# EDGAR Filing Document

**Accession Number:** 0002060016
**File Stem:** 0001213900-25-068743
**Filing Date:** 2025-7
**Character Count:** 1289516
**Document Hash:** f633a2ef9dbaea008bfd6b11e8f00be1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-068743.hdr.sgml**: 20250729

**ACCESSION NUMBER**: 0001213900-25-068743

**CONFORMED SUBMISSION TYPE**: F-1/A

**PUBLIC DOCUMENT COUNT**: 44

**FILED AS OF DATE**: 20250729

**DATE AS OF CHANGE**: 20250729

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Agencia Comercial Spirits Ltd.
- **CENTRAL INDEX KEY:** 0002060016
- **STANDARD INDUSTRIAL CLASSIFICATION:** WHOLESALE-BEER, WINE & DISTILLED ALCOHOLIC BEVERAGES [5180]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** F5

**FILING VALUES:**
- **FORM TYPE:** F-1/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-288600
- **FILM NUMBER:** 251162307

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** NO. 65, LN, 114, XISHI RD., XI'AN VIL.
- **STREET 2:** FENGYUAN DISTRICT
- **CITY:** TAICHUNG CITY
- **NON US STATE TERRITORY:** TAIWAN
- **PROVINCE COUNTRY:** F5
- **BUSINESS PHONE:** 04 25614413

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** NO. 65, LN, 114, XISHI RD., XI'AN VIL.
- **STREET 2:** FENGYUAN DISTRICT
- **CITY:** TAICHUNG CITY
- **NON US STATE TERRITORY:** TAIWAN
- **PROVINCE COUNTRY:** F5

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Agencia Comercial Co., Ltd
- **DATE OF NAME CHANGE:** 20250311

#### As filed with the U.S. Securities and Exchange Commission on July 29, 2025 .
**Registration Statement No. 333**-288600

#### UNITED STATES<br>SECURITIES AND EXCHANGE COMMISSION<br>WASHINGTON, D.C. 20549
***______________________________________________________________________***

#### AMENDMENT NO. 1<br>TO<br> FORM F-1<br>REGISTRATION STATEMENT<br> UNDER<br>THE SECURITIES ACT OF 193 3
***______________________________________________________________________***

#### Agencia Comercial Spirits Ltd

#### (Exact name of Registrant as specified in its charter)
***______________________________________________________________________***

#### Not Applicable<br>(Translation of Registrant's name i nto English)
***______________________________________________________________________***

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| | | |
|:---|:---|:---|
|  **Cayman Islands** | **5180** | **Not Applicable** |
|  **(State or other jurisdiction of <br>incorporation or organization)** | **(Primary Standard Industrial <br>Classification Code Number)** | **(I.R.S. Employer <br>Identification Number)** |

---

**No. 65, Ln. 114, Xishi Rd., Xi'an Vil., Fengyuan Dist.<br>Taichung City 42061, Taiwan (R.O.C.)<br>Tel: + 886-4-25614413<br>(Address, including zip code, and telephone number, including area code, of Registrant's principal executive offices)**

***______________________________________________________________________***

#### Cogency Global Inc.<br>122 East 42 <sup>nd</sup> Street, 18 <sup>th</sup> Floor<br>New York, NY 10168<br>800-221-0102

#### (Name, address, including zip code, and telephone nu mber, including area code, of agent for service)
***______________________________________________________________________***

#### Copies to:

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| | |
|:---|:---|
|  **Kyle Leung, Esq. <br>Qin Li, Esq.<br>Concord & Sage PC<br>1360 Valley Vistra Dr <br>Suite 140 <br>Diamond Bar, CA 91765 <br>Tel: +1 929-989-7572** | **Liang Shih, Esq.<br>Ron Levy, Esq. <br>Zhiqi "Camilla" Zheng, Esq.<br>The Crone Law Group, P.C.<br>420 Lexington Avenue<br>Suite 2446<br>New York, NY 10170<br>Tel: +1 646**-861-7891 |

---

***______________________________________________________________________***

**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, 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 Rule 405 of the Securities Act of 1933.

Emerging growth company ☒

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, 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 term "new or revised financial accounting standard" refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

**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 such Section 8(a), may determine.**

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[**Table of Contents**](#TOC001)

#### EXPLANATORY NOTE
This Registration Statement contains two prospectuses, as set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Public Offering Prospectus. A prospectus, or the Public Offering Prospectus, to be used for the initial public offering of 1,750,000 Class A Ordinary Shares of the Registrant through the underwriter named in the Underwriting section of the Public Offering Prospectus, of which all 1,750,000 Class A Ordinary Shares are offered by the Registrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Resale Prospectus. A prospectus to be used for the potential resale by the Resale Shareholders of an aggregate 3,364,000 Class A Ordinary Shares of the Registrant, or the Resale Prospectus. The offering of the resale shares pursuant to the Resale Prospectus will not be underwritten and sold through the underwriter, and the offering pursuant to the Resale Prospectus will not commence until after the closing of the offering of Class A Ordinary Shares pursuant to the Public Offering Prospectus.

The Resale Prospectus is substantively identical to the Public Offering Prospectus, except for the following principal points:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• they contain different outside and inside front covers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Offering section in the Prospectus Summary section on page 14 of the Public Offering Prospectus is removed and replaced with the Offering section on page Alt-1 of the Resale Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• they contain different Use of Proceeds sections on page 41 of the Public Offering Prospectus which are removed and replaced with the Use of Proceeds section on page Alt-2 of the Resale Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Capitalization and Dilution sections on page 43 and page 45 of the Public Offering Prospectus are deleted from the Resale Prospectus respectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a Resale Shareholders section is included in the Resale Prospectus beginning on page Alt-3 of the Resale Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• references in the Public Offering Prospectus to the Resale Prospectus will be deleted from the Resale Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Underwriting section on page 121 of the Public Offering Prospectus is removed and replaced with a Plan of Distribution section on page Alt-4 of the Resale Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Legal Matters section on page 132 of the Public Offering Prospectus is removed and replaced with the Legal Matters on page Alt-6 of the Resale Prospectus; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the outside back cover of the Public Offering Prospectus is deleted from the Resale Prospectus.

The Registrant has included in this Registration Statement, after the financial statements, a set of alternate pages, or the Alternate Pages, to reflect the foregoing differences of the Resale Prospectus as compared to the Public Offering Prospectus.

The Public Offering Prospectus will exclude the Alternate Pages and will be used for the public offering by the Registrant. The Resale Prospectus will be substantively identical to the Public Offering Prospectus except for the addition or substitution of the Alternate Pages and will be used for the resale offering by Resale Shareholders.

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[**Table of Contents**](#TOC001)

**The information in this preliminary prospectus is not complete and may be changed. These securities may not be sold until the registration statement filed with the U.S. Securities and Exchange Commission is effective. This preliminary prospectus is not an offer to sell nor does it seek an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.**

*PRELIMINARY PROSPECTUS (Subject to Completion)* 

*Dated July 29, 2025*

#### Agencia Comercial Spirits Ltd

#### 1,750,000 Class A Ordinary Shares
This is an initial public offering of the Class A ordinary shares, par value US$0.00004 per share, of Agencia Comercial Spirits Ltd (the "Class A Ordinary Shares").

We are offering 1,750,000 Class A Ordinary Shares to be sold in the offering pursuant to this prospectus. In addition, the Resale Shareholders are offering an aggregate of 3,364,000 Class A Ordinary Shares for potential resale through the Resale Prospectus following the closing of the offering of Class A Ordinary Shares pursuant to the Public Offering Prospectus. The Resale Shareholders will be offering their Class A Ordinary Shares pursuant to the Resale Prospectus at prevailing market prices or at privately negotiated prices. We will not receive any proceeds from the sale of the Class A Ordinary Shares to be sold by the Resale Shareholders.

We currently anticipate the initial public offering price of our Class A Ordinary Shares, will be between US$4.00 and US$6.00 per share. Prior to this offering, there is no public market for our Class A Ordinary Shares.

We intend to apply to have our Class A Ordinary Shares listed on the Nasdaq Capital Market under the symbol "AGCC." At this time, the Nasdaq Stock Market LLC ("Nasdaq") has not yet approved our application to list our Class A Ordinary Shares. We cannot assure you that our application will be approved; however, if it is not approved, we will not complete this offering.

We are an "emerging growth company" and a "foreign private issuer" under applicable U.S. federal securities laws, and as such, are eligible for certain reduced public company reporting requirements for this prospectus and future filings. See the sections titled "Prospectus Summary — Implications of Being an Emerging Growth Company" and "Prospectus Summary — Implications of Being a Foreign Private Issuer" for additional information.

Immediately after this offering, assuming an offering size as set forth above, our controlling shareholders, Mr. Tsai Yi Yang, our Chairman of the Board of Directors and Chief Executive Officer, and Ms. Lee Li Mei, the mother of Mr. Tsai Yi Yang (together the "Controlling Shareholders"), through Ping Shiang Business Ltd, will beneficially own 14,500,000 Class A Ordinary Shares, approximately 73.93% of our outstanding Class A Ordinary Shares (or 72.95% of our outstanding Class A Ordinary Shares assuming the underwriters exercise their over-allotment option in full) and 14,500,000 Class B Ordinary Shares, representing 96.89% (or 96.74%, assuming the underwriters exercise their over-allotment option in full) of the aggregate total voting power of our total issued and outstanding share capital. As a result, we expect to be a "controlled company" within the meaning of rule 5615(c) of Nasdaq Stock Market LLC ("Nasdaq Listing Rules"). Please see "Implications of Being a Controlled Company". See "Principal Shareholders" and "Risk Factors — We are a "controlled company" within the meaning of the Nasdaq listing rules, and may follow certain exemptions from certain corporate governance requirements that could adversely affect our public shareholders".

We have a dual-class voting structure consisting of Class A Ordinary Shares and Class B Ordinary Shares. Based on our dual-class voting structure, holders of Class A Ordinary Shares will be entitled to one (1) vote per share in respect of matters requiring the votes of shareholders, while holders of Class B Ordinary Shares will be entitled to ten (10) votes per share. In no event shall Class A Ordinary Shares be convertible into Class B Ordinary Shares nor shall any Class B Ordinary Share be convertible into Class A Ordinary Shares, and there is no sunset provisions that limit the lifespan of the Class B Ordinary Shares. See "Description of Share Capital" for more details.

As of the date of this prospectus, 17,864,000 Class A Ordinary Shares and 14,500,000 Class B Ordinary Shares were issued and outstanding. Our Controlling Shareholders must keep more than 82,307,000 Class A Ordinary Shares or 8,230,700 Class B Ordinary Shares to control 50% of the voting power of the Company and control the outcome of matters submitted to shareholders for approval.

Subsequent to the Offering, 19,614,000 Class A Ordinary Shares (assuming an offering size as set forth above) and 14,500,000 Class B Ordinary Shares will be issued and outstanding. A shareholder will need to keep more than 82,307,000 Class A Ordinary Shares or 8,230,700 Class B Ordinary Shares to control 50% of the total voting power of our then outstanding Ordinary Shares, assuming the underwriters do not exercise their over-allotment option. There is no restriction for potential future issuances of Class B Ordinary Shares. If such occurred, the voting power of the holders of the Class A Ordinary Shares will be diluted.

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In addition, because of the ten-to-one voting ratio between our Class B and Class A Ordinary Shares, the concentrated control may limit or preclude your ability to influence corporate matters for the foreseeable future and the Controlling Shareholders will have the ability to determine all matters requiring approval by shareholders, including the election of directors, amendments of our organizational documents and any merger, consolidation, sale of all or substantially all of our assets or other major corporate transactions requiring shareholder approval. See "Risk Factors — Our dual-class voting structure will limit your ability to influence corporate matters and could discourage others from pursuing any change of control transactions that holders of our Class A Ordinary Shares may view as beneficial".

Except where the context otherwise requires or where otherwise indicated, the terms "Company," "we," "us," "our," "our Company," "our Group" and "our business" refer, prior to the reorganization discussed below, to Agencia Taiwan and, after the reorganization, to Agencia Cayman, in each case together with its consolidated subsidiaries as a consolidated entity. Where the discussions in the context relate to business operations and/or financial performance, then the terms "Company," "we," "us," "our," "our company," "our Group" and "our business" refer, both prior to and after the reorganization, to the business operations and/or financial performance of the operating subsidiary, Agencia Taiwan. Investors purchasing our Class A Ordinary Shares in this initial public offering are purchasing equity securities of our Cayman Islands exempted holding company and are not purchasing equity securities of our operating subsidiaries. Because of our corporate structure, we as well as the investors are subject to unique risks due to the application of Taiwan laws and regulations. For a description of relevant Taiwan-related risks to this offering, see "Risk Factors — Risks Relating to Doing Business in Taiwan" and "Risk Factors — Risks Related to Our Class A Ordinary Shares and this Offering".

***__________________________________________________***

*PRICE US$ PER SHARE*

***__________________________________________________***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Per Class A <br>Ordinary <br>Share** | **Per Class A <br>Ordinary <br>Share** | **Total** | **Total** |
|  Public offering price<sup>(1)</sup> | US$ | [5.00] | US$ | [8,750,000] |
|  Underwriting discounts and commissions<sup>(2)(3)</sup> | US$ |  | US$ |  |
|  Proceeds, before expenses, to us | US$ |  | US$ |  |

---

____________

(1) Initial public offering price per Class A Ordinary Share is assumed to be US$5.00 (being the mid-point of the offer price range).

(2) For a description of compensation payable to the underwriters, see "Underwriting."

(3) Represents underwriting discounts equal to seven percent (7.0%) (or $ per Class A Ordinary Share), of gross proceeds of this offering. Does not include a non-accountable expense allowance. See "Underwriting" for all compensation to be paid to the underwriters.

The underwriters have a 45-day option to purchase up to an additional 262,500 Class A Ordinary Shares (or 15% of the total number of Shares to be offered in this Offering) from us at the initial public offering price less the underwriting discounts and commissions.

***The Securities and Exchange Commission and state securities regulators have not approved or disapproved of these securities, or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.***

*The underwriters expect to deliver the Class A Ordinary Shares against payment in U.S. dollars in New York, NY on , 2025*.

***__________________________________________________***

***__________________________________________________***

**Revere Securities LLC**

The date of this prospectus is , 2025

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#### **TABLE OF CONTENTS**

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| | |
|:---|:---|
|  | **Page** |
|  [PROSPECTUS SUMMARY](#T9901) | 1 |
|  [THE OFFERING](#T9902) | 14 |
|  [RISK FACTORS](#T9903) | 16 |
|  [SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS AND INDUSTRY DATA](#T9904) | 40 |
|  [USE OF PROCEEDS](#T9905) | 41 |
|  [DIVIDEND POLICY](#T9906) | 42 |
|  [CAPITALIZATION](#T9907) | 43 |
|  [DILUTION](#T9908) | 45 |
|  [ENFORCEMENT OF CIVIL LIABILITIES](#T9909) | 47 |
|  [CORPORATE HISTORY AND STRUCTURE](#T9910) | 49 |
|  [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#T9911) | 52 |
|  [INDUSTRY OVERVIEW](#T9912) | 67 |
|  [BUSINESS](#T9913) | 76 |
|  [REGULATIONS](#T9914) | 87 |
|  [MANAGEMENT](#T9915) | 92 |
|  [PRINCIPAL SHAREHOLDERS](#T9916) | 98 |
|  [RELATED PARTY TRANSACTIONS](#T9917) | 99 |
|  [DESCRIPTION OF SHARE CAPITAL](#T9918) | 103 |
|  [SHARES ELIGIBLE FOR FUTURE SALE](#T9919) | 112 |
|  [TAXATION](#T9920) | 115 |
|  [UNDERWRITING](#T9921) | 121 |
|  [EXPENSES RELATED TO THIS OFFERING](#T9922) | 132 |
|  [LEGAL MATTERS](#T9923) | 133 |
|  [EXPERTS](#T9924) | 133 |
|  [WHERE YOU CAN FIND ADDITIONAL INFORMATION](#T9925) | 133 |
|  [INDEX TO COMBINED FINANCIAL STATEMENTS](#T26) | F-1 |

---

**No dealer, salesperson or other person is authorized to give any information or to represent anything not contained in this prospectus or in any free writing prospectus we may authorize to be delivered or made available to you. You must not rely on any unauthorized information or representations. This prospectus is an offer to sell only the Class A Ordinary Shares offered hereby, but only under circumstances and in jurisdictions where it is lawful to do so. The information contained in this prospectus is current only as of the date of this prospectus, regardless of the time of delivery of this prospectus or of any sale of the Class A Ordinary Shares.**

Neither we nor any of the underwriters have done anything that would permit this offering or possession or distribution of this prospectus or any filed free writing prospectus in any jurisdiction where action for that purpose is required, other than in the United States. Persons outside the United States who come into possession of this prospectus or any filed free writing 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 or any filed free writing prospectus outside of the United States.

Until , 2025 (the 25<sup>th</sup> day after the date of this prospectus), all dealers that buy, sell or trade Class A Ordinary Shares, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to the obligation of dealers to deliver a prospectus when acting as underwriters and with respect to their unsold allotments or subscriptions.

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#### PROSPECTUS SUMMARY
*The following summary is qualified in its entirety by, and should be read in conjunction with, the more detailed information and combined financial statements appearing elsewhere in this prospectus. In addition to this summary, we urge you to read the entire prospectus carefully, especially the risks of investing in our Class A Ordinary Shares discussed under "Risk Factors" and information contained in "Management's Discussion and Analysis of Financial Condition and Results of Operations" before deciding whether to buy our Class A Ordinary Shares.*

#### OVERVIEW
Agencia Comercial Spirits Ltd is an exempted company with limited liability incorporated under the laws of the Cayman Islands. As Agencia Comercial Spirits Ltd is a holding company with no material operations of its own, our operations are conducted through our indirect wholly owned operating subsidiary Agencia Comercial Co., Ltd ("Agencia Taiwan") in Taiwan. Agencia Taiwan was formally registered and established in July 2020, and is committed to offering imported whiskies of world-class quality and excellent services to its clients. Agencia Taiwan has grown rapidly since its inception, leveraging its extensive industry experience, strategic partnerships, and innovative business model to establish itself as a trusted and prominent player in the whisky market. Our mission is to enhance the whisky experience in Taiwan and other Asia-Pacific countries by offering expert guidance, competitive pricing, and exceptional customer service.

Our Group operates across three primary business areas:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bottled Whisky Sales: Sourcing bottled whisky from local suppliers in Taiwan and reputable distilleries in the UK, the company, along with its downstream distributors, sells these products to bars, restaurants, nightclubs, VIP lounges, and corporate clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Raw Cask Whisky Sales: Starting in 2023, our Group expanded into the procurement and sale of raw cask whisky sourced directly from distilleries in the UK. These unprocessed casks are sold directly to other liquor and spirits distributors, enabling our Group to tap into a broader market segment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cask-to-bottle and distribution business: Beginning in 2025, our Group ventures into cast-to-bottle and distribution business which involves brand-authorized whisky bottling, packaging, and sales. Under this model, it obtains brand licenses, sources raw cask whisky directly from brand owners, and conducts bottling and packaging in Taiwan with the aid of local contract manufacturers.

From 2020 to now, our development can be divided into following stages:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Start-up period (2020-2022): During its initial years, our Group primarily focused on bottled whisky sales, following a business-to-business (B2B) model. By sourcing both locally and internationally, Operating Subsidiary developed a network of suppliers and clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Growth period (2023-2024): Our Group expanded its operations to include the sale of raw cask whisky sourced directly from distilleries, accounting for a significant portion of its revenue. This diversification allowed it to offer unique, high-quality products while continuing to focus on B2B relationships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Expansion in 2025 and Beyond: Our Group plans to expand its operations to include collaboration with brand owners. This will involve obtaining brand authorization through the payment of licensing royalties, sourcing raw cask whisky from these brand owners, and conducting bottling and packaging in Taiwan, primarily through local contract manufacturers, for which processing fees will be incurred. Our Group will then market and sell products under the respective brands. Initially, the primary customers will be distributors, focusing predominantly on a business-to-business model.

Our Group is committed to prioritizing customer care, delivering high-quality products, and continuously addressing market demands with innovative offerings. Our dedication to continuous innovation ensures we remain at the forefront of industry trends, enabling us to introduce new whisky brands, products, and services to the market. This includes localizing bottling and packaging processes to mitigate risks from natural events or pandemics, as well as collaborating with new whisky brand owners to successfully penetrate and thrive in the Taiwan market. With our experienced management team led by our chief executive officer who brings over 10 years of experience in the alcoholic beverage distribution sector in Taiwan, our Group combines a keen market sense with timely marketing strategy. We

[**Table of Contents**](#TOC001)

believe these strengths have made our Group a prominent force in assisting a variety of world renowned whisky brands in opening the Taiwan sales market. Over the past two years, our Group believes that it has held an important leadership position within the local industry. This leadership is attributed to several key factors that distinguish our Group from its competitors: (i) Superior Product Offerings — our Group's product portfolio is characterized by exceptional quality and a unique variety, which sets it apart from competitors; (ii) Exceptional Customer Service — our Group prides itself on providing unparalleled customer service. This includes prompt responses to orders and requests from both existing and potential customers, ensuring timely and efficient service delivery; and (iii) Innovative Thinking — our Group's innovative approach drives continuous exploration of new opportunities and the development of novel approaches to enhance its products and services. This includes strategic sourcing and collaboration with various whiskey brands, as well as conducting bottling and packaging operations in Taiwan. Our Group believes that its leadership position is underpinned by its superior product offerings, exceptional customer service, and forward-thinking innovation. Our Group is dedicated to maintaining these high standards and continuing to lead the industry with excellence.

