one or more class or classes of property and may determine how such division shall be carried out
as between the Members or different classes of Members. The liquidator may, with the like authority, vest any part of the assets in trustees
upon such trusts for the benefit of the Members as the liquidator with the like authority shall think fit, and the liquidation of the
Company may be closed and the Company dissolved, but so that no contributory shall be compelled to accept any shares or other property
in respect of which there is a liability.

<u>INDEMNITY</u>

166. (1) Every Director (including for the purposes of this Article
any alternate Director appointed pursuant to the provisions of these Articles), Secretary, or other officer for the time being and from
time to time of the Company (but not including the Auditor) and the personal representatives of the same (each an "Indemnified Person")
shall be indemnified and secured harmless out of the assets and profits of the Company from and against all actions, proceeding, 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, wilful 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Each Member agrees to waive any claim or right of action he
might have, whether individually or by or in the right of the Company, against any Director on account of any action taken by such Director,
or the failure of such Director to take any action in the performance of his duties with or for the Company; PROVIDED THAT such waiver
shall not extend to any matter in respect of any fraud, willful default or dishonesty which may attach to such Director.

<u>FINANCIAL YEAR</u>

167. Unless otherwise determined by the Directors, the financial year
of the Company shall end on the 31 of December in each year.

<u>AMENDMENT TO MEMORANDUM AND ARTICLES OF ASSOCIATION</u>

<u>AND NAME OF COMPANY</u>

168. No Article shall be rescinded, altered or amended and no new
Article shall be made until the same has been approved by a special resolution of the Members. A special resolution shall be required
to alter the provisions of the Memorandum of Association or to change the name of the Company.

 ****

<u>INFORMATION</u>

169. No Member shall be entitled to require discovery of or any information
respecting any detail of the Company's trading or any matter which is or may be in the nature of a trade secret or secret process
which may relate to the conduct of the business of the Company and which in the opinion of the Directors it will be inexpedient in the
interests of the members of the Company to communicate to the public.

## Exhibit 10.1

**Exhibit 10.1**

**COOLBIT TECHNOLOGIES LIMITED** 

*(incorporated in the Cayman Islands with limited liability)* 

5020-4000

No. 3 Road

Richmond, BC V6X 0J8

**TEL:** 604-837-9263

**[date]**, 2026

**Re: <u>Director's Agreement</u>**

Dear ______:

This letter shall constitute an agreement (the "<u>Agreement</u>") between you and Coolbit Technologies Limited (the "<u>Company</u>") and contains all the terms and conditions relating to the services you are to provide as an independent non-executive director on its Board of Directors (the "Board").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. <u>Term</u>.** This Agreement shall be for the ensuing year, effective on ______. Your term as director shall continue subject to the provisions in Section 8 below or until your successor is duly elected and qualified. The position shall be up for re-election each year at the annual stockholders' meeting and upon re-election, the terms and provisions of this Agreement shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. <u>Services</u>.** You shall render services as a member of the Board. You shall be required to attend all meetings of the Board called from time to time either in-person or by telephone. You shall be required to attend all meetings of the [Audit Committee, the Compensation Committee, and the Nomination Committee] either in-person or by telephone. As an independent director, you may also be required to attend at least one (1) meeting with the other independent directors without the presence of the Company's officers and non-independent directors and to perform such other duties required of the independent directors, including but not limited to submitting relevant documents required of directors by the SEC or Nasdaq. The services described in this Section 2 shall hereinafter be referred to as your "<u>Duties</u>."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. <u>Services for Others</u>.** You shall be free to represent or perform services for other persons during the term of this Agreement. You agree, however, that you do not presently perform and do not intend to perform, during the term of this Agreement, similar Duties, consulting, or other services for companies whose businesses are or would be, in any way, competitive with the Company (except for companies previously disclosed by you to the Company in writing). Should you propose to perform similar Duties, consulting, or other services for any such company, you agree to notify the Company in writing in advance (specifying the name of the organization for whom you propose to perform such services) and to provide information to the Company sufficient to allow it to determine if the performance of such services would conflict with areas of interest to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. <u>Compensation</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1. <u>Options</u>.** You will be entitled to participate in the Company's share option scheme as adopted and amended from time to time. The number of options granted, and the terms of those options shall be determined from time to time by a vote of the Board of Directors; provided that you shall abstain from voting on any such resolution or resolutions relating to the grant of options to you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2 <u>Cash Compensation</u>**. You will be paid a director's fee of ______ per year on an annual basis ("Director's Fee") for performing your Duties. The Director's Fee will be fully earned at the beginning of each year in which you serve as a director, and the Company's obligation to pay the full amount of the Director's Fee shall be absolute and unconditional at the beginning of each year, notwithstanding the fact that payment is being made on an installment basis. The Director's Fee shall be payable in monthly installments of $_____. The first installment will be transferred to your account on the first day of your service as a Director, and subsequent installments on last business day of each calendar month thereafter. It is anticipated that the Directors fee will continue for so long as you are a Director and will continue to be paid in monthly increments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3. <u>Cash Reimbursement</u>.** You shall be reimbursed for reasonable expenses documented and incurred by you in connection with the performance of your Duties (including travel expenses for meetings you attend in-person).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4. <u>Service on Board Committee(s)</u>.** You will not receive additional compensation (other than the Director's Fee) for your services on the [Audit Committee, the Compensation Committee, and the Nomination Committee].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. <u>D&O Insurance Policy</u>.** During the term under this Agreement, the Company shall include you as an insured under its officers and directors' insurance policy with coverage determined annually by the Company and the Board. The Company agrees to maintain such insurance during the term that you serve as a Director and for two years after you cease to be a director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. <u>No Assignment</u>.** Because of the personal nature of the services to be rendered by you, this Agreement may not be assigned by you without the prior written consent of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. <u>Confidential Information; Non-Disclosure</u>.** In consideration of your access to the premises of the Company and/or you access to certain Confidential Information of the Company, in connection with your business relationship with the Company, you hereby represent and agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1. <u>Definitions</u>.** For purposes of this Agreement, the term "<u>Confidential Information</u>" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** Any information that the Company possesses that has been created, discovered, or developed by or for the Company, and that has or could have commercial value or utility in the business in which the Company is engaged; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** Any information that is related to the business of the Company and is generally not known by non-Company personnel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c.** By way of illustration, but not limitation, Confidential Information includes trade secrets and any information concerning products, processes, formulas, designs, inventions (whether or not patentable or registrable under copyright or similar laws, and whether or not reduced to practice), discoveries, concepts, ideas, improvements, techniques, methods, research, development and test results, specifications, data, know-how, software, formats, marketing plans, and analyses, business plans and analyses, strategies, forecasts, customer and supplier identities, characteristics, and agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2. <u>Exclusions</u>.** Notwithstanding the foregoing, the term Confidential Information shall not include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** Any information that becomes generally available to the public other than as a result of a breach of the confidentiality portions of this Agreement, or any other agreement requiring confidentiality between the Company and you;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** Information received from a third party in rightful possession of such information who is not restricted from disclosing such information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c.** Information known by you prior to receipt of such information from the Company, which prior knowledge can be documented.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.3. <u>Documents</u>.** You agree that, without the express prior written consent of the Company, you will not remove from the Company's premises, any notes, formulas, programs, data, records, machines, or any other documents or items that in any manner contain or constitute Confidential Information, nor will you make reproductions or copies of same. In the event you receive any such documents or items by personal delivery from any duly designated or authorized personnel of the Company, you shall be deemed to have received the express written consent of the Company. In the event that you receive any such documents or items, other than through personal delivery as described in the preceding sentence, you agree to inform the Company promptly of your possession of such documents or items. You shall promptly return any such documents or items, along with any reproductions or copies to the Company upon the Company's demand, upon termination of this Agreement, or upon your termination or Resignation, as defined in Section 8 herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.4. <u>No Disclosure</u>.** You agree that you will hold in trust and confidence all Confidential Information and will not disclose to others, directly or indirectly, any Confidential Information or anything relating to such information without the prior written consent of the Company, except as maybe necessary in the course of your business relationship with the Company. You further agree that you will not use any Confidential Information without the prior written consent of the Company, except as may be necessary in the course of your business relationship with the Company, and that the provisions of this Section 7.4 shall survive termination of this Agreement for twelve-month period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. <u>Termination and Resignation</u>.** Your membership on the Company's Board may be terminated for any or no reason at a meeting called expressly for that purpose by a vote of the stockholders holding more than fifty percent (50%) of the shares of the Company's issued and outstanding shares entitled to vote. You may also terminate your membership on the Board for any or no reason by delivering your written notice of resignation to the Company ("<u>Resignation</u>"), and such Resignation shall be effective upon its acceptance by the Board, provided, however, that if the Board has not acted on such written notice within ten days from its date of delivery, then your Resignation shall upon the tenth day be deemed accepted by the Board. Upon the effective date of the termination or Resignation, your right to compensation hereunder will terminate subject to the Company's obligations to pay you any cash compensation (or equivalent value in shares of the Company's common stock) that you have already earned and to reimburse you for approved expenses already incurred in connection with your performance of your Duties as of the effective date of such termination or Resignation.

**9**. **<u>Indemnification</u>**. Concurrent with the execution of this Agreement we shall enter into the Director's Indemnification Agreement attached hereto as Exhibit A and incorporated herein by this reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. <u>Governing Law</u>.** All questions with respect to the construction and/or enforcement of this Agreement, and the rights and obligations of the parties hereunder, shall be determined in accordance with the laws of Singapore without regard to any conflicts of law principles that would result in the application of the laws of another jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. <u>Entire Agreement; Amendment; Waiver; Counterparts</u>.** This Agreement expresses the entire understanding with respect to the subject matter hereof and supersedes and terminates any prior oral or written agreements with respect to the subject matter hereof. Any term of this Agreement may be amended and observance of any term of this Agreement may be waived only with the written consent of the parties hereto. Waiver of any term or condition of this Agreement by any party shall not be construed as a waiver of any subsequent breach or failure of the same term or condition or waiver of any other term or condition of this Agreement. The failure of any party at any time to require performance by any other party of any provision of this Agreement shall not affect the right of any such party to require future performance of such provision or any other provision of this Agreement. This Agreement may be executed in separate counterparts each of which will be an original and all of which taken together will constitute one and the same agreement, and may be executed using facsimiles of signatures, and a facsimile of a signature shall be deemed to be the same, and equally enforceable, as an original of such signature.

This Agreement has been executed and delivered by the undersigned and is made effective as of the date first set forth above.

---

| |
|:---|
| Sincerely, |
| **Coolbit Technologies Limited** |
| By: |
| Name: |
| Title: |

---

---

| |
|:---|
| AGREED AND ACCEPTED BY |
| _______ |
| __________________________________ |

---

## Exhibit 10.2

**Exhibit 10.2**

**<u>INDEMNIFICATION AGREEMENT</u>**

This INDEMNIFICATION AGREEMENT (this "<u>Agreement</u>") is made and entered into this __day of ___________________ 2026 (the "<u>Effective Date</u>") by and between Coolbit Technologies Limited, a Cayman Islands exempt company the "<u>Company</u>"), and __________________ (the "<u>Indemnitee</u>").

WHEREAS, the Company believes it is essential to retain and attract qualified directors and officers;

WHEREAS, the Indemnitee is a director and/or officer of the Company;

WHEREAS, both the Company and the Indemnitee recognize the increased risk of litigation and other claims that may be asserted against directors and officers of public companies, as well as the possibility that in certain situations a threat of litigation may be employed to deter them from exercising their judgment in the best interests of the Company, and the consequent need to allocate the risk of personal liability through indemnification and insurance;

WHEREAS, the Company's Memorandum and Articles of Association, as amended from time to time (the "Memorandum and Articles of Association"), provide for the Company to indemnify its directors and officers against all actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or sustained by him in connection with the execution or discharge of his duties, powers, authorities or discretions as a Director or officer of the Company, including without prejudice to the generality of the foregoing, any costs, expenses, losses or liabilities incurred by him 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.

WHEREAS, in recognition of the Indemnitee's need for (i) substantial protection against personal liability and (ii) an inducement to continue to provide effective services to the Company as a director and/or officer thereof, the Company wishes to provide for the indemnification of the Indemnitee and to advance expenses to the Indemnitee to the fullest extent permitted by law and as set forth in this Agreement, and, to the extent insurance is maintained by the Company, to provide for the continued coverage of the Indemnitee under the Company's directors' and officers' liability insurance policies.

NOW, THEREFORE, in consideration of the premises contained herein and of the Indemnitee continuing to serve the Company directly or, at its request, with another enterprise, and intending to be legally bound hereby, the parties hereto agree as follows:

1. **Certain Definitions**.

(a) A "<u>Change in Control</u>" shall be deemed to have occurred if:

(i) any "person," as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder (the "<u>Exchange Act</u>"), other than (a) a trustee or other fiduciary holding securities under an employee benefit plan of the Company; (b) a corporation owned, directly or indirectly, by the shareholders of the Company in substantially the same proportions as their ownership of stock of the Company; or (c) any current beneficial shareholder or group, as defined by Rule 13d-5 of the Exchange Act, including the heirs, assigns and successors thereof, of beneficial ownership, within the meaning of Rule 13d-3 of the Exchange Act, of securities possessing more than 50% of the total combined voting power of the Company's outstanding securities; hereafter becomes the "beneficial owner," as defined in Rule 13d-3 of the Exchange Act, directly or indirectly, of securities of the Company representing 20% or more of the total combined voting power represented by the Company's then outstanding Voting Securities;

(ii) during any period of two consecutive years, individuals who at the beginning of such period constitute the Board and any new director whose election by the Board or nomination for election by the Company's shareholders was approved by a vote of at least two-thirds of the directors then in office who either were directors at the beginning of the period or whose election or nomination for election was previously so approved, cease for any reason to constitute a majority thereof; or

(iii) the shareholders of the Company approve a merger or consolidation of the Company with any other corporation, other than a merger or consolidation which would result in the Voting Securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into Voting Securities of the surviving entity) at least 80% of the total voting power represented by the Voting Securities of the Company or such surviving entity outstanding immediately after such merger or consolidation, or the shareholders of the Company approve a plan of complete liquidation of the Company or an agreement for the sale or disposition by the Company, in one transaction or a series of transactions, of all or substantially all of the Company's assets.

(b) "<u>Expense</u>" shall mean attorneys' fees and all other costs, expenses and obligations paid or incurred in connection with investigating, defending, being a witness in or participating in (including on appeal), or preparing for any of the foregoing, any Proceeding relating to any Indemnifiable Event.

(c) "<u>Indemnifiable Event</u>" shall mean any event or occurrence that takes place either prior to or after the execution of this Agreement, related to the fact that the Indemnitee is or was a director or officer of the Company, or is or was serving at the request of the Company as a director, officer, employee, or agent of another corporation or of a partnership, joint venture, trust or other enterprise, including service with respect to employee benefit plans, or by reason of anything done or not done by the Indemnitee in any such capacity.

(d) "<u>Proceeding</u>" shall mean any threatened, pending or completed action, suit, investigation or proceeding, and any appeal thereof, whether civil, criminal, administrative or investigative and/or any inquiry or investigation, whether conducted by the Company or any other party, that the Indemnitee in good faith believes might lead to the institution of any such action.

(e) "<u>Reviewing Party</u>" shall mean any appropriate person or body consisting of a member or members of the Company's Board or any other person or body appointed by the Board (including the special independent counsel referred to in Section 6) who is not a party to the particular Proceeding with respect to which the Indemnitee is seeking indemnification.

(f) "<u>Voting Securities</u>" shall mean any securities of the Company which vote generally in the election of directors.

2. **Indemnification.** Subject to Section 4 below, in the event the Indemnitee was or is a party to or is involved (as a party, witness, or otherwise) in any Proceeding by reason of (or arising in part out of) an Indemnifiable Event, whether the basis of the Proceeding is the Indemnitee's alleged action in an official capacity as a director or officer or in any other capacity while serving as a director or officer, the Company shall indemnify the Indemnitee to the fullest extent permitted by the laws of the Cayman Islands and the Memorandum and Articles of Association against any and all Expenses, liability, and loss (including judgments, fines, penalties and amounts paid or to be paid in settlement, and any interest, assessments, or other charges imposed thereon, and any taxes imposed on any director or officer as a result of the actual or deemed receipt of any payments under this Agreement) (collectively, "<u>Liabilities</u>") actually incurred or suffered by such person in connection with such Proceeding. The Company shall provide indemnification pursuant to this Section 2 as soon as practicable, but in no event later than 30 days after it receives written demand from the Indemnitee. Notwithstanding anything in this Agreement to the contrary and except as provided in Section 5 below, the Indemnitee shall not be entitled to indemnification pursuant to this Agreement in connection with any Proceeding initiated by the Indemnitee against the Company or any director or officer of the Company unless the Company has joined in or consented to the initiation of such Proceeding.

3. **Advancement of Expenses.** Subject to Section 4 below, the Company shall advance Expenses to the Indemnitee within 30 business days of such request (an "<u>Expense Advance</u>"); provided, however, that if required by applicable laws such Expenses shall be advanced only upon delivery to the Company of an undertaking by or on behalf of the Indemnitee to repay such amount if it is ultimately determined that the Indemnitee is not entitled to be indemnified by the Company; and provided further, that the Company shall make such advances only to the extent permitted by law. Expenses incurred by the Indemnitee while not acting in his/her capacity as a director or officer, including service with respect to employee benefit plans, may be advanced upon such terms and conditions as the Board, in its sole discretion, deems appropriate.

4. **Review Procedure for Indemnification.** Notwithstanding the foregoing, (i) the obligations of the Company under Sections 2 and 3 above shall be subject to the condition that the Reviewing Party shall not have determined (in a written opinion, in any case in which the special independent counsel referred to in Section 6 hereof is involved) that the Indemnitee would not be permitted to be indemnified under applicable law or the Memorandum and Articles of Association, and (ii) the obligation of the Company to make an Expense Advance pursuant to Section 3 above shall be subject to the condition that, if, when and to the extent that the Reviewing Party determines that the Indemnitee would not be permitted to be so indemnified under applicable law or the Memorandum and Articles of Association, the Company shall be entitled to be reimbursed by the Indemnitee (who hereby agrees to reimburse the Company) for all such amounts theretofore paid; provided, however, that if the Indemnitee has commenced legal proceedings in a court of competent jurisdiction pursuant to Section 5 below to secure a determination that the Indemnitee should be indemnified under applicable law, any determination made by the Reviewing Party that the Indemnitee would not be permitted to be indemnified under applicable law shall not be binding and the Indemnitee shall not be required to reimburse the Company for any Expense Advance until a final judicial determination is made with respect thereto (as to which all rights of appeal therefrom have been exhausted or have lapsed). The Indemnitee's obligation to reimburse the Company for Expense Advances pursuant to this Section 4 shall be unsecured and no interest shall be charged thereon. If there has not been a Change in Control, the Reviewing Party shall be selected by the Board, and if there has been such a Change in Control, other than a Change in Control which has been approved by a majority of the Company's Board who were directors immediately prior to such Change in Control, the Reviewing Party shall be the special independent counsel referred to in Section 6 hereof.

5. **Enforcement of Indemnification Rights.** If the Reviewing Party determines that the Indemnitee would not be permitted to be indemnified in whole or in part under applicable law, or if the Indemnitee has not otherwise been paid in full pursuant to Sections 2 and 3 above within 30 days after a written demand has been received by the Company, the Indemnitee shall have the right to commence litigation in any court having subject matter jurisdiction thereof and in which venue is proper to recover the unpaid amount of the demand (an "<u>Enforcement Proceeding</u>") and, if successful in whole or in part, the Indemnitee shall be entitled to be paid any and all Expenses in connection with such Enforcement Proceeding. The Company hereby consents to service of process for such Enforcement Proceeding and to appear in any such Enforcement Proceeding. Any determination by the Reviewing Party otherwise shall be conclusive and binding on the Company and the Indemnitee.

6. **Change in Control**. The Company agrees that if there is a Change in Control of the Company, other than a Change in Control which has been approved by a majority of the Company's Board who were directors immediately prior to such Change in Control, then with respect to all matters thereafter arising concerning the rights of the Indemnitee to indemnity payments and Expense Advances under this Agreement or any other agreement or under applicable law or the Memorandum and Articles of Association now or hereafter in effect relating to indemnification for Indemnifiable Events, the Company shall seek legal advice only from special independent counsel selected by the Indemnitee and approved by the Company, which approval shall not be unreasonably withheld. Such special independent counsel shall not have otherwise performed services for the Company or the Indemnitee, other than in connection with such matters, within the last five years. Such independent counsel shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or the Indemnitee in an action to determine the Indemnitee's rights under this Agreement. Such counsel, among other things, shall render its written opinion to the Company and the Indemnitee as to whether and to what extent the Indemnitee would be permitted to be indemnified under applicable law. The Company agrees to pay the reasonable fees of the special independent counsel referred to above and to indemnify fully such counsel against any and all expenses (including attorneys' fees), claims, liabilities and damages arising out of or relating to this Agreement or the engagement of special independent counsel pursuant to this Agreement.

7. **Partial Indemnity**. If the Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for some or a portion of the Expenses and Liabilities, but not, however, for all of the total amount thereof, the Company shall nevertheless indemnify the Indemnitee for the portion thereof to which the Indemnitee is entitled. Moreover, notwithstanding any other provision of this Agreement, to the extent that the Indemnitee has been successful on the merits or otherwise in defence of any or all Proceedings relating in whole or in part to an Indemnifiable Event or in defense of any issue or matter therein, including dismissal without prejudice, the Indemnitee shall be indemnified against all Expenses incurred in connection therewith. In connection with any determination by the Reviewing Party or otherwise as to whether the Indemnitee is entitled to be indemnified hereunder, the burden of proof shall be on the Company to establish that the Indemnitee is not so entitled.

8. **Non-exclusivity**. The rights of the Indemnitee hereunder shall be in addition to any other rights the Indemnitee may have under any statute, provision of the Memorandum and Articles of Association, vote of shareholders or disinterested directors or otherwise, both as to action in an official capacity and as to action in another capacity while holding such office. In the event of any change, after the date of this Agreement, in any applicable law, statute, or rule which expands the right of a Cayman Islands company to indemnify a member of its board of directors, such changes shall be, *ipso facto*, within the purview of the Indemnitee's rights and the Company's obligations, under this Agreement. In the event of any change in any applicable law, statute or rule which narrows the right of a Cayman Islands company to indemnify a member of its board of directors, such changes, to the extent not otherwise required by such law, statute, or rule to be applied to this Agreement shall have no effect on this Agreement or the parties' rights and obligations hereunder.

9. **Liability Insurance**. To the extent the Company maintains an insurance policy or policies providing directors' and officers' liability insurance, the Indemnitee shall be covered by such policy or policies, in accordance with its or their terms, to the maximum extent of the coverage available for any director or officer of the Company. If at the time a claim for indemnification arises hereunder in connection with a Proceeding the Company has director and officer liability insurance in effect, the Company shall give prompt notice of the commencement of such Proceeding to the insurers in accordance with the procedures set forth in the respective policies. The Company shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of the Indemnitee, all amounts payable as a result of such Proceeding in accordance with the terms of such policies.

10. **Settlement of Claims**. The Company shall not be liable to indemnify the Indemnitee under this Agreement (a) for any amounts paid in settlement of any action or claim effected without the Company's written consent, which consent shall not be unreasonably withheld; or (b) for any judicial award if the Company was not given a reasonable and timely opportunity, at its expense, to participate in the defense of such action.

11. **No Presumption**. For purposes of this Agreement, to the fullest extent permitted by law, the termination of any Proceeding, action, suit or claim, by judgment, order, settlement (whether with or without court approval) or conviction, or upon a plea of nolo contendere, or its equivalent, shall not create a presumption that the Indemnitee did not meet any particular standard of conduct or have any particular belief or that a court has determined that indemnification is not permitted by applicable law.