"From Barrel to Bottle" represents our Group's core value, highlighting its dedication to delivering a comprehensive, one-stop whisky distribution service. Our Group provides an extensive range of products and utilizes a diverse array of sales channels. Consequently, both business volume and profit have experienced average annual growth. Our distribution channels encompass a broad swath of Taiwan, including clubs, restaurants, bars, hotels, VIP lounges, and corporate clients through our downstream distributors. Looking ahead, we aim to further diversify our product offerings, expand its footprint in the Asia-Pacific region, and solidify our position as a trusted key whisky distributor. By combining our client-centric approach, strategic partnerships, and focus on premium products, we believe that we are well-positioned to capture a significant share of the growing demand for high-quality whisky in Asia and beyond.

#### OUR STRENGTHS
We believe the following strengths have contributed to our success and differentiate us from others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Capability to offer a comprehensive one-stop service

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Operational efficiency and sustainability

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Quality control and adaptability

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Stable relationship with our suppliers and customers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Extensive industry expertise and successful track record

#### OUR GROWTH STRATEGIES
We aim to execute the following business strategies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Expand our product offerings through new strategic collaborations with renowned whisky brands

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Deepen our relationships with our existing customers and establish new client relationships

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Promote whisky consumption culture and broaden our sales channels

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Expand the geographic coverage of our markets, in particular Asia-Pacific

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Attract, develop, train, and retain highly skilled professionals

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#### CORPORATE STRUCTURE

#### Our Corporate Structure
The following diagram sets forth our corporate structure immediately prior to the initial offering:

![](tflowchart_001.jpg)

____________

(1) Ping Shiang Business Ltd is a limited liability company incorporated under the laws of the British Virgin Islands which is owned as to 82% by Mr. Tsai Yi Yang, our Chairman and Chief Executive Officer and 18% by Ms. Lee Li Mei, the mother of Mr. Tsai Yi Yang.

(2) None of the Other Shareholders holds a number of shares equal to or exceeding 5% of the then issued and outstanding share capital of Agencia Comercial Spirits Ltd. Furthermore, there is no agreement to act in concert or any similar agreement among the Other Shareholders.

(3) Holders of Class A Ordinary Shares and Class B Ordinary Shares will vote together as a single class, unless otherwise required by law or our then effective memorandum and articles of association.

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The following diagram illustrates our corporate structure, including our significant subsidiaries immediately upon the completion of this offering, assuming no exercise of the over-allotment option granted to the underwriters.

![](tflowchart_002.jpg)

____________

(1) Ping Shiang Business Ltd is a limited liability company incorporated under the laws of the British Virgin Islands which is owned as to 82% by Mr. Tsai Yi Yang, our Chairman and Chief Executive Officer and 18% by Ms. Lee Li Mei, the mother of Mr. Tsai Yi Yang.

(2) None of the Other Shareholders holds a number of shares equal to or exceeding 5% of the then issued and outstanding share capital of Agencia Comercial Spirits Ltd. Furthermore, there is no agreement to act in concert or any similar agreement among the Other Shareholders.

(3) Holders of Class A Ordinary Shares and Class B Ordinary Shares will vote together as a single class, unless otherwise required by law or our then effective memorandum and articles of association.

#### Corporate History and Structure
We were incorporated on March 7, 2025 in the Cayman Islands under the name "Agencia Comercial Spirits Ltd". As a holding company with no material operations, we conduct our business operations through our direct wholly owned subsidiary, Ping Shiang Holding Ltd in the British Virgin Islands ("BVI") and an indirect wholly owned subsidiary, namely Agencia Comercial Co., Ltd in Taiwan, among which Agencia Comercial Spirits Ltd holds the equity interests in its Taiwan operating subsidiary through its subsidiary incorporated in the BVI. As a result, our ability to pay dividends and to service any debt we may incur overseas largely depends upon dividends paid by our subsidiaries. If our subsidiaries incur debt on their own behalf in the future, the instruments governing their debt may restrict their ability to pay dividends to us.

On July 7, 2020, Agencia Comercial Co., Ltd was established as a limited liability company under the laws of Taiwan. On January 21, 2025, Ping Shiang Holding Ltd was incorporated as a BVI Business Company with limited liability under the laws of the British Virgin Islands. On February 17, 2025, Ping Shiang Business Ltd was established by our Controlling Shareholders as a BVI Business Company with limited liability under the laws of the British Virgin Islands. On March 7, 2025, Agencia Comercial Spirits Ltd was incorporated as an exempted company with limited liability under the laws of the Cayman Islands.

As part of the reorganization in contemplation of our initial public offering (the "IPO"), on May 23, 2025, Ping Shiang Holding Ltd acquired the entire issued share capital of Agencia Comercial Co., Ltd, following which Agencia Comercial Co., Ltd was wholly-owned by Ping Shiang Holding Ltd. Further on May 27, 2025, Agencia Comercial Spirits Ltd acquired the entire issued share capital of Ping Shiang Holding Ltd, following which Ping Shiang Holding Ltd was wholly-owned by Agencia Comercial Spirits Ltd.

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Following the above acquisitions, Ping Shiang Business Ltd became the sole shareholder of Agencia Comercial Spirits Ltd, which in turn wholly owns Ping Shiang Holding Ltd, and indirectly wholly-owns Agencia Comercial Co., Ltd.

On May 28, 2025, Agencia Comercial Spirits Ltd allotted and issued an aggregate of 116 Class A Ordinary Shares to four investors (together the "Other Shareholders"), all of whom are independent from our Group.

On June 24, 2025, a 25,000-for-1 share split/share subdivision effected by Agencia Comercial Spirits Ltd on June 24, 2025, Agencia Comercial Spirits Ltd sub-divided its authorized shares so that the par value of each share changed from US$1.00 to US$0.00004 each and the number of authorized shares changed to 1,250,000,000 shares of par value US$0.00004 each comprising of 625,000,000 Class A Ordinary Shares of par value US$0.00004 each and 625,000,000 Class B Ordinary Shares of par value US$0.00004 each. On the same date, 2,464,000 Class A Ordinary Shares and 2,000,000 Class B Ordinary Shares, were distributed proportionately to all then existing shareholders, at a par value of US$0.00004 per share. Immediately following such issuance, the Company had a total of 17,864,000 Class A Ordinary Shares and 14,500,000 Class B Ordinary Shares issued and outstanding, each with a par value of US$0.00004, of which 14,500,000 Class A Ordinary Shares and 14,500,000 Class B Ordinary Shares were issued and held by Ping Shiang Business Ltd, and an aggregate of 3,364,000 Class A Ordinary Shares held by the Other Shareholders.

Agencia Cayman is not prohibited under the laws of the Cayman Islands to provide funding to our subsidiaries through capital contributions or loans, and there are currently no restrictions on transferring funds between our Cayman Islands holding company and subsidiaries in the BVI and Taiwan. Our ability to make loans and additional capital contribution to our BVI and Taiwan subsidiaries might be restricted by BVI and Taiwan laws and regulations.

In the normal course of our business, Agencia Cayman would evaluate the financial condition and capital needs of our subsidiaries periodically and then provide funding for their operations via equity investments and intercompany loans. No transfer of cash or other types of asset transfers has been made between our Cayman Islands holding company and subsidiaries as of the date of this prospectus.

Under Taiwan laws and regulations, there are no restrictions on providing funding to Agencia Cayman through dividend distribution except for the withholding tax. Pursuant to the Taiwan Income Tax Act, a withholding tax rate of up to 21% will be applicable to dividends payable by Taiwanese companies to non-Taiwan-resident enterprises.

As of the date of this prospectus, we did not adopt any specific cash management policies and procedures in relation to how funds are transferred within/through our Group. Our management monitors the cash position of each entity within our Group regularly on a monthly basis. In the event that there is a need for cash or a potential short-term cashflow shortage, it would be reported to our chief financial officer and, subject to the approval by our board of directors, we will enter into an intercompany loan arrangement for relevant subsidiary. Other than the above, we did not adopt or maintain any cash management policies and procedures as of the date of this prospectus.

Our Board of Directors has discretion as to whether to distribute dividends, subject to certain requirements of Cayman Islands law. As of the date of this prospectus, we have not paid and do not have any present plan to declare or pay any dividends in the foreseeable future. We currently intend to retain most of our available funds and any future earnings to fund the development and growth of our business. See "Risk Factors — Risks Related to Our Class A Ordinary Shares and This Offering — Because we do not expect to pay dividends in the foreseeable future after this offering, you must rely on price appreciation of our Class A Ordinary Shares for return on your investment."

We will be a "controlled company" as defined under the Nasdaq Stock Market Rules because, immediately after the completion of this offering, our Controlling Shareholders, through Ping Shiang Business Ltd will beneficially own 14,500,000 Class A Ordinary Shares, approximately 73.93% of our outstanding Class A Ordinary Shares (or 72.95% of our outstanding Class A Ordinary Shares assuming the underwriters exercise their over-allotment option in full) and 14,500,000 Class B Ordinary Shares, representing 96.89% (or 96.74%, assuming the underwriters exercise their over-allotment option in full) of the aggregate total voting power of our total issued and outstanding share capital, and will have the ability to determine all matters requiring approval by shareholders. See "Risk Factors — We are a "controlled company" within the meaning of the Nasdaq listing rules, and may follow certain exemptions from certain corporate governance requirements that could adversely affect our public shareholders".

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#### CORPORATE INFORMATION
We are an exempted company with limited liability under the laws of Cayman Islands. Our registered office is located at McGrath Tonner Corporate Services Limited, Genesis Building, 5<sup>th</sup> Floor, Genesis Close, PO Box 446, Cayman Islands, KY1-1106.

Our principal executive offices is located at No. 65, Ln. 114, Xishi Rd., Xi'an Vil., Fengyuan Dist., Taichung City 42061, Taiwan (R.O.C.). Our telephone number at this address is +886-4-25614413.

Our agent for service of process in the United States is Cogency Global Inc. located at 122 East 42<sup>nd</sup> Street, 18<sup>th</sup> Floor, New York, NY 10168.

Investors should contact us for any inquiries through the address and telephone number of our principal executive office. Our principal website is *agcctw.com*. The information contained on our website is not a part of this prospectus.

#### IMPLICATIONS OF BEING AN EMERGING GROWTH COMPANY
As a company with less than US$1.235 billion in revenue for our last fiscal year, we qualify as an "emerging growth company" pursuant to the Jumpstart Our Business Startups Act of 2012, as amended, or the JOBS Act. An emerging growth company may take advantage of specified reduced reporting and other requirements compared to those that are otherwise applicable generally to public companies. These provisions include exemption from the auditor attestation requirement under Section 404 of the Sarbanes-Oxley Act of 2002, or Section 404, in the assessment of the emerging growth company's internal control over financial reporting. 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. We have elected to take advantage of such exemptions.

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 revenue 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 Securities Exchange Act of 1934, as amended, or the Exchange Act, which would occur if the market value of the 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 also considered as a "foreign private issuer." Accordingly, upon consummation of this offering, we will report under the Exchange Act as a non-U.S. company with foreign private issuer status. This means that, even after we no longer qualify as an emerging growth company, as long as we qualify as a foreign private issuer under the Exchange Act, we will be exempt from certain provisions of the Exchange Act that are applicable to U.S. domestic public companies, including:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the rules under the Exchange Act requiring the filing with the SEC of quarterly reports on Form 10-Q containing unaudited financial and other specified information, or current reports on Form 8-K, upon the occurrence of specified significant events.

We may take advantage of these exemptions until such time as we are no longer a foreign private issuer. We would cease to be a foreign private issuer at such time as more than 50% of our outstanding voting securities are held by U.S. residents and any of the following three circumstances applies: (i) the majority of our executive officers or directors are U.S. citizens or residents, (ii) more than 50% of our assets are located in the United States or (iii) our business is administered principally in the United States.

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In this prospectus, we have taken advantage of certain of the reduced reporting requirements as a result of being an emerging growth company and a foreign private issuer. Accordingly, the information contained herein may be different than the information you receive from other public companies in which you hold equity securities.

#### IMPLICATIONS OF BEING A CONTROLLED COMPANY
We are, and will continue to be, a "controlled company" within the meaning of the applicable rules of the Nasdaq because our Controlling Shareholders, through Ping Shiang Business Ltd, beneficially own 14,500,000 Class A Ordinary Shares, approximately 81.17% of our outstanding Class A Ordinary Shares and 14,500,000 Class B Ordinary Shares, representing 97.93%, of the aggregate total voting power of our total issued and outstanding share capital as of the date of this prospectus, and immediately following the completion of this offering will beneficially own 14,500,000 Class A Ordinary Shares, approximately 73.93% of our outstanding Class A Ordinary Shares (or 72.95% of our outstanding Class A Ordinary Shares assuming the underwriters exercise their over-allotment option in full) and 14,500,000 Class B Ordinary Shares, representing 96.89% (or 96.74%, assuming the underwriters exercise their over-allotment option in full) of the aggregate total voting power of our then total issued and outstanding share capital. In addition, because of the ten-to-one voting ratio between our Class B and Class A Ordinary Shares, the Controlling Shareholders will have the ability to determine all matters requiring approval by shareholders, and that the concentrated control may limit or preclude your ability to influence corporate matters for the foreseeable future, including the election of directors, amendments of our organizational documents and any merger, consolidation, sale of all or substantially all of our assets or other major corporate transactions requiring shareholder approval. See "Principal Shareholders" and "Risk Factors — We are a "controlled company" within the meaning of the Nasdaq listing rules, and may follow certain exemptions from certain corporate governance requirements that could adversely affect our public shareholders". As a result, we will be deemed a "controlled company" for the purpose of the Nasdaq listing rules.

As a "controlled company," we are permitted to elect not to comply with certain corporate governance requirements. If we rely on these exemptions, you will not have the same protection afforded to shareholders of companies that are subject to these corporate governance requirements. Currently, we do not plan to utilize the exemptions available for controlled company after we complete this offering but may rely on the exemption available for foreign private issuers to follow our home country governance practices instead. See "Risk Factors — Risks Related to Our Class A Ordinary Shares and This Offering — We will be a "controlled company" as defined under the Nasdaq Stock Market Rules and, as a result, can rely on exemptions from certain Corporate Governance Rules of the Nasdaq" on page 36 of this prospectus.

#### CONVENTIONS THAT APPLY TO THIS PROSPECTUS
Except otherwise indicated or the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Agencia Cayman," "Company," or "our Company" refers to Agencia Comercial Spirits Ltd, an exempted company incorporated under the laws of the Cayman Islands with limited liability on March 7, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Class A Ordinary Shares" refers to the Class A Ordinary Shares of par value US$0.00004 each of Agencia Comercial Spirits Ltd, the Cayman Islands holding company of our Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Class B Ordinary Shares" refers to the Class B Ordinary Shares of par value US$0.00004 each of Agencia Comercial Spirits Ltd, the Cayman Islands holding company of our Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "China" or "PRC" refers to The People's Republic of China, excluding Hong Kong, Taiwan and Macau;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Controlling Shareholders" refers to Mr. Tsai Yi Yang, our Chairman of the Board of Directors and Chief Executive Officer, and Ms. Lee Li Mei, the mother of Mr. Tsai Yi Yang, and through their shares held in Ping Shiang Business Ltd (which is owned as to 82% by Mr. Tsai Yi Yang and 18% by Ms. Lee Li Mei), a BVI Business Company with limited liability incorporated under the laws of the British Virgin Islands, which beneficially own 14,500,000 Class A Ordinary Shares, approximately 81.17% of our outstanding Class A Ordinary Shares and 14,500,000 Class B Ordinary Shares, representing 97.93%, of the aggregate total voting power of our total issued and outstanding share capital as of the date of this prospectus, and immediately following the completion of this offering will beneficially own 14,500,000 Class A Ordinary Shares, approximately 73.93% of our outstanding Class A Ordinary Shares (or 72.95% of our outstanding Class A Ordinary Shares assuming the underwriters exercise

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their over-allotment option in full) and 14,500,000 Class B Ordinary Shares, representing 96.89% (or 96.74%, assuming the underwriters exercise their over-allotment option in full) of the aggregate total voting power of our then total issued and outstanding share capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Exchange Act" refers to Securities Exchange Act of 1934, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "NTD" refers to the legal currency of Taiwan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Operating Subsidiary", "Taiwan Operating Subsidiary" or "Agencia Taiwan" refers to Agencia Comercial Co., Ltd, an operating subsidiary of the Company registered and incorporated under the laws of Taiwan in July 2020, pursuant to the reorganization in contemplation of the IPO, it became a direct wholly owned subsidiary of Ping Shiang Holding Ltd and an indirect wholly owned subsidiary of Agencia Cayman;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "ordinary shares", "Ordinary Shares" or "shares" refer to the Class A Ordinary Shares and Class B Ordinary Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "PCAOB" refers Public Company Accounting Oversight Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Ping Shiang Business Ltd" refers to Ping Shiang Business Ltd, a BVI business company incorporated under the laws of the British Virgin Islands with limited liability on February 17, 2025, a holding company controlled and owned by our Controlling Shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Ping Shiang Holding Ltd" refers to Ping Shiang Holding Ltd, a BVI business company incorporated under the laws of the British Virgin Islands with limited liability on January 21, 2025, a direct wholly owned subsidiary of Agencia Cayman;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Resale Prospectus" means a prospectus to be used for the potential resale by the Resale Shareholders of an aggregate 3,364,000 Class A Ordinary Shares after the closing of the offering of Class A Ordinary Shares pursuant to the Public Offering Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Resale Shareholders" means Ooi Choon Hoi, Choong Kah Jun, Lee Yiee Jiunn and Leong Kah Yee as set forth in the Resale Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "SEC" refers to the United States Securities and Exchange Commission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Securities Act" refers to The Securities Act of 1933, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Taiwan" refers to Taiwan, Republic of China.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "US$", "USD" and "U.S. dollars" refer to the legal currency of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "U.S. GAAP" refers to generally accepted accounting principles in the United States; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "we," "us," "our" and "our Group" refer to Agencia Comercial Spirits Ltd, a Cayman Islands company and its subsidiaries.

Unless otherwise indicated, (a) information in this prospectus assumes that the underwriters do not exercise their over-allotment option to purchase additional Class A Ordinary Shares, and (b) references in this prospectus to this offering are to our offering of Class A Ordinary Shares pursuant to this prospectus.

Our reporting currency is U.S. dollars. The functional currency of the Company's Operating Subsidiary located in Taiwan is NTD. Unless otherwise noted, all translations from NTD to U.S. dollars and from U.S. dollars to NTD in this prospectus are made at a rate of NTD32.79 to US$1.00, the exchange rate in effect as of December 31, 2024 as set forth in the H.10 statistical release of The Board of Governors of the Federal Reserve System. We make no representation that the NTD or U.S. dollar amounts referred to in this prospectus could have been or could be converted into U.S. dollars or NTD, as the case may be, at any particular rate or at all.

Internet site addresses in this prospectus are included for reference only and the information contained in any website, including our website, is not incorporated by reference into, and does not form part of, this prospectus.

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#### MARKET AND INDUSTRY DATA
This prospectus contains estimates and information concerning our industry, including our market position and the size and growth rates of the markets in which we participate, that are based on industry publications and the reports. This prospectus contains statistical data and estimates published by Migo Corporation Limited, an independent research firm, commissioned by our Group in connection with this offering, for which we paid a fee. This information involves a number of assumptions and limitations, and you are cautioned not to place undue reliance on these estimates. We have not independently verified the accuracy or completeness of the data contained in these industry reports. The industry in which we operate is subject to a high degree of uncertainty and risk due to a variety of factors, including those described in the "Risk Factors" section. These and other factors could cause results to differ materially from those expressed in these publications and reports.

Industry publications, research, surveys, studies and forecasts generally state that the information they contain has been obtained from sources believed to be reliable. Forecasts and other forward-looking information obtained from these sources are subject to the same qualifications and uncertainties as the other forward-looking statements in this prospectus. These forecasts and forward-looking information are subject to uncertainty and risk due to a variety of factors, including those described under "Risk Factors." These and other factors could cause results to differ materially from those expressed in the forecasts or estimates from independent third parties and us.