12. **Consent and Waiver by Third Parties**. The Indemnitee hereby represents and warrants that he or she has obtained all waivers and/or consents from third parties which are necessary for his or her employment with the Company on the terms and conditions set forth herein and to execute and perform this Agreement without being in conflict with any other agreement, obligation or understanding with any such third party. The Indemnitee represents that he or she is not bound by any agreement or any other existing or previous business relationship which conflicts with, or may conflict with, the performance of his or her obligations hereunder or prevent the full performance of his or her duties and obligations hereunder.

13. **Amendment of this Agreement**. No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar), nor shall such waiver constitute a continuing waiver. Except as specifically provided herein, no failure to exercise or any delay in exercising any right or remedy hereunder shall constitute a waiver thereof.

14. **Subrogation**. In the event of payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of the Indemnitee, who shall execute all papers required and shall do everything that may be necessary to secure such rights, including the execution of such documents necessary to enable the Company effectively to bring suit to enforce such rights.

15. **No Duplication of Payments**. The Company shall not be liable under this Agreement to make any payment in connection with any claim made against the Indemnitee to the extent the Indemnitee has otherwise actually received payment (under any insurance policy, vote, agreement or otherwise) of the amounts otherwise indemnifiable hereunder.

16. **Binding Effect**. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their respective successors, assigns, including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business and/or assets of the Company, spouses, heirs, and personal and legal representatives. The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all, substantially all, or a substantial part, of the business and/or assets of the Company, by written agreement in form and substance satisfactory to the Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place. This Agreement shall continue in effect regardless of whether the Indemnitee continues to serve as a director or officer of the Company or of any other enterprise at the Company's request.

17. **Severability**. The provisions of this Agreement shall be severable in the event that any of the provisions hereof (including any provision within a single section, paragraph, or sentence) is held by a court of competent jurisdiction to be invalid, void or otherwise unenforceable, and the remaining provisions shall remain enforceable to the fullest extent permitted by law. Furthermore, to the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of this Agreement containing any provision held to be invalid, void or otherwise unenforceable, that is not itself invalid, void, or unenforceable) shall be construed so as to give effect to the intent manifested by the provision held invalid, illegal, or unenforceable.

18. **Governing Law**. This Agreement shall be governed by and construed and enforced in accordance with the laws of the Cayman Islands applicable to contracts made and to be performed in such jurisdiction without giving effect to the principles of conflicts of laws.

19. **Counterparts**. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

20. **Notices**. All notices, demands, and other communications required or permitted hereunder shall be made in writing and shall be deemed to have been duly given (a) if delivered by hand, when received (b) if transmitted by facsimile, on receipt of an error-free confirmation, or (c) if by international courier service, on the fourth (4th) business day following the date of deposit with such courier service, or such earlier delivery date as may be confirmed in writing to the sender by the courier service. All such notices, demands and other communications shall be addressed as follows:

*If to the Company*:

Coolbit Technologies Limited

5020-4000

No. 3 Road

Richmond, BC V6X 0J8, Canada

*If to the Indemnitee*:

[Address of Director]

Notice of change of address shall be effective only when done in accordance with this Section. All notices complying with this Section shall be deemed to have been received on the date of delivery or on the third business day after mailing.

21. **Specific Performance**. The failure of the Company to perform any of its obligations hereunder shall entitle the Indemnitee, as a matter of course, to request an injunction from any court of competent jurisdiction to enforce such obligations. Such right to request specific performance shall be cumulative and in addition to any other rights and remedies to which the Indemnitee shall be entitled.

IN WITNESS WHEREOF, the parties hereto have duly executed and delivered this Agreement as of the day first set forth above.

---

| | |
|:---|:---|
| **<u>THE COMPANY</u>:** | **<u>THE COMPANY</u>:** |
| Coolbit Technologies Limited | Coolbit Technologies Limited |
| By: |  |
| Name: |  |
| Title: | Chief Executive Officer |

---

---

| |
|:---|
| **<u>INDEMNITEE</u>:** |
| Signature |
| Print Name: |

---

## Exhibit 10.3

**Exhibit 10.3**

**AUDIT COMMITTEE CHARTER** 

**OF** 

**COOLBIT TECHNOLOGIES LIMITED**

**May 20, 2026**

**I. PURPOSE** 

The purpose of the Audit Committee (the "Audit Committee") of the Board of Directors (the "Board") of Coolbit Technologies Limited, an exempted company incorporated under the laws of the Cayman Islands with limited liability (the "Company"), is to assist the Board in monitoring: (1) the integrity of the annual, semi-annual, quarterly (if the Company should elect to release quarterly information), and other financial statements of the Company, (2) the independent auditor's qualifications and independence, (3) the performance of the Company's independent auditor, and (4) the compliance by the Company with legal and regulatory requirements. The Audit Committee also shall review and approve all related-party transactions.

The Audit Committee shall prepare any reports required by the rules of the Securities and Exchange Commission ("Commission").

**II. COMMITTEE MEMBERSHIPS** 

The Audit Committee shall consist of no fewer than three members of the Board, absent a temporary vacancy. The Audit Committee shall meet the "Audit Committee Requirements" of Section 10A(m)(3) of the Securities Exchange Act of 1934 (the "Exchange Act") and the rules and regulations of the Commission, and if applicable the requirements of the Nasdaq Stock Market or the applicable stock market upon which its securities are traded.

The members of the Audit Committee shall be appointed by the Board. Audit Committee members may be replaced by the Board. There shall be a Chairperson of the Audit Committee which shall also be appointed by the Board. The Chairperson of the Audit Committee shall be a member of the Audit Committee and, if present, shall preside at each meeting of the Audit Committee. The Chairperson shall advise and counsel with the executives of the Company and shall perform such other duties as may from time to time be assigned to the Chairperson by the Audit Committee or the Board of Directors.

**III. MEETINGS** 

The Audit Committee shall meet as often as it determines, but not less frequently than the time periods that the Company releases financial information to the public or files such information with the United States Securities and Exchange Commission. The Audit Committee shall meet periodically with management and the independent auditor in separate executive sessions. The Audit Committee may request any officer or employee of the Company or the Company's outside counsel or independent auditor to attend a meeting of the Audit Committee or to meet with any members of, or consultants to, the Audit Committee.

**IV. COMMITTEE AUTHORITY AND RESPONSIBILITIES** 

The Audit Committee shall have the sole authority to appoint or replace the independent auditor. The Audit Committee shall be directly responsible for determining the compensation, retention and oversight of the work of the independent auditor (including resolution of disagreements between management and the independent auditor regarding financial reporting) for the purpose of preparing or issuing an audit report or related work. The independent auditor shall report directly to the Audit Committee.

The Audit Committee shall pre-approve all auditing services and permitted non-audit services to be performed for the Company by its independent auditor, including the fees and terms thereof (subject to the de minimis exceptions for non-audit services described in Section 10A(i)(1)(B) of the Exchange Act which are approved by the Audit Committee prior to the completion of the audit). The Audit Committee may form and delegate authority to subcommittees of the Audit Committee consisting of one or more members when appropriate, including the authority to grant pre-approvals of audit and permitted non-audit services, provided that decisions of such subcommittee to grant pre-approvals shall be presented to the full Audit Committee at its next scheduled meeting.

The Audit Committee shall have the authority, to the extent it deems necessary or appropriate, to retain independent legal, accounting, or other advisors. The Company shall provide for appropriate funding, as determined by the Audit Committee, for payment of compensation to (i) the independent auditor for the purpose of rendering or issuing an audit report and performing any permitted non-audit services, (ii) any advisors employed by the Audit Committee, and (iii) the Audit Committee for ordinary administrative expenses to the extent necessary or appropriate in carrying out its duties.

The Audit Committee shall:

<u>Financial Statement and Disclosure Matters</u> 

&nbsp;&nbsp;&nbsp;&nbsp;1. Meet with the independent auditor prior to the audit to review the scope, planning, and staffing of the
audit.

&nbsp;&nbsp;&nbsp;&nbsp;2. Review and discuss with management and the independent auditor the annual audit report, the financial
statements and related notes and the "Management's Discussion and Analysis of Financial Condition and Results of Operations"
proposed to be included in the Company's Annual Report on Form 20-F, and recommend to the Board whether the audited financial statements
and related notes and the "Management's Discussion and Analysis of Financial Condition and Results of Operations" should
be included in the Company's Annual Report on Form 20-F (or the annual report to shareholders if distributed prior to the filing
of the Form 20-F).

&nbsp;&nbsp;&nbsp;&nbsp;3. Review and discuss with management and the independent auditor the Company's interim financial statements
prior to the release of any such financial statements or information to the public or the filing of such financial information with the
United States Securities and Exchange Commission under cover of Form 6-K, including the results of the independent auditor's review
of such interim financial statements (if such a review has been obtained).

&nbsp;&nbsp;&nbsp;&nbsp;4. Discuss with management and the independent auditor, as appropriate, significant financial reporting issues
and judgments made in connection with the preparation of the Company's financial statements, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any significant changes in the Company's selection or application
of accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Company's critical accounting policies and practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all alternative treatments of financial information within GAAP
that have been discussed with management and the ramifications of the use of such alternative accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any major issues as to the adequacy of the Company's internal
controls and any special steps adopted in light of material control deficiencies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any material written communications between the independent auditor
and management, such as any management letter or schedule of unadjusted differences.

&nbsp;&nbsp;&nbsp;&nbsp;5. Discuss with management and independent auditor and, prior to issuance, review and approve the Company's
earnings releases, including the use of "pro forma" or "adjusted" non-GAAP information, and any financial information
and earnings guidance to be included in such releases and provided to analysts and rating agencies. Such discussion may be general and
include the types of information to be disclosed and the types of presentations to be made.

&nbsp;&nbsp;&nbsp;&nbsp;6. Discuss with management and the independent auditor the effect on the Company's financial statements
of (i) regulatory and accounting initiatives and (ii) off-balance sheet structures.

&nbsp;&nbsp;&nbsp;&nbsp;7. Review and discuss with management and the independent auditor the Company's major financial risk
exposures and the steps management has taken to monitor and control such exposures, including the Company's risk assessment and
risk management policies.

&nbsp;&nbsp;&nbsp;&nbsp;8. Discuss with the independent auditor the matters required to be discussed by Statement on Auditing Standards
No. 61 relating to the conduct of the audit, including any difficulties encountered in the course of the audit work, any restrictions
on the scope of activities or access to requested information, and any significant disagreements with management.

&nbsp;&nbsp;&nbsp;&nbsp;9. Review disclosures made to the Audit Committee by the Company's Chief Executive Officer and Chief
Financial Officer (or individuals performing similar functions) during their certification process for the Form 20-F about any significant
deficiencies and material weaknesses in the design or operation of internal control over financial reporting and any fraud involving management
or other employees who have a significant role in the Company's internal control over financial reporting.

<u>Oversight of the Company's Relationship with the Independent Auditor</u> 

&nbsp;&nbsp;&nbsp;&nbsp;10. At least annually, obtain and review a report from the independent auditor, consistent with the rules
of the Public Company Accounting Oversight Board, regarding (a) the independent auditor's internal quality-control procedures, (b)
any material issues raised by the most recent internal quality-control review, or peer review, of the firm, or by any inquiry or investigation
by governmental or professional authorities within the preceding five years respecting one or more independent audits carried out by the
firm, (c) any steps taken to deal with any such issues and (d) all relationships between the independent auditor and the Company. Evaluate
the qualifications, performance, and independence of the independent auditor, including whether the auditor's quality controls are
adequate and the provision of permitted non-audit services is compatible with maintaining the auditor's independence, and taking
into account the opinions of management and the internal auditor. The Audit Committee shall present its conclusions with respect to the
independent auditor to the Board.

&nbsp;&nbsp;&nbsp;&nbsp;11. Verify the rotation of the lead (or coordinating) audit partner having primary responsibility for the
audit and the audit partner responsible for reviewing the audit as required by law. Consider whether, in order to assure continuing auditor
independence, it is appropriate to adopt a policy of rotating the independent auditing firm on a regular basis.

&nbsp;&nbsp;&nbsp;&nbsp;12. Oversee the Company's hiring of employees or former employees of the independent auditor who participated
in any capacity in the audit of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;13. Be available to the independent auditor during the year for consultation purposes.

<u>Compliance Oversight Responsibilities</u> 

&nbsp;&nbsp;&nbsp;&nbsp;14. Obtain assurance from the independent auditor that Section 10A(b) of the Exchange Act has not been implicated.

&nbsp;&nbsp;&nbsp;&nbsp;15. Review and approve all related-party transactions.

&nbsp;&nbsp;&nbsp;&nbsp;16. Inquire and discuss with management the Company's compliance with applicable laws and regulations
and with the Company's Code of Ethics in effect at such time, if any, and, where applicable, recommend policies and procedures for
future compliance.

&nbsp;&nbsp;&nbsp;&nbsp;17. Establish procedures (which may be incorporated in the Company's Code of Ethics, in effect at such
time, if any) for the receipt, retention and treatment of complaints received by the Company and confidential, anonymous submission by
the Company's regarding accounting, auditing matters, internal accounting controls or reports which raise material issues regarding
the Company's financial statements, accounting policies or auditing matters. Review requests for waivers under the Code of Ethics
sought with respect to any executive officer or director. Review annually with the Chairperson of the Board or outside counsel, as appropriate,
the scope, implementation and effectiveness of the ethics and compliance program, and any significant deviations by officers and employees
from the Code of Ethics or other compliance policies, and other matters pertaining to the integrity of management.

&nbsp;&nbsp;&nbsp;&nbsp;18. Discuss with management and the independent auditor any correspondence with regulators or governmental
agencies and any published reports that raise material issues regarding the Company's financial statements, accounting policies
or auditing matters.

&nbsp;&nbsp;&nbsp;&nbsp;19. Discuss with the Company's SEC counsel legal matters that may have a material impact on the financial
statements or the Company's compliance policies.

&nbsp;&nbsp;&nbsp;&nbsp;20. Review and approve all payments made to the Company's officers and directors or its or their affiliates.
Any payments made to members of the Audit Committee will be reviewed and approved by the Board, with the interested director or directors
abstaining from such review and approval.

<u>Review of this Charter</u>

&nbsp;&nbsp;&nbsp;&nbsp;21. At least annually, review and assess the adequacy of this Charter and where necessary propose amendments
to this Charter for approval by the Board.

<u>Related Party Transaction Policy</u> 

&nbsp;&nbsp;&nbsp;&nbsp;1. Definitions - A "Related Party Transaction" is any
transaction directly or indirectly involving any Related Party that would need to be disclosed under Item 404(a) of Regulation S-K. Under
Item 404(a), the Company is required to disclose any transaction occurring since the beginning of the Company's last fiscal year,
or any currently proposed transaction, involving the Company where the amount involved exceeds $120,000, and in which any related person
had or will have a direct or indirect material interest. "Related Party Transaction" also includes any material amendment
or modification to an existing Related Party Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;2. "Related Party" means any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a director (which term when used herein includes any director
nominee);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an executive officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a person known by the Company to be the beneficial owner of more
than 5% of the Company's common stock (a "5% stockholder"); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a person known by the Company to be an immediate family member
of any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ "Immediate
family member" means a child, stepchild, parent, stepparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law,
brother-in-law, or sister-in-law of such director, executive officer, nominee for director or beneficial owner, and any person (other
than a tenant or employee) sharing the household of such director, executive officer, nominee for director or beneficial owner.

&nbsp;&nbsp;&nbsp;&nbsp;3. Identification of Potential Related Party Transactions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Related Party Transactions will be brought to management's
and the Board's attention in a number of ways. Each of the Company's directors and executive officers shall inform the Chairman
of the Committee of any potential Related Party Transactions. In addition, each such director and executive officer shall complete a
questionnaire on an annual basis designed to elicit information about any potential Related Party Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any potential Related Party Transactions that are brought to
the Committee's attention shall be analyzed by the Committee, in consultation with outside counsel or members of management, as
appropriate, to determine whether the transaction or relationship does, in fact, constitute a Related Party Transaction requiring compliance
with this Policy.

&nbsp;&nbsp;&nbsp;&nbsp;4. Review and Approval of Related Party Transactions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At each of its meetings, the Committee shall be provided with
the details of each new, existing, or proposed Related Party Transaction, including the terms of the transaction, any contractual restrictions
that the Company has already committed to, the business purpose of the transaction, and the benefits to the Company and to the relevant
Related Party. In determining whether to approve a Related Party Transaction, the Committee shall consider, among other factors, the
following factors to the extent relevant to the Related Party Transaction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· whether
the terms of the Related Party Transaction are fair to the Company and on the same basis as would apply if the transaction did not involve
a Related Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· whether there are business reasons for the Company
to enter into the Related Party Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· whether the Related Party Transaction would impair
the independence of an outside director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· whether the Related Party Transaction would present
an improper conflict of interest for any director or executive officer of the Company, taking into account the size of the transaction,
the overall financial position of the director, executive officer or Related Party, the direct or indirect nature of the director's,
executive officer's or Related Party's interest in the transaction and the ongoing nature of any proposed relationship, and
any other factors the Committee deems relevant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any pre-existing contractual obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any member of the Committee who has an interest in the transaction under discussion shall abstain from
voting on the approval of the Related Party Transaction, but may, if so requested by the Chairman of the Committee, participate in some
or all of the Committee's discussions of the Related Party Transaction. Upon completion of its review of the transaction, the Committee
may determine to permit or to prohibit the Related Party Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A Related Party Transaction entered into without pre-approval of the Committee shall not be deemed to
violate this Policy, or be invalid or unenforceable, so long as the transaction is brought to the Committee as promptly as reasonably
practical after it is entered into or after it becomes reasonably apparent that the transaction is covered by this Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A Related Party Transaction entered into prior to the effective date of this Charter shall not be required
to be reapproved by the Committee.

Cybersecurity Oversight Responsibility

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Review cybersecurity risk as part of our overall risk-management program to ensure that cybersecurity
risk management remains a meaningful priority in our business strategy and operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Establish and maintain a management strategy to implement our Cybersecurity Policy, a copy of which is
attached hereto as Exhibit A, which includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. *Identification*: Proactively identify the
manners in which our business could be materially impacted by cybersecurity risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Cybersecurity Incidents – an unauthorized occurrence on
or conducted through its information system that jeopardizes the confidentiality, integrity, or availability of its information systems
or any information residing therein

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Cybersecurity Threats – any potential occurrence that may
result in an unauthorized effort to adversely affect the confidentiality, integrity, or availability of its information systems or any
information residing therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. *Assessment*: Periodically assess our risks
relating to cybersecurity threats, including risks relating to our reliance on third parties, considering the likelihood and impact that
could result from the manifesting of such risks, together with the sufficiency of existing policies, procedures, systems, and safeguards
in place to manage such risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. *Management*: Determine and implement reasonable
safeguards to address any identified gaps in our existing processes and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. *Report*: Establish and monitor an incident
response approach requiring our Chief Financial Officer to report to us, the full Board of Directors and legal counsel any cybersecurity
concerns or events.3. Engage third parties to assist with evaluating the effectiveness of our risk-management and cybersecurity practices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Determine the materiality of cybersecurity incidents including assessing potential or actual financial
impacts, reputational damage, and operational disruptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. In the event of a cybersecurity incident, record all material and known facts, including their nature,
scope, and financial implications; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Ensure that all Form 6-K filings required in relation to any material cybersecurity incident will be prepared
and timely filed (with any reasons for delayed disclosures being documented in writing).

**V. LIMITATION OF AUDIT COMMITTEE'S ROLE** 

While the Audit Committee has the responsibilities and powers set forth in this Charter, it is not the duty of the Audit Committee to plan or conduct audits or to determine that the Company's financial statements and disclosures are complete and accurate and are in accordance with generally accepted accounting principles and applicable rules and regulations. These are the responsibilities of management and the independent auditor.

**VI. REPORTS**

The Audit Committee will record its summaries of recommendations to the Board in written form, which will be incorporated as a part of the minutes of the meeting of the Board at which those recommendations are presented.

**VII. MINUTES:**

The Audit Committee will maintain written minutes of its meetings, which minutes will be filed with the minutes of the meetings of the Board.

## Exhibit 10.4

**Exhibit 10.4** 

**NOMINATION COMMITTEE CHARTER** 

**OF** 

**COOLBIT TECHNOLOGIES LIMITED** 

**I.** **PURPOSE:** 

The purpose of the Nomination Committee (the "Nomination Committee") of the Board of Directors (the "Board") of Coolbit Technologies Limited (the "Company") shall be to review and make recommendations to the Board regarding matters concerning corporate governance; review the composition of and evaluate the performance of the Board; recommend persons for election to the Board and evaluate director compensation; review the composition of committees of the Board and recommend persons to be members of such committees; review and maintain compliance of committee membership with applicable regulatory requirements; and review conflicts of interest of members of the Board and corporate officers.

In addition, the Nomination Committee will undertake those specific duties and responsibilities listed below and such other duties as the Board may from time to time prescribe.

**II.** **COMMITTEE MEMBERSHIP:** 

The Nomination Committee shall consist of no fewer than two members of the Board. All members of the Nomination Committee shall be appointed by a majority of the Board and shall be independent of the Company and its affiliates, shall have no relationship to the Company or its affiliates that may interfere with the exercise of their independence, and shall otherwise be deemed to be "independent directors" as defined in Rule 5605 (e)(2) of the NASDAQ Listing Rules. The Board may designate one member of the Nomination Committee as its Chair. The Nomination Committee may form and delegate authority to subcommittees, consisting of no fewer than two members of the Nomination Committee, when appropriate. No member of the Nomination Committee shall be removed except by a majority vote of the independent directors then in office.

**III.** **RESPONSIBILITIES:** 

The responsibilities and duties of the Nomination Committee shall include:

&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Composition of the Board of Directors, Evaluation, and Nomination Activities** 

&nbsp;&nbsp;&nbsp;&nbsp;1. Reviewing the composition and size
of the Board and determining the criteria for membership of the Board, including issues of character, judgment, independence, diversity,
age, expertise, corporate experience, length of service, and other commitments outside the Company.

&nbsp;&nbsp;&nbsp;&nbsp;2. Conducting an annual evaluation
of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;3. Identifying, considering, and recommending
candidates to fill new positions or vacancies on the Board, and reviewing any candidates recommended by stockholders in accordance with
the bylaws. In performing these duties, the Committee shall have the authority to retain any search firm to be used to identify candidates
for the Board and shall have sole authority to approve the search firm's fees and other retention terms.

&nbsp;&nbsp;&nbsp;&nbsp;4. Evaluating the performance of individual
members of the Board eligible for re-election and recommending the director nominees by class for election to the Board by the stockholders
at the annual meeting of stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;5. Evaluating director compensation,
consulting with outside consultants when appropriate, and making recommendations to the Board regarding director compensation.