#### RISK FACTORS SUMMARY
You should carefully consider the risks and uncertainties summarized below, the risks described under the "Risk Factors" section beginning on page 16. The risks described in "Risk Factors" in this prospectus may cause us to not realize the full benefits of our strengths or may cause us to be unable to successfully execute all or part of our growth strategy. Some of the more significant risks include the following:

#### Risks Related to Our Business and Industry
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A decrease in consumer demand for alcoholic beverages could significantly and negatively impact our business, operations, and financial performance. See "Risk Factors — A decrease in consumer demand for alcoholic beverages could significantly and negatively impact our business, operations, and financial performance" on page 16 of this prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We face significant competition from an increasing number of products and market participants, which could materially and adversely affect our business, results of operations, and financial condition. See "Risk Factors — We face significant competition from an increasing number of products and market participants, which could materially and adversely affect our business, results of operations, and financial condition" on page 16 of this prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It is difficult to predict the timing and amount of our sales because our distributors and their accounts are not required to place minimum orders with us. See "Risk Factors — It is difficult to predict the timing and amount of our sales because our distributors and their accounts are not required to place minimum orders with us" on page 18 of this prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our two largest customers accounted for a significant portion of our total revenue for the year ended December 31, 2024;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We depend on a limited number of customers for a high percentage of our revenue. For the fiscal year ended December 31, 2024, our largest customer accounted for more than 41.4% of our sales, of which buy from us on a purchase order basis. If we cannot maintain our current relationships with customers, fail to sustain recurring sources of revenue with our existing customers, or if we fail to enter into new relationships, our future operating results will be adversely affected. See "Risk Factors — We depend on a limited number of customers for a high percentage of our revenue. If we cannot maintain our current relationships with customers, fail to sustain recurring sources of revenue with our existing customers, or if we fail to enter into new relationships, our future operating results will be adversely affected" on page 19 of this prospectus;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Contamination of our products and/or counterfeit or confusingly similar products could harm the image and integrity of, or decrease customer support for, our brands and decrease our sales. See "Risk Factors — Contamination of our products and/or counterfeit or confusingly similar products could harm the image and integrity of, or decrease customer support for, our brands and decrease our sales" on page 19 of this prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our inability to effectively manage growth or prepare for product scalability could negatively impact our employee efficiency, product quality, working capital levels, and results of operations. See "Risk Factors — Our inability to effectively manage growth or prepare for product scalability could negatively impact our employee efficiency, product quality, working capital levels, and results of operations" on page 19 of this prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our ability to successfully introduce new whisky products and services is uncertain. See "Risk Factors — Our ability to successfully introduce new whisky products and services is uncertain" on page 20 of this prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may periodically face litigation specifically targeting the alcoholic beverage industry, as well as other legal actions arising in the normal course of our business. See "Risk Factors — We may periodically face litigation specifically targeting the alcoholic beverage industry, as well as other legal actions arising in the normal course of our business" on page 20 of this prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any damage to the reputation of the brands or the manufacturers of the alcoholic beverage products we sell could significantly and negatively impact our business and results of operations. See "Risk Factors — Any damage to the reputation of the brands or the manufacturers of the alcoholic beverage products we sell could significantly and negatively impact our business and results of operations" on page 20 of this prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our lack of internal controls over financial reporting may impact the market for and price of our Class A Ordinary Shares. See "Risk Factors — Our lack of internal controls over financial reporting may impact the market for and price of our Class A Ordinary Shares" on page 21 of this prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If we are unable to offer premium products and services at attractive prices to meet customer needs and preferences, our business, financial condition, and results of operations may be materially and adversely affected. See "Risk Factors — If we are unable to offer premium products and services at attractive prices to meet customer needs and preferences, our business, financial condition, and results of operations may be materially and adversely affected" on page 21 of this prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We face economic and political risks associated with doing business in Taiwan, particularly due to the geopolitical tension between Taiwan and PRC that could negatively affect our business and hence the value of your investment. See "Risk Factors — We face economic and political risks associated with doing business in Taiwan, particularly due to the geopolitical tension between Taiwan and PRC that could negatively affect our business and hence the value of your investment" on page 22 of this prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are required to comply with extensive regulations and hold a number of permits and licenses to carry on our business in Taiwan. Our ability to obtain and maintain these regulatory approvals is uncertain, and future government regulation may place additional burdens on our efforts to import and distribute our alcoholic beverages. See "Risk Factors — We are required to comply with extensive regulations and hold a number of permits and licenses to carry on our business in Taiwan. Our ability to obtain and maintain these regulatory approvals is uncertain, and future government regulation may place additional burdens on our efforts to import and distribute our alcoholic beverages" on page 23 of this prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our employees, collaborators and contract manufacturers may engage in misconduct or other improper activities, including non-compliance with regulatory standards and requirements, which could cause significant liability for us and harm our reputation. See "Risk Factors — Our employees, collaborators and contract manufacturers may engage in misconduct or other improper activities, including non-compliance with regulatory standards and requirements, which could cause significant liability for us and harm our reputation" on page 24 of this prospectus;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The tax laws of the jurisdictions in which we operate may adversely affect our business and our tax results. See "Risk Factors — The tax laws of the jurisdictions in which we operate may adversely affect our business and our tax results" on page 24 of this prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our Taiwan Operating Subsidiary is subject to restrictions on paying dividend or making other payments to us, which may restrict our ability to satisfy its liquidity requirements. See "Risk Factors — Our Taiwan Operating Subsidiary is subject to restrictions on paying dividend or making other payments to us, which may restrict our ability to satisfy its liquidity requirements" on page 26 of this prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Taiwan laws and regulations of loans to and direct investment in Taiwan entities by offshore holding companies may delay or prevent us from using the proceeds of this offering to make loans or additional contributions to our Operating Subsidiary, which could materially and adversely affect our ability to fund and expand our business. See "Risk Factors — Taiwan laws and regulations of loans to and direct investment in Taiwan entities by offshore holding companies may delay or prevent us from using the proceeds of this offering to make loans or additional contributions to our Operating Subsidiary, which could materially and adversely affect our ability to fund and expand our business" on page 26 of this prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our Taiwan Operating Subsidiary is subject to foreign exchange control imposed by Taiwan authorities, which may affect the paying dividends, repatriating the interest or making other payments to us. See "Risk Factors — Our Taiwan Operating Subsidiary is subject to foreign exchange control imposed by Taiwan authorities, which may affect the paying dividends, repatriating the interest or making other payments to us" on page 26 of this prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our business may be exposed to foreign exchange risks. See "Risk Factors — Our business may be exposed to foreign exchange risks" on page 27 of this prospectus;

#### Risks Related to Our Dependence on Third Parties
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our business is highly dependent on third-party distributors for selling our products to various accounts such as retailers, restaurants, bars, hotels, casinos, and entertainment venues. See "Risk Factors — Our business is highly dependent on third-party distributors for selling our products to various accounts such as retailers, restaurants, bars, hotels, casinos, and entertainment venues" on page 27 of this prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Substantial disruption to operations at our warehouses or distribution facilities, or at facilities with which we contract or partner, could occur. See "Risk Factors — Substantial disruption to operations at our warehouses or distribution facilities, or at facilities with which we contract or partner, could occur" on page 28 of this prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Disruptions within our supply chain, contract manufacturing, or distribution channels could have an adverse effect on our business, financial condition, and results of operations. See "Risk Factors — Disruptions within our supply chain, contract manufacturing, or distribution channels could have an adverse effect on our business, financial condition, and results of operations" on page 28 of this prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We rely on the alcohol product brands' marketing materials when promoting our products. See "Risk Factors — We rely on the alcohol product brands' marketing materials when promoting our products" on page 29 of this prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We expect to seek to establish collaborations and, if we are not able to establish them on commercially reasonable terms, we may have to alter our development plans. See "Risk Factors — We expect to seek to establish collaborations and, if we are not able to establish them on commercially reasonable terms, we may have to alter our development plans" on page 29 of this prospectus;

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#### Risks Related to Our Intellectual Property
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If our trademarks and trade names are not adequately protected, we may not be able to build name recognition in our markets of interest and our competitive position may be adversely affected. See "Risk Factors — If our trademarks and trade names are not adequately protected, we may not be able to build name recognition in our markets of interest and our competitive position may be adversely affected" on page 29 of this prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If we are unable to protect the confidentiality of our trade secrets, our business and competitive position would be harmed. See "Risk Factors — If we are unable to protect the confidentiality of our trade secrets, our business and competitive position would be harmed" on page 29 of this prospectus;

#### Risks Related to Our Class A Ordinary Shares and This Offering
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An active trading market for our Class A Ordinary Shares may not develop and the trading price for our Class A Ordinary Shares may fluctuate significantly. See "Risk Factors — An active trading market for our Class A Ordinary Shares may not develop and the trading price for our Class A Ordinary Shares may fluctuate significantly" on page 30 of this prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The trading price of our Class A Ordinary Shares is likely to be volatile, which could result in substantial losses to investors. See "Risk Factors — The trading price of our Class A Ordinary Shares is likely to be volatile, which could result in substantial losses to investors" on page 30 of this prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The sale or availability for sale of substantial amounts of our Class A Ordinary Shares including the Ordinary Shares held by our Resale Shareholders that are being registered concurrently for resale in the Resale Prospectus could adversely affect their market price. See "Risk Factors — sale or availability for sale of substantial amounts of our Class A Ordinary Shares including the Ordinary Shares held by our Resale Shareholders that are being registered concurrently for resale in the Resale Prospectus could adversely affect their market price" on page 31 of this prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our Resale Shareholder will be able to sell their shares upon completion of this offering subject to restrictions under Rule 144 under the Securities Act. See "Risk Factors — Our Resale Shareholder will be able to sell their shares upon completion of this offering subject to restrictions under Rule 144 under the Securities Act" on page 31 of this prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There can be no assurance that we will not be a passive foreign investment company, or PFIC, for U.S. federal income tax purposes for any taxable year, which could subject U.S. investors in our Class A Ordinary Shares to significant adverse U.S. federal income tax consequences. See "Risk Factors — There can be no assurance that we will not be a passive foreign investment company, or PFIC, for U.S. federal income tax purposes for any taxable year, which could subject U.S. investors in our Class A Ordinary Shares to significant adverse U.S. federal income tax consequences" on page 33 of this prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We will incur increased costs as a result of being a public company. See "Risk Factors — We will incur increased costs as a result of being a public company" on page 35 of this prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are a foreign private issuer within the meaning of the rules under the Exchange Act, and as such we are exempt from certain provisions applicable to United States domestic public companies. See "Risk Factors — We are a foreign private issuer within the meaning of the rules under the Exchange Act, and as such we are exempt from certain provisions applicable to United States domestic public companies" on page 35 of this prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are an emerging growth company, and the reduced disclosure requirements applicable to emerging growth companies may make our Class A Ordinary Shares less attractive to investors. See "Risk Factors — We are an emerging growth company, and the reduced disclosure requirements applicable to emerging growth companies may make our Class A Ordinary Shares less attractive to investors" on page 38 of this prospectus;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are a "controlled company" within the meaning of the Nasdaq listing rules, and may follow certain exemptions from certain corporate governance requirements that could adversely affect our public shareholders. See "Risk Factors — We are a "controlled company" within the meaning of the Nasdaq listing rules, and may follow certain exemptions from certain corporate governance requirements that could adversely affect our public shareholders." on page 36 of this prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our dual-class voting structure will limit your ability to influence corporate matters and could discourage others from pursuing any change of control transactions that holders of our Class A Ordinary Shares may view as beneficial. See "Risk Factors — Our dual-class voting structure will limit your ability to influence corporate matters and could discourage others from pursuing any change of control transactions that holders of our Class A Ordinary Shares may view as beneficial." on page 36 of this prospectus; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The dual-class structure of our Ordinary Shares has the effect of concentrating voting control with those shareholders who held our Class B Ordinary Shares prior to this Offering. This ownership will limit or preclude your ability to influence corporate matters, including the election of directors, amendments of our organizational documents, and any merger, consolidation, sale of all or substantially all of our assets, or other major corporate transactions requiring shareholder approval, and that may adversely affect the trading price of our Class A Ordinary Shares. See "Risk Factors — The dual-class structure of our Ordinary Shares has the effect of concentrating voting control with those shareholders who held our Class B Ordinary Shares prior to this Offering. This ownership will limit or preclude your ability to influence corporate matters, including the election of directors, amendments of our organizational documents, and any merger, consolidation, sale of all or substantially all of our assets, or other major corporate transactions requiring shareholder approval, and that may adversely affect the trading price of our Class A Ordinary Shares." on page 37 of this prospectus.

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#### THE OFFERING

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| | |
|:---|:---|
|  Offering Price per Class A Ordinary Share | The initial public offering price will be between US$4.00 and US$6.00 per Class A Ordinary Share. |
|  Ordinary Shares Offered by Us | 1,750,000 Class A Ordinary Shares (or 2,012,500 Class A Ordinary Shares if the underwriters exercise in full their option to purchase additional 262,500 Class A Ordinary Shares or 15% of the total number of Shares to be offered in this Offering). |
|  Ordinary Shares Offered by the Resale Shareholders | <br>In aggregate 3,364,000 Class A Ordinary Shares (as to 812,000 Class A Ordinary Shares by Ooi Choon Hoi, 841,000 Class A Ordinary Shares by Choong Kah Jun, 841,000 Class A Ordinary Shares by Lee Yiee Jiunn and 870,000 Class A Ordinary Shares by Leong Kah Yee) |
|  Ordinary Shares Outstanding Immediately Prior to the Completion of This Offering | <br>32,364,000 Ordinary Shares, including 17,864,000 Class A Ordinary Shares and 14,500,000 Class B Ordinary Shares. |
|  Ordinary Shares Issued and Outstanding Immediately After This Offering | <br>34,114,000 Ordinary Shares, including 19,614,000 Class A Ordinary Shares and 14,500,000 Class B Ordinary Shares, assuming no exercise of the underwriters' over-allotment option<br> 34,376,500 Ordinary Shares, including 19,876,500 Class A Ordinary Shares and 14,500,000 Class B Ordinary Shares, assuming full exercise of the underwriters' over-allotment option |
|  Voting Rights | Class A Ordinary Shares are entitled to one (1) vote per share.<br> Class B Ordinary Shares are entitled to ten (10) votes per share.<br> Holders of Class A Ordinary Shares and Class B Ordinary Shares will vote together as a single class, unless otherwise required by law or our memorandum and articles of association, as amended from time to time. The sole holder of our Class B Ordinary Shares will hold approximately 96.89% of the total votes for our issued and outstanding Shares including 8.81% of the total votes from his Class A Ordinary Shares and 88.08% of the total votes from its Class B Ordinary Shares, following the completion of this offering, assuming no exercise of the underwriters' over-allotment option, and will have the ability to control the outcome of matters submitted to our shareholders for approval, including the election of our directors and the approval of any change in control transaction. See the sections titled "Principal Shareholders" and "Description of Share Capital" for additional information. |
|  Over-Allotment Option | We have granted to the underwriters an option, exercisable for 45 days from the date of this prospectus, to purchase up to an aggregate of additional 262,500 Class A Ordinary Shares (or 15% of the total number of Shares to be offered in this Offering) at the initial public offering price, less underwriting discounts and commissions, solely for the purpose of covering over-allotments. |
|  Dividends | We do not expect to pay dividends in the foreseeable future. |
|  Listing | We plan to have our Class A Ordinary Shares listed on the Nasdaq Capital Market under the symbol "AGCC." |
|  Transfer Agent |  |

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| | |
|:---|:---|
|  Use of Proceeds | We estimate that we will receive net proceeds of approximately US$6.83 million from this offering, assuming an initial public offering price of US$5.00 per Class A Ordinary Share, the mid-point of the estimated range of the initial public offering price, after deducting estimated underwriter discounts, commissions and estimated offering expenses payable by us. We will not receive any of the proceeds from the sale of Class A Ordinary Shares by the Resale Shareholders. <br> We intend to primarily use our net proceeds from this offering for (i) expand our supplier network by partnering with reputable whisky distilleries, allowing us to diversify and enhance our product portfolio, (ii) increase our bottling and packaging capacity for our proprietary brand whisky products, (iii) enhance our warehouse facilities and strengthen our inventory capacity in response to growing market demand, and (iv) implement strategic marketing initiatives aimed at driving growth, as well as to expand our sales team and strengthen our market presence in both existing and new geographical regions, including Japan, Hong Kong, Singapore, Malaysia, and other Asia-Pacific countries. See "Use of Proceeds" for additional information. |
|  Risk Factors | Investing in these securities involves a high degree of risk. See "Risk Factors" and other information included in this prospectus for a discussion of the risks you should carefully consider before deciding to invest in our Class A Ordinary Shares. |
|  Lock-up | Our directors and officers and holders of more than 5% of our outstanding shares as of the effective date of this registration statement will enter into customary lock-up agreements in favor of the underwriters for a period of six (6) months from the date of this offering. |
|  | We have agreed with the underwriters that, for a period of three (3) months from the closing of this offering, we and any successors of us will not (a) 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 capital stock of us or any securities convertible into or exercisable or exchangeable for shares of capital stock of us; (b) file or caused to be filed any registration statement with the SEC relating to the offering of any shares of our capital stock or any securities convertible into or exercisable or exchangeable for shares of our capital stock; or (c) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of our capital stock, whether any such transaction described in clause (a), (b) or (c) above is to be settled by delivery of shares of our capital stock or such other securities, in cash or otherwise. See "Underwriting" for more information. |

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#### RISK FACTORS
*Investing in the Class A Ordinary Shares involves a high degree of risk. You should carefully consider the following risks, as well as other information contained in this prospectus, before making an investment in our Company. The risks discussed below could materially and adversely affect our business, prospects, financial condition, results of operations, cash flows, ability to pay dividends and the trading price of our Class A Ordinary Shares. We may face additional risks and uncertainties aside from the ones mentioned below. There may be risks and uncertainties that we are unaware of, or that we currently do not consider material, that may become important factors that adversely affect our business in the future. Any of the following risks and uncertainties could have a material adverse effect on our business, financial condition, results of operations and ability to pay dividends. In such case, the market prices of the Class A Ordinary Shares could decline and you may lose part or all of your investment.*

#### RISKS RELATED TO OUR BUSINESS AND INDUSTRY

#### A decrease in consumer demand for alcoholic beverages could significantly and negatively impact our business, operations, and financial performance.
Our performance depends on consumers' demand for our products. Various factors can cause shifts in consumer preferences, such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes in demographic or social trends

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fluctuations in discretionary income

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Inflation-driven price changes in consumer products

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Evolving laws, regulations, and public health policies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Altered leisure, dining, and beverage consumption patterns

To succeed, we must anticipate and effectively respond to these shifts. If consumer preferences move away from our products, our operations and financial results would be materially and adversely affected.

Factors that may reduce consumer demand for alcoholic beverages include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Economic or geopolitical downturns affecting discretionary income

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Declining on-premise consumption due to public health policies like smoking bans, stricter DUI laws, and COVID-19 response measures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Generational or demographic shifts towards alternatives such as hard seltzer, lower-calorie alcoholic beverages, and non-alcoholic options like soft drinks, sports drinks, and water

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Increased anti-alcohol activism and negative perceptions of alcohol consumption

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Health concerns related to alcoholic beverage consumption

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adverse legal and regulatory changes, like higher taxes or duties on alcohol imports or sales

Our luxury alcoholic beverage portfolio is especially vulnerable to changing economic conditions and consumer tastes, spending habits, and preferences. This could reduce sales and profitability. Unanticipated changes in demand or preference could also impair our ability to forecast production needs and adapt to shifting consumer preferences, further negatively affecting our business, operations, and financial results.

***We face significant competition from an increasing number of products and market participants, which could materially and adversely affect our business, results of operations, and financial condition.***

Our whisky products face competition from a wide array of both domestic and international premium whiskies, as well as from more affordably priced generic options. Additionally, they compete against other alcoholic beverages and, to a lesser extent, non-alcoholic alternatives for consumer acceptance, brand loyalty, and visibility in retail environments and restaurant alcohol lists. Marketing attention from our distributors, many of whom maintain extensive

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portfolios of spirits and other beverages, further intensifies this competition. We strive to differentiate ourselves based on product taste and quality, brand image, pricing, service, and our capacity for innovation in response to evolving consumer preferences. This competitive landscape is shaped by both established players and new entrants, many of whom possess more substantial financial, technical, marketing, and distribution capabilities, as well as superior public relations resources. Consequently, we have experienced, and may continue to encounter, upward pressure on our selling, marketing, and promotional costs in light of our growth objectives. There is no guarantee that we will be able to effectively compete against our rivals in the future or that we will not face increased competition from other distilleries and beverage manufacturers.

Brand awareness and acceptance are also crucial factors in our competitive environment. Our business is substantially dependent upon the awareness and market acceptance of our whisky products and brands by our targeted consumers. Moreover, our success hinges on our independent distributors' acceptance of our brands as having the potential to provide incremental sales growth rather than cannibalizing their existing beverage sales. The extent to which our products and brands can achieve and sustain satisfactory levels of acceptance among independent distributors, retail customers, and consumers remains to be determined. Any failure to maintain or enhance brand acceptance and market penetration could have a materially adverse impact on our revenues and overall financial performance.

#### We invest significant time and resources in attracting and retaining key distributors and suppliers.
Our marketing and sales strategy largely depends on the availability and performance of our independent distributors. Currently, we do not have, nor do we anticipate establishing in the future, long-term contractual commitments with our distributors. We normally enter into framework sales agreement with our distributors from time to time. During the contract term, our distributors are entitled to place purchase orders with us for each of our products at the unit price, which is typically agreed at a fixed price per bottle, set forth in the distribution agreement. Moreover, these distributors may terminate their relationship with us on short notice. It's also important to note that some distributors handle multiple competitive products, and our products may constitute only a small part of their overall business.

Further, all of our distributors place purchase orders with us on an as-needed basis. There is no assurance that our customers will continue to place purchase orders with us in the future. In the event that any of our major distributors ceases to place purchase orders with us, reduces the amount of their purchase orders with us, or requests for more favorable terms and conditions, our business, results of operations, financial conditions and future prospects may be adversely affected.

There is no assurance that our distributors will renew the framework sales agreement with us under similar terms and conditions, nor can we guarantee that we will maintain our existing distribution relationships or successfully establish and sustain new ones in different geographic areas. Additionally, we may need to incur additional costs to attract and retain key distributors in one or more of our geographic markets to effectively exploit these markets.

The marketing efforts of our distributors are vital to our success. If our brands fail to appeal to our current distributors, or if we are unable to attract additional distributors, or if our distributors do not prioritize the marketing and promotion of our products over those of our competitors, our business, financial condition, and results of operations could be adversely affected.