&nbsp;&nbsp;&nbsp;&nbsp;6. Reviewing and making recommendations to the Board with respect to a Director Option Plan and any proposed amendments thereto, subject to obtaining stockholder approval of any amendments as required by law or NASDAQ Listing Rules or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;7. Selection of New Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Recommend to the Board criteria
for Board and committee membership, which shall include a description of any specific, minimum qualifications that the Nomination Committee
believes must be met by a Nomination Committee recommended nominee, and a description of any specific qualities or skills that the Nomination
Committee believes are necessary for one or more of the Company's directors to possess, and annually reassess the adequacy of such
criteria and submit any proposed changes to the Board for approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Establish a policy regarding the
consideration of director candidates recommended by stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Establish procedures to be followed
by security holders in submitting recommendations for director candidates to the Nomination Committee. The current procedures to be followed
by security holders are set forth below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. All security holder recommendations
for director candidates must be submitted to the Secretary of the Company, who will forward all recommendations to the Nomination Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. All security holder recommendations
for director candidates must be submitted to the Secretary of the Company not less than 120 calendar days prior to the date on which
the Company's proxy statement was released to stockholders in connection with the previous year's annual meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. All security holder recommendations
for director candidates must include the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The name and address of record
of the security holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. A representation that the security
holder is a record holder of the Company's securities, or if the security holder is not a record holder, evidence of ownership
in accordance with Rule 14a-8(b)(2) of the Securities Exchange Act of 1934.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The name, age, business and residential
address, educational background, current principal occupation or employment, and principal occupation or employment for the preceding
five (5) full fiscal years of the proposed director candidate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. A description of the qualifications
and background of the proposed director candidate which addresses the minimum qualifications and other criteria for Board membership
approved by the Board from time to time and set forth in this Charter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. A description of all arrangements
or understandings between the security holder and the proposed director candidate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The consent of the proposed director
candidate (i) to be named in the proxy statement relating to the Company's annual meeting of stockholders and (ii) to serve as
a director if elected at such annual meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Any other information regarding
the proposed director candidate that is required to be included in a proxy statement filed pursuant to the rules of the Securities and
Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Establish a process for identifying
and evaluating nominees for the Board, including nominees recommended by security holders. The current process for identifying and evaluating
nominees for the Board is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The Nomination Committee may solicit
recommendations from any or all of the following sources: non-management directors, the Chief Executive Officer, other executive officers,
third-party search firms, or any other source it deems appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. The Nomination Committee will review and evaluate the qualifications of any such proposed director candidate and conduct inquiries it deems appropriate.

iii. The Nomination Committee will evaluate all such
 proposed director candidates in the same manner, with no regard to the source of the initial recommendation of such proposed director
 candidate. In identifying and evaluating proposed director
 candidates, the Nomination Committee may consider, in addition to the minimum qualifications and other criteria for Board membership approved
 by the Board from time to time, all facts and circumstances that it deems appropriate or advisable, including, among other things, the
 skills of the proposed director candidate, his or her depth and breadth of business experience or other background characteristics, his
 or her independence and the needs of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Upon identifying individuals qualified
to become members of the Board, consistent with the minimum qualifications and other criteria approved by the Board from time to time,
recommend that the Board select the director nominees for election at each annual meeting of stockholders; provided that, if the Company
is legally required by contract or otherwise to provide third parties with the ability to nominate individuals for election as a member
of the Board (pursuant, for example, to the rights of holders of preferred stock to elect directors upon a dividend default or in accordance
with shareholder agreements or management agreements), the selection and nomination of such director nominees shall be governed by such
contract or other arrangement and shall not be the responsibility of the Nomination Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Consider recommendations in light
of the requirement that a majority of the Board be comprised of directors who meet the independence requirements set forth in Rule 5605(a)(2)
of the Listing Rules of the NASDAQ Stock Market LLC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Recommend that the Board select
the directors for appointment to committees of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Review all stockholder nominations and proposals
submitted to the Company (including any proposal relating to the procedures for making nominations or electing directors), determine
whether the nomination or proposal was submitted in a timely manner and, in the case of a director nomination, whether the nomination
and the nominee satisfy all applicable eligibility requirements, and recommend to the Board appropriate action on each such nomination
or proposal.

&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Committees of the Board of Directors** 

&nbsp;&nbsp;&nbsp;&nbsp;1. Periodically reviewing the composition
of each committee of the Board and making recommendations to the Board for the creation of additional committees or the change in mandate
or dissolution of committees.

&nbsp;&nbsp;&nbsp;&nbsp;2. Recommending to the Board persons to be members
of the various committees and Committee Chairperson, annually.

&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Conflicts of Interest** 

&nbsp;&nbsp;&nbsp;&nbsp;1. Reviewing and monitoring compliance with the Company's Code of Business Conduct and Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;2. Considering questions of possible conflicts of interest of members of the Board and of corporate officers.

&nbsp;&nbsp;&nbsp;&nbsp;3. Reviewing actual and potential conflicts
of interest of members of the Board and corporate officers and clearing any involvement of such persons in matters that may involve a
conflict of interest.

**IV.** **GENERAL** 

The Nomination Committee may establish and delegate authority to subcommittees consisting of one or more of its members, when the Nomination Committee deems it appropriate to do so in order to carry out its responsibilities.

The Nomination Committee shall make regular reports to the Board concerning areas of the Nomination Committee's responsibility.

In carrying out its responsibilities, the Nomination Committee shall be entitled to rely upon advice and information that it receives in its discussions and communications with management and such experts, advisors, and professionals with whom the Nomination Committee may consult.

The Nomination Committee shall have the authority to request that any officer or employee of the Company, the Company's outside legal counsel, the Company's independent auditor or any other professional retained by the Company to render advice to the Company attend a meeting of the Nomination Committee or meet with any members of or advisors to the Nomination Committee. The Nomination Committee shall also have the authority to engage legal, accounting, or other advisors to provide it with advice and information in connection with carrying out its responsibilities and shall have sole authority to approve any such advisor's fees and other retention terms.

The Nomination Committee may perform such other functions as may be requested by the Board from time to time.

**V.** **MEETINGS:** 

The Nomination Committee will meet at least once a year. The Nomination Committee may establish its own meeting schedule, which it will provide to the Board. Special meetings may be convened as required. The Nomination Committee, or its Chair, shall report to the Board on the results of these meetings. The Nomination Committee may invite to its meetings other Directors, Corporate management, and such other persons, as the Nomination Committee deems appropriate in order to carry out its responsibilities. A majority of the members of the Nomination Committee, present in person or by means of a conference telephone or other communications equipment by means of which all persons participating in the meeting can hear each other, shall constitute a quorum.

The Nomination Committee will maintain written minutes of its meetings, which shall be filed with the minutes of the meetings of the Board.

**VI.** **EVALUATION OF THE NOMINATION COMMITTEE'S PERFORMANCE:** 

The Nomination Committee shall, on an annual basis, evaluate its performance under this Charter. The Nomination Committee shall address all matters that the Committee considers relevant to its performance. The Nomination Committee shall deliver a report setting forth the results of its evaluation, including any recommended amendments to this Charter and any recommended changes to the Board's or the Company's policies or procedures.

**VII.** **NOMINATION COMMITTEE RESOURCES:** 

The Nomination Committee may conduct or authorize investigations into or studies of matters within the Nomination Committee's scope of responsibilities, and may retain, at the Company's expense, such independent counsel, or other advisors as it deems necessary. The Nomination Committee shall have the sole authority to retain or terminate any search firm to be used to identify director candidates, including sole authority to approve the search firm's fees and other retention terms, and such related fees are to be borne by the Company.

**VIII.** **REPORTS:** 

The Nomination Committee will record its summaries of recommendations to the Board in written form, which will be incorporated as a part of the minutes of the meeting of the Board at which those recommendations are presented.

**IX.** **MINUTES:** 

The Nomination Committee will maintain written minutes of its meetings, which minutes will be filed with the minutes of the meetings of the Board.

## Exhibit 10.5

**Exhibit 10.5**

**COMPENSATION COMMITTEE CHARTER**

**OF**

**COOLBIT TECHNOLOGIES LIMITED** 

**I.** **PURPOSE** 

The Compensation Committee of the Board of Directors ("the Board") of Coolbit Technologies Limited (the "Company") is established pursuant to this charter. The purpose of the Compensation Committee is to review and make recommendations to the Board regarding all forms of compensation to be provided to the executive officers and directors of the Company including stock compensation and loans, and all bonus and stock compensation to all employees.

The Compensation Committee has the authority to undertake the specific duties and responsibilities listed below and will have the authority to undertake such other specific duties as the Board may from time to time prescribe.

**II.** **COMMITTEE MEMBERSHIPS:** 

The Compensation Committee shall consist of at least two (2) members of the Board, all of whom shall be independent directors in accordance with Rule 5605 (d) of the NASDAQ Listing Rules. The members of the Compensation Committee will be appointed by a majority of the Board. No member of the Compensation Committee shall be removed except by a majority vote of the independent directors then in office.

**III.** **RESPONSIBILITIES:** 

The responsibilities and duties of the Compensation Committee shall include:

1. To review and approve annually the corporate goals and objectives applicable to the compensation of the chief executive officer ("CEO"), evaluate at least annually the CEO's performance in light of those goals and objectives, and determine and approve the CEO's compensation level based on this evaluation. In determining the long-term incentive component of CEO compensation, the Compensation Committee may consider the Company's performance and relative stockholder return, the value of similar incentive awards given to CEOs at comparable companies and the awards given to the Company's CEO in past years.

2. Matters Related to Compensation of the Officers Other Than the Chief Executive Officer:

&nbsp;&nbsp;&nbsp;&nbsp;a. Review and approve the proposed compensation for all Officers
of the Company other than the CEO; for purposes hereof, the term "Officer" shall mean any officer at C-level, and any individual
that reports directly to the CEO.

&nbsp;&nbsp;&nbsp;&nbsp;b. Review no less frequently than annually the aggregate amount of compensation being paid or potentially payable to the Company's Officers.

c. Reviewing and making recommendations to the Board regarding the compensation policy for executive officers and directors of the Company, and such other officers of the Company as directed by the Board.

3. Reviewing and making recommendations to the Board regarding all forms of compensation to be provided to the executive officers of the Company.

4. Reviewing and making recommendations to the Board regarding general compensation goals and guidelines for the Company's employees and the criteria by which bonuses to the Company's employees are determined.

5. To prepare a report (to be included in the Company's annual report on Form 20-F) which describes: (a) the criteria on which compensation paid to the Chief Executive Officer for the last completed fiscal year is based; (b) the relationship of such compensation to the Company's performance; (c) the Compensation Committee's executive compensation policies applicable to executive officers; and (d) any disclosure required under the Compensation Recovery Policy if implemented, including any disclosure required under federal securities laws and the rules promulgated by the Securities and Exchange Commission.

6. Acting as Administrator of any stock option plan and administering, within the authority delegated by the Board, any Employee Stock Purchase Plan adopted by the Company. In its administration of the plans, the Compensation Committee may, pursuant to authority delegated by the Board, grant stock options or stock purchase rights to individuals eligible for such grants and amend such stock options or stock purchase rights. The Compensation Committee shall also make recommendations to the Board with respect to amendments to the plans and changes in the number of shares reserved for issuance hereunder.

7. Review and approve grants and awards under incentive-based compensation plans and equity- based plans, in each case consistent with the terms of such plans.

8. Review and make such recommendations to the Board as the Compensation Committee deems advisable with regard to policies and procedures for the grant of equity-based awards by the Company.

9. Reviewing and making recommendations to the Board regarding other plans that are proposed for adoption or adopted by the Company for the provision of compensation to employees of, directors of and consultants to the Company.

10. Reflecting either in the Minutes of the Committee's deliberation or a report to the Board the following: (a) the criteria on which compensation paid to the Chief Executive Officer for the last completed fiscal year is based; (b) the relationship of such compensation to the Company's performance; and (c) the Compensation Committee's executive compensation policies applicable to executive officers.

11. Authorizing the repurchase of shares
from terminated employees pursuant to applicable law.

12. In the event of a restatement of
 the Company's statements and in accordance with the provisions of the Company's Compensation Recovery Policy, a copy of which
 is attached hereto as Exhibit A,: (i) to review and determine such executive officers who served at any time during the performance period
 for the incentive-based compensation; (ii) to determine the relevant recovery period; (iii) to determine the amount of incentive-based
 compensation that must be subject to the Company's Compensation Recovery Policy and establish procedures for recovery; and (iv)
 to maintain documentation of the above-referenced determinations

**IV.** **MEETINGS:** 

It is anticipated that the Compensation Committee will meet at least two times each year. However, the Compensation Committee may establish its own schedule, which it will provide to the Board in advance. At a minimum of one of such meetings annually, the Compensation Committee will consider stock plans, performance goals and incentive awards, and the overall coverage and composition of the compensation package. The Compensation Committee will maintain written minutes of its meetings, which minutes will be filed with the minutes of the meetings of the Board.

The Compensation Committee shall report regularly to the Board regarding its actions and make recommendations to the Board as appropriate.

The Compensation Committee may invite such members of management to its meetings as it deems appropriate. However, the Compensation Committee shall meet regularly without such members present, and in all cases the CEO and any other such officers shall not be present at meetings at which their compensation or performance is discussed or determined.

**V.** **REPORTS:** 

The Compensation Committee will provide written reports to the Board of the Company regarding recommendations of the Compensation Committee submitted to the Board for action, including any actions taken pursuant to the Compensation Recovery Policy, and copies of the written minutes of its meetings.

Review and discuss with management the Compensation Discussion and Analysis to be included in the Company's annual report on Form 20-F ("CD&A").

Based on the Compensation Committee's review and discussions with management of the CD&A, make a recommendation to the Board that the CD&A be included in the Company's annual report on Form 20-F.

Prepare the Compensation Committee Report to be included in the Company's annual report on Form 20-F in accordance with any applicable rules and regulations of the Securities and Exchange Commission, any securities exchange on which the Company's securities are traded, and any other rules and regulations applicable to the Company.

Review and discuss with management the disclosures concerning "Executive Compensation" to be included in the Company's annual report on Form 20-F ("CD&A") under the rules and regulations of the Securities and Exchange Commission for Foreign Private Issuers and the Nasdaq Stock Market.

**VI.** **EVALUATION OF COMMITTEE PERFORMANCE:** 

The Compensation Committee shall on an annual basis, evaluate its performance under this Charter. The Compensation Committee shall address all matters that the Board of Directors considers relevant to its performance. The Compensation Committee shall deliver a report setting forth the results of its evaluation, including any recommended amendments to this Charter and any recommended changes to the Board's or the Company's policies or procedures.

**VII.** **COMMITTEE RESOURCES:** 

The Compensation Committee shall have the authority to obtain advice and seek assistance from internal and external legal, accounting, and other advisors. The Compensation Committee shall have sole authority to retain and terminate any compensation consultant to be used to evaluate director or officer compensation, including sole authority to approve the consulting firm's fee and retention terms.

EXHIBIT A

**COOLBIT TECHNOLOGIES LIMITED**

**COMPENSATION RECOVERY POLICY**

Effective as of May 20, 2026

The Board of Directors (the "Board") of Coolbit Technologies Limited (the "Company") believes that it is in the best interests of the Company and its members to adopt this Compensation Recovery Policy, also known as a Clawback Policy (the "Policy"), which provides for the recovery of certain incentive compensation in the event of an Accounting Restatement (as defined below). This Policy is designed to comply with, and shall be interpreted to be consistent with, Section 10D of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), Rule 10D-1 promulgated under the Exchange Act ("Rule 10D-1") and Rule 5608 of the Nasdaq Stock Market LLC Listing Rules (the "Listing Standards").

***1.***  ***Administration*** 

Except as specifically set forth herein, this Policy shall be administered by the Board or, if so designated by the Board, a committee thereof (the Board or such committee charged with the administration of this Policy, the "Administrator"). The Administrator is authorized to interpret and construe this Policy and to make all determinations necessary, appropriate, or advisable for the administration of this Policy. Any determinations made by the Administrator shall be final and binding on all affected individuals and need not be uniform with respect to each individual covered by the Policy. In the administration of this Policy, the Administrator is authorized and directed to consult with the full Board, or such other committees of the Board as may be necessary or appropriate as to matters within the scope of such other committee's responsibility and authority. Subject to any limitation at applicable law, the Administrator may authorize and empower any officer or employee of the Company to take any and all actions necessary or appropriate to carry out the purpose and intent of this Policy (other than with respect to any recovery under this Policy involving such officer or employee).

***2.***  ***Definitions*** 

As used in this Policy, the following definitions shall apply:

● "Accounting Restatement" means an accounting restatement of the Company's financial statements due to the Company's material noncompliance with any financial reporting requirement under the securities laws, including any required accounting restatement to correct an error in previously issued financial statements that is material to the previously issued financial statements, or that would result in a material misstatement if the error were corrected in the current period or left uncorrected in the current period.

● "Administrator" has the meaning set forth in Section 1 hereof.

● "Applicable Period" means the three completed fiscal years immediately preceding the date on which the Company is required to prepare an Accounting Restatement, as well as any transition period (that results from a change in the Company's fiscal year) within or immediately following those three completed fiscal years (except that a transition period that comprises a period of at least nine months shall count as a completed fiscal year). The "date on which the Company is required to prepare an Accounting Restatement" is the earlier to occur of (a) the date the Board, a committee of the Board, or an officer of the Company concludes, or reasonably should have concluded, that the Company is required to prepare an Accounting Restatement or (b) the date a court, regulator or other legally authorized body directs the Company to prepare an Accounting Restatement, in each case regardless of if or when the restated financial statements are filed.

● "Covered Executives" means the Company's current and former executive officers, as determined by the Administrator in accordance with the definition of executive officer set forth in Rule 10D-1 and the Listing Standards.

● "Erroneously Awarded Compensation" has the meaning set forth in Section 5 of this Policy.

● "A Financial Reporting Measure" is any measure that is determined and presented in accordance with the accounting principles used in preparing the Company's financial statements, and any measure that is derived wholly or in part from such measure. Financial Reporting Measures include but are not limited to the following (and any measures derived from the following): Company stock price; total shareholder return ("TSR"); revenues; net income; operating income; profitability of one or more reportable segments; financial ratios (e.g., accounts receivable turnover and inventory turnover rates); earnings before interest, taxes, depreciation and amortization; funds from operations and adjusted funds from operations; liquidity measures (e.g., working capital, operating cash flow); return measures (e.g., return on invested capital, return on assets); earnings measures (e.g., earnings per share); any of such financial reporting measures relative to a peer group, where the Company's financial reporting measure is subject to an Accounting Restatement; and tax basis income. A Financial Reporting Measure need not be presented within the Company's financial statements or included in a filing with the Securities Exchange Commission.

● "Incentive-Based Compensation" means any compensation that is granted, earned, or vested based wholly or in part upon the attainment of a Financial Reporting Measure. Incentive-Based Compensation is "received" for purposes of this Policy in the Company's fiscal period during which the Financial Reporting Measure specified in the Incentive-Based Compensation award is attained, even if the payment or grant of such Incentive-Based Compensation occurs after the end of that period.

***3.***  ***Covered Executives; Incentive-Based Compensation*** 

This Policy applies to Incentive-Based Compensation received by a Covered Executive (a) after beginning services as a Covered Executive; (b) if that person served as a Covered Executive at any time during the performance period for such Incentive-Based Compensation; and (c) while the Company had a listed class of securities on a national securities exchange.

***4.***  ***Required Recoupment of Erroneously Awarded Compensation in the Event of an Accounting Restatement*** 

In the event the Company is required to prepare an Accounting Restatement, the Company shall promptly recoup the amount of any Erroneously Awarded Compensation received by any Covered Executive, as calculated pursuant to Section 5 hereof, during the Applicable Period.

***5.***  ***Erroneously Awarded Compensation: Amount Subject to Recovery*** 

The amount of "Erroneously Awarded Compensation" subject to recovery under the Policy, as determined by the Administrator, is the amount of Incentive-Based Compensation received by the Covered Executive that exceeds the amount of Incentive-Based Compensation that would have been received by the Covered Executive had it been determined based on the restated amounts.

Erroneously Awarded Compensation shall be computed by the Administrator without regard to any taxes paid by the Covered Executive in respect of the Erroneously Awarded Compensation.

By way of example, with respect to any compensation plans or programs that take into account Incentive-Based Compensation, the amount of Erroneously Awarded Compensation subject to recovery hereunder includes, but is not limited to, the amount contributed to any notional account based on Erroneously Awarded Compensation and any earnings accrued to date on that notional amount.

For Incentive-Based Compensation based on stock price or TSR: (a) the Administrator shall determine the amount of Erroneously Awarded Compensation based on a reasonable estimate of the effect of the Accounting Restatement on the stock price or TSR upon which the Incentive-Based Compensation was received; and (b) the Company shall maintain documentation of the determination of that reasonable estimate and provide such documentation to Nasdaq.

***6.***  ***Method of Recoupment*** 

The Administrator shall determine, in its sole discretion, the timing and method for promptly recouping Erroneously Awarded Compensation hereunder, which may include without limitation (a) seeking reimbursement of all or part of any cash or equity-based award, (b) cancelling prior cash or equity-based awards, whether vested or unvested or paid or unpaid, (c) cancelling or offsetting against any planned future cash or equity-based awards, (d) forfeiture of deferred compensation, subject to compliance with Section 409A of the Internal Revenue Code and the regulations promulgated thereunder and (e) any other method authorized by applicable law or contract. Subject to compliance with any applicable law, the Administrator may affect recovery under this Policy from any amount otherwise payable to the Covered Executive, including amounts payable to such individual under any otherwise applicable Company plan or program, including base salary, bonuses or commissions and compensation previously deferred by the Covered Executive.

The Company is authorized and directed pursuant to this Policy to recoup Erroneously Awarded Compensation in compliance with this Policy unless the Company's compensation committee has determined that recovery would be impracticable solely for the following limited reasons, and subject to the following procedural and disclosure requirements:

● The direct expense paid to a third party to assist in enforcing the Policy would exceed the amount to be recovered. Before concluding that it would be impracticable to recover any amount of Erroneously Awarded Compensation based on expense of enforcement, the Administrator must make a reasonable attempt to recover such erroneously awarded compensation, document such reasonable attempt(s) to recover and provide that documentation to Nasdaq;

● Recovery would violate home country law of the issuer where that law was adopted prior to November 28, 2022. Before concluding that it would be impracticable to recover any amount of Erroneously Awarded Compensation based on violation of home country law of the issuer, the Administrator must satisfy the applicable opinion and disclosure requirements of Rule 10D-1 and the Listing Standards; or

● Recovery would likely cause an otherwise tax-qualified retirement plan, under which benefits are broadly available to employees of the Company, to fail to meet the requirements of 26 U.S.C. 401(a)(13) or 26 U.S.C. 411(a) and regulations thereunder.

***7.***  ***No Indemnification of Covered Executives*** 

Notwithstanding the terms of any indemnification or insurance policy or any contractual arrangement with any Covered Executive that may be interpreted to the contrary, the Company shall not indemnify any Covered Executives against the loss of any Erroneously Awarded Compensation, including any payment or reimbursement for the cost of third-party insurance purchased by any Covered Executives to fund potential clawback obligations under this Policy.

***8.***  ***Administrator Indemnification*** 

Any members of the Administrator and any other members of the Board who assist in the administration of this Policy, shall not be personally liable for any action, determination or interpretation made with respect to this Policy and shall be fully indemnified by the Company to the fullest extent under applicable law and Company policy with respect to any such action, determination or interpretation. The foregoing sentence shall not limit any other rights to indemnification of the members of the Board under applicable law or Company policy.

***9.***  ***Effective Date; Retroactive Application*** 

This Policy shall be effective as of May 20, 2026 (the "Effective Date"). The terms of this Policy shall apply to any Incentive-Based Compensation that is received by Covered Executives on or after the Effective Date, even if such Incentive-Based Compensation was approved, awarded, granted, or paid to Covered Executives prior to the Effective Date. Without limiting the generality of Section 6 hereof, and subject to applicable law, the Administrator may affect recovery under this Policy from any amount of compensation approved, awarded, granted, payable or paid to the Covered Executive prior to, on or after the Effective Date.

***10.***  ***Amendment; Termination*** 

The Board may amend, modify, supplement, rescind or replace all or any portion of this Policy at any time and from time to time in its discretion, and shall amend this Policy as it deems necessary to comply with applicable law or any rules or standards adopted by a national securities exchange on which the Company's securities are listed.

***11.***  ***Other Recoupment Rights; Company Claims*** 

The Board intends that this Policy shall be applied to the fullest extent of the law. Any right of recoupment under this Policy is in addition to, and not in lieu of, any other remedies or rights of recoupment that may be available to the Company under applicable law or pursuant to the terms of any similar policy in any employment agreement, equity award agreement, or similar agreement and any other legal remedies available to the Company.