In the absence of long-term supply contracts, our suppliers have the potential to reduce the quantities or priority of our orders, or to terminate sales to us due to unforeseen circumstances or factors beyond our control. While we have not historically encountered significant or prolonged challenges in procuring our products, any potential reduction in supply or loss of established supplier relationships could disrupt our procurement operations, necessitating a considerable investment of time and effort to cultivate new supply connections. However, due to the abundance of competitive suppliers, our established ad hoc procurement practice based on prevailing market conditions, and our strong market position, we believe such disruption would likely be temporary, and we would be able to find suitable suppliers in a timely manner and establish relationships with suitable replacements over time. Nevertheless, if we fail to identify suitable replacement suppliers in a timely manner or with reasonable product pricing for the type of products we specialize in selling, our operations may be disrupted, and our net revenue, gross profit margin, and results of operations may be adversely and materially impacted.

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***It is difficult to predict the timing and amount of our sales because our distributors and their accounts are not required to place minimum orders with us.***

Our independent distributors and their accounts are not obligated to place minimum monthly or annual orders of our products. To minimize inventory costs, these distributors generally follow a "just in time" ordering approach, purchasing products from us in quantities and at times based on the specific demand in their distribution areas. For higher-demand products, a minimum par level is typically maintained in the distributors' warehouses and reorders are only triggered when inventory falls below that level. As a result, we cannot accurately predict the timing or quantities that any of our independent distributors will purchase, nor can we be certain that they will continue to purchase our products at the same frequency and in the same quantities as they have in the past.

Moreover, our larger distributors and partners may place orders that exceed our historical order sizes. Any shortages in inventory levels, supply of raw materials, or other key supplies could have a negative impact on our ability to fulfill these larger orders, potentially affecting our business operations and customer relationships.

#### If we do not adequately manage our inventory levels, our operating results could be adversely affected.
We need to maintain adequate inventory levels of whisky and other alcohol beverages to be able to deliver products to distributors on a timely basis. Our inventory supply depends on our ability to accurately estimate demand for our products. However, estimating demand is inherently imprecise, particularly for new products, seasonal promotions, and new markets.

If we materially underestimate demand for our products, we might not be able to satisfy demand on a short-term basis, potentially leading to lost sales opportunities and damaged relationships with our distributors and retailers. Conversely, if we overestimate demand, we may end up with excess inventory, resulting in higher storage costs, increased trade spending, and the risk of inventory obsolescence.

Failure to properly manage our inventory to meet demand could not only damage our relationships with our distributors and retailers but also delay or lose sales opportunities, unfavorably impacting our future sales and adversely affecting our operating results. Additionally, if the inventory of our products held by our distributors and retailers is too high, they may reduce or cease placing orders for additional products, which would also unfavorably impact our sales and adversely affect our operating results.

#### If our inventory is lost due to theft, fire, or other damage, or becomes obsolete, our results of operations would be negatively impacted.
We expect our inventory levels to fluctuate to meet customer delivery requirements for our products. There is always a risk of loss of this inventory due to theft, fire or other damage, and any such loss, whether insured or not, could cause us to fail to meet our orders and harm our sales and operating results.

In addition, our inventory may become obsolete as we introduce new products, cease to produce old products, or modify the design of our products' packaging, which would increase our operating losses and negatively impact our results of operations. For example, in the whisky industry, the aging process can result in losses known as the "angel's share," in which a portion of the liquid evaporates through the porous wood of the barrel. This natural loss, along with potential obsolescence due to changes in consumer preferences or packaging updates, can affect our inventory levels and profitability.

#### Our business is subject to seasonality related to sales of our products.
The whisky market experiences considerable seasonal fluctuations. Historically, a significant portion of net sales and earnings in the whisky industry occurs during the holiday season, particularly in November and December. This period is marked by increased social gatherings, family parties, and gift-giving, which drive higher demand for whisky. Additionally, the summer months, particularly June through August, also see a rise in sales due to outdoor activities and social events where whisky is a popular choice.

As a result, our operating results may fluctuate significantly from quarter to quarter, and the outcomes for any given quarter are not necessarily indicative of results for other periods. If our sales were to decline substantially below these seasonal norms for any reason, our annual revenues and earnings could be materially and adversely affected.

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#### Our two largest customers accounted for a significant portion of our total revenue for the year ended Dece mber 31, 202 4.
We derive a substantial portion of our revenue from a limited number of major customers. For the year ended December 31, 2024, our two largest customers in aggregate accounted for approximately 59.1% of our total revenue for the year, of which Customer A accounting for over 41.4% of our sales volume in 2024 and Customer B accounting for over 17.7% of our sales volume in 2024. There is no assurance that any of our major customers will renew their framework sales agreements or continue to place purchase orders with us in the future. In the event that any of our major customers ceases to place purchase orders with our Group or reduces the amount of their purchase orders with us, our business, results of operations, financial condition and future prospects may be adversely affected.

***We depend on a limited number of customers for a high percentage of our revenue. If we cannot maintain our current relationships with customers, fail to sustain recurring sources of revenue with our existing customers, or if we fail to enter into new relationships, our future operating results will be adversely affected.***

For the fiscal year ended December 31, 2024, revenue from our largest customer accounted for approximately over 41.4% of our sales, of which buy from us on a purchase order basis. The revenue attributable to our top customers has fluctuated in the past and may fluctuate in the future, which could have a material adverse effect on our business, financial condition, results of operations, cash flows and prospects. In addition, the termination of these relationships could result in a temporary or permanent loss of revenue.

Our future success depends on our ability to maintain these relationships, to increase our penetration among these existing customers and to establish new relationships. We engage in conversations with other brand owners and companies regarding potential commercial opportunities on an ongoing basis, which can be time consuming. There is no assurance that any of these conversations will result in a commercial agreement, or if an agreement is reached, that the resulting relationship will be successful. Speculation in the industry about our existing or potential commercial relationships can be a catalyst for adverse speculation about us and our products, which can adversely affect our reputation and our business. In addition, if our customers order our products but fail to pay on time or at all, our liquidity, financial condition, results of operations, cash flows and prospects could be materially and adversely affected.

***Contamination of our products and/or counterfeit or confusingly similar products could harm the image and integrity of, or decrease customer support for, our brands and decrease our sales.***

The success of our brands depends on consumers' positive perceptions of them. Any contamination, whether accidental or due to the intentional actions of third parties, or other incidents that compromise the integrity or consumer support of our brands could impact product demand. Contaminants in third-party raw materials or defects in the distillation and fermentation processes could result in poor beverage quality, causing illness or injury to consumers and potentially reducing sales of the affected brand or all of our brands.

Furthermore, if third parties sell counterfeit versions of our brands or brands that closely resemble ours, consumers may confuse our products with inferior alternatives. Additionally, we have no control over the usage of our whisky products, in particular the raw cask whisky, if third parties utilize our whisky to produce counterfeit whisky products resembling other whisky brands, it could create the perception that we are complicit in these activities. This confusion may result in administrative or criminal investigations, which could further damage our reputation. Consequently, these issues could lead to consumers avoiding our brands in the future, generating negative media coverage, and ultimately harm our brand equity and adversely impacting our sales and overall business operations.

***Our inability to effectively manage growth or prepare for product scalability could negatively impact our employee efficiency, product quality, working capital levels, and results of operations.***

Significant market growth for our products or our expansion into new markets may require an increase in our workforce for managerial, operational, financial and other functions. During periods of growth, we may experience challenges related to our operational and financial systems and controls, including quality control and delivery and service capabilities. We will also need to continue to expand, train and manage our employee base. Future growth will place significant additional responsibilities on our management team to identify, recruit, retain, integrate and motivate new employees.

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Beyond the complexities of human resource management, we may also face working capital issues. We will require increased liquidity to finance the marketing of our products and the hiring of additional staff. To manage growth effectively, we must continually improve our operational, management and financial systems and controls. Failure to do so could result in operational and financial inefficiencies that could adversely affect our profitability. We cannot guarantee that we will be able to timely and effectively meet increased demand while maintaining the quality standards expected by our existing and potential customers.

#### Our ability to successfully introduce new whisky products and services is uncertain.
The success of developing, launching, selling, and supporting new or enhanced whisky products or services hinges on various factors. These include the timely and efficient completion of product design, development, and approval processes, as well as the effective implementation of these offerings in the market. Since commitments for new products and services are often made well in advance of actual sales, decisions must accurately anticipate shifts in the whisky industry. There is no guarantee that we will be successful in selecting, developing and marketing new whisky products and services or in enhancing our existing offerings. A failure in this regard could have a negative impact on our business, financial condition, and results of operations.

Moreover, the introduction of new whisky products or enhancements by our competitors, or their adoption of innovative technologies, could lead to a decline in sales or a loss of market acceptance for our planned products and services. Specifically, competitors may introduce systems, products, or services that directly compete with our offerings, leveraging newer technology or pricing strategies that we cannot match. Depending on our existing customer arrangements, this could result in the loss of customers.

***We may periodically face litigation specifically targeting the alcoholic beverage industry, as well as other legal actions arising in the normal course of our business.***

Companies in our industry are occasionally exposed to class-action lawsuits or other private or governmental claims. These may pertain to product liability, marketing and advertising practices, distribution methods, issues related to alcohol abuse, or health concerns stemming from excessive alcohol consumption or misuse, such as underage drinking. Various groups and government agencies have occasionally voiced concerns about the harmful use of alcohol, including drinking and driving, underage drinking, and health issues related to alcohol use or misuse. Efforts have been made to link alcohol consumption to certain diseases, including various types of cancer. Such campaigns could heighten the risk of litigation against us and other industry players. In the past, lawsuits have been filed against alcoholic beverage companies alleging issues related to alcohol abuse, negative health effects, marketing or sales practices, and underage drinking. Although these lawsuits have generally been unsuccessful, future cases could potentially succeed.

In addition to industry-specific litigation, we may also be involved in other legal disputes in the ordinary course of our operations. This could include commercial disputes, enforcement actions by regulatory authorities such as tax, customs, competition, environmental, and anti-corruption agencies, or securities-related class-action lawsuits, especially following any significant drop in the value of our securities. Defending against such litigation can be costly and may result in damages, penalties, or fines, as well as reputational harm to our company and our spirits brands. It could also divert management's attention from other business matters. Moreover, adverse judgments could lead to increased future insurance premiums, and any uninsured judgments could result in substantial financial losses, potentially having a material adverse effect on our business, results of operations, and financial condition.

***Any damage to the reputation of the brands or the manufacturers of the alcoholic beverage products we sell could significantly and negatively impact our business and results of operations.***

Brand prestige and reputation are crucial for the popularity and sales performance of premium alcoholic beverages. As a wholesaler specializing in these premium products, we depend on the established prestige of the brands and the reputation of the brand owners, as well as their market promotion efforts. Our focus is primarily on developing and maintaining sales channels. Consequently, our business success is heavily reliant on factors outside our control, namely the brand status and the initiatives of the brand owners.

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#### Our lack of internal controls over financial reporting may impact the market for and price of our Class A Ordinary Shares.
Our disclosure and internal controls over financial reporting may not be effective. We may not have the financial resources or personnel to develop or implement systems that would provide us with the necessary information on a timely basis to enable us to implement financial controls. Additionally, we may face challenges in hiring and retaining a sufficient number of qualified employees on acceptable terms. As a result of these factors, we may experience difficulties in establishing management, legal, and financial controls, collecting financial data, and preparing financial statements, books of account, and corporate records that meet U.S. GAAP standards. We may also have made and may continue to make errors in the financial statements included or to be included in our public filings, such as registration statements, due to the lack of internal controls over financial reporting. If we fail to maintain an effective system of disclosure and internal controls over financial reporting, our ability to prepare timely and accurate financial statements or comply with applicable regulations could be adversely affected.

#### Interruptions or failures that impair access to information technology systems could adversely affect our business.
We rely on information technology systems to process, transmit, and store information related to our operations. These systems may be vulnerable to interruption due to various events beyond our control, such as natural disasters, telecommunications failures, computer viruses, hacking, and other security issues. Any significant interruptions or failures in these systems could cause disruptions in our business operations and may require substantial investments to update, remediate, or replace them with alternative systems. The costs and potential problems associated with supporting, maintaining, remediating, and upgrading our existing information technology systems, or with implementing new systems, could severely disrupt our business operations.

***If we are unable to offer premium products and services at attractive prices to meet customer needs and preferences, our business, financial condition, and results of operations may be materially and adversely affected.***

Our future growth depends on our ability to continue to attract new customers and increase the spending levels of existing customers. Ever-changing consumer preferences have affected and will continue to affect the Taiwanese market. We must stay abreast of emerging lifestyles and consumer preferences and anticipate product and service trends that will appeal to existing and potential future customers.

Our customers choose to purchase quality products or services from us due in part to the attractive prices and premium services that we offer, especially for limited edition products with less market availability. They may choose to shop elsewhere if we cannot match the prices, products, or services offered by our competitors. If our customers cannot find their desired products or services within our portfolio, they may stop purchasing our products or using our services, which in turn may materially and adversely affect our business, financial condition, and results of operations.

#### Our management team does not have any experience managing a public company.
Members of our management team do not have experience managing a publicly traded company, interacting with public company investors, or complying with the increasingly complex laws pertaining to public companies. Additionally, some members of our management team were recently hired. Our management team may not successfully or efficiently manage their new roles and responsibilities. Our transition to a public company will subject us to significant regulatory oversight and reporting obligations under the U.S. federal securities laws and the continuous scrutiny of securities analysts and investors. These new obligations and constituents will require significant attention from our senior management and could divert their attention away from the day-to-day management of our business, which could adversely affect our business, financial condition, and operating results.

#### The successful implementation of our business strategies is contingent upon the capabilities of our management team.
Should our management team fail to effectively implement these strategies, our development, including the generation of revenues and our sales and marketing activities, could be materially and adversely affected. In addition, managing the budgeting, forecasting, and other process control aspects of potential future growth may present significant challenges.

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We may need to augment or replace members of our management team to better align with our strategic objectives. Additionally, there is a risk that we could lose key members of our management team. In such cases, it may be difficult to attract new management talent with the requisite skills and experience, which could further impair our ability to implement our business strategies and achieve our growth objectives.

#### We have limited insurance coverage, which could expose us to significant costs and business disruption.
We maintain employment insurance, labor insurance, occupational accident insurance and national health insurance for our employees in accordance with applicable laws in Taiwan. However, the availability and adequacy of our insurance coverage is not guaranteed, and certain risks, such as war, force majeure, or specific business interruptions, may not be covered. Additionally, there is no assurance that we will be able to renew our current insurance policies on favorable terms when they expire, which could materially affect our business if claims are not covered or if policies cannot be renewed. It is also important to note that we do not have business disruption insurance, and any such event could lead to significant costs and divert our resources.

***We face economic and political risks associated with doing business in Taiwan, particularly due to the geopolitical tension between Taiwan and PRC that could negatively affect our business and hence the value of your investment.***

Our performance is affected by global economic conditions as well as geopolitical issues and other conditions with global reach. Macroeconomic weakness and uncertainty make it more difficult for us to manage our operations and accurately forecast financial result. As a result of the invasion of Ukraine by Russia, the United States, the European Union, the United Kingdom and other jurisdictions have imposed sanctions on certain Russian and Ukrainian persons and entities, including certain Russian banks, energy companies and defense companies, and have imposed restrictions on exports of various items to Russian and certain regions of Ukraine (including the self-proclaimed Donetsk People's Republic and Luhansk People's Republic and Crimea). Moreover, on February 22, 2022, the Office of Foreign Assets Control of the United States issued sanctions aimed at limiting Russia's ability to raise funds through sovereign debt. Such ongoing events between Ukraine and Russia could also increase China/Taiwan political tensions and U.S./China trade and other relations. These geopolitical issues have resulted in increasing global tensions and create uncertainty for global commerce. Any or all of these factors could negatively affect demand for our products and our business, financial condition and result of operations. In addition, new requirements or restrictions could come into effect which might increase the scrutiny on our business or result in one or more of our business activities being deemed to have violated sanctions. Our business and reputation could be adversely affected if the authorities of the United Nations, the United States, the European Union, Taiwan or other jurisdictions were to determine that any of our activities constitutes a violation of the sanctions they impose or provides a basis for a sanction's designation of us.

Our principal executive offices and substantially all of its assets are located in Taiwan, and substantially all of its revenues are derived from its operations in Taiwan. Accordingly, our business, financial condition and results of operations and the market price of our Class A Ordinary Shares may be affected by changes in Taiwan governmental policies, taxation, inflation or interest rates and by social instability and diplomatic and social developments in or affecting Taiwan which are outside of our control. Taiwan has a unique international political status. The PRC government asserts sovereignty over the PRC and Taiwan and does not recognize the legitimacy of the government of Taiwan. The PRC government has indicated that it may use military force to gain control over Taiwan if Taiwan declares independence or if Taiwan refuses to accept the PRC's stated "One China" policy. In addition, on March 14, 2005, the National People's Congress of the PRC passed what is widely referred to as the "anti-secession" law, a law authorizing the PRC military to respond to efforts by Taiwan to seek formal independence. An increase in tensions between Taiwan and the PRC and the possibility of instability and uncertainty could adversely affect the prices of our securities. Relations between Taiwan and the PRC and other factors affecting Taiwan's political environment could affect our business.

Further, our business, financial condition and results of operations and the market price of our Class A Ordinary Shares may be affected by changes in governmental policies, taxation, growth rate, inflation rate or interest rates and by social instability and diplomatic and social developments in or affecting Taiwan. In particular, the unique political status of Taiwan and its internal political movement cause sustained tension between PRC and Taiwan. Past developments related to the interactions between PRC and Taiwan, especially in relation to trade activities such as bans on exports of goods from time to time, have on occasions depressed the transactions and business operations of certain Taiwanese companies and overall economic environment. We cannot predict whether there will be an escalation of the

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tensions between PRC and Taiwan which would lead to new bans or tariffs on exports or even conflict. Any conflict which threatens the military, political or economic stability in Taiwan could have a material adverse effect on our current or future business and financial condition and results of operations.

***We have engaged in transactions with related parties, and such transactions present possible conflicts of interest that could have an adverse effect on our business and results of operations.***

We have entered into a number of transactions with related parties, including our significant stockholders, directors and executive officers, and their relatives. For example, we have entered into several transactions with our Chief Executive Officer and Shareholder in which Mr. Tsai Yi Yang and Ms. Lee Li Mei has or had a significant ownership interest, respectively. See "Related Party Transactions" on page 99. We may in the future enter into additional transactions with entities in which members of our board of directors and other related parties hold ownership interests.

Transactions such as loans and leases in which related parties hold ownership interests present potential conflicts of interest. The interests of the landlord entity and lender, along with their shareholders, may not align with the interests of our stockholders regarding the negotiation and certain other matters related to our lease or loan terms with that landlord entity or lender. We may have achieved more favorable terms if such transactions had not been entered into with related parties, and these transactions, individually or in the aggregate, may have an adverse effect on our business and results of operations, or may result in government enforcement actions or other litigation.

***We are required to comply with extensive regulations and hold a number of permits and licenses to carry on our business in Taiwan. Our ability to obtain and maintain these regulatory approvals is uncertain, and future government regulation may place additional burdens on our efforts to import and distribute our alcoholic beverages*.***

We are a Taiwan-based whisky import and distribution company which is subject to extensive government regulation and supervision in Taiwan. The regulatory framework addresses all aspects of operating in the whisky distribution industry, including import, registration, production, distribution, packaging, labelling, advertising, and licensing requirements and procedures, periodic renewal and reassessment processes and compliance. Violation of applicable laws and regulations may materially and adversely affect our business. In particular, if we and our cooperators are unable to obtain or renew permits or licenses required for our operations, they will not be able to processing or distribute our whisky products and our business may be adversely affected.

The regulatory framework governing the alcoholic beverages distribution industry in Taiwan is subject to change and amendment from time to time. Any such change or amendment could materially and adversely impact our business, financial condition and prospects. The Taiwan government has introduced the Tobacco and Alcohol Administration Act and regulations in 2000, especially imposing obligations on the alcohol importers to obtain an import permit for entry of the alcoholic beverages into Taiwan in 2014. Moreover, if we are unable to maintain regulatory compliance, regulatory approval that has been obtained may be lost and the various reform initiatives could give rise to regulatory developments, such as more burdensome administrative procedures, which may have an adverse effect on our business, financial condition and prospects significantly.

For further information regarding government regulation in Taiwan and other jurisdictions, see "Regulations" for more details.

#### Our future success depends on our ability to attract, retain and motivate senior management.
We are highly dependent on the expertise of the members of our principal members of our management. Agencia Cayman has entered into employment agreements with our executive officers, but each of them may terminate their employment with us at any time with prior written notice. In addition, we currently do not have "key-man" insurance for any of our executive officers or other key personnel.

From time to time, there may be changes in our senior management team resulting from the hiring or departure of executives, which could disrupt our business. The loss of the services of one or more of our senior management or other key employees for any reason could adversely affect our business, financial condition and operating results and require significant amounts of time, training and resources to find suitable replacements and integrate them within our business and could affect our corporate culture. If we fail to attract new personnel or fail to retain and motivate our current personnel, it could adversely affect our business and future growth prospects.

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Recruiting, retaining and motivating experienced management, sales and marketing personnel will also be critical to our success. The loss of the services of our executive officers or other key employees could impede the achievement of our development and business objectives and seriously harm our ability to successfully implement our business strategy. Further, replacing executive officers and key employees may be difficult and may take an extended period of time because of the limited number of individuals in our industry with the breadth of skills and experience required to successfully develop the mutual trust with the suppliers. Competition to hire from this limited pool is intense, and we may be unable to hire, train, retain or motivate these key personnel on acceptable terms given the competition among numerous alcoholic beverages distribution companies for similar personnel. In addition, our management will be required to devote significant time to compliance initiatives from our status as a public company, which may require us to recruit more management personnel.