Nothing contained in this Policy, and no recoupment or recovery as contemplated by this Policy, shall limit any claims, damages, or other legal remedies the Company or any of its affiliates may have against a Covered Executive arising out of or resulting from any actions or omissions by the Covered Executive.

***12.***  ***Successors*** 

This Policy shall be binding and enforceable against all Covered Executives and their beneficiaries, heirs, executors, administrators, or other legal representatives.

***13.***  ***Exhibit Filing Requirement*** 

A copy of this Policy and any amendments thereto shall be posted on the Company's website and filed as an exhibit to the Company's registration statement on Form F-1.

## Exhibit 10.6

**Exhibit 10.6**

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## Exhibit 10.7

**Exhibit 10.7**

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## Exhibit 10.8

**Exhibit 10.8**

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## Exhibit 10.9

**Exhibit 10.9**

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## Exhibit 10.10

**Exhibit 10.10**

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## Exhibit 10.11

**Exhibit 10.11**

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## Exhibit 10.12

**Exhibit 10.12**

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## Exhibit 10.13

**Exhibit 10.13**

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## Exhibit 10.15

**Exhibit 10.15**

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## Exhibit 10.17

**Exhibit 10.17**

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## Exhibit 10.18

**Exhibit 10.18**

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## Exhibit 10.19

**Exhibit 10.19**

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## Exhibit 10.20

**Exhibit 10.20**

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## Exhibit 10.21

**Exhibit 10.21**

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## Exhibit 10.22

**Exhibit 10.22**

**INVESTOR BUSINESS TERMS**

HashKey Bermuda Limited is an exempted company limited by shares incorporated under the laws of Bermuda which has been granted a Class F licence by the Bermuda Monetary Authority under the Digital Asset Business Act 2018 to operate a digital asset trading platform.

THESE TERMS (AS AMENDED, SUPPLEMENTED OR MODIFIED FROM TIME TO TIME), TOGETHER WITH THE RELATED ACCOUNT OPENING DOCUMENTS, THE EXCHANGE RULES, ANY OTHER RELEVANT AGREEMENTS INTO WHICH THE CLIENT AND HBML HAVE ENTERED, CONSTITUTE THE ENTIRE AGREEMENT BETWEEN YOU AND HASHKEY BERMUDA LIMITED, AND CONTAIN IMPORTANT TERMS AND CONDITIONS APPLICABLE TO THE ACCOUNT AND GOVERN YOUR USE OF HASHKEY'S PRODUCTS AND SERVICES.

HBML MAY IN ITS ABSOLUTE DISCRETION DISCLOSE TO THE CLIENT THE RISKS OF THE CLIENT'S USE OF THE PRODUCTS AND SERVICES FROM TIME TO TIME, AND IN PARTICULAR, IN CLAUSE 58 OF THESE TERMS AND IN THE CLIENT RISK DISCLOSURES STATEMENT. THESE TERMS DO NOT FULLY DISCLOSE THE RISKS OR MATERIAL ASPECTS OF CONDUCTING TRANSACTIONS OR USING THE SERVICES. THE CLIENT SHOULD NOT CONSTRUE THESE TERMS OR ANY TERMS OF THE AGREEMENT AS LEGAL, TAX OR FINANCIAL ADVICE. HBML IS NOT ACTING AS THE CLIENT'S FINANCIAL ADVISOR AND THE CLIENT MUST NOT REGARD HBML AS ACTING IN THAT CAPACITY. THE CLIENT SHOULD CONSULT HIS OWN INDEPENDENT PROFESSIONAL ADVISORS BEFORE ENTERING INTO ANY TRANSACTION AND ONLY USE THE SERVICES IF THE CLIENT HAS FULLY UNDERSTOOD THE NATURE, THE CONTRACTUAL RELATIONSHIP INTO WHICH HE IS ENTERING, ALL RELEVANT TERMS AND CONDITIONS AND THE NATURE AND EXTENT OF THE CLIENT'S EXPOSURE TO LOSS. THE CLIENT HAS BEEN RECOMMENDED TO READ THESE TERMS CAREFULLY AND RETAIN THESE FOR THE CLIENT'S RECORDS.

The Client agrees to be bound by the following terms and conditions which will apply to Products and Services which HBML may in its absolute discretion provide to the Client from time to time.

References in these terms to "HashKey", "we", "our" or "us", are to HBML and/or a HashKey group entity depending on the services being discussed, and references to "you" or "your" are to the person with whom HBML enters into this Agreement.

By signing up to use an account through HashKey.com, application programming interfaces, or mobile applications published by HBML or its Affiliate, you acknowledge and agree that you have read, understood, and agree to be bound by all of the provisions set out in these Terms (and any additional terms) which will apply to the Products and Services which HBML may in its absolute discretion provide to the Client from time to time. You also agree that you have read, understood and accept the Client Risk Disclosures Statement, our Complaint Handling Procedure, our Privacy Policy, and our Exchange Rules (as amended, supplemented or modified from time to time), which form part of these Terms.

By using the Products you also agree to all additional terms associated with the Products which form part of this Agreement between you and HashKey ("Additional Terms"). Defined terms used in any Additional Terms will have the same meaning as in these Terms, unless otherwise specifically defined in the Additional Terms.

The Additional Terms apply to the following HashKey Products:<br> - Perpetual Futures

PART 1: GENERAL TERMS

Definitions and Interpretation

In these Terms the following words and expressions shall have the following meanings: -

"Account" means the account (including its sub-account, if any) opened by the Client with, HashKey Exchange for the purpose of utilizing the Services including but without limitation to, the sale and purchase of Digital Assets and recording the Client's Transactions;

"Additional Terms" means the product-specific terms and conditions that apply to the Client's use of specific Products, in addition to these Terms, which form part of this Agreement between the Client and HashKey;

"Affiliate" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in relation to a corporation, partnership or any other form of legal entity, another entity or person that, directly or indirectly, is Controlling, Controlled by or under common Control with such entity; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to any individual, any of his Associates;

"Agreement" means the written agreement between the Client and HBML regarding the opening, maintenance and operation of the Account as amended from time to time, including but not limited to these Terms, the Additional Terms, the Rules, any document setting out the fees, costs, charges and expenses that may apply to any service provided by HashKey Exchange, any Instruction and/or any Transaction, and any other rules, notifications, guidelines, terms or agreements designated by HBML from time to time;

"Airdrop" means the attempted distribution or distribution by a Digital Asset network of any Digital Assets to Digital Asset addresses of a supported network;

"AML/CFT Requirements" means the anti-money laundering or counter-financing of terrorism requirements prescribed by Applicable Laws, including but not limited to the following laws and regulations in Bermuda: Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing Supervision and Enforcement) Act 2008, Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing) Regulations 2008 and the Anti-Terrorism (Financial and Other Measures) Act 2004, together with any other relevant legislation that may come into force from time to time;

"Applicable Laws" means any local or foreign law, ordinance, regulation, demand, guidance, guidelines, rules, codes of practice, whether or not relating to Government Agencies as amended, reacted and replaced from time to time;

"Associate" means, in relation to an individual a minor child of that individual and any company or trust which is directly or indirectly Controlled by such individual;

"Authorized Person(s)" means those individuals who have been designated by or duly authorized by the Client pursuant to necessary corporate or other actions (which shall be evidenced by appropriate documentation delivered and acceptable to HBML) to act on the Client's behalf in connection with these Terms subject to the completion of the verification and other procedures in connection with AML/CFT Requirements with respect to such individuals by HBML;

"BMA" means the Bermuda Monetary Authority;

"Cancellation Instructions" has the meaning given in Clause 9;

"Clearly Erroneous Transaction" has the meaning given in Clause 42.1;

"Client" means a person or entity who has opened an Account with HBML, including the person's or entity's successors and assigns (as applicable);

"Control" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the power (whether directly or indirectly and whether by the ownership of share capital, the possession of voting power, contract or otherwise) to appoint and/or remove all or such number of the members of the board of directors or other governing body of an entity or partnership as are able to cast a majority of the votes capable of being cast by the members of that board or body on all, or substantially all, matters, or otherwise to control or have the power to control the policies and affairs of that person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the holding and/or the possession of the beneficial interest in and/or the ability to exercise the voting rights applicable to shares or other securities in any person which confer in aggregate on the holders thereof more than 50% of the total voting rights exercisable at general meetings of that person on all, or substantially all, matters, and, "Controls", "Controlling", and "Controlled" shall be construed accordingly;

"Custodian" means HashKey Xpert Limited which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is a limited liability company incorporated in Hong Kong;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) holds a "trust or company service provider licence" (Licence No T006486) under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615 of the Laws of Hong Kong); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) is an Affiliate of HBML.

"Custody Services" has the meaning given in Clause 13.1;

"CRS Information" has the meaning given in Clause 39;

"Digital Asset" means digital representations of value which may be in the form of digital tokens (such as digital currencies, utility tokens or security or asset-backed tokens), any other virtual commodities, crypto assets or other assets of essentially the same nature, that is available on the HashKey Exchange as determined and approved by HBML from time to time for use in connection with the Products, Services and any services provided by HBML to the Client;

"Digital Asset Service Providers" means a natural or legal person that (i) meets the definition given to such term under the FATF Guidelines; (ii) complies with the FATF Guidelines; and (iii) has a digital address that has been approved by HBML;

"Dispute" means any dispute, claim, controversy or difference arising out of or in connection with the Terms or any Additional Terms, including any question regarding its existence, validity, subject matter, interpretation, negotiation, termination or enforceability, and any dispute, claim, controversy or difference regarding any non-contractual obligations arising out of or in connection with the Services or Products;

"Event of Default" means the events as set out in Clause 26.1;

"FATCA" means the U.S. Foreign Account Tax Compliance Act (as amended and updated);

"FATF Guidelines" means any official guidance published by the Financial Action Task Force as applicable to Digital Assets and/or Digital Asset Service Providers, including without limitation the Updated Guidance for a Risk-Based Approach to Virtual Assets and Virtual Asset Service Providers published by the Financial Action Task Force on 28 October 2021 (as amended or updated);

"Force Majeure Event" means any events that are beyond the reasonable control of HBML, including but not limited to, nationalization, expropriation, currency restrictions, acts of state, acts of God, earthquakes, fires, floods, typhoons, tsunami, wars, civil or military disturbances, sabotage, terrorism and cyber-terrorism, security, integrity, and availability of the internet or blockchain networks, epidemics, pandemics, public health crisis, riots, interruptions, loss or malfunctions of utilities, computer (hardware or software) or communications services, accidents, labor disputes, regulatory changes, power failures or breakdowns in communications links or equipment of HBML, its Affiliates or nominees, its contractors, agents or representatives.

"Fork" means any change in the operating rules of the underlying protocols of a Digital Asset that may result in: a) more than one version of that Digital Asset; and/or b) HBML holding an amount (which may be an identical amount) of Digital Assets associated with each forked network, in each case as determined by HBML;

"Government Agency(ies)" means any governmental, semi-governmental, administrative, fiscal, regulatory judicial or quasi-judicial body, department, commission, authority, tribunal, agency or entity;

"HashKey Exchange" means the Digital Assets trading platform branded "HashKey Global" which is operated by HBML, which may be accessed via the Website, application programming interfaces or mobile applications;

"HashKey API" means the application programming interface service provided by HBML;

"HBML" means HashKey Bermuda Limited, which is an exempted company limited by shares incorporated in Bermuda with company number 202302864 and that has been granted a Class F licence under the Bermuda Monetary Authority under the Digital Asset Business Act 2018 to operate a digital asset trading platform;

"Infrastructure Participant" means any trading venue or other financial market infrastructure that facilitates the clearing, settlement, and recording of transactions relating to fiat currencies or Digital Assets;

"Instruction" means any communication which HBML deems as having been given by the Client or an Authorized Person in relation to a Transaction;

"KYC" means know-your-client;

"Loss" means any and all claims, demands, proceedings, losses (including any direct, indirect or consequential losses), damages (actual or consequential), liabilities, deficiencies, costs, charges and expenses, including without limitation all legal and other professional fees and disbursements, interest, penalties and amounts paid in settlement whether by a third person or otherwise;

"Network Event" in relation to a Digital Asset means any event (other than an Airdrop or Fork) in respect of the blockchain or the smart contract that underlies a Digital Asset, which is beyond HBML's control, and results in either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a loss of control or ownership by HBML or a third party of any amount of such Digital Asset; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Transaction records on the blockchain being altered, reversed or otherwise invalidated, whether by way of a fraudulent act or consensus, which shall include without limitation any double spending attack, 51-percent attack, or blockchain reorganization,

where in each such foregoing instance, HBML shall have the sole discretion to determine whether a Network Event has occurred;

"Network Participant" means a person or entity who has the ability to cause the occurrence of a Network Event, including any group of persons or entities acting in concert;

"Products" means the products offered by HBML from time to time;

"Proscribed Address" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any blockchain address that appears in a list of addresses with which dealings are proscribed by the United Nations or another Government Agency or relevant authority under Applicable Laws, or is part of a group of addresses that appears in such a list; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) without limiting the generality of this definition, an address stated on the United States of America Department of Treasury's Specially Designated Nationals list;

"Proscribed Person" means a person who appears to HBML to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) be in breach of any AML/CFT Requirements of any jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) appear in a list of persons with whom dealings are proscribed by the United Nations or another Government Agency or a regulatory authority under Applicable Laws; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) act on behalf, or for the benefit of, any person described in paragraph (a) or (b);

"PRC" means People's Republic of China;

"PRC Person(s)" includes, but is not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) corporate entities registered in the PRC; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Chinese citizens and foreign individuals who have resided within the territory of the PRC, for one full year, excluding foreign diplomats and the representatives of any international organization in the PRC;

"Rules" means all of the trading and operational rules and policies of HBML, as well as admission and removal rules and criteria and any procedures and requirements relating to HashKey Exchange, as amended from time to time;

"Sanctions" means any economic sanctions laws, regulations, embargoes or restrictive measures imposed by the United Nations Security Council and/or Bermuda, Hong Kong, Singapore, Japan, the United States of America, or any other jurisdictions selected for inclusion hereunder by HBML from time to time;

"Services" means any of the following services provided by HBML and/or the Custodian, HBML's Affiliates or the HashKey group through the Hashkey Exchange to the Client from time to time subject to the Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) trading services for Digital Assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) custody services for Digital Assets and/or fiat currencies (if and where applicable); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) access to Products;

"Taxes" means taxes, levies, imposts, charges and duties imposed by any authority (including stamp and transaction duties) together with any related interest, penalties, fines and expenses in connection with them, except if imposed on, or calculated having regard to, the overall net income of HBML;

"Terms" means these Investor Business Terms, together with any other documents expressly incorporated by reference, including the Additional Terms and the Client Risk Disclosures Statement, in each case as may be amended from time to time;

"Transactions" means any transactions concerning the purchase, subscription, sale, exchange or other disposal and/or dealings in any and all kinds of Digital Assets including (but not limited to) holding of Digital Assets on behalf of the Client and the provision of nominee or custodian service thereof and other transactions effected under or pursuant to these Terms and any other Agreement;

"Trust Account" has the meaning given in Clause 13.4;

"U.S." means the United States of America; and

"Website" means www.global.hashkey.com, or any similar website relating to HashKey Exchange that is operated and maintained by HBML.

Unless expressly stated otherwise, in the event of, and only to the extent of, any conflict or inconsistency among or between any document or agreement that comprises the Agreement, the following order of precedence shall be applied, but only in so far as is necessary to resolve that conflict or inconsistency:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) terms and conditions applied to any specific products or services provided by us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) these Terms; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any other document that comprises the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Account and HBML's Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1. The Products and Services are available at HBML's sole and absolute discretion and may change from time to time. To utilize the Products and Services, the Client shall open and maintain an Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2. To be eligible to use HashKey Exchange and the Products and Services, you must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) acknowledge and agree that the Products and Services may be provided by HBML with the support of its Affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) be a natural or legal person or other body corporate with full legal capacity and authority to enter into this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the case of an individual, be at least 18 years old or of legal age specified by Applicable Law in your jurisdiction of residence for a binding contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in the case of an Authorized Person entering into these Terms on behalf of a body corporate, have all the necessary rights and authorities to bind such body corporate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) not reside in a country where the relevant Products and Services are inaccessible;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) not be a Proscribed Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) have not previously been suspended or refused from using the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3. There are certain Products which may not be available to the Client depending on his/her jurisdiction of residence and other criteria.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4. The Client agrees that by using the Services and acquiring the Products in any capacity, the Client is legally bound by these Terms, the Additional Terms and all Applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5. The Client confirms and undertakes that all the information provided during and after the opening of the Account is complete, true and accurate, and shall inform HBML promptly of any changes to the information. HBML is authorized to conduct investigations to verify the information provided and require updates from the Client from time to time as it considers appropriate, including but not limited to information required to identify and verify the identity of the Client in accordance with AML/CFT Requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6. The Client agrees on its behalf and on behalf of the Authorized Person that they have provided HBML with all documents or other information necessary to demonstrate the authority of the Authorized Person and will provide other documents and complete other requirements as HBML may require from time to time. HBML may refuse to recognize any authorization of the Authorized Person if in HBML's reasonable judgement, it appears to be incomplete or improperly executed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7. The Authorized Person must confirm on behalf of the Client that the Client is and will at all times continue to be the sole beneficial owner of the Account and the user of all Services provided by HBML and that the identities or other information of the ultimate beneficial owners of the Client are as presented by the Client in accordance with AML/CFT Requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8. The Client expressly acknowledges and agrees that HBML may disclose the Client's and/or the Account's details to the Government Agencies or any third parties, as required by the Applicable Laws without prior notice to, or consent from, the Client. HBML will collect, use, and share this information in accordance with the Privacy Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9. The Client is solely responsible for the security and operation of the Account and hereby confirms that it will not share the Client's Account details with others or allow others to access, or use, the Client's Account except with the express written agreement of HBML. The Client is solely responsible for the Account's activities including authorized or unauthorized Transactions conducted through the Account. The Client hereby acknowledges that the Client is solely responsible for any Loss arising from, or in relation to, any authorized or unauthorized use of the Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10. Subject to any other clauses in this Agreement relating to custodial arrangements, the Client expressly acknowledges and agrees that none of the relationships between HBML, its Affiliates and nominees and the Client, the activities contemplated by the Agreement or any other matter whatsoever, shall give rise to any fiduciary or equitable duties by HBML in favor of the Client. In particular, there are no duties that would oblige HBML to accept responsibilities more extensive than those set out in the Agreement, or which prevent or hinder HBML from carrying out any of the activities contemplated by the Agreement. Save for the custodial arrangements with the Custodian, the Client agrees that HBML, its Affiliates and nominees, in providing the Services to the Client, has not acted and is not acting as a fiduciary or professional advisor to the Client and has not provided (or held itself out as providing) recommendation or advice to the Client with respect to particular investment decisions or advice of any other nature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11. The Client expressly acknowledges and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in order to provide the Services (and in particular relating to the Transactions) as set out herein, HBML may, at its discretion and from time to time, use third party service providers, such as exchanges, brokers, banks and custodians;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) HBML may be unable to provide the Services (and in particular, for conducting any Transactions) as set out herein if the Client resides in a country where the relevant Services are inaccessible or the relevant services provided by any third party service providers become unavailable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) HBML shall not be in any way liable for the acts, omissions or unavailability or any Losses sustained in connection with the use of such third party service providers, provided that HBML shall have exercised reasonable care in its selection.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12. Where the Client fails to comply with these Terms and the Additional Terms then HBML may in its absolute discretion, close the Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13. HBML, may, at its sole discretion, refuse to open an Account for the Client without providing the Client with a reason. In particular, please note that an Account is intended for Clients who are authorized to access the Products and Services and it is not intended for Clients who are subject to any applicable restrictions. The Client is responsible for familiarizing himself/herself with and complying with any restrictions and/or requirements regarding the access and use of the Products or Services offered by HBML in each country or region from which the Client accesses them (or where applicable, the Product or Services are accessed on the Client's behalf). HBML reserves the right to modify, change, or impose additional restrictions on the access and use of the Products and/or Services at any time, at its sole discretion, without prior notification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14. HBML may designate a system for the purpose of providing clearing and settlement services. Clients shall settle all orders through the system and comply with the terms and conditions of the system as notified to the Clients from time to time. HBML may in its sole discretion determine a standard settlement period of each Digital Asset from time to time. At the conclusion of a Digital Asset transaction, a transfer or exchange, HBML shall make available promptly to the Client in writing (through the application interface on otherwise) the type, value, date, time, and amount of all transactions applicable to the Client's Account, and the fee charged for transactions, including any charge for conversion of a Digital Asset to another Digital Asset or to fiat currency (if and where applicable). Information on the name and contact of HashKey Exchange, contact information allowing for a Client to request information about its Account, HashKey Exchange's business activities in general, or the making of a complaint with respect to HashKey Exchange, shall be set out in all material times in these Terms or on the HashKey Exchange website.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Authority

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. HBML is authorized by the Client to open and maintain an Account and effect Transactions as an agent on behalf of the Client pursuant to the Instructions received from the Client and/or the Authorized Person(s) pursuant to these Terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. The Client authorizes the Authorized Persons (where applicable) to have full authority to represent the Client in all matters in relation to all Transactions with HBML. All such documents, Instructions or orders, if given or signed by the Authorized Persons, shall be absolutely and conclusively binding on the Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3. Authorization:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) HBML is hereby authorized by the Client to buy and sell any Digital Assets for the Account and otherwise deal with any Digital Assets, receivables or monies (if and when deposits of such fiat currencies are accepted on HashKey Exchange) held in or for the Account pursuant to the Instructions received from Client and/or the Authorized Person(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Client will, and will procure that each of its Authorized Persons will, comply with any requirements HBML reasonably imposes in relation to the Instructions and any Applicable Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Client understands that HBML allows the Client to send Digital Assets that HashKey Exchange supports to third parties (such as a Digital Asset Service Providers) approved by HBML, and to receive supported Digital Assets from such third parties and hold them pursuant to the Instructions. The Client acknowledges that HBML has the right to (i) delay, restrict or suspend trading of a Digital Asset on HashKey Exchange, (ii) delay, reject or cancel any pending Transaction, or (iii) freeze any Accounts in the following circumstances: (1) mismatching of orders in a Transaction, (2) upon HBML receiving any information that may reasonably be expected to materially affect market activity for, and the price of, any Digital Asset, (3) upon discovery or suspicion of any market manipulative and abusive activities, (4) any other circumstances which in the sole discretion of HBML will impair the fair and orderly operation of HashKey Exchange, or (5) as required by HBML's internal policies. The Client acknowledges that HBML may not reverse a Transaction which has been broadcast to a Digital Asset network and shall not be responsible for any Transaction sent to incorrect third party addresses. It is the sole responsibility of the Client to check whether the third party address is correct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Instructions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1. HBML is authorized to accept and act upon Instructions for any purpose in connection with, and subject to, these Terms pursuant to the Instructions received from the Client and/or the Authorized Person(s). The Client undertakes that he will not attempt to transfer (i) any Digital Assets or fiat currency (if and where applicable) or issue any Instructions for the transfer of Digital Assets or fiat currency (if and where applicable) unless the Client is the lawful owner of such Digital Assets or fiat currency, or otherwise has the absolute right to sell, assign, convey, transfer and deliver the Digital Assets or fiat currency, they are transferred in compliance with AML/CFT Requirements and FATF Guidelines, and are otherwise lawful, and they are free of any encumbrance; and (ii) anything else to HBML other than Digital Assets or fiat currency approved and supported by HBML;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2. All Instructions shall be given by the Client to HBML through the HashKey Exchange platform, HashKey API or other means designated by HBML. HBML may assume the authenticity of any Instructions given or purportedly given by the Client or any Authorized Person, or that any person claiming to be the Client's authorized representative is in fact that person. HBML is not obliged to enquire into any of these matters. HBML is authorized to act upon any Instruction that it believes to be authentic and valid. HBML may conclusively rely on the Instructions if it believes that the Instructions were given by the Client or its Authorized Person and are duly authorized, accurate and complete, even though this may prove to be incorrect and even if the Client later sends to HBML further communications that differ in any respect from such original Instructions. The Client is responsible for ensuring the accuracy and completeness of the Instructions. The Client acknowledges and agrees that once an Instruction has been given, it cannot be revoked, and if acted on by HBML, the Instruction will be binding on the Client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3. HBML shall be entitled to refuse to accept the Client's application to utilize HashKey Exchange in its sole discretion without giving any reason therefor. However, if HBML accepts the Client's application, the Client may give Instructions by electronic means in such manner as may be prescribed by HBML and HBML is authorized to accept and act upon Instructions given through the Client's Account in accordance with these Terms. In such case, HBML shall use reasonable endeavours to execute the Instructions, but does not warrant that the Instructions will be wholly or partially executed or will be executed by a certain time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4. HBML shall not be responsible for any Loss resulting from any delay in the execution of a Transaction unless where such delay is due to HBML's fraud, gross negligence or wilful misconduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Priority

The orders of HashKey Exchange are matched in the trading system according to the rule of "price priority-time priority":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Price Priority: First execute the buy order with the highest price and the sell order with the lowest price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Time Priority: For the orders with the same price, first match the orders with the first timestamp (i.e. the orders with the earliest time).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Market Fluctuations and Extreme Market Events

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1. The Client acknowledges that due to the nature of Digital Assets (whether or not they are securities or futures or contracts), it may not always be possible to execute orders at the prices quoted "at best" or "market" and the Client agrees in any event to be bound by Transactions executed by HBML following Instructions given by the Client and/or the Authorized Person(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2. If HBML acting reasonably determines that an extreme market event is occurring in relation to a Digital Asset or multiple Digital Assets offered on the HashKey Exchange, the Client agrees that HBML may take such action as it considers necessary, and in accordance with Applicable Laws, to respond to this extreme market event by immediately suspending or terminating some of the Products or Services, immediately removing or de-listing a Digital Asset from the HashKey Exchange, forcing redemptions or liquidations by the Client of certain Digital Assets and changing the allocation of a Digital Asset to the Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Clear Funds

Unless otherwise agreed, in respect of each Transaction, the Client must have sufficient and clear funds of the relevant type of asset recorded in its Account to settle the obligations under the proposed Transaction, inclusive of any applicable fees and expenses. In the event that any funds in the Client's Account are determined by HBML as insufficient, the Client shall deliver to HBML such funds which are fully paid with valid and good title and in deliverable form by such time as HBML requested in relation to the Transaction. Where the Client instructs HBML to settle an obligation under the proposed Transaction, but on the relevant settlement date there are, or HBML considers that there will be, insufficient funds available in the Account, HBML may, at its sole discretion, delay settlement until sufficient funds are available or refuse to effect any Transaction. The Client understands that HBML is a facilitator and not a counterparty in any proposed Transaction initiated by the Client, and accordingly, HBML is not responsible or liable for any loss or damage of any sort incurred as a result of such settlement transaction and does not assume any clearing risk. The Client shall be liable to HBML for any Losses that HBML suffers resulting from the Client's settlement failures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Exchange Rate

If and when deposits of fiat currencies are accepted on HashKey Exchange, the Account shall be in US dollars or such other currencies as HBML may agree from time to time with the Client. In the event that the Client instructs HBML to effect any Transactions in a currency other than US dollars, any profit or loss arising as a result of fluctuation in the exchange rate of the relevant currencies will be borne by the Account of the Client solely. Any conversion from one currency into another that is required to be made for performing any action or step taken by HBML under these Terms may be effected by HBML in such manner and at such time as HBML may in its reasonable discretion decide.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Recordings

The Client acknowledges that telephone calls, emails or any other (informal or formal) forms of communication between the Client and HBML may be recorded or otherwise electronically monitored without any warning messages and that the record may be used as final and conclusive evidence of the Instructions in case of Disputes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Cancellation of Instructions

The Client acknowledges that the Client is entitled to cancel any Instructions by providing prior notice to HBML (the "Cancellation Instructions"), and subject to HBML's sole and absolute discretion, HBML will use commercially reasonable efforts to comply with the Client's Cancellation Instructions provided that: (i) the Client's Cancellation Instructions are subject to these Terms, the Agreement and the trading procedure specified in HBML's "Account Opening and Trading Rules" as imposed by HBML from time to time, which the Client hereby agrees are binding on the Client; (ii) the Cancellation Instruction may not be complied with if the relevant Instruction has been executed by HBML already and the Transaction of such Instruction has been published to the public blockchain; and (iii) the Client shall bear all risks, liabilities and Losses as suffered by the Client as a result of the Client's Cancellation Instructions or HBML's failure to execute the Cancellation Instructions (whether as a result of HBML's default or not except to the extent caused by its own gross negligence, fraud or wilful misconduct).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Prices

If the Client has obtained quotes of the prices of any Digital Assets from HBML, the Client shall not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1. disseminate such quotes (or any part thereof) to any other person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2. use, or permit the use of, such quotes (or any part thereof) for any illegal purpose;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3. use such quotes (or any part thereof) other than for the Client's own use; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4. use such quotes (or any part thereof) in relation to any trading or dealing of Digital Assets otherwise than through HashKey Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Limits and controls on Transactions

The Client should note that HBML may impose limits and/or controls relating to trading, positions, transfers of fiat currencies (if and where applicable) and/or Digital Assets on the Client, including limits and controls to mitigate and manage the Client's own liquidity, operational and other risks, at any time, without prior notice and without giving reasons. The Client expressly acknowledges and agrees:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1. to comply with any such limits and controls as imposed by HBML, and undertakes not to take any action that will cause the Client to violate any such limits and controls;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2. that the Client may be prevented from entering into a Transaction or from taking certain steps if such actions would result in the Client exceeding such foregoing limit, and that HBML may, in its sole discretion, apply an applicable filter to reject an Instruction submitted by the Client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3. that any limits and controls imposed by HBML shall solely be for HBML's protection and accordingly, HBML will not be in any way whatsoever be responsible for monitoring or ensuring the Client's compliance with any limits imposed by Applicable Laws or by any party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4. that HBML shall be entitled to decline to act on Instructions and/or execute a Transaction, suspend the Client's access to the Account, require the Client to take certain steps, and/or take any other action that HBML considers appropriate, in order to comply with Applicable Laws or any limits or controls as set out herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5. that provided that such limits or controls have been notified to the Client at the time that they are imposed, the Client shall indemnify HBML against any Loss as a result of the Client's breach of any limits or controls imposed by HBML pursuant to this Clause 11.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Use of Client Information

Where the Client is an individual or collection of personal information is involved, the Client agrees to be bound by HBML's Privacy Policy applicable to HashKey Exchange, and which is available on the Website (under the section "Terms & Service") as amended from time to time and to the use of his/her personal data in the manner specified in the said policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. Digital assets in the Account(s)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1. The Client agrees to use, and HBML together with the Custodian agree to provide, services for the holding and safekeeping of the Client's Digital Assets and/or fiat currencies (if and where applicable) deposited by a Client, and the receipt, holding, transfer and settlement services incidental to the safekeeping of such deposited assets which HBML and its Affiliates (including the Custodian) may agree to provide to the Client from time to time (the "Custody Services"). The Client specifically authorizes HBML, in respect of all Digital Assets and/or fiat currencies (if and where applicable) deposited by the Client with HBML and/or the Custodian or purchased or acquired by HBML and/or the Custodian on behalf of the Client and held by HBML on behalf of the Client, to hold such deposited assets on trust by the Custodian, and agrees to appoint the Custodian as a trustee of the Client's deposited assets. The Client hereby authorises HBML to enter into a custodial service agreement with the Custodian for the holding and safekeeping of the Digital Assets and/or fiat currencies (if applicable) deposited by the Client on trust for the benefit of the Client. Under the custodial service agreement, the Client is at all times a beneficiary to the Digital Assets and/or fiat currencies (if applicable) recorded in the Client's Account from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2. In respect of Digital Assets deposited by the Client with HBML and/or the Custodian, the Client authorizes the Custodian to establish one or more Digital Asset wallets for the receipt, safekeeping and maintenance of each type of Digital Asset for the Client stored with the Custodian pursuant to the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3. In providing the Custody Services, HBML and the Custodian will maintain records which identify the Digital Assets and/or fiat currencies (if applicable) deposited by the Client. Such records will segregate the Digital Assets and/or fiat currencies (if applicable) deposited by the Client from other assets held by HBML and/or the Custodian for itself or for HBML's and/or the Custodian's other clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4. Save as otherwise agreed by the parties, the Client agrees, that HBML and/or the Custodian shall hold all Digital Assets and/or fiat currencies (if applicable) deposited by the Client on trust for the Client in one or more segregated accounts designated as a client or trust account established by the Custodian for the purpose of holding the Client's deposited assets (the "Trust Account"). HBML and/or the Custodian shall identify, record and arrange to hold all Digital Assets and/or fiat currencies (if applicable) deposited by the Client separately from any of its own investments and other assets, with the identity and location of such deposited assets identifiable at any time. Any part of a Client's deposited assets may be pooled with the deposited assets of other clients in the Trust Account and HBML and/or the Custodian will at all times maintain records for individual balances of each Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.5. All Digital Assets and/or fiat currencies (if applicable) deposited by the Client held by the Custodian in the Trust Account shall not form part of the assets of the Custodian for insolvency or winding up purposes. In the event of the Custodian's insolvency, winding up or similar event, the Digital Assets and/or fiat currencies (if applicable) in the Trust Account shall be treated in accordance with Applicable Laws. HBML shall use commercially reasonable efforts (to the extent permitted by Applicable Laws) to assist Clients in asserting their claims with respect to the deposited assets held in the Trust Account, and specifically, to request the liquidator to set aside the assets in the Trust Account from the general assets of the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.6. If deposits of fiat currencies are accepted on HashKey Exchange, the Client specifically authorizes the Custodian to establish segregated accounts with a bank for the safekeeping of such fiat currencies, into which fiat currencies received from or on behalf of a client should be paid within two business days of receipt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.7. In respect of fiat currencies (if and where applicable) accepted on HashKey Exchange as described in Clause 13.6 above, the Client agrees that HBML and/or the Custodian shall be entitled to retain absolutely and for its own benefit any interest accrued on such fiat currencies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.8. In relation to Digital Assets and/or fiat currencies (if and where applicable) deposited by a Client with HBML and/or the Custodian, if any income, payments or other distributions or benefits accrue in respect of such Digital Assets and/or fiat currencies, the relevant Account(s) shall be credited (or payment made to the Client as may be agreed by HBML and the Client in writing) with the proportion of such income, payments or other distributions or benefits equal to the proportion of the Digital Assets and/or fiat currencies held on behalf of the Client out of the total number or amount of such Digital Assets and/or fiat currencies on HashKey Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.9. In relation to any Digital Assets and/or fiat currencies (if and where applicable) deposited by a Client with HBML and/or the Custodian, if any loss and/or expense is suffered by HBML and/or the Custodian as a result of the Instructions (including but not limited to for the settlement of fees and costs owed to HBML), the relevant Account(s) may be debited (or payment made by the Client as may be agreed) with the proportion of such loss equal to the proportion of the Digital Assets and/or fiat currencies held on behalf of the Client out of the total number or amount of such Digital Assets and/or fiat currencies on HashKey Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.10. HBML is authorized to dispose or initiate a disposal by the Custodian, of any of the Client's Digital Assets (and HBML shall have absolute discretion to determine which Digital Assets are to be disposed of and the manner and timeframe in which this is done) for the purpose of settling any liability owed by or on behalf of the Client to HBML, the Custodian or a third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.11. HBML's obligations to the Client are limited solely to the provision of the Digital Asset trading services on HashKey Exchange but it shall not be required to take any actions with assisting the Client in securing any rights, interests, benefits, payments and/or options available to the Client as a result of holding the Digital Assets. The Client shall have a duty to examine the underlying project of the Digital Assets and carry out due diligence with respect to the issuer of the Digital Assets. The Client agrees that HBML is not liable for any Losses that the Client may suffer as a result of failing to obtain any rights, interests, benefits, payments and/or options from the issuer of the Digital Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.12. In addition to the authority conferred on HBML by the other provisions of this Agreement, the Client authorises HBML to take such steps from time to time as HBML reasonably considers appropriate or useful to enable HBML to provide the Custody Services and to exercise HBML's authority or powers in connection with the Custody Services. Additional terms relating to the provision of the Custody Services may be issued by HBML from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. Holding and Disposal of Digital Assets<br> 14.1. The Client authorizes HBML to hold the Client's Digital Assets and/or fiat currencies (if and where applicable) on behalf of the Client in a segregated Account established by HBML or the Custodian. The Client agrees not to pledge, charge, sell, grant an option or otherwise deal in any Digital Assets or fiat currencies (if and when deposits of fiat currencies are accepted on HashKey Exchange) forming part of any Account without HBML's prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2. Where Digital Assets are held by HBML on behalf of the Client pursuant to Clauses 13 to 17 and Clause 28, and subject to any other clauses in relation to Airdrops and Forks, the Client authorizes HBML (or, where applicable, the Custodian) to, collect, receive and credit any income, payments and other distributions or benefits in respect of such Digital Assets and/or fiat currencies to the Account. Where the Digital Assets and/or fiat currencies form part of a larger holding of identical Digital Assets and/or fiat currencies held for HBML's other clients, the Client is entitled to the same share of the income, payments or other distributions or benefits arising from the holding as the Client's share of the Digital Asset and/or fiat currencies out of the total holding of the Digital Asset and/or fiat currencies on HashKey Exchange. Where a distribution is made either in the form of cash dividend or another form, the Client authorized HBML to elect and receive on behalf of the Client a cash dividend of such form as it considers fit in the absence of any contrary prior written Instruction from the Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3. Neither HBML nor the Custodian bound to redeliver to the Client the identical Digital Assets and/or fiat currencies received from or for the Client but may redeliver to the Client Digital Assets of like quantity, nominal amount, type and description and that have equal rank in every respect with the Digital Assets and/or fiat currencies originally delivered or deposited subject to any capital re-organization or conversion or other corporate action that may have occurred in the interim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.4. Digital Assets and/or fiat currencies held by HBML through the Custodian pursuant to Clauses 13 and 17 are held by HBML at the sole risk of the Client and to the extent permitted by Applicable Laws, HBML shall not be responsible for, or liable in respect of, any Loss suffered by the Client in connection herewith unless such Loss has been caused as a direct consequence of an act of gross negligence, fraud or willful misconduct on the part of HBML.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. Unsupported Assets

The Client shall meet HBML's requirements for the deposit and withdrawal of Digital Assets and/or fiat currencies (if and where applicable) as stipulated from time to time in the Agreement and shall pay the corresponding fees (if applicable). In particular, if the Client deposits any Digital Assets and/or fiat currencies (if and where applicable) unsupported by HBML or the Custodian, HBML will in its sole discretion use commercially reasonable efforts to handle these Digital Assets and/or fiat currencies but it shall be under no obligation to keep the Digital Assets and/or fiat currencies mentioned above (save for obligations imposed by any Applicable Laws). HBML shall be entitled (but not obliged) to request the Client to withdraw any unsupported Digital Assets and/or fiat currencies within a timeframe that HBML may stipulate, being such period as required by Applicable Laws, FATF Guidelines or HBML's internal policies, to such external wallet that can store the relevant Digital Asset and under the Client's control as last notified to HBML in writing, subject to Applicable Laws, FATF Guidelines and HBML's internal policies. HBML shall not be liable to the Client for any direct or indirect or consequential Loss in relation to such Digital Assets and/or fiat currencies. All Losses and risks in relation to the Client's deposit of such Digital Assets and/or fiat currencies unsupported by HBML shall be solely borne by the Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. Distribution or Return of Fiat Currency and/or Digital Assets

HBML may, in its discretion, upon the passage of a time period that it determines or as otherwise required by Applicable Laws, FATF Guidelines or HBML's internal policies, return:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any fiat currency (if and where applicable) in the Client's Account to an external designated bank account in the Client's name; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Digital Assets recorded in the Client's Account to a designated external address that can hold the relevant Digital Asset and is under the Client's control,

as last notified by the Client to HBML in writing, provided that the return to such Account or address is consistent with Applicable Laws, FATF Guidelines and HBML's internal policies. To the extent permissible under Applicable Laws, HBML reserves the right to deduct a fee in respect of the return of any fiat currency (if and where applicable) or Digital Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. Information in relation to Custodian Arrangements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1. The Client understands and agrees that HBML may appoint the Custodian to hold on trust on behalf of the Client all Digital Assets and/or fiat currencies (if and where applicable) which the Client deposits with HBML. The Client understands HBML may place any or all of the Digital Assets and/or fiat currencies (if and where applicable) with the Custodian as custodian of HBML on the terms and conditions agreed by HBML. The Client understands that any part of a Client's deposited assets may be pooled with the deposited assets of other clients in the Trust Account and HBML and/or the Custodian will at all times maintain records for individual balances of each Client. Such records will segregate the Digital Assets and/or fiat currencies (if applicable) deposited by the Client from other assets held by HBML and/or the Custodian for itself or for HBML's and/or the Custodian's other clients. HBML will at all times maintain records for individual balances of each Client. Subject to any Applicable Laws, any Digital Assets and/or fiat currencies (if and where applicable) which are held by HBML on behalf of the Client may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (in the case of Digital Assets that are registrable securities) be registered in the Client's name or in the name of a nominee appointed by HBML; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) be deposited in safe custody in a designated account with the Custodian;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.2. Where Digital Assets and/or fiat currencies (if and where applicable) are held by HBML or the Custodian on the Client's behalf:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any income, payments or other distributions or benefits arising in respect of such Digital Assets and/or fiat currencies will, when received by HBML, be credited to the Accounts or paid or transferred to the Client, as agreed with HBML. Where the Digital Assets and/or fiat currencies form part of a larger holding of identical Digital Assets and/or fiat currencies held for other clients, the Client will be entitled to the same share of the income, payments or other distributions or benefits arising on the holding as the Client's share of the Digital Assets and/or fiat currencies out of the total holding of the Digital Assets and/or fiat currencies on HashKey Exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) HBML will use its reasonable efforts to give the Client notice of any necessary information which HBML receives in relation to any calls, rights, benefits, entitlements or obligations attached to or derived from such Digital Assets and/or fiat currencies which require Instructions from the Client. This includes the treatment of the Client's Digital Assets and/or fiat currencies and their respective rights and entitlements when events such as, but not limited to, Forks and Airdrops occur;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) HBML, the Custodian or any Affiliate may, but without any obligation or liability whatsoever, exercise any rights or perform any actions which may be exercisable in relation to any such Digital Assets and/or fiat currencies held for the Accounts, and where the Client has provided HBML, the Custodian or the Affiliate with any necessary Instructions and executed any applicable authorizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) HBML will be under no duty to investigate, participate in or take affirmative action concerning attendance at meetings, voting or other rights attached to or derived from such Digital Assets and/or fiat currencies except in accordance with the Client's Instructions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) HBML will have no duty or responsibility to receive in respect of any proxy, circular, or other document in respect of the Digital Assets (which are "securities" under Applicable Laws) or to send any proxy, circular or other document or to give any notice of the receipt of the same to the Client except in accordance with the Client's Instructions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) if HBML does not receive any Instructions or within what it deems to be a sufficiently reasonable time, HBML may take or omit to take any action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Client acknowledges and agrees that it will be liable and HBML will have no responsibility for any liabilities in respect of unpaid calls or any other sums, costs or expenses payable in respect of any Digital Assets and/or fiat currencies held by HBML on the Client's behalf;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) to the extent permitted by Applicable Laws, HBML will not be liable for the acts, omissions and/or insolvency of any custodian or sub-custodian selected by HBML in good faith. HBML's only obligation to the Client in respect of the same is, at the Client's cost and expense, to assign to the Client any rights of recourse in respect of the custodians or sub-custodians where the same are capable of being assigned under any Applicable Laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) HBML is entitled to, at any time, close any such custody Account(s) maintained in the Client's name and/or on the Client's behalf without providing any reason for doing so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. Fees and Taxes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.1. The Client will pay all applicable fees, costs, charges, expenses and commissions to HBML as HBML may determine and set out on the Website (updated from time to time), including costs in connection with networks or blockchains underlying a Digital Asset and/or engagement of third party service providers (on a full indemnity basis) such as legal advisors, trustees, or any agent, delegate, nominee or custodian appointed by HBML, as well as applicable levies imposed by relevant Government Agencies, including without limitation, goods and services tax, consumption tax, value added tax, all applicable stamp duties, or any Tax of a similar nature. Where such Taxes are payable in connection with any fees or commissions payable by the Client, the Client agrees that, concurrently with the relevant payments, the Client shall pay HBML an additional amount equal to the amount of such payment multiplied by the appropriate rate of Tax. The Client hereby authorizes HBML to deduct such fees, costs, charges, expenses, commissions, and any such relevant Tax from the Account as incurred and/or payable to HBML. HBML is authorized to solicit, accept and retain for HBML's own benefit, without making any disclosure to the Client, any rebate, brokerage, commission, fee, benefit, discount and/or other advantage from any person arising from any Transaction effected by HBML.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.2. All amounts due by the Client to HBML may be charged with interest at such rate(s) to be notified by HBML from time to time. Such interest shall accrue on a daily basis and shall be payable on the last day of each calendar month or upon any demand being made by HBML.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.3. The Client acknowledges and agrees that HBML may change the relevant applicable fee rate or introduce a new charge from time to time and we may, where required under Applicable Laws, provide the Client with notice of a material variation no later than 30 days on which the variation will take effect. The Client shall refer to the relevant Website page for updated details. Should the Client continue to use the Account, the Client shall be considered to have accepted and agreed to the changes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.4. The Client acknowledges and agrees that where any Tax deduction shall be required from any payment made by the Client to HBML, the Client shall increase the amount payable to the extent that the net amount received by HBML shall be the same as such amount paid by the Client if no deduction had been required. To that end, the Client agrees to deduct the Tax amount, pay such Tax amount to the relevant Government Agency in accordance with Applicable Laws, and shall provide HBML with supporting documentation of payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.5. The Client acknowledges and agrees that where HBML is required by Applicable Laws or instructed by relevant Government Agencies to make deductions or to withhold payments due to the Client, and to pass such amounts to the Government Agencies, the Client shall immediately reimburse HBML for the amount of any such deduction or withholding. The Client shall indemnify HBML against any Loss suffered or incurred by HBML as a result of such deduction or withholding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. Indemnity and Exclusion of Liability