#### We are subject to risks relating to our leased properties.
We lease certain real properties in Taiwan from our founder, chairman and chief executive officer, Mr. Tsai Yi Yang, and the mother of Mr. Tsai, Ms. Lee Li Mei, primarily as office space and operation facilities. We may become involved in disputes with the property owners or any third parties who otherwise have rights to or interests in our leased properties. We can provide no assurance that we will be able to find suitable replacement sites on terms acceptable to us on a timely basis, or at all, or that we will not be subject to material liability resulting from third parties' challenges on our use of such properties. If any of our leases is terminated as a result of challenges by third parties or governmental authorities for lack of title certificates or proof of authorization to lease, we do not expect to be subject to any fines or penalties, but we may be forced to relocate the affected offices, stores or warehouses and incur additional expenses relating to such relocation. We cannot guarantee that suitable alternative locations are readily available on commercially reasonable terms, or at all, and if we fail to relocate our operations in a timely manner, our business, financial condition and results of operations may be materially and adversely affected.

***Our employees, collaborators and contract manufacturers may engage in misconduct or other improper activities, including non-compliance with regulatory standards and requirements, which could cause significant liability for us and harm our reputation.***

We are exposed to the risk that our employees, collaborators and contract manufacturers may engage in fraud or other misconduct, including intentional failures to comply with the alcohol administration laws and regulations in Taiwan or similar regulations of comparable regulatory authorities, or to comply with manufacturing standards we have established. Such misconduct could result in regulatory sanctions and serious harm to our reputation. It is not always possible to identify and deter misconduct, and the precautions we take to detect and prevent this activity may not be effective in controlling unknown or unmanaged risks or losses or in protecting us from governmental investigations or other actions or lawsuits stemming from a failure to be in compliance with such laws, standards or regulations. If any such actions are instituted against us, and we are not successful in defending ourselves or asserting our rights, those actions could have a significant impact on our business, financial condition and results of operations, including the imposition of significant fines or other sanctions.

#### The tax laws of the jurisdictions in which we operate may adversely affect our business and our tax results.
The tax laws applicable to our business activities are subject to change and uncertain interpretation. Our tax position could be adversely impacted by changes in tax rates, laws, practices, treaties or regulations or changes in the interpretation thereof by the authorities in jurisdictions in which we do business.

Moreover, we conduct operations through our subsidiaries in various tax jurisdictions pursuant to transfer pricing arrangements between us and our subsidiaries. While we believe that we operate in compliance with applicable transfer pricing laws and intend to continue to do so, our transfer pricing procedures are not binding on applicable tax authorities. If tax authorities in any jurisdiction in which we operate were to successfully challenge our transfer prices as not reflecting arms' length transactions, they could require us to adjust our transfer prices and thereby reallocate our income to reflect these revised transfer prices, which could result in a higher tax liability to us. Furthermore, a tax authority could assert that we are subject to tax in a jurisdiction where we believe we have not established a taxable connection, and such an assertion, if successful, could increase our expected tax liability in one or more jurisdictions. Such circumstances could adversely affect our financial condition, results of operations and cash flows.

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***Although the audit report included in this prospectus is issued by an independent registered public accounting firm that is subject to inspections by the Public Company Accounting Oversight Board, or the PCAOB, and has been inspected by the PCAOB on a regular basis, there is no guarantee that future audit reports will be prepared by auditors or their international affiliates in jurisdictions where the PCAOB is able to fully inspect their work, and as such, future investors may be deprived of such inspections, which could result in limitations or restrictions to our access of the U.S. capital markets.***

On April 21, 2020, SEC Chairman Jay Clayton and PCAOB Chairman William D. Duhnke III, along with other senior SEC staff, released a joint statement highlighting the risks associated with investing in companies based in or having substantial operations in emerging markets including China. The joint statement emphasized the risks associated with lack of access for the PCAOB to inspect auditors and audit work papers in China and higher risks of fraud in emerging markets.

On May 18, 2020, Nasdaq filed three proposals with the SEC to (i) apply minimum offering size requirement for companies primarily operating in "Restrictive Market," (ii) adopt a new requirement relating to the qualification of management or board of directors for Restrictive Market companies, and (iii) apply additional and more stringent criteria to an applicant or listed company based on the qualifications of the company's auditors.

On May 20, 2020, the U.S. Senate passed the HFCAA requiring a foreign company to certify it is not owned or controlled by a foreign government if the PCAOB is unable to audit specified reports because the company uses a foreign auditor not subject to PCAOB inspection. If the PCAOB is unable to inspect the company's auditors for three consecutive years, the issuer's securities are prohibited from trading on a national exchange. On December 2, 2020, the U.S. House of Representatives approved the HFCAA. On December 18, 2020, the HFCAA was signed into law. On March 28, 2021, the SEC issued interim measures implementing the HFCAA which became effective on May 5, 2021. On December 2, 2021, the SEC adopted final amendments implementing congressionally mandated submission and disclosure requirements of the HFCAA, which sent into effect on January 10, 2022. On June 22, 2021, the U.S. Senate passed the Accelerating Holding Foreign Companies Accountable Act. The bill, which was enacted, shortened the three-consecutive-year compliance period under the HFCAA to two consecutive years. As a result, the time period before our Class A Ordinary Shares may be prohibited from trading or delisted will be reduced. On September 22, 2021, the PCAOB adopted a final rule implementing the HFCAA, which provides a framework for the PCAOB to use when determining, as contemplated under the HFCAA, whether the PCAOB is unable to inspect or investigate completely registered public accounting firms located in a foreign jurisdiction because of a position taken by one or more authorities in that jurisdiction.

Inspections of an independent registered public accounting firm conducted by the PCAOB outside China have at times identified deficiencies in those auditors' audit procedures and quality control procedures, which may be addressed as part of the inspection process to improve future audit quality. The recent joint statement by the SEC and PCAOB, proposed rule changes submitted by Nasdaq, and the Holding Foreign Companies Accountable Act, or HFCAA, all call for additional and more stringent criteria to be applied to emerging market companies, including companies based in China, upon assessing the qualification of their auditors, especially the non-U.S. auditors who are not inspected by the PCAOB. On August 26, 2022, the PCAOB signed a Statement of Protocol with the China Securities Regulatory Commission and the PRC Ministry of Finance, which was the first step toward opening access for the PCAOB to inspect and investigate registered public accounting firms headquartered in China and Hong Kong completely, consistent with U.S. Law. On December 15, 2022, the PCAOB determined that it was able to secure complete access to inspect and investigate registered public accounting firms headquartered in China and Hong Kong and vacated its previous determinations to the contrary. However, should PRC authorities obstruct or otherwise fail to facilitate the PCAOB's access in the future, the PCAOB may consider the need to issue a new determination. On December 29, 2022, the Accelerating HFCAA was signed into law, which amended the HFCAA by requiring the SEC to prohibit an issuer's securities from trading on any U.S. stock exchanges if its auditor is not subject to PCAOB inspections for two consecutive years instead of three.

Our auditor, Enrome LLP, headquartered in Singapore, is independent registered public accounting firms with the PCAOB, are required under the laws of the United States to undergo regular inspections by the PCAOB to assess their compliance with the laws of the United States and professional standards. Therefore, it is not subject to the determinations announced by the PCAOB on December 16, 2021 as it is not on the list published by the PCAOB. However, due to the recent developments in connection with the implementation of the HFCAA, we still cannot assure you whether the SEC, Nasdaq or other regulatory authorities would apply additional and more stringent criteria to

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us after considering the effectiveness of our auditor's audit procedures and quality control procedures, adequacy of personnel and training, or sufficiency of resources, geographic reach or experience as it relates to the audit of our combined financial statements. The requirement in the Accelerating HFCAA that the PCAOB be permitted to inspect the issuer's public accounting firm within two years, may result in our delisting in the future if the PCAOB is unable to inspect our accounting firm at such future time.

***Our Taiwan Operating Subsidiary is subject to restrictions on paying dividend or making other payments to us, which may restrict our ability to satisfy its liquidity requirements.***

We are an exempted company with limited liability incorporated under the laws of the Cayman Islands structured as a holding company, we may need dividends and other distributions on equity from our Taiwan subsidiary to satisfy our liquidity requirements. Current Taiwan regulations permit our Taiwan subsidiary to pay dividends to its shareholders only out of its accumulated profits, if any, which shall first make up previous losses and set aside at least 10% of its accumulated profits as statutory reserve each year. These reserves are not distributable as cash dividends. Furthermore, if our Taiwan subsidiary incur debt on its own behalf in the future, the instruments governing the debt may restrict its ability to pay dividends or make other payments to us. Any limitation on the ability of our Taiwan subsidiary to distribute dividends or to make payments to us may restrict our ability to satisfy our liquidity requirements. In addition, the dividend payments by our Taiwan subsidiary to us shall be subject to the withholding tax of 21% since Taiwan does not have a tax treaty with BVI or the Cayman Islands.

***Taiwan laws and regulations of loans to and direct investment in Taiwan entities by offshore holding companies may delay or prevent us from using the proceeds of this offering to make loans or additional contributions to our Operating Subsidiary, which could materially and adversely affect our ability to fund and expand our business.***

We are an offshore holding company conducting our operations substantially in Taiwan through our Taiwan Operating Subsidiary. We may make loans to our Taiwan Operating Subsidiary, or we may make additional capital contributions to our Taiwan Operating Subsidiary, or we may establish new Taiwan subsidiaries and make capital contributions to these new Taiwan subsidiaries, or we may acquire offshore entities with business operations in Taiwan in an offshore transaction.

Most of these ways are subject to Taiwan foreign investment regulations and approvals or registration. For example, investment, including lending long-term loans, in Taiwan entities require Foreign Investment Approval from the Department of Investment Review, Ministry of Economic Affairs. Furthermore, foreign entities are restricted or prohibited from investing in some industries which are relating to national security or public order, as specified in the negative list provided by Taiwan authority, such as military-related chemical products, firearms, transportation and mass media.

***Our Taiwan Operating Subsidiary is subject to foreign exchange control imposed by Taiwan authorities, which may affect the paying dividends, repatriating the interest or making other payments to us.***

Currently Taiwan regulates only those foreign exchange transactions that involve the conversion of the NTD into foreign currencies. Pursuant to the relevant provisions of Taiwan Foreign Exchange Control Act, foreign exchange transactions of a value of NTD 500,000 or more shall be declared to the Central Bank of the Republic of China (Taiwan) ("Taiwan CBC"). Further, for a remittance by a Taiwan company or a Taiwan branch of a foreign company as follows, relevant testimonials shall be submitted and such remittance shall be subject to the reporting to and/or approval of the Taiwan CBC: (i) a single remittance of an amount of U.S.$1 million or more; or (ii) annual accumulated settlement amount of foreign exchange purchased or sold has exceeded U.S.$100 million. Nevertheless, Taiwan government may impose further foreign exchange restrictions in certain emergency situations, where Taiwan government experiences extreme difficulty in stabilizing the balance of payments or where there are substantial disturbances in the financial and capital markets in Taiwan. If the dividend payments or other payments by our Taiwan Operating Subsidiary to us involves the currency conversion from New Taiwan Dollar to U.S. Dollar, such conversion would be subject to the foregoing foreign exchange control imposed by Taiwan authority. Under certain circumstances as prescribed by the relevant Taiwan regulations, documentary evidence of such foreign exchange transactions shall be presented and such transactions shall be conducted at designated foreign exchange banks in Taiwan which have the licenses to carry out foreign exchange business. However, there is no assurance that these foreign exchange regulations will remain unchanged in the future. If the relevant Taiwan regulations change in the future and any required approval is not

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obtained, our Taiwan Operating Subsidiary's ability to make payments to us in foreign currency may be restricted, and our capital expenditure plans, business, operating results and financial condition may be materially and adversely affected.

Foreign exchange transactions for non-trade-related purposes or exceeding the applicable annual quota threshold would require special approval from Taiwan CBC, which will be at the discretion of and considered by Taiwan CBC on a case-by-case basis. Additionally, we may provide loans to our Taiwan Operating Subsidiary. If the term of the loan provided by us to our Taiwan Operating Subsidiary is one year or more, we shall obtain prior approval from the competent authorities before the loan can be remitted into Taiwan so that the Taiwan Operating Subsidiary could obtain the prior approval from the competent authorities for the conversion of the shareholders' loan into equity and our Taiwan Operating Subsidiary shall file a declaration of foreign debt to the competent authority when the loan is remitted into Taiwan to facilitate the repayment of loan in foreign currency. We cannot assure you that the Taiwan government will not intervene in such transactions or impose restrictions on the ability of us and our subsidiaries to transfer cash.

#### Our business may be exposed to foreign exchange risks.
We distribute our whisky products in Taiwan and sourcing the bottled whisky and raw cask whisky in multiple jurisdictions and thus we have expenses denominated in local currencies in multiple jurisdictions. As a result, we are exposed to foreign currency exchange risk, as our results of operations and cash flows are subject to fluctuations in foreign currency exchange rates. In accordance with our business decisions, our exposure to this type of risk could change depending on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the currencies chosen when agreements are signed, such as licensing agreements, or co-marketing agreements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our policy for insurance coverage.

Should any of these risks materialize, this could have a material adverse effect on our business, prospects, financial condition and results of operations.

In addition, our business is conducted in Taiwan, and our books and records are maintained in NTD. The combined financial statements that we file with the SEC and provide to our shareholders are presented in U.S. dollars. Changes in the exchange rates between NTD and U.S. dollars affect the value of our assets and the results of our operations, when presented in U.S. dollars. The value of NTD against the U.S. dollar and other currencies may fluctuate and is affected by, among other things, changes in the Taiwan's political and economic conditions and perceived changes in the economy of Taiwan and the United States. Any significant revaluation of NTD may materially and adversely affect our cash flows, revenue, and financial condition. Further, our Class A Ordinary Shares offered by this prospectus are offered in U.S. dollars, we will need to convert the net proceeds we receive into NTD or other currencies in order to use the funds for our business. Changes in the conversion rate among the U.S. dollar, NTD and other currencies will affect the amount of proceeds we will have available for our business.

As of the date of this prospectus, we have not entered into any hedging transactions in an effort to reduce our exposure to foreign currency exchange risk. While we may decide to enter into more hedging transactions in the future, the availability and effectiveness of these hedges may be limited and we may not be able to adequately hedge our exposure or at all. In addition, our currency exchange losses may be magnified by local exchange control regulations that restrict our ability to convert NTD into foreign currencies. See "— Our Taiwan Operating Subsidiary is subject to restrictions on paying dividend or making other payments to us, which may restrict our ability to satisfy its liquidity requirements." As a result, fluctuations in exchange rates may have a material adverse effect on your investment.

#### RISKS RELATED TO OUR DEPENDENCE ON THIRD PARTIES

#### Our business is highly dependent on third-party distributors for selling our products to various accounts such as retailers, restaurants, bars, hotels, casinos, and entertainment venues.
As we expand our wholesale distribution network, we expect that sales to distributors will represent an increasing portion of our future net sales. However, industry consolidation or the loss of a major distributor could have a material adverse effect on our business, financial condition and results of operations.

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Our distributors also carry competing brands, including larger national and international brands. Their relationships with these competitors could influence their commitment to our products. If our independent distributors rely on a major competitor for a significant portion of their sales, they may be inclined to favor that relationship. There can be no assurance that our distributors will continue to effectively market and distribute our products in the future.

The loss of a distributor or the failure to promptly replace an underperforming distributor could impede our growth and have a material adverse effect on our business. Expanding our distribution network into new states where we do not currently have a presence may also present challenges. In addition, as we seek to increase our market share in existing markets or enter new markets, there can be no assurance that we will be successful in attracting new distributors.

The purchasing decisions of wholesalers, retailers and consumers are influenced by the perceived overall value of our products compared to competitive products, taking into account both quality and price. Unit and dollar sales may also be affected by pricing, purchasing, financing, operating, advertising or promotional decisions made by wholesalers, state and provincial government agencies and retailers. These decisions may affect the supply of, or consumer demand for, our products. In addition, we may experience higher than expected selling, general and administrative expenses if we need to increase personnel or advertising and marketing expenditures to maintain our competitive position.

#### Substantial disruption to operations at our warehouses or distribution facilities, or at facilities with which we contract or partner, could occur.
A disruption in the operation of our warehouses or third-party facilities could have a material adverse effect on our business. In addition, a disruption could occur at any of our other facilities or those of our suppliers, bottlers, co-packers or distributors. The disruption could occur for a variety of reasons, including full production schedules at partner facilities, fire, natural disasters, adverse weather conditions, water shortages, manufacturing problems, disease outbreaks, labor strikes, transportation or supply chain disruptions, government regulations, cybersecurity attacks or acts of terrorism.

Alternative facilities with sufficient capacity or capabilities may not be readily available, may be significantly more expensive, or may take a significant amount of time to become operational. Any of these scenarios could adversely affect our business and financial performance.

#### Disruptions within our supply chain, contract manufacturing, or distribution channels could have an adverse effect on our business, financial condition, and results of operations.
The prices of packaging materials, glass bottles, and other containers fluctuate depending on market conditions, governmental actions, and other factors beyond our control, including the COVID-19 pandemic. Substantial increases in the prices of these items, to the extent they cannot be recouped through increases in the prices of our finished whisky products, could increase our operating costs and reduce our profitability.

Increases in the prices of our finished products resulting from a higher cost of packaging materials, glass bottles, and other containers could affect affordability in some markets and reduce our sales. Additionally, some of our packaging containers, such as glass bottles, are available from a limited number of suppliers. We and our suppliers and co-packers may not be able to maintain favorable arrangements and relationships with these suppliers, and our contingency plans may not be effective in preventing disruptions that may arise from shortages of any packaging materials or containers that are available from a limited number of suppliers.

Events such as natural disasters, widespread outbreaks of infectious diseases (such as the COVID-19 pandemic), power outages, labor strikes, political uncertainties, or governmental instability could impact the supply chain and distribution channels of our contracted manufacturers or suppliers. An increase in the cost, sustained disruption in supply or shortage of glass bottles and other containers that may be caused by changes in or the enactment of new laws and regulations, a deterioration in our relationships with suppliers, supplier quality and reliability issues; trade disruptions; changes in the supply chain; or increases in tariffs, could negatively impact our net operating revenues and profits.

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#### We rely on the alcohol product brands' marketing materials when promoting our products.
We have limited influence over the promotional materials utilized by alcoholic beverage manufacturers, which may not consistently reflect our branding or values. This lack of control can hinder our ability to differentiate our products from similar offerings by competing wholesalers representing the same brands, potentially leaving consumers without a compelling reason to choose our products over others. Consequently, our success in promoting our offerings is heavily reliant on the effectiveness of the manufacturers' marketing initiatives. If these efforts fall short, it could adversely affect our operational outcomes.

***We expect to seek to establish collaborations and, if we are not able to establish them on commercially reasonable terms, we may have to alter our development plans.***

We may form or seek strategic alliances, create collaborations, or enter into licensing arrangements with third parties that we believe will complement or augment our development efforts with respect to our cask-to-bottle and distribution business. Any of these relationships may require us to incur recurring or non-recurring expenses and other charges, increase our near and long-term expenditures, or disrupt our management and business.

If we are unable to enter into agreements with suitable collaborators on a timely basis, on acceptable terms or at all, we may require more time to process, repackage and bottle our proprietary brand whisky, reduce or delay its distribution, reduce the scope of our sales and marketing activities or increase our expenses and incur storage or transportation costs at our own expense. If we choose to seek another manufacturer to process our whisky products, we may need to obtain additional capital, which may not be available to us on acceptable terms or at all. If we do not enter into collaborations and do not have sufficient funds or expertise to perform the necessary bottling and packaging activities, we may not be able to deliver to our customers in a timely manner and generate product sales, which would harm our business, financial condition, results of operations and prospects.

#### RISKS RELATED TO OUR INTELLECTUAL PROPERTY
***If our trademarks and trade names are not adequately protected, we may not be able to build name recognition in our markets of interest and our competitive position may be adversely affected.***

We may not be able to obtain trademark protection in territories that we consider of significant importance to us. In addition, any of our trademarks or trade names, whether registered or unregistered, may be challenged, opposed, infringed, cancelled, circumvented or declared generic, or determined to be infringing on other marks, as applicable. We may not be able to protect our rights to these trademarks and trade names, which we will need to build name recognition by potential collaborators or customers in our markets of interest. Over the long term, if we are unable to establish name recognition based on our trademarks and trade names, we may not be able to compete effectively and our business may be adversely affected.

We expect to rely on trademarks as one means to distinguish any of our whisky products from the products of our competitors. Once we select trademarks and apply to register them, our trademark applications may not be approved. Third parties may oppose our trademark applications, or otherwise challenge our use of the trademarks. In the event that our trademarks are successfully challenged, we could be forced to rebrand our products, which could result in loss of brand recognition and could require us to devote resources to advertising and marketing new brands. Our competitors may infringe our trademarks and we may not have adequate resources to enforce our trademarks.

#### If we are unable to protect the confidentiality of our trade secrets, our business and competitive position would be harmed.
We rely upon unpatented trade secrets and know-how to develop and maintain our competitive position. We seek to protect this trade secret and confidential information, in part, by entering into non-disclosure and confidentiality agreements with parties that have access to them, such as our employees, collaborators and other third parties.