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.1. The Client hereby agrees to fully indemnify HBML, HBML's directors, officers, employees, nominees and Affiliates and keep all such persons indemnified against all claims, actions, demands and proceedings against any such persons and bear Losses which they may suffer in connection with their carrying out of obligations or services, or exercising of rights, powers or discretions under, or in connection with these Terms save to the extent that such Losses arise directly as a result of HBML's gross negligence, fraud, or wilful misconduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2. The Client acknowledges and agrees that all decisions about the purchase, holding or sale of Digital Assets, or the entry into any Transaction are made solely by the Client. HBML shall not be responsible for any decision made by the Client to enter into the Agreement or any Transaction, to use any of the services provided by HBML, or for any fees or costs payable in connection with such Digital Asset.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.3. While some HBML employees and agents may be authorized to provide the Client with certain information on the Digital Assets or other products or services, neither HBML's employees nor its agents have any authority to make representations about anything in connection with the Agreement. Accordingly, subject to Applicable Laws, HBML shall not be liable for any Loss if any HBML employee or agent acts without HBML's authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.4. To the maximum extent permitted under Applicable Laws, HBML shall not be liable for any Losses suffered by the Client as a result of, or in connection with, the Client's use of HashKey Exchange or in connection with these Terms or arising from any act or omission of HBML, other than Losses arising directly as a result of any gross negligence, fraud, or wilful misconduct on HBML's part, or that of the Custodian, any nominee or Affiliate. HBML shall in no event be liable for any loss of profit, indirect, special or consequential damages of any kind or the default of HBML's directors, officers, employees, nominees or Affiliates or any person, firm or company through, or with whom, Transactions are effected for the Account. This Clause shall be applicable where the Loss arises for any reason and even if the Loss was reasonably foreseeable or HBML had been advised of the possibility of the Loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.5. For the avoidance of doubt, HBML and/or any of its Affiliates will not be liable for any Loss incurred or damage suffered arising from;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any use of the Client's Account by the Client or by any third party (whether or not authorized by the Client);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) unauthorized, mistaken, or accidental transfer or exchange of the Client's Digital Assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any malfunction, defect or error in any terminal used to process any instructions from the Client, or other machines or system of authorization whether belonging to or operated by other persons or HBML, its Affiliates or nominees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any delay or inability on HBML's part to perform any of our obligations under these Terms because of any Force Majeure Event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any damage to or loss or inability to retrieve any data or information that may be related to HBML's provision of the Services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) fraud or forgery of any third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any actual or potential losses that may result based on the decision to support a Fork, or the timing of implementation of support and HBML will not be liable for any losses or other issues that might arise from an unsupported Fork of a Digital Asset in accordance with Clause 36;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any downtime due to the inability to trade or otherwise transfer Digital Assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any hold, or for the Client's inability to withdraw Digital Assets or execute trades during the period of any such hold;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) HBML acting on or acting on any such instruction or request in accordance with Clause 52;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) actions taken in accordance with Clause 27 in these Terms; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) any indirect loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.6. HBML will not be liable for any Loss that is caused by any malfunction of a third party application programming interface client or other related interactions with any third party software with HashKey API. Moreover, none of HBML's nominees or Affiliates shall be held responsible for any consequences resulting whether directly or indirectly from any events not within their control including without limitation restrictions by Government Agencies, impositions of emergency procedures, exchange rulings, third party conduct, suspensions of trading, adverse market conditions, or Force Majeure Events.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.7. HBML shall not be responsible for, does not endorse, and makes no representation or warranty in connection with, any hyperlinked internet sites on the Website, other internet sites to which the Client may be referred or any third-party content displayed on the Website. Such internet sites may contain information that has not been devised, verified or tested by HBML or its officers, employees or agents. HBML neither endorses the accuracy or completeness of such information, nor guarantees that such information, or the provision of any hyperlinks to the Client, do not infringe third party rights. HBML shall not be responsible for any Loss incurred by the Client in connection with those sites.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.8. Subject to Applicable Laws, HBML's total liability to the Client in respect of the Products and Services will not exceed the total fees paid by the Client for the Products and receipt of the relevant Service in accordance with Clause 18. For the avoidance of doubt, the total fees paid by the Client does not include the Digital Assets and/or fiat currencies (if and where applicable) deposited by the Client for use of the Services and held by the Custodian on trust for the Client's benefit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.9. HBML does not own or control any of the underlying software through which blockchain networks are formed and Digital Assets are created and transacted. In general, the underlying software for blockchain networks tends to be open source such that anyone can use, copy, modify, and distribute it. By using any of the Services, the Client understands and acknowledges that HBML is not responsible for the operation of the underlying software and networks that support Digital Assets, and that HBML makes no guarantee of functionality, security, or availability of such software and networks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. Insurance

HBML maintains certain commercial insurance for the custody of Digital Assets held for the benefit of clients of HashKey Exchange. Such insurance policy is made available through certain third-party insurance underwriters. In general, our policy insures against loss, damage, destruction or theft of digital assets in custody, subject to certain policy exclusions. However, our policy does not cover any losses resulting from unauthorized access to your personal account(s) due to a breach or loss of your credentials. You agree and understand that you are solely responsible (and you will not hold us responsible) for managing and maintaining the security of your account login credentials and any other required forms of authentication.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. Conflicts of Interest

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.1. HBML's directors, officers or employees and Affiliates who qualify as Clients may trade on their own account or on the account of the Client or any of its Affiliates. In order to prevent conflicts of interest, the orders on HashKey Exchange are matched according to the following execution principles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Price: Priority of execution will be given to clients who offer the highest price for a buy order or lowest price for a sell order;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Time: Where more than one client offers the same price for an order (whether a buy order or a sell order) for the same Digital Asset, the client who places the order first will be given priority. If, however, their orders come at the same time, their orders for the same Digital Asset will be filled equally on a pro rata basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Clients first: Where HBML's directors, officers, employees or Affiliates and a Client place orders for the same Digital Assets at the same time and at the same price, orders of Clients have priority over HBML's directors, officers, employees and Affiliates' orders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.2. HBML is authorized to buy, sell, hold or deal in any Digital Assets or take the opposite position to the Client's order on behalf of any of the Client's Affiliates or the Client's other customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.3. HBML is authorized to match the Client's orders with those of HBML's other clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.4. HBML is authorized to effect Transactions where any of HBML's directors, officers, employees or Affiliates has a position in the Digital Assets concerned or is involved with those Digital Assets as an underwriter, a sponsor or otherwise

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.5. The Client acknowledges and accepts that HBML and any of its Affiliates may have interests or may owe duties to other clients that have interests, which may conflict with the Client's interests. HBML shall take all reasonable steps to ensure that the Client receives fair treatment in the event of any actual or potential conflict arising.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.6. In respect of any of the Transactions or matters mentioned in this Clause 21, none of HBML or its directors, officers, employees or Affiliates shall be obliged to account for any profits or benefits obtained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.7. The Client understands and agrees that the nature of the Transactions may give rise to HBML, its Affiliates or one of HBML's respective officers, employees or agents having a material interest in a Digital Asset or Transaction, and that there may be other circumstances where a conflict of interest arises between the Client's interests and those of other clients, counterparties or HBML. Some of these circumstances are described in other sections of the Terms and in other disclosures that HBML may make from time to time. Notwithstanding the foregoing, HBML will seek to avoid conflicts of interest where possible. If HBML acts in circumstances where it has a material interest or conflict of interest, HBML will take reasonable steps to ensure the Client is treated fairly. HBML may, in its absolute discretion, without giving any reason or notice and without incurring any liability of any nature to the Client, decline to transact with the Client or otherwise to act on the Client's Instructions in such circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. Representations, Warranties and Undertakings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.1. The Client hereby warrants, represents and undertakes to HBML that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Client is entering into these Terms as principal and is not trading on behalf of any other person unless HBML is otherwise notified and agrees in writing, in which case, the Client warrants that the Client is expressly authorized by the Client's principal to effect all Transactions pursuant to these Terms and the Client's principal will duly perform all the obligations, and be responsible for all liabilities, arising from these Terms, failing which the Client will be liable to HBML as if the Client were the principal in respect of such obligations and liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (if the Client is a natural person) the Client is of legal age to form a binding contract; or (if the Client is a body corporate) the Client is validly incorporated and existing under the laws of its place of incorporation and has full power and capacity to enter into and perform the Client's obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) (if the Client is a body corporate) the Client's entry into of these Terms has been duly authorized by the Client's governing body and does not breach the Client's articles of association (or its memorandum of association if the Client has the same) or other constitutional documents (as applicable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) where the Client affixes his signature in an electronic manner, he undertakes that he shall do so in good faith and with the full intention that such electronic signatures shall be binding on himself/herself;<br> (e) the information provided by the Client to HBML through HashKey Exchange or otherwise from time to time is and shall remain at all times true, accurate and complete in all respects, including without limitation any information or the Client's financial circumstances that may have a material adverse effect on the Client's ability to meet any of his obligations under the Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Client has not withheld any information that might have caused HBML not to enter into the Agreement or any Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Client will enter into Transactions solely in reliance upon the Client's own judgement and investigations in respect of the Digital Assets, which shall mean that the Client:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) has received, read and understood all relevant documents that make up the Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) has received, and/or solicited adequate information in relation to the Digital Assets and the Transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) (should not, unless otherwise specified by HBML, rely on any written or oral communication or information from HBML, and in connection with each Digital Asset or Transaction, the Client shall make decisions based on the Client's own judgment and on advice from independent advisors the Client has considered necessary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) has made a decision to enter into the Agreement and the Transaction, based on his own judgement and on advice from such independent advisors as he has considered necessary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the Agreement constitutes a valid and legally binding agreement between HBML and the Client enforceable in accordance with its terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) these Terms and performance of the Client's obligations contained herein do not and will not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) contravene any existing Applicable Law, statute, ordinance, rule or regulation or any judgment, decree or permit to which the Client is subject;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) violate any public interests, public ethics or other legitimate interests and will not constitute evasion of payable Taxes or fees; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) conflict with, or result in any breach of, the terms of, or constitute any default under, any agreement or other instrument to which the Client is a party or subject, or by which any of the Client's property is bound;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) unless as otherwise agreed by HBML, the Client is the person ultimately responsible for originating the Instruction in relation to each Transaction in the Account and shall stand to gain the commercial or economic benefit of such Transactions and/or bear their commercial or economic risk;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) the Client is solely and wholly responsible for the security of the Client's Account and has not revealed any login details (including email address and/or passwords) of the Client's Account to any unauthorized person. All actions being conducted through the Account are duly authorized by the Client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) the Client is experienced, has the necessary knowledge in trading the Digital Assets and has received all necessary legal and financial advice prior to entering into Transactions concerning the purchase, acquisition, holding, sale or disposal of any Digital Assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) the Client is not prohibited by Applicable Laws of any jurisdiction from dealing with Digital Assets when opening an Account and at the time of undertaking any activities on HashKey Exchange, and has provided all necessary information and documents to HBML to assess its qualification status;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) the Client is not a citizen, resident of, or located in, the list of prohibited jurisdictions published on the Website from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) the Client has passed all compliance checks by HBML (including but not limited to KYC requirements, AML/CFT Requirements, and risk tolerance);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) Client has obtained all necessary authorizations and consents, and taken all necessary corporate actions to make all payments and deliveries contemplated by the Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) to the extent the Client represents one or more businesses or franchises, that the Client is acting as their authorized representative, and that both the Client and the entity that the Client represents will be bound by these Terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) neither the Client, nor any assets owned by the Client, has immunity from the jurisdiction of a court or from legal process in any place and the Client has not committed or been convicted of any Tax or other criminal offence in any jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) the Client's registration and the Client's use of HashKey Exchange will be consistent with the representations, covenants and restrictions contained herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) there is no pending or threatened action, suit or proceeding at law or in equity before any court, tribunal, Government Agency or any arbitrator that is likely to affect the legality, validity or enforceability against the Client of the Agreement, or the Client's ability to perform his obligations under the Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) there has been no Event of Default, and no event has occurred which may, with the giving of notice or lapse of time or fulfilment of any condition, become an Event of Default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.2. The Client further undertakes that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Client will notify HBML in writing of any change in the information mentioned in Clause 22.1 above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) when purchasing or dealing in any Digital Assets, the Client will ensure that the Client is not, and is not acting on behalf of, any person who is a Proscribed Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Client shall immediately notify HBML if there is any change relating to its qualification status to use HashKey Exchange and cease trading on HashKey Exchange. The Client shall provide all necessary information or documents upon request to HBML in connection with assessing its qualification status;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Client shall comply with any restrictions and prohibition on the use of HashKey Exchange and declare that the Client is not a PRC Person, "specified U.S. Person" under U.S. tax principles or a "U.S. owned foreign entity", a U.S. citizen (sole or dual citizenship), a holder of an active U.S. Green Card or a U.S. resident for Tax purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Client shall not interfere with the operation of HashKey Exchange or the use of HashKey Exchange by other clients by technical or any other means;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Client shall not use HashKey Exchange to engage in any money-laundering activities, smuggling activities, commercial bribery activities, or any other illegal activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Client shall report suspected fraud or other security breaches to the Client account to HBML;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) without HBML's prior written consent, the Client shall not use any automated means or interface not provided by HBML to access HashKey Exchange or extract HashKey Exchange data;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Client shall not attempt to circumvent any content filtering techniques that HashKey Exchange employs, or attempt to access any parts of HashKey Exchange and the Website that the Client is not authorized to access;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the Client shall not develop any third party applications that interact or interfere with HashKey Exchange without HBML's prior written consent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the Client shall not use or attempt to use the Accounts of other HBML clients without their authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) without the prior written consent of HBML, the Client shall not grant, lend, lease, transfer, dispose, or provide access to his/its Account to others by any other means;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) the Client shall not defame HBML's goodwill or reputation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) the Client shall not encourage or induce any third party to engage in any of the activities prohibited under these Terms; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) the Client shall comply at all times with all of the requirements of the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. Repeating Nature

The representations, warranties and undertakings under this Clause shall be deemed to be repeated immediately before each Instruction is given or executed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. Instructions from Other Persons

Even if the Client has disclosed to HBML that the Client is trading on behalf of other person(s), HBML is not required to act on any instruction other than the Instructions. HBML will not be liable for refusing to act upon unverified Instructions given by any person who purports to be the Client's principal, or for acting upon the Instructions notwithstanding any unverified notice that the Client's authority to act on behalf of the Client's principal has been revoked, withdrawn or varied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25. Set-Off, Lien and Combination of Accounts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.1. In addition, and without prejudice, to any general liens, rights of set-off or other similar rights to which HBML may be entitled under the Applicable Laws or these Terms, to the extent permitted by Applicable Laws:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All Digital Assets receivables, monies and other property of the Client held by or in the possession of HBML at any time shall be subject to a general lien in favor of HBML as continuing security; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) HBML may as the Client's agent take such measures as HBML may in its sole discretion deem necessary to sell, dispose of or otherwise realize all such property, to offset and discharge all of the Client's obligations arising from the Transaction. In such case, HBML may make any necessary currency or asset conversions at any rate(s) as HBML deems appropriate in its reasonable opinion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.2. In addition and without prejudice to any general liens or other similar rights to which HBML may be entitled under these Terms, to the extent permitted by Applicable Laws, HBML may set off or transfer any monies, Digital Assets or other property in any such Accounts to satisfy obligations or liabilities of the Client to HBML or one of its Affiliates, whether such obligations and liabilities are actual or contingent, primary or collateral, secured or unsecured, or joint or several.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26. Default

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.1. Events of Default

The following events shall be Events of Default (each an "Event of Default") for the purposes of these Terms:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Client is no longer eligible to use the Services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any information provided by the Client is incomplete, untrue or inaccurate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Client fails to duly and punctually observe or perform any of the undertakings, duties and obligations in these Terms or otherwise any provision of the Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any failure by the Client to pay sums of whatever nature when due under the Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Client's insolvency or liquidation, the filing of a petition in winding up or the commencement of any analogous proceedings against the Client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the levying of any attachment against the Account or the Client's other property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) without the prior written consent of HBML, a debit balance on any Account of the Client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any representation or warranty made by the Client to HBML in the Agreement being incorrect or misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any dispute or proceedings against the Client or (if a body corporate) its directors or shareholders in connection with HBML; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any other matter or event including any legal or regulatory requirement which in HBML's opinion renders termination of all or any part of the Agreement necessary or advisable in HBML's interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.2. The Client agrees to immediately notify HBML upon the occurrence of an Event of Default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27. Consequences of any Event of Default

Upon the occurrence of an Event of Default, HBML will be entitled in its absolute discretion, without notice or demand and without prejudice to any other rights or remedies available to HBML, forthwith to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) immediately suspend, freeze, restrict access to or terminate any Account and Services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) terminate all or any part of the Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) cancel any or all outstanding orders, Instructions or any other commitments made on behalf of the Client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) refuse to complete or block, cancel, or, where permitted by Applicable Law, reverse any Transaction the Client may have authorised;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) suspend performance of any of HBML's obligations to the Client however arising, including the deposits of any Digital Assets or the payment of any sum or sums of money then due or which might thereafter become due and cancellation of all outstanding orders or contracts, until such time as the Client has fully complied with all the Client's obligations to HBML or the Event of Default has been remedied to HBML's satisfaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) subject to Applicable Laws, sell or realize all or any part of the Digital Assets or property held by HBML for the Account in such manner and upon such terms as HBML may conclusively decide to satisfy the Client's obligations and indebtedness towards HBML or any of HBML's nominees or Affiliates out of the net sale proceeds (with fees, expenses and costs deducted) thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) exercise any of HBML's rights under these Terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28. Application of Monies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.1. Application of Client's fiat currencies

If and when HBML accepts deposits of fiat currencies for, or on behalf of, the Client via HashKey Exchange, HBML will treat all such deposits as received or held in the course of the conduct of its regulated activities and will be applied in the following order of priority and any residue will be paid to the Client or to the Client's order as the Client may stipulate to HBML:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) meet the Client's obligations for settling or paying any amount that the Client owes to HBML in relation to any relevant activities carried out by HBML on behalf of the Client, irrespective of whether or not such activities amount to a regulated activity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) payment of all applicable costs, charges, legal fees and expenses including stamp duty, commission and brokerage properly incurred by HBML in transferring and selling all or any of the Client's Digital Assets, fiat currencies or property on the Client's behalf;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) payment of interest accrued on the aggregate outstanding amount due and owing to HBML or any of its nominees or Affiliates for the time being; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) payment of any other money and liabilities due or owing by the Client to HBML or any of its nominees or Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.2. In the event of any sale of any fiat currencies carried out by HBML on behalf of the Client to meet the Client's obligations for settling and paying any amount owned to HBML:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) HBML shall not be responsible for any Loss occasioned thereby howsoever arising if HBML sells or disposes of the Digital Assets or fiat currencies or any part thereof at the then available market price;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to the extent permitted by Applicable Laws, HBML shall be entitled to keep for itself or sell or dispose of the Digital Assets and/or fiat currencies or any part thereof at the available market price to any person at its discretion without being in any way responsible for Loss occasioned thereby howsoever arising and without being accountable for any profit made by HBML; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Client agrees to pay to HBML any shortfall if the net proceeds of sale shall be insufficient to cover all the outstanding balances owing by the Client to HBML or any of HBML's nominees or Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29. Online Trading Services and Network Events

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.1. Property in Information

The Client acknowledges and agrees that the information and materials made available to the Client through HashKey Exchange may be provided by HBML or any other person. The Client acknowledges and agrees that such information is the property of the person providing the same and is protected by copyright or contractual restrictions with respect to its use. The Client agrees not to reproduce, retransmit, disseminate, sell, distribute, publish, broadcast, circulate or commercially exploit such information without HBML's prior written consent. Without prejudice to any other restrictions set out in the Agreement, the Client undertakes that with respect to such information and materials, he shall not attempt to tamper with, modify, adapt, translate, de-compile, reverse-engineer or otherwise alter in any way, create derivative works based on, or combine or merge with or into any other software or documentation, gain unauthorized access to, make unauthorized use of or make use of for any illegal purpose (or any other purpose that is not contemplated in the Agreement), or remove, erase or tamper with any copyright or proprietary notice printed or stamped on, affixed to, or encoded or recorded on such information or materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.2. In entering into the Agreement, HBML shall grant to the Client a non-exclusive, non-transferable personal right to access and use the online trading service provided by HBML through HashKey Exchange to trade Digital Assets. The Client may only use the online trading service, his Account, and any information and materials for his own needs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.3. The Client agrees that prior to accessing or using the online trading service or his Account while he is outside his jurisdiction of residency, he will ensure that he complies with any laws, rules or regulations in the jurisdiction in which he is located.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30. Interruption

The Client acknowledges that Transactions over the internet may be subject to interruption, transmission blackouts, delayed transmissions due to internet traffic or incorrect data transmissions due to the public nature of the Internet.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31. Cyberattacks

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.1. Although HBML uses its best endeavours to manage and supervise the design, development, deployment and operation of HashKey Exchange in accordance with industry best practices and international standards to ensure that HashKey Exchange is appropriately secured against cyberattack, misuse or unauthorized access, HBML does not claim to have any ability to prevent or mitigate all cyberattacks and modifications on the blockchain networks. The Client authorizes HBML to take commercially reasonable actions in such event. If HBML determines the Digital Assets on HashKey Exchange have been compromised, the Client hereby authorizes HBML to halt or suspend trading, deposits and withdrawals for such Digital Asset.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.2. HBML will notify the Client as and when reasonably practicable of any cyberattack or cyber-related incident that results in unauthorised disclosure or access to any information relating to the Client or the Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32. Suspension

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.1. HBML reserves the right to halt or suspend any Services and HashKey Exchange trading, deposits and withdrawals at such time and for such duration in HBML's absolute discretion, including in case of emergency market closures and to allow for system upgrades / maintenance or node upgrades, or where, in HBML's opinion, such trading, deposits and/or withdrawals may result in HBML being associated with a Proscribed Person or Proscribed Address.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.2. If there is a risk of multiple Digital Assets resulting from a Fork, HBML reserves the right to determine which blockchain represents the original blockchain. In any such event, the Client agrees that HBML may temporarily suspend the Client's deposit and withdrawal requests in HBML's sole discretion and HBML may decide based on commercially reasonable efforts either (i) to configure or reconfigure HashKey Exchange's systems and/or HashKey Exchange; or (ii) not to support (or cease supporting) the branch derived from the forked protocol.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33. Network Events

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.1. Infrastructure Participant, Network Participant and Network Event

If:<br> (a) any Infrastructure Participant or Network Participant gives an Instruction or a direction, or otherwise makes a decision or election that affects a Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an Infrastructure Participant or Network Participant becomes insolvent or is suspended from operating; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) upon the occurrence of a Network Event,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.2. then HBML may take any action which it, in its sole discretion, considers appropriate to correspond with the Instruction, direction, decision, election or event, or to mitigate any Loss incurred or potential Loss or impact which may be incurred as a result of such action or event. Subject to Applicable Laws, such action may result in suspension of access to, or adjustment of the balance of, the Client's Account. Any such action will be binding on the Client (including, where relevant, making any decision or election in relation to a Network Event).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34. Cooperation and Enquiries

Where any Infrastructure Participant, Network Participant or any Government Agency makes an enquiry which relates to any service or Transaction carried out pursuant to the Agreement, the Client agrees to co-operate with HBML in the provision of such information, and that any information relevant to the enquiry may be passed to any of HBML's nominees or Affiliates, the Custodian or any Infrastructure Participant, Network Participant or Government Agency, as appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35. Staking

In relation to a Digital Asset on a "proof-of-stake" consensus protocol or an analogous nature, HBML does not, unless specifically announced on the Website, support the staking of such Digital Asset and does not distribute any rewards associated with such staking. Where specifically announced on the Website that the staking of a Digital Asset will be supported by HBML, HBML may in its discretion consider such terms and conditions, which shall include without limitation the methodology of allocation of all the associated costs, fees or rewards to all affected clients, upon which HBML will implement support of such event as part of HBML's services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36. Airdrop and Fork

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.1. Unless specifically announced on the Website in relation to an Airdrop or a Fork, HBML does not support any new Digital Assets created or forked protocol as a result of such a Network Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.2. Without limiting the generality of the foregoing Clause, on each occasion of an Airdrop or a Fork, HBML may in its sole discretion consider whether: (1) any such Network Event would be recognised or supported; (2) such terms and conditions, which shall include without limitation the methodology of allocation of all the associated costs, fees or rewards to all affected clients, upon which HBML will implement support of such Network Event as part of HBML's services; and (3) such actions required for participation in the Network Event, including without limitation deadlines relating to the withdrawal of the relevant Digital Assets from the Client's Account, suspension period for any trading, deposit and withdrawal or any payment terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.3. In the event that HBML does not recognize or support an Airdrop or a Fork, HBML shall not make a claim for, or otherwise retain, any assets or rights associated with such Network Event for its own benefit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37. Notification