However, any of these parties may breach such agreements and disclose our proprietary information, and we may not be able to obtain adequate remedies for such breaches. 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. If any of our trade secrets were to be lawfully obtained or independently developed by a competitor or other third party, we would have no right to prevent them from using that technology or information to compete with us and our

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competitive position would be harmed. In addition, we face the risk of cybercrime. For instance, someone could hack our information networks and gain illicit access to our proprietary information, including our trade secrets. Even if we are successful in prosecuting such claims, any remedy awarded may be insufficient to fully compensate us for the improper disclosure or misappropriation.

#### RISKS RELATED TO OUR CLASS A ORDINARY SHARES AND THIS OFFERING
***An active trading market for our Class A Ordinary Shares may not develop and the trading price for our Class A Ordinary Shares may fluctuate significantly.***

We plan to list our Class A Ordinary Shares on the Nasdaq Capital Market. Prior to the completion of this offering, there has been no public market for our Class A Ordinary Shares, and we cannot assure you that a liquid public market for our Class A Ordinary Shares will develop. If an active public market for our Class A Ordinary Shares does not develop following the completion of this offering, the market price and liquidity of our Class A Ordinary Shares may be materially and adversely affected. The initial public offering price for our Class A Ordinary Shares will be determined by negotiation between us, the Resale Shareholders and the underwriters based upon 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 initial public offering price. As a result, investors in our securities may experience a significant decrease in the value of their investment.

#### The trading price of our Class A Ordinary Shares is likely to be volatile, which could result in substantial losses to investors.
Recently, there have been instances of extreme stock price run-ups followed by rapid price declines and strong stock price volatility with a number of recent initial public offerings, especially among companies with relatively smaller public floats. As a relatively small-capitalization company with relatively small public float, we may experience greater stock price volatility, extreme price run-ups, lower trading volume and less liquidity than large-capitalization companies. Such volatility, including any stock-run up, may be unrelated to our actual or expected operating performance, financial condition or prospects, making it difficult for prospective investors to assess the rapidly changing value of our Class A Ordinary Shares.

Moreover, the volatility and fluctuation of the trading price of our Class A Ordinary Shares may happen because of broad market and industry factors, like the performance and fluctuation of the market prices of other companies with business operations located mainly in Taiwan that have listed their securities in the U.S. A number of Taiwan companies have listed or are in the process of listing their securities on U.S. stock markets. The securities of some of these companies have experienced significant volatility, including price declines in connection with their initial public offerings. The trading performances of these Taiwan companies' securities after their offerings may affect the attitudes of investors toward Taiwan companies listed in the U.S. in general and consequently may impact the trading performance of our Class A Ordinary Shares, regardless of our actual operating performance.

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 own operations, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• variations in our income, earnings and cash flow;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• announcements of new investments, acquisitions, strategic partnerships or joint ventures by us or our competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• announcements of new services and expansions by us or our competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in financial estimates by securities analysts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• detrimental adverse publicity about us, our services or our industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• additions or departures of key personnel;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• potential litigation or regulatory investigations.

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Any of these factors may result in large and sudden changes in the volume and price at which our Class A Ordinary Shares will trade. Furthermore, the stock market in general experiences price and volume fluctuations that are often unrelated or disproportionate to the operating performance of companies like us. These broad market and industry fluctuations may adversely affect the market price of our Class A Ordinary Shares.

In addition, if the trading volumes of our Class A Ordinary Shares are low, persons buying or selling in relatively small quantities may easily influence prices of our Class A Ordinary Shares. This low volume of trades could also cause the price of our Class A Ordinary Shares to fluctuate greatly, with large percentage changes in price occurring in any trading day session. Holders of our Class A Ordinary Shares may also not be able to readily liquidate their investment or may be forced to sell at depressed prices due to low volume trading. If high spreads between the bid and asked prices of our Class A Ordinary Shares exist at the time of purchase, the stock would have to appreciate substantially on a relative percentage basis for an investor to recoup their investment. Broad market fluctuations and general economic and political conditions may also adversely affect the market price of our Class A Ordinary Shares. As a result of this volatility, investors may experience losses on their investment in our Class A Ordinary Shares. A decline in the market price of our Class A Ordinary Shares also could adversely affect our ability to issue additional Class A Ordinary Shares or other of our securities and our ability to obtain additional financing in the future. No assurance can be given that an active market in our Class A Ordinary Shares will develop or be sustained. If an active market does not develop, holders of our Class A Ordinary Shares may be unable to readily sell the shares they hold or may not be able to sell their shares at all.

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.

***The sale or availability for sale of substantial amounts of our Class A Ordinary Shares including the Class A Ordinary Shares held by our Resale Shareholders that are being registered concurrently for resale in the Resale Prospectus could adversely affect their market price.***

Sales of substantial amounts of our Class A Ordinary Shares including the Class A Ordinary Shares held by our Resale Shareholders that are being registered concurrently for resale in the Resale Prospectus 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 17,864,000 Class A Ordinary Shares and 14,500,000 Class B Ordinary Shares outstanding. The Class A Ordinary Shares sold in this offering will be freely tradable without restriction or further registration under the Securities Act, and the remaining 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 are 34,114,000 Ordinary Shares (comprising of 19,614,000 Class A Ordinary Shares and 14,500,000 Class B Ordinary Shares) outstanding immediately after this offering assuming the underwriters do not exercise their over-allotment option.

In connection with this offering, our directors, executive officers and holders of more than 5% of our outstanding shares as of the effective date of this registration statement, other than the Resale Shareholders, have agreed, subject to limited exceptions, not to sell any shares for a six (6) months after the date of this prospectus without the prior written consent of the underwriter. 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 Ordinary Shares.

***Our Resale Shareholder will be able to sell their shares upon completion of this offering subject to restrictions under Rule 144 under the Securities Act.***

Our Resale Shareholders may be able to sell their Class A ordinary shares under Rule 144 after the completion of this Offering. Because they have paid a lower price per share than participants in this Offering, when they are able to sell its shares under Rule 144, they may be more willing to accept a lower sales price than the initial public offering

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price. This fact could impact the trading price of the Class A ordinary shares following the completion of the Offering, to the detriment of participants in this Offering. Under Rule 144, before our Resale Shareholders can sell their shares, in addition to meeting other requirements, they must meet the required holding period. We do not expect any of the Class A Ordinary Shares to be sold pursuant to Rule 144 during the pendency of this Offering.

***If securities or industry analysts do not publish research or reports about our business, or if they adversely change their recommendations regarding our Class A Ordinary Shares, the market price for our Class A Ordinary Shares and trading volume could decline.***

The trading market for our Class A Ordinary Shares will be influenced by research or reports that industry or securities analysts publish about our business. If one or more analysts who cover us downgrade our Class A Ordinary Shares, the market price for our Class A Ordinary Shares would likely decline. If one or more of these analysts cease to cover us or fail to regularly publish reports on us, we could lose visibility in the financial markets, which in turn could cause the market price or trading volume for our Class A Ordinary Shares to decline.

***We have broad discretion to determine how to use the net proceeds from this offering and may use them in ways that may not enhance our results of operations or the price of the Class A Ordinary Shares.***

Although we currently intend to use the net proceeds from this offering in the manner described in the section titled "Use of Proceeds" in this prospectus, our management will have broad discretion over the use of net proceeds from this offering, and we could spend the net proceeds from this offering in ways the holders of the Class A Ordinary Shares may not agree with or that do not yield a favorable return. Because of the number and variability of factors that will determine our use of the net proceeds from this offering, our use of these proceeds may differ substantially from our current plans. The failure by our management to apply these funds effectively could have a material adverse effect on our business, financial condition and results of operation. You will not have the opportunity, as part of your investment decision, to assess whether the net proceeds from this offering are being used appropriately. You must rely on the judgment of our management regarding the application of the net proceeds of this offering.

#### 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. The Class A Ordinary Shares sold in this offering will be freely tradable without restriction or further registration under the Securities Act of 1933, as amended, or the Securities Act, and 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 the applicable lock-up agreements. There will be 19,614,000 Class A Ordinary Shares outstanding immediately after this offering, or 19,876,500 Class A Ordinary Shares if the underwriters exercise their option to purchase additional Class A Ordinary Shares in full. In connection with this offering, our directors and officers and holders of more than 5% of our outstanding shares as of the effective date of this registration statement will enter into customary lock-up agreements in favor of the underwriters for a period of six (6) months from the date of this offering. We have agreed with the underwriters that, for a period of three (3) months from the closing of this offering, we and any successors of us will not (a) 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 capital stock of us or any securities convertible into or exercisable or exchangeable for shares of capital stock of us; (b) file or caused to be filed any registration statement with the SEC relating to the offering of any shares of our capital stock or any securities convertible into or exercisable or exchangeable for shares of our capital stock; or (c) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of our capital stock, whether any such transaction described in clause (a), (b) or (c) above is to be settled by delivery of shares of our capital stock or such other securities, in cash or otherwise. However, the underwriters may release these securities from these restrictions at any time, subject to applicable regulations of the Financial Industry Regulatory Authority, Inc. We cannot predict what effect, if any, market sales of securities held by our significant shareholders 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 "Underwriting" and "Shares Eligible for Future Sale" for a more detailed description of the restrictions on selling our securities after this offering.

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

We currently intend to retain most, if not 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 subsidiary, our financial condition, contractual restrictions and other factors deemed relevant 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 the Class A Ordinary Shares. You may not realize a return on your investment in our Class A Ordinary Shares and you may even lose your entire investment in our Class A Ordinary Shares.

***Because the initial public offering price is substantially higher than the pro forma net tangible book value per share, you will experience immediate and substantial dilution.***

If you purchase Class A Ordinary Shares in this offering, you will pay more for each Class A Ordinary Share than the corresponding amount paid by existing shareholders for their ordinary shares. As a result, you will experience immediate and substantial dilution of approximately US$4.50 per Class A Ordinary Share. This number represents the difference between (1) our pro forma as adjusted net tangible book value per Class A Ordinary Share of US$0.50 as of December 31, 2024, after giving effect to this offering and (2) the assumed initial public offering price of US$5.00 per Class A Ordinary Share, the midpoint of the estimated initial public offering price range set forth on the front cover of this prospectus. 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.

#### We may use these proceeds in ways with which you may not agree.
Our management will have considerable discretion in deciding how to apply these proceeds. You will not have the opportunity to assess whether the proceeds are being used appropriately before you make your investment decision. You must rely on the judgment of our management regarding the application of the net proceeds of this offering. We cannot assure you that the net proceeds will be used in a manner that will improve our results of operations or increase our Class A Ordinary Share price, nor that these net proceeds will be placed only in investments that generate income or appreciate in value.

***There can be no assurance that we will not be a passive foreign investment company, or PFIC, for U.S. federal income tax purposes for any taxable year, which could subject U.S. investors in our Class A Ordinary Shares to significant adverse U.S. federal income tax consequences.***

We will be classified as a passive foreign investment company, or PFIC, for United States federal income tax purposes for any taxable year if 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 (the "asset test"). We will be treated as owning our proportionate share of the assets and earnings of any other corporation in which we own, directly or indirectly, more than 25% (by value) of the stock. Based upon our current and expected income and assets, including goodwill and other unbooked intangibles not reflected on our balance sheet (taking into account the expected proceeds from this offering) and projections as to the market price of our Class A Ordinary Shares immediately following the offering, we do not expect to be classified as a PFIC for the current taxable year or the foreseeable future.

While we do not expect to be classified as a PFIC, because the value of our assets for purposes of the asset test may be determined by reference to the market price of our Class A Ordinary Shares, fluctuations in the market price of our Class A Ordinary Shares may cause us to be classified as a PFIC for the current or subsequent taxable years. The determination of whether we will be classified as a PFIC will also depend, in part, on the composition of our income and assets. In addition, the composition of our income and assets will also be affected by how, and how quickly, we

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use our liquid assets and the cash raised in this offering. If we determine not to deploy significant amounts of cash for active purposes, our risk of being a PFIC may substantially increase. It is also possible that the U.S. Internal Revenue Service, or the IRS could challenge our classification of certain income and assets as non-passive, which could result in our company being or becoming a PFIC for the current or future taxable years. Because PFIC status is a factual determination made annually after the close of each taxable year, there can be no assurance that we will not be a PFIC for the current taxable year or any future taxable year.

If we are a PFIC in any taxable year, a U.S. Holder (as defined in "Taxation — U.S. Federal Income Tax Considerations") may incur significantly increased U.S. income tax on gain recognized on the sale or other disposition of the Class A Ordinary Shares and on the receipt of distributions on the Class A Ordinary Shares to the extent such distribution is treated as an "excess distribution" under the U.S. federal income tax rules, and such U.S. Holder may be subject to burdensome reporting requirements. Further, if we are a PFIC for any year during which a U.S. Holder holds our Class A Ordinary Shares, we generally will continue to be treated as a PFIC for all succeeding years during which such U.S. Holder holds our Class A Ordinary Shares, unless we were to cease to be a PFIC and the U.S. Holder were to make a "deemed sale" election with respect to the Class A Ordinary Shares. For more information see "Taxation — U.S. Federal Income Tax Considerations — PFIC Rules."

***Our post-offering amended and restated memorandum and articles of association contain anti-takeover provisions that could have a material adverse effect on the rights of holders of our Class A Ordinary Shares.***

We will adopt a post-offering amended and restated memorandum and articles of association that will become effective immediately prior to the completion of this offering. Our post-offering amended and restated memorandum and articles of association will contain provisions to limit the ability of others to acquire control of our company or cause us to engage in change-of-control transactions. These provisions could have the effect of depriving our shareholders of an opportunity to sell their shares at a premium over prevailing market prices by discouraging third parties from seeking to obtain control of our Company in a tender offer or similar transaction. Our board of directors has the authority, without further action by our shareholders, to issue preferred shares in one or more series and to fix their designations, powers, preferences, privileges, and relative participating, optional or special rights and the qualifications, limitations or restrictions, including dividend rights, conversion rights, voting rights, terms of redemption and liquidation preferences, any or all of which may be greater than the rights associated with our Class A Ordinary Shares. Class B Ordinary Shares could be issued quickly with terms calculated to delay or prevent a change in control of our company or make removal of management more difficult. If our board of directors decides to issue Class B Ordinary Shares, the price of our Class A Ordinary Shares may fall and the voting and other rights of the holders of our Class A Ordinary Shares may be materially and adversely affected.

***You may face difficulties in protecting your interests, and your ability to protect your rights through U.S. courts may be limited, because we intend to become an exempted company incorporated under Cayman Islands law.***

We are an exempted company incorporated under the laws of the Cayman Islands. Our corporate affairs will be governed by our post-offering amended and restated memorandum and articles of association, the Companies Act (As Revised) of the Cayman Islands and the common law of the Cayman Islands. The rights of shareholders to take action against the directors, actions by minority shareholders and the fiduciary responsibilities 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 the common law of England, 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 responsibilities 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 U.S. In particular, the Cayman Islands has a less developed body of securities laws than the U.S. 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 standing to initiate a shareholder derivative action in a federal court of the U.S.

Shareholders of Cayman Islands exempted companies like us have no general rights under Cayman Islands law to inspect corporate records or to obtain copies of lists of shareholders of these companies. Our directors have discretion under our articles of association to determine whether or not, and under what conditions, our corporate records may be inspected by our shareholders, but we are otherwise not obliged to make them available to our shareholders. This may make it more difficult for you to obtain the information needed to establish any facts necessary for a shareholder motion or to solicit proxies from other shareholders in connection with a proxy contest.

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Certain corporate governance practices in the Cayman Islands, which is our home country, differ significantly from requirements for companies incorporated in other jurisdictions such as the U.S. Currently, we plan to rely on home country practice with respect to any corporate governance matter and, 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, our public shareholders may have more difficulty in protecting their interests in the face of actions taken by management, members of the board of directors or Controlling Shareholder than they would as public shareholders of a company incorporated in the U.S. For a discussion of significant differences between the provisions of the Companies Act (Revised) of the Cayman Islands and the laws applicable to companies incorporated in the U.S. and their shareholders, see "Description of Share Capital — Differences in Corporate Law."

#### Certain judgments obtained against us by our shareholders may not be enforceable.
We are a Cayman Islands company and substantially all of our assets are located outside of the U.S. Substantially all of our current operations are conducted in Taiwan. In addition, some of our current directors and officers, in particular, Mr. Tsai Yi Yang, Mr. Wong Man Ue, Nick and Ms. Lee Su-Jung, are nationals and residents of countries and regions other than the U.S. Substantially all of the assets of these persons are located outside the U.S. As a result, it may be difficult or impossible for you to bring an action against us or against these individuals in the U.S. in the event that you believe that your rights have been infringed under the U.S. federal securities laws or otherwise. Even if you are successful in bringing an action of this kind, the laws of the Cayman Islands, Hong Kong and Taiwan 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, Taiwan, and Hong Kong, see "Enforcement of Civil Liabilities".

#### We will incur increased costs as a result of being a public company.
Upon completion of this offering, we will become a public company and expect to incur significant legal, accounting and other expenses that we did not incur as a private company. The Sarbanes-Oxley Act of 2002, as well as rules subsequently implemented by the SEC and the Nasdaq, impose various requirements on the corporate governance practices of public companies. We expect these rules and regulations to increase our legal and financial compliance costs and to make some corporate activities more time-consuming and costly. For example, we expect that operating as a public company will make it more difficult and more expensive for us to obtain director and officer liability insurance, and we may be required to accept reduced policy limits and coverage or incur substantially higher costs to obtain the same or similar coverage. In addition, we will incur additional costs associated with our public company reporting requirements. It may also be more difficult for us to find qualified persons to serve on our board of directors or as executive officers. We are currently evaluating and monitoring developments with respect to these rules and regulations, and we cannot predict or estimate with any degree of certainty the amount of additional costs we may incur or the timing of such costs.

#### The obligation to disclose information publicly may put us at a disadvantage to competitors that are private companies.
Upon completion of this offering, we will be a publicly listed company in the United States. As a publicly listed company, we will be required to file annual reports with the Securities and Exchange Commission. In some cases, we will need to disclose material agreements or results of financial operations that we would not be required to disclose if we were a private company. Our competitors may have access to this information, which would otherwise be confidential. This may give them advantages in competing with our company. Similarly, as a U.S.-listed public company, we will be governed by U.S. laws that some of our competitors are not required to follow. To the extent compliance with U.S. laws increases our expenses or decreases our competitiveness against such companies, our public listing could affect our results of operations.

***We are a foreign private issuer within the meaning of the rules under the Exchange Act, and as such we are exempt from certain provisions applicable to United States domestic public companies.***

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 U.S. that are applicable to U.S. domestic issuers, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the selective disclosure rules by issuers of material nonpublic 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 results on a quarterly basis through press releases, distributed pursuant to the rules and regulations of the Nasdaq. 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 than 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 were you investing in a U.S. domestic issuer.

***We are a "controlled company" within the meaning of the Nasdaq listing rules, and may follow certain exemptions from certain corporate governance requirements that could adversely affect our public shareholders.***

Following this offering of our Class A Ordinary Shares, our Controlling Shareholders through Ping Shiang Business Ltd will continue to own more than a majority of the voting power of our outstanding Ordinary Shares. Under the Nasdaq listing rules, a company of which more than 50% of the voting power is held by an individual, group, or another company is a "controlled company" and is permitted to phase in its compliance with the independent committee requirements. As a "controlled company," we are permitted to elect not to comply with certain corporate governance requirements. Currently, we do not plan to utilize the exemptions available for controlled company after we complete this offering but may rely on the exemption available for foreign private issuers to follow our home country governance practices instead. Although we do not intend to rely on the "controlled company" exemptions under the Nasdaq listing rules even if we are deemed a "controlled company", we could elect to rely on these exemptions in the future. If we were to elect to rely on the "controlled company" exemptions, a majority of the members of our board of directors might not be independent directors and our nominating and corporate governance and compensation committees might not consist entirely of independent directors. Accordingly, if we rely on the exemptions, during the period we remain a "controlled company" and during any transition period following a time when we are no longer a "controlled company", you would not have the same protections afforded to shareholders of companies that are subject to all of the corporate governance requirements of Nasdaq.

***Our dual-class voting structure will limit your ability to influence corporate matters and could discourage others from pursuing any change of control transactions that holders of our Class A Ordinary Shares may view as beneficial.***

We have a dual-class voting structure consisting of Class A Ordinary Shares and Class B Ordinary Shares. Based on our dual-class voting structure, holders of Class A Ordinary Shares will be entitled to one (1) vote per share in respect of matters requiring the votes of shareholders, while holders of Class B Ordinary Shares will be entitled to ten (10) votes per share. Our Controlling Shareholders, through Ping Shiang Business Ltd beneficially own 14,500,000 Class A Ordinary Shares, approximately 81.17% of our outstanding Class A Ordinary Shares and 14,500,000 Class B Ordinary Shares, representing 97.93%, of the aggregate total voting power of our total issued and outstanding share capital as of the date of this prospectus, and immediately following the completion of this offering will beneficially own 14,500,000 Class A Ordinary Shares, approximately 73.93% of our outstanding Class A Ordinary Shares (or 72.95% of our outstanding Class A Ordinary Shares assuming the underwriters exercise their over-allotment option in full) and 14,500,000 Class B Ordinary Shares, representing 96.89% (or 96.74%, assuming the underwriters exercise their over-allotment option in full) of the aggregate total voting power of our then total issued and outstanding share capital.