Upon becoming aware of an Airdrop, a Fork or a Network Event, HBML shall, where applicable, notify the Client as soon as practicable, and will publish any determination at least one (1) business day before the occurrence of the Network Event (if scheduled in advance and made known to the public), unless to do so is impossible or reasonably impracticable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38. KYC and AML/AFT Requirements Policy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.1. The Client shall complete HBML's KYC verification and AML/CFT Requirements as may be required by HBML from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.2. The Client further acknowledges that HBML may, at any time after the Account is established, request further information from the Client for the purpose of KYC verification or AML/CFT Requirements and the Client shall promptly provide any information as required by HBML, otherwise HBML may suspend any activities of the Client's Account without further notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.3. In the event that the Client cannot satisfy HBML in respect of KYC requirements and AML/CFT Requirements, then the Client may not be able to open and/or access the Account, HBML will have sole discretion in deciding whether to terminate the Client's Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.4. If any funds or Digital Assets as transferred by the Client to HBML under these Terms would be subject to the applicable reporting requirements such as FATCA (including those contained in sections 1471(b) or 1472(b) of the FATCA, as applicable) on the United States federal withholding tax as imposed, the Client hereby agrees and shall deliver to HBML, at the time or times prescribed by Applicable Laws and at such time or times reasonably requested by HBML, such documentation prescribed by Applicable Laws (including as prescribed by section 1471(b)(3)(C)(i) of the FATCA) and such additional documentation reasonably requested by HBML as may be necessary for HBML to comply with HBML's obligations under FATCA or any Applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.5. Notwithstanding any other provision of the Agreement to the contrary, HBML is not obliged to do or omit to do anything if it would, or might in HBML's reasonable opinion, constitute a breach of any AML/CFT Requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.6. The Client agrees that HBML may take reasonable time to consider, verify or block a Transaction, if the Client or any other person or entity in connection with the Transaction becomes a Proscribed Person or has a Proscribed Address, or upon the occurrence of a match on HBML's sanctions filters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39. Common Reporting Standard

The Client hereby acknowledges that HBML is committed to the common reporting standard as imposed by the automatic exchange of financial information which have been incorporated into Applicable Laws. As a result the Client hereby authorizes HBML to collect information regarding the Client (including but not limited to the Client's name, the Client's address, the Client's jurisdiction of residence, the Client's taxpayer identification number, the Client's balance of Digital Assets in the Account, the total amount of dividends and/or interest as received by the Client as a result of holding the Digital Assets, all of the above common reporting standard information relating to the Client's controlling person (collectively, the "CRS Information")), by way of the Client completing a self-certification statement to HBML as required by HBML from time-to-time, and retain the CRS Information for a period of no less than seven (7) years from the moment of collection, and also authorizes HBML to furnish reports including the Client's CRS Information for the purpose of being submitted to the relevant Government Agencies. The Client further acknowledges that it is an offence under the Applicable Laws to make any misleading, false or incorrect statement to HBML when providing the CRS Information and the Client hereby warrants that all CRS Information provided is accurate and the Client shall keep HBML updated should there be any changes to the Client's CRS Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40. Market Misconduct

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.1. The Client hereby acknowledges that HBML is committed to the highest standards of market surveillance compliance and requires all its employees as well as its clients to adhere to these standards to prevent the use of HashKey Exchange for market manipulation and to engage in abusive activities or market misconduct. The Client hereby agrees to comply with the same standard and not engage in activities which constitute market misconduct under the Applicable Laws including, but not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) insider dealing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) false trading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) price rigging;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) disclosure of information about prohibited Transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) disclosure of false or misleading information inducing Transactions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) market manipulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.2. If HBML notes or suspects any market misconduct, the Client understands that the Client's Account(s) may be suspended and/or terminated and the relevant activities may be reported to the relevant Government Agencies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41. Client Identity

The Client shall, immediately upon request by HBML provide details of the Client's proof of identity, address, occupation and contact details (as requested by HBML) of the person with the ultimate beneficial interest in the relevant Transaction. The Client shall also inform HBML of the identity, address, occupation and contact details of any other party (if different from the Client or the ultimate beneficiary) that originated the relevant Transactions. Further, the Client shall also disclose to HBML details of the Instruction(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42. Clearly Erroneous Transaction Policy and Transaction Records

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.1. The Client acknowledges that HBML may consider in HBML's sole and absolute discretion a Transaction to be clearly erroneous when its price is substantially inconsistent with the market price at the time of execution (each, a "Clearly Erroneous Transaction"). In making a determination, HBML may take into account the circumstances at the time of the Transaction, the preservation of the integrity of the market, the maintenance of a fair and orderly marketplace and any other relevant factors. The Client is responsible for ensuring that the appropriate price and Instruction is given to HBML. The Client acknowledges that a simple assertion by the Client that a mistake was made in giving an Instruction, or that the Client has failed to pay attention to or update any Instruction, may not be sufficient to establish it as a Clearly Erroneous Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.2. The Client agrees and understands that if HBML determines a Transaction to be a Clearly Erroneous Transaction, HBML may declare it null and void, in whole or in part, even if the Client and/or any other party does not agree to cancel or modify it. In determining whether a Transaction is a Clearly Erroneous Transaction, HBML may consider the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) suspicious trading activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) violations of the Rules on HashKey Exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if there was an obvious error in any term, including, but not limited to, price, amount of Digital Assets, or other unit of trading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if there was a disruption or malfunction in the operation of any trading system or component of HashKey Exchange, or any other relevant Digital Asset network; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) if there were extraordinary market conditions or other circumstances in which the nullification or modification of Transactions may be necessary for the maintenance of a fair and orderly market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.3. The Client authorizes HBML to make a determination and take any action pursuant to this Clearly Erroneous Transaction Policy within two (2) business days of a Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.4. The Client acknowledges and agrees that if HBML amends a transaction in accordance with Clause 42.2 above, HBML will notify the Client of the details of the amended terms of the Transaction to the Client in accordance with Clause 44 of this Agreement and will affect such transfers to Digital Assets or fiat currencies (if and where applicable) to and/or from the Account as required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.5. The Client acknowledges and agrees that he/she shall be solely responsible for his/her own transactions with any third parties that may have been entered in connection with or reliance on any Transaction(s) that may be subject to any amendment in accordance with this Clause 42.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.6. The Client should regularly check the Transaction history recorded in the Account to ensure that he/she notifies HBML as soon as possible of any unauthorized or incorrect transactions. Notifying HBML of any unauthorized or incorrect transactions does not guarantee that HBML will be able to reverse, amend or reimburse the Client for the Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43. Termination

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.1. Termination by Notice

These Terms may be terminated by either party by giving not less than five (5) business days' prior written notice to the other party. Termination of these Terms shall not affect any Instruction executed for the Client or prejudice or affect any rights, powers, duties and obligations of either party accrued prior to the termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.2. HBML may also terminate these Terms immediately upon the occurrence of any one or more of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the occurrence of any of the Events of Default referred to in Clause 26.1;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the withdrawal of the Client's authorization to HBML to hold Digital Assets on behalf of the Client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) where HBML reasonably suspects that the Client's Account is used by persons other than the Client or any Authorized Person(s) or for market misconduct referred to in Clause 40 or any illegal, fraudulent, or unauthorised purpose;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) where HBML is required to do so by Applicable Law, or any court or authority to which HBML is subject in any jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the use of the Client's Account is subject to any pending, ongoing or threatened litigation, investigation, or judicial, governmental or regulatory proceedings and/or HBML perceives a heightened risk of legal or regulatory non-compliance associated with the Account activity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) where HBML has reasonable concerns regarding the Client's creditworthiness or financial status, including but not limited to situations where the Client becomes insolvent or bankruptcy proceedings are filed against the Client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) where HBML suspects that there is an occurrence of money laundering, terrorist financing, fraud or any other crime in connection with the Account or the Client's use of the Services;<br> (h) where the Client no longer maintains an Account with HashKey Exchange; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) there is any other valid reason which requires HBML to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.3. The Client acknowledges and agrees that the events set out in Clause 43.2 is a non-exhaustive list and HBML's decision to take certain actions, including but not limited to termination, suspension or restriction of access to or trade under an Account or any Product or Services may be based on confidential reasons that are essential to HBML's risk management, security or other compliance protocols.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.4. In addition to the above, HBML may suspend, restrict, or terminate the Account (and any accounts beneficially owned by related entities or affiliates of the Client), freeze, or lock the funds in all such Accounts, and suspend the Client's access to the HashKey Exchange where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Client's Account has been classified as a dormant account as reasonably determined by HBML;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Client acts in a manner that is abusive of the Account as reasonably determined by HBML;<br> (c) HBML decides not to provide any services in relation to the Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) where HBML detects unusual activity or suspects that the Account is being used to engage in illegal activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) if the Client fails to pay the fees and charges included or the Client fails to pay any amount owing to HBML or its Affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Account is subject to a government proceeding, criminal investigation, or other pending litigation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) HBML is required to do so by a court order or command by a regulatory/government authority; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any other circumstance which requires HBML to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.5. Termination of these Terms under this Clause is without prejudice to any other provisions of these Terms and shall not affect:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Transactions entered into by HBML pursuant to these Terms before the termination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any accrued rights or liabilities of any of the parties which may already have arisen pursuant to these Terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any warranties, representations, undertakings and indemnities given by the Client pursuant to these Terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any rights of HBML over any of the Client's property in the possession or control of HBML whether the same be held for safe custody, and whether pursuant to these Terms or otherwise so long as there are any outstanding liabilities of the Client to HBML; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the rights or liabilities of either party to these Terms arising out of, or in connection with, any outstanding orders or open contracts at the time of such termination whether with respect to commissions, expenses, indemnities or otherwise whatsoever or howsoever in accordance with these Terms until all such orders or contracts have been closed out or settlement and/or delivery has been effected and all such liabilities have been fully discharged.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.6. Upon termination of these Terms under this Clause, all amounts due or owing by the Client to HBML under these Terms shall become immediately due and payable. Within a commercially reasonable period following termination and subject to these Terms and Applicable Laws and provided that the Account is not suspended or restricted in accordance with Clause 43.4 above, HBML shall release or otherwise return all Client assets held by HBML to the Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.7. All provisions in the Agreement in connection with payments, clawbacks, indemnities, limitation of liability, disclosure of information (including confidentiality), set-off, currency conversion, Tax, and the provisions in Part 2 (General Provisions) survive termination of the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44. Notice and Communication

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.1. Any notice or other communication to be given or made pursuant to these Terms by HBML to the Client may be made by personal delivery, prepaid post, electronic means or facsimile and shall be deemed to have been duly served:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If delivered personally or by electronic means, at the time of delivery;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If sent by prepaid post, 48 hours after posting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If sent by facsimile, at the time of sending.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.2. Any such notice or communication shall be sent to the Client at the address, facsimile number or e-mail address last known to HBML.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.3. Any notice or communication made or given by the Client will be effective only upon actual receipt by HBML.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.4. Any notice or communication may include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Terms and policies (e.g., the Complaint Handling Procedure, Privacy Policy, and Rules), including updates to these agreements and policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) account details, history, transactions, receipts, confirmations, and any other account or transaction information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) legal, regulatory, and tax disclosures or statements HBML may be required to make available to the Client. Clients are responsible for verifying transaction statements for correctness and inform HBML of any suspected errors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) responses to claims, complaints or customer support inquiries filed in connection with the Account and the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.5. The Client is responsible for keeping its contact details up to date (through updating its information on the Website, through the HashKey Exchange mobile application or through contacting Customer Support) and will promptly notify HBML in writing of any change in the Client's name, address, facsimile number, e-mail address or other electronic delivery address. Until HBML has received and had reasonable time to act on any notice of a change, HBML may continue to send communications to the Client's recorded address, facsimile number, e-mail address or other electronic delivery address, and any such communications will be deemed to have been delivered to the Client, whether or not the Client actually received them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.6. The Client acknowledges and agrees that it is responsible for having any necessary hardware, software, internet access, technology access, e-mail address or other electronic address to receive and access the communications sent electronically, including a printer or other device to download and save any information that the Client may wish to retain.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.7. The Client understands that certain risks are associated with the electronic delivery of communications including but not limited to information technology risks, unauthorized access, systems outages, delays, disruptions in telecommunications services and the internet. The Client understands and acknowledges that communications transmitted electronically may be altered or changed during the process of transmission and consequently HBML does not accept any liability or responsibility whatsoever in respect of any such alteration or change. Electronic messages (including e-mails) may contain computer viruses or other defects, may not be accurately replicated on other systems, or may be intercepted, deleted or interfered with or without the knowledge of the sender or the intended recipient. HBML makes no warranties in relation to these matters. HBML reserves the right to intercept, monitor and retain electronic messages to and from its systems as permitted by Applicable Laws. The Client's use of electronic media is at the Client's own risk and it is the Client's responsibility to take precautions to ensure that any such electronic medium is free from viruses and other items of a destructive nature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.8. Subject to Applicable Laws, Instructions and communications digitally signed and supported by a digital certificate have the same validity, admissibility and enforceability as if signed in writing. Without prejudice to the generality of the foregoing, the Client acknowledges and agrees that electronically executed contracts are enforceable, notwithstanding the legal risks associated with them. The Client agrees not to dispute the contents of any notice or communication sent by HBML via electronic means.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.9. If an Account is established for more than one person, notices and communications (including notices of any variation to the Agreement and any statements (including any consolidated statements)) sent to the email notified to HBML as the email for receipt of notices and other communications in connection with the Agreement are taken to be given to all persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.10. The Client agrees that HBML may charge the Client a reasonable charge for the delivery of paper copies of any communications that have previously been or would otherwise be delivered to the Client electronically. The Client further agrees that neither the Client's request for paper copies, nor HBML's delivery of paper copies will imply that the previous electronic delivery of the communications did not constitute good and effective delivery.

PART 2 – General Provisions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45. Time is of the Essence

Time shall in every respect be of the essence under these Terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46. Waiver and Variation

A provision of the Agreement, or right created pursuant to it, may not be waived except in writing signed by the party or parties to be bound and is only effective for the purpose for which it is given. The Client acknowledges and agrees that, subject to the Agreement and any Applicable Laws, various features of the activities contemplated by the Agreement may be changed by HBML at any time, including without limitation any applicable costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47. Invalidity

If any one or more of the provisions contained in these Terms shall be invalid, unlawful or unenforceable in any respect under any Applicable Laws, the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48. Assignment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48.1. These Terms shall benefit, and be binding on, HBML and the Client, their respective successors and subject to this Clause 48.1, any permitted assignee or transferee of any or all of HBML's rights or obligations under these Terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48.2. The Client may not assign or transfer all or any of the Client's rights or obligations under these Terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48.3. HBML may assign or transfer all or part of HBML's rights, benefits and obligations hereunder to such person(s) and disclose to a potential transferee or any other person proposing to enter into contractual arrangements with HBML in relation to these Terms such information about the Client as HBML may at its absolute discretion think fit to the extent permitted by Applicable Laws. HBML shall notify the Client of any such assignment or transfer as soon as commercially practicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48.4. Without limiting Clauses 48.1 to 48.3, in the event that HBML is restructured or acquired, merged or consolidated with another entity, the Client agrees that HBML may transfer or assign the information it has collected from the Client and our relationship with the Client (including these Terms) as part of such restructuring, merger, acquisition or consolidation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49. Exercise of Rights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.1. Unless expressly stated otherwise in the Agreement, HBML may, without giving any reason, exercise a right or remedy, give or refuse its consent or approval, and/or make any other determination or decision in connection with the Agreement in any way it considers appropriate in its absolute discretion, including by imposing conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.2. HBML shall not be liable for any Loss caused by the exercise or attempted exercise of, failure to exercise, or delay in exercising, a right or remedy, whether or not caused by its negligence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.3. HBML's rights and remedies under the Agreement are in addition to other rights and remedies provided by Applicable Laws independently of the Agreement, do not merge with and are not adversely affected by any other agreement and may be executed independently or together with any rights or remedies including under any other agreement, and are not affected by any payment, settlement or anything which might otherwise affect them pursuant to Applicable Laws including the variation of the Agreement or the insolvency of any person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50. Non-Waiver

No failure, delay or omission in exercising any right, power or privilege by HBML in respect of these Terms will operate as a waiver, nor shall a single or partial exercise, enforcement or waiver of any such right, power or privilege preclude HBML from further exercise, enforcement, or the exercise or enforcement of any other right, power or privilege hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51. Approvals and Consents

HBML does not make or give any warranty or representation as to any circumstance relating to the subject matter of the consent or approval merely by virtue of having given its approval or consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52. Complying with an Order from a Court or Government Agency

The Client shall not commence proceedings against HBML in relation to its actions if HBML is acting only in accordance with such orders served upon it from a court or a Government Agency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53. Third Party Services

Subject to the other provisions of the Agreement, and to Applicable Laws, HBML may (a) employ independent contractors and agents (including correspondents) or utilize the services of its Affiliates or another third party to make certain functions or information available to the Client and/or otherwise to effect the services provided for under the Agreement, on such terms that HBML considers appropriate. Any such persons may be located in a jurisdiction outside of Bermuda; and (b) change any service provider at any time without prior notice. The Client acknowledges and agrees that in addition to the Agreement, the Client's use of such services provided for under the Agreement may be subject to the terms and conditions imposed by relevant third parties from time to time, as notified to the Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54. Joint and Several Liabilities

If the Client consists of more than one person, then the liabilities of each such person hereunder shall be joint and several. Any notice, payment or delivery by HBML to either or any one of the joint account holders shall be a full and sufficient discharge of HBML's obligations to notify, pay or deliver under these Terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55. Material Change

Either party will notify the other in the event of any material change to the information contained in these Terms or provided to the other party pursuant to these Terms as soon as practicable after it becomes aware of the change. HBML shall notify the Client in writing of any material changes to the Rules, HBML's licensing status with the BMA or licence/registration information, or any other material changes that may affect the Client's account. For the purposes of this clause, a "material change" means any change that is likely to have a significant impact on the other party's rights or obligations under these Terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56. Severability

If and to the extent that an Applicable Law is inconsistent with the Agreement in a way that would otherwise have the effect of making a provision of the Agreement illegal, void or unenforceable, or contravene a requirement of any Applicable Laws or impose an obligation or liability which is prohibited by that Applicable Laws, then such Applicable Laws shall override the Agreement to the extent of the inconsistency, and the Agreement is to be read as if that provision were varied to the extent necessary to comply with those Applicable Laws and avoid their effect (or, if necessary, omitted).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57. Third Party Rights

The Agreement does not create or confer any rights or benefits enforceable by any person not a party to it except HBML's Affiliates and nominees, and any other indemnified party (as set out in Clause 19) may enforce its rights or benefits in the Agreement, including any indemnity, limitation or exclusion of liability; and a person who is a permitted successor or assignee of the rights or benefits of HBML under the Agreement may enforce those rights or benefits. Notwithstanding the foregoing, no consent from the persons referred to in this Clause shall be required for the parties to vary or rescind the Agreement (whether or not in a way that varies or extinguishes rights or benefits in favor of those third parties).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58. Risk Disclosure and Disclaimer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58.1. The Client declares and acknowledges that the Risk Disclosures Statement available on the Website associated with trading Digital Assets has been fully explained to the Client in a language that the Client understands and chooses and the Client has been invited to read the Risk Disclosures Statement associated with trading Digital Assets. The Client has been given the opportunity to ask questions and to seek independent legal and financial advice if the Client wishes. The Client further declares that the Client has carefully and thoroughly read the Risk Disclosures Statement associated with trading Digital Assets and fully understands and accepts its contents and agrees to be bound by the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58.2. The Client represents, warrants and undertakes to HBML that if the Client gives Instructions for effecting Transactions under the Account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Client fully understands the nature, features and risks of the Digital Assets and is willing to bear such risks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Client has sufficient net worth to be able to assume the risks and bear the potential losses of trading in the Products; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Client has thoroughly and independently considered the risks involved, its investment objectives, financial needs and commitments and the Client's own circumstances before giving the Instructions, whether or not the Client has trading experience with respect to such or any Digital Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58.3. The Client acknowledges, understands and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the price of Digital Assets and the income from them (if applicable) can be extremely volatile and highly unpredictable. Any individual Digital Asset may experience upward or downward price movements and may even become valueless. There is an inherent risk that significant losses may be incurred over a short period of time rather than profit made as a result of buying and selling Digital Assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the actual bid and offer prices of any Transaction will be determined at the time when such Transaction is effected and any figures which may have been quoted by HBML or HBML's representatives prior to such Transaction are indicative only;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any price of any Digital Asset quoted by HBML in response to any enquiry by the Client is for reference only and shall not be binding on HBML or any of HBML's market information providers. HBML shall be entitled to act on any Instruction for the sale and purchase of any Digital Asset even if the price of such Digital Asset has altered to the disadvantage of the Client between the time of HBML's receipt of such Instruction and the time at which HBML or HBML's agent completes any such sale or purchase;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the use of any HBML service does not guarantee a fault-free service and may, from time to time, encounter technical failure, delay, malfunction or interruption that may impact or interfere with the Client's trading activity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the configuration of any third party software to HashKey Exchange is the Client's own responsibility and technical assistance from HashKey Exchange support may be limited;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Digital Assets are highly risky and the Client should exercise caution in relation to the products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) a Digital Asset may or may not be considered as "property" under Applicable Laws, and such legal uncertainty may affect the nature and enforceability of the Client's interest in such Digital Asset;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the offering documents or product information provided by an issuer of Digital Assets have not necessarily been subject to scrutiny by any Government Agency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Digital Assets held by HBML or its Affiliates are not eligible for any public or private deposit insurance protection or other programmes of a similar nature;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) investor compensation arrangements or other programmes of a similar nature do not necessarily apply to Transactions (irrespective of the nature of the relevant tokens);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) a Digital Asset is not necessarily legal tender, and it is not necessarily backed by any Government Agency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Transactions may be irreversible, and, accordingly, losses due to fraudulent or accidental Transactions may not be recoverable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) the value of a Digital Asset may be derived from the continued willingness of market participants to exchange fiat currency for a Digital Asset, which means that the value of a particular Digital Asset may be completely and permanently lost should the market for that Digital Asset disappear. There is no assurance that a person who accepts a Digital Asset as payment today will continue to do so in the future;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) legislative and regulatory changes may adversely affect the use, transfer, exchange and value of Digital Assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) some Transactions may be deemed to be executed only when recorded and confirmed by HBML, which may not necessarily be the time at which the Client initiates the Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) the nature of Digital Assets exposes them to an increased risk of fraud or cyberattack;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) the nature of Digital Assets means that any technological difficulties experienced by HBML may prevent the Client from accessing his Digital Assets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) the Client may view content relating to the Products and Services provided by third parties, including links to web pages of such parties ("Third-Party Content"). HBML do not control, endorse or adopt any Third-Party Content and shall have no responsibility for Third-Party Content, including without limitation material that may be misleading, incomplete, erroneous, offensive, indecent or otherwise objectionable. HBML is not responsible or liable for any loss or damage of any sort incurred as the result of any such dealings, and the Client understands that its use of Third-Party Content, and its interactions with third parties, is at their own risk.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58.4. The Client expressly agrees that the Client's use of HashKey Exchange, the Website and any Services of HBML is at the Client's sole risk. The trading interface, the information and all aspects of HashKey Exchange (including, but not limited to, order execution) are provided on an 'as is' basis, without warranty of any kind, express or implied, including but not limited to warranties of title or implied warranties of merchantability or fitness for a particular purpose. No oral advice or written information given by HBML, its Affiliates or any information providers shall create a warranty. HBML does not guarantee the timeliness, sequence, accuracy or completeness of market data or any market information (including any information provided to the Client) at HashKey Exchange; and HBML shall not be liable in any way for any Losses arising from or caused by (i) any inaccuracy, error in or omission from any such data, information or message; (ii) any delay in the transmission or delivery thereof; (iii) any suspension or congestion in communication; (iv) any unavailability or interruption of any such data, message or information whether due to any act of HBML or (v) by any forces beyond the control of HBML.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59. Language