The Controlling Shareholders will have the ability to determine all matters requiring approval by shareholders. The interests of our Controlling Shareholders may not coincide with your interests, and it may make decisions with which you disagree, including decisions on important topics such as the composition of the board of directors, compensation, management succession, and our business and financial strategy. To the extent that the interests of our Controlling Shareholders differ from your interests, you may be disadvantaged by any action that they may seek to

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pursue. This concentrated control could also discourage others from pursuing any potential merger, takeover or other change of control transactions, which could have the effect of depriving the holders of our Class A Ordinary Shares of the opportunity to sell their shares at a premium over the prevailing market price.

***The dual-class structure of our Ordinary Shares has the effect of concentrating voting control with those shareholders who held our Class B Ordinary Shares prior to this Offering. This ownership will limit or preclude your ability to influence corporate matters, including the election of directors, amendments of our organizational documents, and any merger, consolidation, sale of all or substantially all of our assets, or other major corporate transactions requiring shareholder approval, and that may adversely affect the trading price of our Class A Ordinary Shares.***

Each Class B Ordinary Share has ten (10) votes per share, and our Class A Ordinary Shares, which we are selling in this Offering, have one (1) vote per share. Following this Offering, our Controlling Shareholders, through Ping Shiang Business Ltd, will beneficially own 14,500,000 Class A Ordinary Shares, approximately 73.93% of our outstanding Class A Ordinary Shares (or 72.95% of our outstanding Class A Ordinary Shares assuming the underwriters exercise their over-allotment option in full) and 14,500,000 Class B Ordinary Shares, representing 96.89% (or 96.74%, assuming the underwriters exercise their over-allotment option in full) of the aggregate total voting power of our then total issued and outstanding share capital and therefore control all matters submitted to our shareholders for approval. Subsequent to the Offering, 19,614,000 Class A Ordinary Shares (assuming an offering size as set forth above) and 14,500,000 Class B Ordinary Shares will be issued and outstanding. A controlling shareholder will need to keep more than 82,307,000 Class A Ordinary Shares or 8,230,700 Class B Ordinary Shares to control 50% of the total voting power of our then outstanding Ordinary Shares, assuming the underwriters do not exercise their over-allotment option.

In addition, there is no restriction for potential future issuances of Class B Ordinary Shares. If such occurred, the voting power of the holders of the Class A Ordinary Shares will be diluted.

The Controlling Shareholders will have the ability to determine all matters requiring approval by shareholders and that the concentrated control may limit or preclude your ability to influence corporate matters for the foreseeable future, including the election of directors, amendments of 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 stock that you may feel are in your best interest as one of our shareholders. As a result, such concentrated control may adversely affect the market price of our Class A Ordinary Shares.

#### We cannot predict the effect that our dual-class structure may have on the market price of our Class A Ordinary Shares.
We cannot predict whether our dual-class structure will result in a lower or more volatile market price of our Class A Ordinary Shares, adverse publicity or other adverse consequences. For example, certain index providers have announced and implemented restrictions on including companies with multiple-class share structures in certain of their indices. In July 2017, FTSE Russell announced that it would require new constituents of its indices to have greater than 5% of the company's voting rights in the hands of public stockholders, and S&P Dow Jones announced that it would no longer admit companies with multiple-class share structures to certain of its indices. Affected indices include the Russell 2000 and the S&P 500, S&P MidCap 400 and S&P SmallCap 600, which together make up the S&P Composite 1500. Also in 2017, MSCI, a leading stock index provider, opened public consultations on its treatment of no-vote and multi-class structures and temporarily barred new multi-class listings from certain of its indices; however, in October 2018, MSCI announced its decision to include equity securities "with unequal voting structures" in its indices and to launch a new index that specifically includes voting rights in its eligibility criteria. Under such announced and implemented policies, the dual-class structure of our Ordinary Shares would make us ineligible for inclusion in certain indices and, as a result, mutual funds, exchange-traded funds and other investment vehicles that attempt to passively track those indices would not invest in our Class A Ordinary Shares. These policies are relatively new and it is unclear what effect, if any, they will have on the valuations of publicly-traded companies excluded from such indices, but it is possible that they may adversely affect valuations, as compared to similar companies that are included. Due to the dual-class structure of our Ordinary Shares, we will likely be excluded from certain indices and we cannot assure you that other stock indices will not take similar actions. Given the sustained flow of investment funds into passive strategies that seek to track certain indices, exclusion from certain stock indices would likely preclude investment by many of these funds and could make our Class A Ordinary Shares less attractive to other investors. Any such

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exclusion from stock indices could result in a less active trading market for our Class A Ordinary Shares. Any actions or publications by shareholder advisory firms critical of our corporate governance practices or capital structure could also adversely affect the market price of our Class A Ordinary Shares.

***Because we are a foreign private issuer and are exempt from certain Nasdaq corporate governance standards applicable to U.S. issuers, you will have less protection than you would have if we were a domestic issuer.***

Nasdaq listing rules require listed companies to have, among other things, a majority of its board members be independent. As a foreign private issuer, however, we are permitted to, and we may follow home country practice in lieu of the above requirements, or we may choose to comply with the above requirement within one year of listing. The corporate governance practice in our home country, the Cayman Islands, does not require a majority of our board to consist of independent directors. Thus, although a director must act in the best interests of our Company, it is possible that fewer board members will be exercising independent judgment and the level of board oversight on the management of our Company may decrease as a result. Additionally, Nasdaq listing rules mandate that U.S. domestic issuers establish a compensation committee, a nominating and corporate governance committee, and an audit committee, each composed solely of independent directors. We, as a foreign private issuer, are not subject to these requirements. Nasdaq listing rules may require shareholder approval for certain corporate matters, such as requiring that shareholders be given the opportunity to vote on all equity compensation plans and material revisions to those plans, as well as certain ordinary share issuances. We intend to comply with the requirements of Nasdaq listing rules in determining whether shareholder approval is required on such matters, with regard to the requirement that a majority of our board of directors consists of independent directors and to appoint a nominating and corporate governance committee. We may, however, consider following home country practice in lieu of the requirements under Nasdaq listing rules with respect to certain corporate governance standards which may afford less protection to investors.

***We are an emerging growth company, and the reduced disclosure requirements applicable to emerging growth companies may make our Class A Ordinary Shares less attractive to investors.***

We are an emerging growth company, as defined in the JOBS Act, and may remain an emerging growth company until the last day of the fiscal year following the fifth anniversary of the completion of this offering. However, if certain events occur prior to the end of such five-year period, including if we become a "large accelerated filer," our annual gross revenues exceed US$1.235 billion or we issue more than US$1.0 billion of non-convertible debt in any three-year period, we will cease to be an emerging growth company prior to the end of such five-year period. For so long as we remain an emerging growth company, we are permitted and intend to rely on exemptions from certain disclosure requirements that are applicable to other public companies that are not emerging growth companies. We have taken advantage of reduced reporting burdens in this prospectus. In particular, in this prospectus, we have provided only two years of audited combined financial statements and have not included all of the executive compensation related information that would be required if we were not an emerging growth company. We cannot predict whether investors will find our Class A Ordinary Shares less attractive if we rely on these exemptions. If some investors find our Class A Ordinary Shares less attractive as a result, there may be a less active trading market for our Class A Ordinary Shares and the trading price of our Class A Ordinary Shares may be reduced or more volatile.

In addition, the JOBS Act provides that an emerging growth company can take advantage of an extended transition period for complying with new or revised accounting standards. This allows an emerging growth company to delay the adoption of these accounting standards until they would otherwise apply to private companies.

***Nasdaq may apply additional and more stringent criteria for our initial and continued listing because we plan to have a small public offering and insiders will hold a large portion of the company's listed securities.***

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: (i) where the company engaged an auditor that has not been subject to an inspection by the Public Company Accounting Oversight Board ("PCAOB"), an auditor that PCAOB cannot inspect, or an auditor that has not demonstrated sufficient resources,

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geographic reach, or experience to adequately perform the company's audit; (ii) where the 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 the 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. Our public offering will be relatively small, and our company's insiders will hold a large portion of the company's listed securities. Nasdaq might apply the additional and more stringent criteria for our initial and continued listing, which might cause delay or even denial of our listing application.

***If we cannot continue to satisfy the listing requirements and other rules of the Nasdaq Capital Market, our securities may be delisted, which would negatively impact the price of our securities and your ability to sell them.***

We plan to apply to have our Class A Ordinary Shares listed on the Nasdaq Capital Market upon consummation of this offering. It is a condition to the closing of this offering that our Class A Ordinary Shares qualify for listing on a national securities exchange. As of the date of this prospectus, Nasdaq has not yet approved our application to list our Class A Ordinary Shares. Following this offering, in order to maintain our listing on the Nasdaq Capital Market, we will be required to comply with certain rules of the Nasdaq Capital Market, including those regarding minimum stockholders' equity, minimum share price, minimum market value of publicly held shares and various additional requirements. Even if we initially meet the listing requirements and other applicable rules of the Nasdaq Capital Market, we may not be able to continue to satisfy these requirements and applicable rules. If we are unable to satisfy the Nasdaq Capital Market criteria for maintaining our listing, our securities could be subject to delisting.

If the Nasdaq Capital Market subsequently delists our securities from trading, we could face significant consequences, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a limited availability for market quotations for our securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reduced liquidity with respect to our securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a determination that our Class A Ordinary Shares are a "penny stock," which would require brokers trading in our Class A Ordinary 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• limited amount of news and analyst coverage; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a decreased ability to issue additional securities or obtain additional financing in the future.

The National Securities Markets Improvement Act of 1996, which is a federal statute, prevents or preempts the states from regulating the sale of certain securities, which are referred to as "covered securities." Because we expect that our Class A Ordinary Shares will be listed on Nasdaq, our Class A Ordinary Shares will be covered securities. Although the states are preempted from regulating the sale of our securities, the federal statute does allow the states to investigate companies if there is a suspicion of fraud, and, if there is a finding of fraudulent activity, then the states can regulate or bar the sale of covered securities in a particular case. While we are not aware of a state having used these powers to prohibit or restrict the sale of securities issued by blank check companies, other than the State of Idaho, certain state securities regulators view blank check companies unfavorably and might use these powers, or threaten to use these powers, to hinder the sale of securities of blank check companies in their states. Further, if we were no longer listed on Nasdaq, our securities would not be covered securities and we would be subject to regulation in each state in which we offer our securities.

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#### SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS AND INDUSTRY DATA
This prospectus contains forward-looking statements that reflect our current expectations and views of future events. The forward-looking statements are contained principally in the sections entitled "Prospectus Summary," "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations," "Business" and "Regulations." Known and unknown risks, uncertainties and other factors, including those listed under "Risk Factors," may cause our actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements.

You can identify some of these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "is/are likely to," "potential," "continue" or other similar expressions. We have based these forward-looking statements largely on our current expectations and projections about future events that we believe may affect our financial condition, results of operations, business strategy and financial needs. These forward-looking statements include statements relating to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our goals and strategies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our future business development, financial condition and results of operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the expected growth of the whisky distribution industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our expectations regarding demand for and market acceptance of our products and services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our expectations regarding our bases of customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our plans to invest in our products and services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• competition in our industry; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• relevant government policies and regulations relating to our industry.

These forward-looking statements involve various risks and uncertainties. Although we believe that our expectations expressed in these forward-looking statements are reasonable, our expectations may later be found to be incorrect. 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 or 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 thoroughly read this prospectus and the documents that we refer to herein with the understanding that our actual future results may be materially different from and worse than what we expect. We qualify all of our forward-looking statements by these cautionary statements.

This prospectus contains certain data and information that we obtained from various government and private publications. Statistical data in these publications also include projections based on a number of assumptions. The whisky distribution industry may not grow at the rate projected by market data, or at all. Failure of this 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. In addition, the competitive and rapidly changing nature of the whisky distribution industry results in significant uncertainties for any projections or estimates relating to the growth prospects or future condition of our industry. 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.

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#### USE OF PROCEEDS
We estimate that we will receive net proceeds from this offering of approximately US$6.83 million, or approximately US$8.04 million if the underwriters exercise their over-allotment option in full, after deducting underwriting discounts and the estimated offering expenses payable by us. These estimates are based upon an assumed initial public offering price of US$5.00 per Class A Ordinary Share, the midpoint of the price range shown on the front cover page of this prospectus. A US$1.00 increase (decrease) in the assumed initial public offering price of US$5.00 per Class A Ordinary Share would increase (decrease) the net proceeds to us from this offering by US$1.61 million, assuming the underwriters do not exercise their over-allotment option to purchase additional Class A Ordinary Shares and the number of Class A Ordinary Shares offered by us, as set forth on the cover page of this prospectus, remains the same and after deducting the estimated underwriting discounts and commissions and estimated expenses payable by us. We will not receive any of the proceeds from the sale of the Class A Ordinary Shares being sold by the Resale Shareholders.

The net proceeds from this offering will be used strategically to (i) expand our supplier network by partnering with reputable whisky distilleries, allowing us to diversify and enhance our product portfolio, (ii) increase our bottling and packaging capacity for our proprietary brand whisky products, (iii) enhance our warehouse facilities and strengthen our inventory capacity in response to growing market demand, and (iv) implement strategic marketing initiatives aimed at driving growth, as well as to expand our sales team and strengthen our market presence in both existing and new geographical regions, including Japan, Hong Kong, Singapore, Malaysia, and other Asia-Pacific countries. Assuming the gross proceeds to be US$8.75 million, we plan to use the net proceeds from this offering as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• approximately 30% or US$2.05 million to expand our supplier network by partnering with reputable whisky distilleries, allowing us to diversify and enhance our product portfolio;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• approximately 30% or US$2.05 million to increase our bottling and packaging capacity for our proprietary brand whisky products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• approximately 15% or US$1.02 million to enhance our warehouse facilities and strengthen our inventory capacity in response to growing market demand;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• approximately 15% or US$1.02 million to implement strategic marketing initiatives aimed at driving growth, as well as to expand our sales team and strengthen our market presence in both existing and new geographical regions, including Japan, Hong Kong, Singapore, Malaysia, and other Asia-Pacific countries; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• approximately 10% or US$0.69 million for general corporate purposes.

The foregoing represents our current intentions based upon our present plans and business conditions to use and allocate the net proceeds of this offering. Our management will have flexibility and discretion in the application of net proceeds from this offering, and investors will be relying on the judgment of our management regarding the use of these net proceeds. See "Risk Factors — Risks Related to Our Class A Ordinary Shares and this Offering — We have broad discretion to determine how to use the net proceeds from this offering and may use them in ways that may not enhance our results of operations or the price of the Class A Ordinary Shares." Given the various factors that influence whisky distribution, including seasonal demand fluctuations, market trends and evolving consumer preferences, we cannot currently predict the extent of growth we will achieve with the net proceeds from this offering. The amount and timing of our actual expenditures may vary significantly based on numerous factors, including changes in market conditions, operating costs and channel performance. If unforeseen circumstances arise or business conditions change, we may allocate the proceeds of this offering differently than described in this prospectus.

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#### DIVIDEND POLICY
Our board of directors has discretion on whether to distribute dividends, subject to certain restrictions under Cayman Islands law, namely that our Company may only pay dividends out of profits or share premium, and provided always that we are able to pay our debts as they become due in the ordinary course of business. Subject to the laws of the Cayman Islands and our post-offering amended and restated memorandum and articles of association, holders of our Class A Ordinary Shares are entitled to receive such dividends as may be declared by our board of directors. In contrast, holders of our Class B Ordinary Shares will not be entitled to any dividends nor distributions of our Company's assets in the event of winding up of our Company. Even if our board of directors decides to pay dividends, the form, frequency and amount will depend upon our future operations and earnings, capital requirements and surplus, general financial condition, contractual restrictions and other factors that the board of directors may deem relevant.

We have never declared or paid dividends on our Ordinary Shares. We do not have any present plan to declare any cash dividends on our Ordinary Shares in the foreseeable future after this offering. We currently intend to retain most, if not all, of our available funds and any future earnings to operate and grow our business.

We are a holding company incorporated in the Cayman Islands. We have not received and do not have any present plan to receive dividends paid by our BVI and Taiwan subsidiaries, but we have discretion as to whether such dividends are paid, subject to applicable statutory and contractual restrictions, including Taiwan regulations which may govern the ability of our Taiwan subsidiary to pay dividends to us.

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#### CAPITALIZATION
The following table sets forth our capitalization, as of December 31, 2024 as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• on an actual basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• on a pro forma basis to reflect (i) allotment of 116 Class A Ordinary Shares to four pre-IPO investors at a consideration of US$1,085,760 on May 28, 2025; (ii) a 25,000 to 1 share split/share subdivision on June 24, 2025; (iii) issuance of 2,464,000 Class A Ordinary Shares and 2,000,000 Class B Ordinary Shares in proportion to all existing shareholders on June 24, 2025, with a par value of US$0.00004 per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• on a pro forma as adjusted basis to reflect the issuance and sale of 1,750,000 Class A Ordinary Shares in this offering at an assumed initial public offering price of US$5.00 per Class A Ordinary Share, after deducting the underwriting discounts and commissions and estimated offering expenses payable by us, assuming the underwriters do not exercise the over-allotment option.

You should read this table together with the combined financial statements and related notes, and the sections titled "Management's Discussion and Analysis of Financial Condition and Results of Operations" that are included in this prospectus.

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| | | | |
|:---|:---|:---|:---|
|  | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Actual** | **Pro Forma<sup>(1)</sup>** | **Pro Forma <br>as Adjusted<sup>(2)</sup>** |
|  Current liabilities |  |  |  |
| &nbsp;&nbsp;&nbsp; Current portion of long-term loans | 29736 | 29736 | 29736 |
| &nbsp;&nbsp;&nbsp; Amount due to a related party | 1031203 | 1031203 | 1031203 |
|  | 1060939 | 1060939 | 1060939 |
|  Non-current liability |  |  |  |
| &nbsp;&nbsp;&nbsp; Long-term loans | 17727 | 17727 | 17727 |
|  Shareholder's equity |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A Ordinary Shares, $0.00004 par value; 625,000,000 shares authorized; 12,500,000 shares issued and outstanding as of December 31, 2024 on an actual basis; 17,864,000 shares issued and outstanding on a pro forma basis; 19,614,000 shares issued and outstanding on a pro forma as adjusted basis | 500 | 715 | 785 |
| &nbsp;&nbsp;&nbsp; Class B Ordinary Shares, $0.00004 par value; 625,000,000 shares authorized; 12,500,000 shares issued and outstanding as of December 31, 2024 on an actual basis; 14,500,000 shares issued and outstanding on a pro forma basis and pro forma as adjusted basis | 500 | 580 | 580 |
| &nbsp;&nbsp;&nbsp; Subscription receivable | (1000) | (1179) | (1179) |
| &nbsp;&nbsp;&nbsp; Additional paid-in capital | 169600 | 1255244 | 8083475 |
| &nbsp;&nbsp;&nbsp; Retained earnings | 1747875 | 1747875 | 1747875 |
| &nbsp;&nbsp;&nbsp; Statutory reserve | 101857 | 101857 | 101857 |
| &nbsp;&nbsp;&nbsp; Accumulated other comprehensive losses | (119131) | (119131) | (119131) |
| &nbsp;&nbsp;&nbsp; Total shareholder's equity | 1900201 | 2985961 | 9814262 |
| &nbsp;&nbsp;&nbsp; Total capitalization | 2978867 | 4064627 | 10892928 |

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\* Retrospectively restated for effect of share split/share subdivision.

(1) Reflects (i) the allotment of 116 Class A Ordinary Shares to four pre-IPO investors on May 28, 2025, for a total consideration of US$1,085,760; (ii) a 25,000-for-1 share split/share subdivision effected by the Company on June 24, 2025; and (iii) the issuance, on June 24, 2025, of 2,464,000 Class A Ordinary Shares and 2,000,000 Class B Ordinary Shares, distributed proportionately to all existing shareholders, at a par value of US$0.00004 per share. Immediately following such issuance, the Company had a total of 17,864,000 Class A Ordinary Shares and 14,500,000 Class B Ordinary Shares issued and outstanding, each with a par value of US$0.00004. For further details regarding our share capital and corporate structure, please refer to the section titled "Corporate History and Structure" of this prospectus.

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(2) Reflects, in addition to the adjustments on a pro forma basis, the sale of Ordinary Shares in this Offering (excluding any Ordinary Shares that may be sold pursuant to the over-allotment option) at an assumed initial public offering price of US$5.00 per share, and after deducting the estimated underwriting discounts, non-accountable expense allowance, and the estimated offering expenses (including accountable expenses) payable by us. The pro forma as adjusted information is illustrative only, and we will adjust this information based on the actual initial public offering price and other terms of this Offering determined at pricing. Additional paid-in capital reflects the net proceeds we expect to receive, after deducting the underwriting discounts, non-accountable expense allowance, and the estimated offering expenses (including accountable expenses) payable by us. We estimate that such net proceeds will be approximately US$6.83 million.

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#### DILUTION
If you invest in our Class A Ordinary Shares, your interest will be diluted to the extent of the difference between the initial public offering price per Class A Ordinary Share and our net tangible book value per Class A Ordinary Share after this offering. Dilution results from the fact that the initial public offering price per Class A Ordinary Share is substantially in excess of the book value per Class A Ordinary Share attributable to the existing shareholders for our presently issued and outstanding ordinary Class A Ordinary Shares.

As of December 31, 2024, our net tangible book value was approximately US$1.75 million, or US$0.14 per Class A Ordinary Share. Our Class B Ordinary Shares do not carry any rights to dividend distributions or to distributions upon winding up. Net tangible book value represents the total amount of our consolidated tangible assets, less our total consolidated liabilities. Dilution represents the difference between the assumed initial public offering price of US$5.00 per Class A Ordinary Share and the net tangible book value per Class A Ordinary Share on a pro forma as adjusted basis. The pro forma as adjusted net tangible book value reflects the additional proceeds we expect to receive from this offering, after deducting underwriting discounts, non-accountable expense allowance, and the estimated offering expenses (including accountable expenses) payable by us.