These Terms are written in an English version and may be translated to other languages. In the event of any conflict between any two versions or any ambiguity, the English version shall take precedence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60. Amendment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60.1. HBML shall have absolute rights to amend, delete or substitute any of the terms herein or add new terms to the Agreement upon reasonable notice (and where required by Applicable Law, we may provide not less than 30 days prior notice for any material amendments) to the Client, in order to comply with regulatory requirements, to meet operational requirements or for other reasons that we deem necessary, including without limitation, any amendments to the fees. Where HBML amends these Terms, an amendment notice and the revised Terms (or relevant amended document) will be posted at the download forms column of the Website. The Client should visit the Website from time to time to obtain the latest Terms and read the terms thereof. Such amendment, deletion, substitution or addition shall be deemed as effective and incorporated herein (and shall form part of these Terms) on the date of publication of such amendment notice. Clients who object to the amendment will be given an opt-out option to terminate their Accounts under these Terms and should send written objections to HBML within fourteen (14) business days after the publication of such amendment notice at the Website, failing which you shall be deemed to have accepted such amendment, deletion, substitution or addition to the Terms and the revised Terms (or relevant amended document) shall be binding against you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60.2. We may not be able to continue providing any Services to the Client if the Client objects to the amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61. Governing Law and Applicable Regulation

These Terms and any Dispute shall be governed by and construed in accordance with the laws of the Hong Kong Special Administrative Region of the People's Republic of China ("Hong Kong").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62. Jurisdiction and Dispute Resolution

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62.1. The Client must notify HBML of any Dispute he/she may have in writing by sending a written notice to support@global-cs.hashkey.com before commencing arbitration proceedings in accordance with Clause 62.2. This written notice must (i) describe the nature and basis of the Dispute, (ii) set forth the specific relief sought, (iii) provide any existing reference number with HBML for the Dispute, and (iv) include the Account information and appropriate communication details. If the Dispute cannot be resolved following 30 days of the Client's notice in writing, the Client may submit the Dispute to arbitration in accordance with Clause 62.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62.2. Any Dispute, controversy or claim arising out of or in connection with these Terms shall be referred to and finally and exclusively resolved by arbitration administered by the Hong Kong International Arbitration Centre ("HKIAC") in accordance with HKIAC Administered Arbitration Rules in force when the Notice of Arbitration is submitted, which are incorporated into this Clause. The law of this arbitration clause shall be governed by, and construed and interpreted in accordance with the laws of Hong Kong. The seat of arbitration shall be Hong Kong. The number of arbitrators shall be three. The arbitration proceedings shall be conducted in English.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62.3. The agreement to arbitrate shall be binding upon the parties, their successors and assigns and survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62.4. Where a Client alleges or claims that a Dispute has arisen between it and any of the HBML's Affiliates, nominees any other indemnified party (as set out in Clause 19) who is not otherwise a party to this Agreement, HBML's Affiliates, nominees any other indemnified party may require that the Dispute be finally resolved by arbitration in accordance with Clause 62.2 (without prejudice to that party's right to make a jurisdictional challenge), provided that such party exercises its right to arbitration under this Clause 62 by notice in writing to all parties to the Terms within 7 days of being notified in writing of the Dispute. For the avoidance of doubt, the Client provides express consent to the joinder of such indemnified party to an arbitration commenced pursuant to this Clause 62.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63. Class action waiver

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63.1. Each party agrees that any Dispute shall be referred to arbitration in accordance with Clause 62 on an individual basis only and not as a claimant or class member in a purported class or representative action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63.2. The Client agrees to waive any right for such Disputes to be brought, heard, or arbitrated as a class, collective, representative, or private attorney general action, to the extent permissible by Applicable Law. Combining or consolidating individual arbitrations into a single arbitration is not permitted without the consent of HBML.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64. Customs

Transactions effected by HBML on the Client's behalf are subject to Applicable Laws, regulations, constitution, by-laws, rules, customs, usage, rulings and interpretations and transaction levies of the relevant market, HashKey Exchange, clearing house or jurisdiction as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65. Survival

Upon the later of the closure of your Account and the termination of your access to and use of the Services the Terms shall terminate. All rights and obligations of the parties that by their nature are continuing will survive the termination of the Terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66. Confidentiality

The Client agrees that it will treat as confidential all information provided in the course of the Client's use of the Services, including, but not limited to, any communication between the parties, any information or documents exchanged between the parties pursuant to Clause 60.1, any written information (including information provided in electronic form) or oral information which is confidential or a trade secret or proprietary and which is clearly identified as confidential at the time of disclosure or would be assumed by a reasonable person to be confidential under the circumstances surrounding the disclosure (the "Confidential Information"). Notwithstanding the foregoing, the Confidential Information will not include information which is: (a) already known by the Client prior to receipt from HBML; (b) publicly known or becomes publicly known through no wrongful act of the Client; (c) received from a third party without the Client having knowledge of a breach of any other relevant confidentiality obligation; or (d) independently developed by the Client. The obligations of this Clause 66 does not prevent the Client from disclosing Confidential Information either: (a) to a third party pursuant to a written authorization from HBML; or (b) to satisfy a requirement of, or demand by, a competent court of law or other tribunal or governmental, or administrative or regulatory or self-regulatory body or listing authority or any Applicable Law, provided that HBML is notified prior to such disclosure to the extent permitted by Applicable Law.

If the Client has any queries relating to these Terms, please address them by to support@global-cs.hashkey.com.

· · · · · · · · · ![](ex10-22_001.jpg)

· ![](ex10-22_001.jpg)

· ![](ex10-22_001.jpg)

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Copyright 2025© HashKey Global. All rights reserved.

## Exhibit 10.25

**Exhibit 10.25**

![](ex10-25_001.jpg)

![](ex10-25_002.jpg)

![](ex10-25_003.jpg)

![](ex10-25_004.jpg)

![](ex10-25_005.jpg)

## Exhibit 10.27

**Exhibit 10.27**

![](ex10-27_001.jpg)

![](ex10-27_002.jpg)

## Exhibit 10.28

**Exhibit 10.28**

![](ex10-28_001.jpg)

![](ex10-28_002.jpg)

## Exhibit 10.29

**Exhibit 10.29**

![](ex10-29_001.jpg)

![](ex10-29_002.jpg)

## Exhibit 10.30

**Exhibit 10.30**

![](ex10-30_001.jpg)

![](ex10-30_002.jpg)

## Exhibit 10.34

**Exhibit 10.34**

![](ex10-34_001.jpg)

![](ex10-34_002.jpg)

![](ex10-34_003.jpg)

![](ex10-34_004.jpg)

![](ex10-34_005.jpg)

## Exhibit 10.35

**Exhibit 10.35**

![](ex10-35_001.jpg)

![](ex10-35_002.jpg)

![](ex10-35_003.jpg)

## Exhibit 14.1

**Exhibit 14.1**

**COOLBIT TECHNOLOGIES LIMITED** 

**CODE OF BUSINESS CONDUCT AND ETHICS** 

**I. PURPOSES** 

The Board of Directors (the "Board") of Coolbit Technologies Limited (the "Company") has adopted this Code of Ethics (this "Code"), which is applicable to all directors, officers, and employees (to the extent that employees are hired in the future) (each a "person," as used herein) of the Company, with the intent to:

● promote honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

● promote the full, fair, accurate, timely, and understandable disclosure in reports and documents that the Company files with, or submits to, the Securities and Exchange Commission (the "SEC"), as well as in other public communications made by or on behalf of the Company;

● promote compliance with applicable governmental laws, rules, and regulations;

● deter wrongdoing; and

● require prompt internal reporting of breaches of, and accountability for adherence to, this Code.

This Code may be amended only by resolution of the Board. In this Code, references to the "Company" means Coolbit Technologies Limited, and include, in the appropriate context, the Company's subsidiaries.

**II. HONEST, ETHICAL AND FAIR CONDUCT** 

Each person owes a duty to the Company to act with integrity. Integrity requires, among other things, being honest, fair, and candid. Deceit, dishonesty, and subordination of the Company's interests to personal interests are inconsistent with integrity. Service to the Company should never be subordinated to personal gain or advantage.

Each person must:

● Act with integrity, including being honest and candid while still maintaining the confidentiality of the Company's information where required or in the Company's interests.

● Observe all applicable governmental laws, rules, and regulations.

● Comply with the requirements of applicable accounting and auditing standards, as well as Company policies, in order to maintain a high standard of accuracy and completeness in the Company's financial records and other business-related information and data.

● Adhere to a high standard of business ethics and not seek competitive advantage through unlawful or unethical business practices.

● Deal fairly with the Company's customers, suppliers, competitors, and employees.

● Refrain from taking advantage of anyone through manipulation, concealment, abuse of privileged information, misrepresentation of material facts, or any other unfair-dealing practice.

● Protect the assets of the Company and ensure their proper use.

● Refrain from (i) taking for themselves corporate or business opportunities that are discovered through the use of corporate assets, (ii) using corporate assets, information, or position for personal gain, and (iii) competing with the Company.

● Avoid conflicts of interest, wherever possible, except as may be allowed under guidelines or resolutions approved by the Board (or the appropriate committee of the Board). Anything that would be a conflict for a person subject to this Code also will be a conflict if it is related to a member of his or her family or a close relative. Examples of conflict of interest situations include, but are not limited to, the following:

● any significant ownership interest in any supplier or customer;

● any consulting or employment relationship with any customer, supplier, or competitor;

● any outside business activity that detracts from a person's ability to devote appropriate time and attention to his or her responsibilities with the Company;

● the receipt of any money, non-nominal gifts, or excessive entertainment from any entity with which the Company has current or prospective business dealings;

● being in the position of supervising, reviewing, or having any influence on the job evaluation, pay, or benefit of any close relative;

● selling anything to the Company or buying anything from the Company, except on the same terms and conditions as comparable officers or directors are permitted to so purchase or sell;

● any other financial transaction, arrangement, or relationship (including any indebtedness or guarantee of indebtedness) involving the Company; and

● any other circumstance, event, relationship, or situation in which the personal interest of a person subject to this Code interferes – or even appears to interfere – with the interests of the Company as a whole.

**III. DISCLOSURE** 

The Company strives to ensure that the contents of and the disclosures in the reports and documents that the Company files with the SEC and other public communications shall be full, fair, accurate, timely, and understandable in accordance with applicable disclosure standards, including standards of materiality, where appropriate. Each person must:

● not knowingly misrepresent, or cause others to misrepresent, facts about the Company to others, whether within or outside the Company, including to the Company's independent auditors, governmental regulators, self-regulating organizations, and other governmental officials, as appropriate; and

● in relation to his or her area of responsibility, properly review and critically analyze proposed disclosure for accuracy and completeness.

In addition to the foregoing, the Chief Executive Officer and Chief Financial Officer of the Company and each subsidiary of the Company (or persons performing similar functions), and each other person that typically is involved in the financial reporting of the Company must familiarize himself or herself with the disclosure requirements applicable to the Company as well as the business and financial operations of the Company.

Each person must promptly bring to the attention of the Chairperson of the Audit Committee of the Board (the "Audit Committee") (or the Chairperson of the Board if no Audit Committee exists) any information he or she may have concerning (a) significant deficiencies in the design or operation of internal and/or disclosure controls which could adversely affect the Company's ability to record, process, summarize, and report financial data or (b) any fraud, whether or not material, that involves management or other employees who have a significant role in the Company's financial reporting, disclosures, or internal controls.

**IV. COMPLIANCE** 

It is the Company's obligation and policy to comply with all applicable governmental laws, rules, and regulations. It is the personal responsibility of each person to, and each person must, adhere to the standards and restrictions imposed by those laws, rules, and regulations, including those relating to accounting and auditing matters.

**V. REPORTING AND ACCOUNTABILITY** 

The Board or Audit Committee, if one exists, is responsible for applying this Code to specific situations in which questions are presented to it and has the authority to interpret this Code in any particular situation. Any person who becomes aware of any existing or potential breach of this Code is required to notify the Chairperson of the Board or Audit Committee promptly. Failure to do so is itself a breach of this Code.

Specifically, each person must:

● Notify the Chairperson promptly of any existing or potential violation of this Code.

● Not retaliate against any other person for reports of potential violations that are made in good faith. The Company will follow the following procedures in investigating and enforcing this Code and in reporting on this Code:

● The Board or Audit Committee, if one exists, will take all appropriate action to investigate any breaches reported to it.

● If the Audit Committee, if one exists, determines by majority decision that a breach has occurred, it will inform the Board.

● Upon being notified that a breach has occurred, the Board by majority decision will take or authorize such disciplinary or preventive action as it deems appropriate, after consultation with the Audit Committee, if one exists, and/or the Company's counsel, up to and including dismissal or, in the event of criminal or other serious violations of law, notification of the SEC or other appropriate law enforcement authorities.

No person following the above procedure shall, as a result of following such procedure, be subject by the Company or any officer or employee thereof to discharge, demotion, suspension, threat, harassment, or, in any manner, discrimination against such person in terms and conditions of employment.

**VI. WAIVERS AND AMENDMENTS** 

Any waiver (defined below) or an implicit waiver (defined below) from a provision of this Code for the principal executive officer, principal financial officer, principal accounting officer or controller, and persons performing similar functions or any amendment (as defined below) to this Code is required to be disclosed in the Company's Annual Report on Form 20-F or in a Current Report on Form 6-K filed with the SEC.

A "waiver" means the approval by the Board of a material departure from a provision of this Code. An "implicit waiver" means the Company's failure to take action within a reasonable period of time regarding a material departure from a provision of this Code that has been made known to an executive officer of the Company. An "amendment" means any amendment to this Code other than minor technical, administrative, or other non-substantive amendments hereto.

All persons should note that it is not the Company's intention to grant or to permit waivers from the requirements of this Code. The Company expects full compliance with this Code.

**VII. INSIDER TRADING AND DISSEMINATION OF INSIDE INFORMATION** 

Each person shall comply with the Company's Policy Regarding Insider Trading and Dissemination of Inside Information.

**VIII. FINANCIAL STATEMENTS AND OTHER RECORDS** 

All of the Company's books, records, accounts, and financial statements must be maintained in reasonable detail, must appropriately reflect the Company's transactions and must both conform to applicable legal requirements and to the Company's system of internal controls. Unrecorded or "off the books" funds or assets should not be maintained unless permitted by applicable law or regulation. Records should always be retained or destroyed according to the Company's record retention policies. In accordance with those policies, in the event of litigation or governmental investigation, please consult the Board or the Company's internal or external legal counsel.

**IX. IMPROPER INFLUENCE ON CONDUCT OF AUDITS** 

No director, officer or employee, or any other person acting under the direction thereof, shall directly or indirectly take any action to coerce, manipulate, mislead, or fraudulently influence any public or certified public accountant engaged in the performance of an audit or review of the financial statements of the Company or take any action that such person knows or should know that if successful could result in rendering the Company's financial statements materially misleading. Any person who believes such improper influence is being exerted should report such action to such person's supervisor, or if that is impractical under the circumstances, to any of our directors.

**X. ANTI-CORRUPTION LAWS** 

The Company complies with the anti-corruption laws of the countries in which it does business, including the U.S. Foreign Corrupt Practices Act. To the extent prohibited by applicable law, directors, officers, and employees will not directly or indirectly give anything of value to government officials, including employees of state-owned enterprises or foreign political candidates. These requirements apply both to Company employees and agents, such as third-party sales representatives, no matter where they are doing business. If you are authorized to engage agents, you are responsible for ensuring they are reputable and for obtaining a written agreement to uphold the Company's standards in this area.

**XI. VIOLATIONS** 

Violation of this Code is grounds for disciplinary action up to and including termination of employment. Such action is in addition to any civil or criminal liability which might be imposed by any court or regulatory agency.

**XII. OTHER POLICIES AND PROCEDURES** 

Any other policy or procedure set out by the Company in writing or made generally known to employees, officers, or directors of the Company prior to the date hereof or hereafter are separate requirements and remain in full force and effect.

**XIII. INQUIRIES** 

All inquiries and questions in relation to this Code or its applicability to particular people or situations should be addressed to the Company's Secretary, the Chair of the Company's Audit Committee, or the Company's United States Securities Lawyer.

Effective as of________________.

## Exhibit 21.1

**Exhibit 21.1**

**LIST OF SUBSIDIARIES**

**OF**

**COOLBIT TECHNOLOGIES LIMITED**

---

| | |
|:---|:---|
| **Name** | **Jurisdiction** |
| Coolbit Investment Holdings Limited<br>| British Virgin Islands<br>|
| Coolpad Technologies, Inc. | United States of America |
| Coolpad technologies CA, Inc. | Canada |
| Coolbit Mining Pte. Ltd. | Singapore |
| Xcentz Inc. | United States of America |
| Xcentz Limited | Hong Kong |
| Magic Code Inc. | Cayman Islands |

---

## Exhibit 23.1

**Exhibit 23.1**

Board of Directors and Shareholders of

Coolbit Technologies Limited

<u>Consent of Independent Registered Public Accounting Firm</u>

We hereby consent to the inclusion of our report dated November 21, 2025, except for Notes 8, 14, 23, as to which the date is March 23, 2026, in the Registration Statement on Form F-1, under the Securities Act of 1933, with respect to the consolidated statements of financial position of Coolbit Technologies Limited and its subsidiaries (collectively the "Company") as of March 31, 2024 and 2025 and the related consolidated statements of profit or loss and comprehensive income, changes in shareholders' (deficit) equity, and cash flows for each of the years in the two-year period ended March 31, 2025, and the related notes included herein.

We also consent to the reference of our firm under the caption "Experts" in such Registration Statement.

---

| | |
|:---|:---|
|  | ![](ex23-1_003.jpg) |
| San Mateo, California | WWC, P.C. |
| May 22, 2026 | Certified Public Accountants |
|  | PCAOB ID No.1171 |

---

![](ex23-1_002.jpg)

## Exhibit 23.3

**Exhibit 23.3**

![](ex23-3_001.jpg)

19 May 2026

**Coolbit Technologies Limited**

5020- 4000 No. 3 Road,

Richmond, BC Canada.

Attention: The Board of Directors

**Re: Consent of Frost & Sullivan Limited**

Dear Sirs or Madams:

We understand that Coolbit Technologies Limited (the "Company") intends to file a registration statement (the "Registration Statement") with the United States Securities and Exchange Commission (the "**SEC**") in connection with its initial public offering (the "**Proposed IPO**").

We hereby consent to the references to our name and the inclusion of information, data, and statements from our research reports and amendments thereto, including but not limited to the industry research report titled "Market Study on The Cryptocurrency Mining Market" (the "Report"), and any subsequent amendments to the Report, as well as the citation of our research report and amendments thereto, (i) in the Registration Statement and any amendments thereto, (ii) in any written correspondences with the SEC, (iii) in any other future filings with the SEC by the Company, including, without limitation, filings on Form 20-F, Form 6-K or other SEC filings (collectively, the "SEC Filings"), (iv) on the websites of the Company and its subsidiaries and affiliates, (v) in institutional and retail road shows and other activities in connection with the Proposed IPO, and in other publicity materials in connection with the Proposed IPO.

We further hereby consent to the filing of this letter as an exhibit to the Registration Statement and any amendments thereto and as an exhibit to any other SEC Filings. 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 U.S. Securities Act of 1933, as amended, or the rules and regulations of the SEC thereunder.

Yours faithfully

**Frost & Sullivan Limited**

/s/ Jessica Lau

Name: Jessica Lau

Title: Executive Director

## Exhibit 99.3

**Exhibit 99.3**

**COOLBIT TECHNOLOGIES LIMITED**

**5020-4000**

**No. 3 Road**

**Richmond, BC V6X 0J8**

April 14, 2026

**<u>VIA EDGAR</u>**

Division of Corporation Finance

Office of Chief Accountant

U.S. Securities and Exchange Commission

100 F Street, N.E.

Washington, D.C. 20549

---

| | |
|:---|:---|
| **Re:** | **Coolbit Technologies Limited<br> Registration Statement on Form F-1<br> <u>Representations Made Pursuant to Instruction 2 to Item 8.A.4 of Form 20-F</u>** |

---

Ladies and gentlemen:

Coolbit Technologies Limited is a foreign private issuer organized under the laws of the Cayman Islands (the "**Company**"). In connection with the proposed initial public offering of the Company's Ordinary Shares (the "**Offering**"), the Company hereby respectfully makes the representations to the Securities and Exchange Commission (the "**Commission**") required by Instruction 2 to Item 8.A.4 of Form 20-F, which states that in the case of a company's initial public offering, a company may comply with only the 15-month requirement in Item 8.A.4 of Form 20-F if the company is able to make the representations specified by Instruction 2 to Item 8.A.4 of Form 20-F.

The Company's filing of the registration statement on Form F-1, as amended (the "**Registration Statement**") on the date hereof contained audited financial statements prepared in accordance with the International Financial Reporting Standards as issued by the International Accounting Standards Board for the financial years ended March 31, 2025 and 2024 and unaudited financial statements for the six-month period ended September 30, 2025 and 2024.

In submitting the Registration Statement, the Company is complying with the 15-month requirement, rather than the 12-month requirement, with respect to the last year of audited financial statements. The Company is submitting this representation letter pursuant to Instruction 2 to Item 8.A.4 of Form 20-F, which provides that "[a] company may comply with only the 15-month requirement in this item if the company is able to represent that it is not required to comply with the 12-month requirement in any other jurisdiction outside the United States and that complying with the 12-month requirement is impracticable or involves undue hardship."

The Company hereby represents to the Commission that:

1. the Company is not required by any jurisdiction outside of the United States to issue audited financial statements as of a date not older than 12 months at the time this document is submitted;

2. compliance with the 12-month requirement in Item 8.A.4 of Form 20-F is impracticable and involves undue hardship for the Company;

3. the Company does not anticipate that its audited financial statements
for the year ended March 31, 2026, will be available until May 2026; and

4. in no event will the Company seek effectiveness of the Registration Statement if its audited financial statements are older than 15 months at the time of the Offering.

The Company is submitting this letter as an exhibit to the Registration Statement pursuant to Instruction 2 to Item 8.A.4 of Form 20-F.

If you have any questions, please do not hesitate to call our counsel, Henry F. Schlueter of Schlueter & Associates, P.C. at (303) 292-3883.

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| | |
|:---|:---|
| By: | */s/* Jiajun Chen |
| Name: | /s/ Jiajun Chen |
| Title: | Chief Executive Officer |

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cc: Henry F. Schlueter, Esq.

Schlueter & Associates, P.C.

## Ex-Filing

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

**Ex-Filing Fees**

**CALCULATION OF FILING FEE TABLES**

**F-1**

**COOLBIT TECHNOLOGIES LIMITED**

**Table 1: Newly Registered and Carry Forward Securities**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Line Item Type** | **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** |
| *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* |
| Fees to be Paid | Equity | Class A Ordinary Shares, US$0.0000025 par value per share | (1) | 457(o) | 5562500 | $5.00 | $27812500.00 | 0.0001381 | $3840.91 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | $27812500.00 |  | 3840.91 |
| Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: |  |  |  |
| Total Fee Offsets: | 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: | Net Fee Due: |  |  | $3840.91 |

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**__________________________________________ Offering Note(s)**

&nbsp;&nbsp;&nbsp;&nbsp;(1) Estimated solely for the purpose of calculating the amount of the registration fee pursuant to Rule 457(o) under the Securities Act of 1933, as amended (the "Securities Act"). Includes the ordinary shares that the underwriters have the option to purchase to cover any over-allotments. Pursuant to Rule 416 under the Securities Act, there is also being registered hereby such indeterminate number of additional ordinary shares of the Registrant as may be issued or issuable because of stock splits, stock dividends, stock distributions, and similar transactions.