After giving effect to the sale of 1,750,000 Class A Ordinary Shares in this offering, and excluding any Class A Ordinary Shares that may be issued upon the exercise of the over-allotment option, and assuming an initial public offering price of US$5.00 per Class A Ordinary Share, which represents the midpoint of the estimated price range, and after deducting underwriting discounts, non-accountable expense allowance, and the estimated offering expenses (including accountable expenses) payable by us, our pro form as adjusted net tangible book value as of December 31, 2024 would have been approximately US$9.81 million, or US$0.50 per Class A Ordinary Share. This would represent an immediate increase in net tangible book value of US$0.34 per Class A Ordinary Share to our existing shareholders, and an immediate dilution of US$4.50 per Class A Ordinary Share to investors purchasing Class A Ordinary Shares in this offering.

The following table illustrates such dilution:

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| | |
|:---|:---|
|  | **Per Class A <br>Ordinary <br>Share** |
|  | **(US$)** |
|  Assumed initial public offering price per Class A Ordinary Share | 5.00 |
|  Net tangible book value per Class A Ordinary Share as of December 31, 2024 | 0.14 |
|  Pro forma net tangible book value per Class A Ordinary Share before this offering | 0.16 |
|  Increase in net tangible book value per Class A Ordinary Share attributable to payments by new investors in this offering | 0.34 |
|  Pro forma as adjusted net tangible book value per Class A Ordinary Share after giving effect to this offering  | 0.50 |
|  Amount of dilution in net tangible book value per Class A Ordinary Share to new investors in this offering | 4.50 |

---

A US$1.00 change in the assumed public offering price of US$5.00 per Class A Ordinary Share would increase (decrease), in the case of an increase (decrease), our pro forma as adjusted net tangible book value by approximately US$1.61 million, our pro forma as adjusted net tangible book value per Class A Ordinary Share by US$0.08 per Class A Ordinary Share and the dilution in pro forma as adjusted net tangible book value per Class A Ordinary Share to new investors in this offering by US$0.92 per Class A Ordinary Share, 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 deducting underwriting discounts, non-accountable expense allowance, and the estimated offering expenses (including accountable expenses) payable by us.

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The following table sets forth, on a pro forma as adjusted basis as of December 31, 2024, a summary of the differences between existing shareholders and new investors in terms of the number of Class A Ordinary Shares purchased from us in this offering, the total consideration paid, and the average price per Class A Ordinary Share. These figures are presented before deducting underwriting discounts, the non-accountable expense allowance, and estimated offering expenses (including accountable expenses) payable by us. The total number of Class A Ordinary Shares presented in the table does not include any Class A Ordinary Shares that may be issued upon the exercise of the over-allotment option granted to the underwriters.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **<br>Class A Ordinary Shares <br>Purchased** | **<br>Class A Ordinary Shares <br>Purchased** | **Total Consideration** | **Total Consideration** | **Average Price <br>Per Class A <br>Ordinary <br>Share <br>(in US$)** |
|  | **Number** | **Percent** | **Amount <br>(in US$)** | **Percent** | **Average Price <br>Per Class A <br>Ordinary <br>Share <br>(in US$)** |
|  Existing shareholders | 17864000<br><sup>(1)</sup> | 91.08% | 1255959 | 12.55% | 0.07 |
|  New investors | 1750000 | 8.92% | 8750000 | 87.45% | 5.00 |
|  **Total** | 19614000 | 100.00% | 10005959 | 100.00% | 0.50 |

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____________

(1) on a pro forma basis to reflect (i) the allotment of 116 Class A Ordinary Shares to four pre-IPO investors on May 28, 2025, for a total consideration of US$1,085,760; (ii) a 25,000-for-1 share split/share subdivision effected by the Company on June 24, 2025; and (iii) the issuance, on June 24, 2025, of 2,464,000 Class A Ordinary Shares and 2,000,000 Class B Ordinary Shares, distributed proportionately to all existing shareholders, at a par value of US$0.00004 per share. Immediately following such issuance, the Company had a total of 17,864,000 Class A Ordinary Shares and 14,500,000 Class B Ordinary Shares issued and outstanding, each with a par value of US$0.00004. For further details regarding our share capital and corporate structure, please refer to the section titled "Corporate History and Structure" of this prospectus.

The pro forma as adjusted information discussed above is illustrative only. Our net tangible book value following the completion of this offering is subject to adjustment based on the actual initial public offering price of our Class A Ordinary Shares and other terms of this offering determined at pricing.

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#### ENFORCEMENT OF CIVIL LIABILITIES
We are incorporated under the laws of the Cayman Islands as an exempted company with limited liability and our affaires will be governed by our post-offering amended and restated memorandum and articles of association, the Companies Act and the common law of the Cayman Islands. We are incorporated in the Cayman Islands to take advantage of certain benefits associated with being a Cayman Islands exempted company, such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• political and economic stability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an effective judicial system;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a favorable tax system;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the absence of exchange control or currency restrictions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the availability of professional and support services.

However, certain disadvantages accompany incorporation in the Cayman Islands. These disadvantages include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Cayman Islands has a less developed body of securities laws as compared to the United States and these securities laws provide significantly less protection to investors as compared to the United States; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cayman Islands companies may not have standing to sue before the federal courts of the United States.

Substantially all of our operations are conducted in Taiwan, and substantially all of our assets are located in Taiwan. Moreover, the Company's directors and executive officers, Mr. Tsai Yi Yang, Mr. Wong Man Ue, Nick and Ms. Lee Su-Jung are nationals or residents of jurisdictions other than the United States and substantially all of their assets 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.

---

| | | | |
|:---|:---|:---|:---|
|  **Name** | **Position** | **Nationality** | **Residence** |
|  Tsai Yi Yang | Chairman of the Board of Directors and CEO | Taiwan | Taiwan |
|  Wong Man Ue, Nick | Director\* and CFO | Hong Kong | Hong Kong |
|  John Robert Fiore | Independent Director Nominee\* | United States | United States |
|  Patrick Man Shun Wong | Independent Director Nominee\* | United States | United States |
|  Lee Su-Jung | Independent Director Nominee\* | Taiwan | Taiwan |

---

____________

\* *This individual has indicated his or her consent to occupy such a position, effective immediately upon the effectiveness of our registration statement, of which this prospectus is a part.*

SH Wong & Co, our counsel as to the laws of Hong Kong, 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 director(s) or officer(s) 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 (1) 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 (2) 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.

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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.

We have appointed Cogency Global Inc. as our agent upon whom process may be served in any action brought against us under the securities laws of the United States.

Harney Westwood & Riegels, our legal counsel as to Cayman Islands law, and KPMG Law Firm, our legal counsel as to Taiwan law have advised us, respectively, that there is uncertainty as to whether the courts of the Cayman Islands and Taiwan, respectively, would:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• entertain original actions brought in each respective jurisdiction against us or our directors or officers predicated upon the securities laws of the United States or any state in the United States.

We have been advised by Harney Westwood & Riegels 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 Grand Court of the Cayman Islands will at common law enforce final and conclusive *in personam* judgments of state and/or federal courts of the United States of America (the "Foreign Court") of a debt or definite sum of money against the Company (other than a sum of money payable in respect of taxes or other charges of a like nature, a fine or other penalty (which may include a multiple damages judgment in an anti-trust action) or where enforcement would be contrary to public policy). The Grand Court of the Cayman Islands will also at common law enforce final and conclusive *in personam* judgments of the Foreign Court that are non-monetary against the Company, for example, declaratory judgments ruling upon the true legal owner of shares in a Cayman Islands company. The Grand Court of the Cayman Islands will exercise its discretion in the enforcement of non-money judgments by having regard to the circumstances, such as considering whether the principles of comity apply. To be treated as final and conclusive, any relevant judgment must be regarded as res judicata by the Foreign Court. A debt claim on a foreign judgment must be brought within six years of the date of the judgment, and arrears of interest on a judgment debt cannot be recovered after six years from the date on which the interest was due. The courts of the Cayman Islands are unlikely to enforce a judgment obtained from the Foreign Court under civil liability provisions of U.S. federal securities law if such a judgment is found by the courts of the Cayman Islands to give rise to obligations to make payments that are penal or punitive in nature. Such a determination has not yet been made by the Grand Court of the Cayman Islands. A court of the Cayman Islands may stay enforcement proceedings if concurrent proceedings are being brought elsewhere. A judgment entered in default of appearance by a defendant who has had notice of the Foreign Court's intention to proceed may be final and conclusive notwithstanding that the Foreign Court has power to set aside its own judgment and despite the fact that it may be subject to an appeal the time-limit for which has not yet expired. The Grand Court of the Cayman Islands may safeguard the defendant's rights by granting a stay of execution pending any such appeal and may also grant interim injunctive relief as appropriate for the purpose of enforcement.

KPMG Law Firm has advised us that any United States final judgments obtained against us will be recognized by courts in Taiwan without further review of the merits only if the court of Taiwan in which enforcement is sought is satisfied with the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the court rendering the judgment has jurisdiction over the subject matter according to the laws of Taiwan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if the judgment was rendered by default by the court rendering the judgment, (i) we were duly served within a reasonable period of time within the jurisdiction of such court in accordance with the laws and regulations of such jurisdiction, or (ii) process was served on us with judicial assistance of Taiwan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the judgment and the court procedures resulting in the judgment are not contrary to the public order or good morals of Taiwan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• judgments of the courts of Taiwan are recognized in the jurisdiction of the court rendering the judgment on a reciprocal basis.

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#### CORPORATE HISTORY AND STRUCTURE

#### OUR CORPORATE HISTORY
On July 7, 2020, we incorporated Agencia Comercial Co., Ltd as a limited liability company under the laws of Taiwan.

On January 21, 2025, we incorporated Ping Shiang Holding Ltd as a BVI Business Company with limited liability under the laws of the British Virgin Islands.

On February 17, 2025, Ping Shiang Business Ltd, was established as a BVI Business Company with limited liability under the laws of the British Virgin Islands, and is owned by our Controlling Shareholders as to 82% by Mr. Tsai Yi Yang, our Chairman and Chief Executive Officer and 18% by Ms. Lee Li Mei, the mother of Mr. Tsai Yi Yang.

On March 7, 2025, we incorporated Agencia Comercial Spirits Ltd as an exempted company with limited liability under the laws of the Cayman Islands, and 1,000 ordinary shares, being its entire issued share capital, were allotted and issued to Ping Shiang Business Ltd.

On May 21, 2025, as part of the reorganization in contemplation of our IPO, Agencia Comercial Spirits Ltd re-designated and re-classified its share capital from US$50,000.00 divided into 50,000 shares of a par value of US$1.00 each to US$50,000.00 divided into 50,000 shares of a par value of US$1.00 each, comprising (i)25,000 Class A ordinary shares of a par value of US$1.00 each and (ii) 25,000 Class B ordinary shares of a par value of US$1.00 each. Pursuant to which, the then issued and outstanding 1,000 ordinary shares held by Ping Shiang Business Ltd were repurchased by Agencia Comercial Spirits Ltd in consideration of issuing 500 Class A Ordinary Shares and 500 Class B Ordinary Shares to Ping Shiang Business Ltd.

On May 23, 2025, as part of the reorganization in contemplation of our IPO, Ping Shiang Holding Ltd acquired the entire issued share capital of Agencia Comercial Co., Ltd from all of its then shareholders, Mr. Tsai Yi Yang, Ms. Lee Li Mei, Mr. Tsai Chen His and Mr. Tsai Chen Long in consideration of NTD21,183,323, NTD13,950,000, NTD21,183,339, and NTD21,183,339, respectively.

On May 27, 2025, as part of the reorganization in contemplation of our IPO, Agencia Comercial Spirits Ltd acquired the entire issued share capital of Ping Shiang Holding Ltd from Mr. Tsai Yi Yang and Ms. Lee Li Mei in consideration of US$820 and US$180, respectively. Following the above acquisitions, Ping Shiang Business Ltd became the sole shareholder of Agencia Comercial Spirits Ltd, which in turn wholly owns Ping Shiang Holding Ltd, and indirectly wholly-owns Agencia Comercial Co., Ltd.

On May 28, 2025, Agencia Comercial Spirits Ltd allotted and issued an aggregate of 116 Class A Ordinary Shares to four investors (together the "Other Shareholders"), all of whom are independent from our Group.

On June 24, 2025, a 25,000-for-1 share split/share subdivision effected by Agencia Comercial Spirits Ltd on June 24, 2025 Agencia Comercial Spirits Ltd sub-divided its authorized shares so that the par value of each share changed from US$1.00 to US$0.00004 each and the number of authorized shares changed to 1,250,000,000 shares of par value US$0.00004 each comprising of 625,000,000 Class A Ordinary Shares of par value US$0.00004 each and 625,000,000 Class B Ordinary Shares of par value US$0.00004 each. On the same date, 2,464,000 Class A Ordinary Shares and 2,000,000 Class B Ordinary Shares, were distributed proportionately to all then existing shareholders, at a par value of US$0.00004 per share. Immediately following such issuance, the Company had a total of 17,864,000 Class A Ordinary Shares and 14,500,000 Class B Ordinary Shares issued and outstanding, each with a par value of US$0.00004, of which 14,500,000 Class A Ordinary Shares and 14,500,000 Class B Ordinary Shares were issued and held by Ping Shiang Business Ltd, and an aggregate of 3,364,000 Class A Ordinary Shares held by the Other Shareholders.

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#### OUR CORPORATE STRUCTURE
The following diagram sets forth our corporate structure immediately prior to the initial offering:

![](tflowchart_001.jpg)

____________

(1) Ping Shiang Business Ltd is a limited liability company incorporated under the laws of the British Virgin Islands which is owned as to 82% by Mr. Tsai Yi Yang, our Chairman and Chief Executive Officer and 18% by Ms. Lee Li Mei, the mother of Mr. Tsai Yi Yang.

(2) None of the Other Shareholders holds a number of shares equal to or exceeding 5% of the then issued and outstanding share capital of Agencia Comercial Spirits Ltd. Furthermore, there is no agreement to act in concert or any similar agreement among the Other Shareholders.

(3) Holders of Class A Ordinary Shares and Class B Ordinary Shares will vote together as a single class, unless otherwise required by law or our then effective memorandum and articles of association.

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The following diagram illustrates our corporate structure, including our significant subsidiaries immediately upon the completion of this offering, assuming no exercise of the over-allotment option granted to the underwriters.

![](tflowchart_002.jpg)

____________

(1) Ping Shiang Business Ltd is a limited liability company incorporated under the laws of the British Virgin Islands which is owned as to 82% by Mr. Tsai Yi Yang, our Chairman and Chief Executive Officer and 18% by Ms. Lee Li Mei, the mother of Mr. Tsai Yi Yang.

(2) None of the Other Shareholders holds a number of shares equal to or exceeding 5% of the then issued and outstanding share capital of Agencia Comercial Spirits Ltd. Furthermore, there is no agreement to act in concert or any similar agreement among the Other Shareholders.

(3) Holders of Class A Ordinary Shares and Class B Ordinary Shares will vote together as a single class, unless otherwise required by law or our then effective memorandum and articles of association.

We are offering 1,750,000 Class A Ordinary Shares, representing 5.13% of our Ordinary Shares or 8.92% of our Class A Ordinary Shares, assuming the underwriters do not exercise the over-allotment option. We will be a "controlled company" as defined under the Nasdaq Stock Market Rules because, immediately after the completion of this offering, our Controlling Shareholders, through Ping Shiang Business Ltd will beneficially own 14,500,000 Class A Ordinary Shares, approximately 73.93% of our outstanding Class A Ordinary Shares (or 72.95% of our outstanding Class A Ordinary Shares assuming the underwriters exercise their over-allotment option in full) and 14,500,000 Class B Ordinary Shares, representing 96.89% (or 96.74%, assuming the underwriters exercise their over-allotment option in full) of the aggregate total voting power of our then total issued and outstanding share capital, and will have the ability to determine all matters requiring approval by shareholders.

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#### MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND<br>RESULTS OF OPERATIONS
*The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our combined financial statements and related notes included elsewhere in this prospectus. This discussion and analysis and other parts of this prospectus contain forward*-looking *statements based upon current beliefs, plans and expectations that involve risks, uncertainties and assumptions. Our actual results and the timing of selected events could differ materially from those anticipated in these forward*-looking *statements as a result of several factors, including those set forth under "Risk Factors" and elsewhere in this prospectus. You should carefully read the "Risk Factors" section of this prospectus to gain an understanding of the important factors that could cause actual results to differ materially from our forward*-looking *statements.*

<u>**<u>Overview</u>**</u>

We, through our Operating Subsidiary, are primarily engaged in trading of whisky products, including procurement, distribution, and sale in both Taiwan and international markets. Through the Operating Subsidiary, we import and sell a broad range of premium whisky products, which comes from countries/regions such as Scotland.

Beginning in 2025, we ventured into brand-authorized bottling, packaging, and sales, marking a significant diversification of our business model. Under this new approach, we obtain brand licenses from renowned whisky brands, allowing us to source raw cask whisky directly from their distilleries. We then conduct the bottling and packaging operations in Taiwan, leveraging the expertise of local contract manufacturers. This brand-authorized model enables us to collaborate closely with prestigious whisky brands, fostering strong partnerships and ensuring adherence to their stringent quality standards. By directly sourcing raw cask whisky from the brand owners and carrying out the bottling and packaging processes in Taiwan, we can offer a seamless end-to-end solution while maintaining control over the supply chain and product quality.

The following discussion and analysis of our financial condition and results of operations are prepared based on the financial data which is derived from our audited combined financial statements for the years ended December 31, 2024 and 2023, included in this prospectus.

Our financial performance for the year ended December 31, 2024, demonstrated significant growth compared to the previous year. Revenue increased substantially from US$887,310 in 2023 to US$2,537,743 in 2024, representing a year-over-year growth of approximately 186%. This substantial revenue growth was primarily driven by strong demand for our whisky products, specifically through our two main offerings: raw cask whisky sales and bottled whisky sales. It was also fueled by our successful strategies to enhance capabilities, including strengthening brand recognition, improving customer experience, and expanding product offerings to meet diverse consumer preferences.

Consistent with the robust revenue growth, our net income also witnessed a remarkable increase, rising from US$239,288 in 2023 to US$779,278 in 2024, a year-over-year growth of approximately 226%. The significant increase in net income can be attributed to our effective cost management strategies and operational efficiencies, which allowed it to leverage the higher revenue while maintaining a disciplined approach to expenses.

Our financial condition and results of operations for the year ended December 31, 2024, reflect our strong market position, effective execution of growth strategies, and efficient management of resources. These factors have positioned us favorably for continued growth and profitability in the future.

<u>**<u>Key Factors Affecting Our RESULTS OF OPERATIONS</u>**</u>

The key factors that we believe affect our financial condition and results of operations are discussed below.

#### Market Demand and Customer Preferences
Our revenue is directly tied to the demand for whisky products in both domestic and international markets. Changes in consumer preferences, such as shifts toward premium or craft spirits, could significantly impact our sales volumes and profitability. As an important player in the whisky industry, we must remain agile and responsive to evolving market dynamics and consumer trends.

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The Taiwan market remains a crucial revenue driver for our business. Factors influencing domestic demand in Taiwan include economic conditions, disposable income levels, demographic shifts, and cultural trends. A strong Taiwan economy and rising disposable incomes can stimulate demand for our products, particularly in the premium and luxury segments. Conversely, economic downturns or shifts in consumer spending patterns may adversely affect sales volumes.

Our international sales segment, which accounted for only 3% of total revenue in 2024 (2023: 11%), primarily consisted of related party transactions. Considering the growth potential in international markets, we have developed a strategic plan to diversify our revenue streams and reach new customer segments in overseas markets beginning in 2025. This plan involves leveraging our brand-authorized bottling, packaging, and sales model, which enables us to collaborate with renowned whisky brands and offer a diverse portfolio of premium and luxury whisky products tailored to regional preferences.

In recent years, we have witnessed a growing consumer preference for premium and craft spirits, driven by a desire for unique and authentic experiences. This trend has created opportunities for us to introduce higher-priced, limited-edition, and premium whisky offerings, potentially enhancing our profitability. However, failure to adapt to this trend or accurately anticipate consumer preferences could lead to a loss of market share and revenue.

The whisky industry is highly competitive, with numerous Taiwan and international players vying for market share. Our ability to differentiate our products, maintain brand loyalty, and effectively market our offerings is crucial for sustaining demand and profitability. Intense competition may necessitate increased marketing efforts, product innovation, or pricing adjustments, impacting our operating costs and margins.

By closely monitoring market trends, consumer preferences, and competitive dynamics, we aim to proactively adapt our product offerings, marketing strategies, and operational processes to maintain a strong position in the whisky market. Failure to effectively address shifts in demand or consumer preferences could adversely impact our sales volumes, revenue, and overall profitability.

#### Supplier Relations and Procurement Costs
As a trading company in the whisky industry, our ability to maintain strong relationships with reputable suppliers and secure favorable procurement terms is crucial to our success. We rely on a diverse network of suppliers from various whisky-producing regions, such as Scotland, to source premium and rare whisky products for our customers. Disruptions in our supplier relationships or changes in procurement costs can significantly impact our gross margins and profitability.

We strive to cultivate long-term partnerships with our suppliers, built on trust, transparency, and mutual understanding. Our procurement team works closely with suppliers to ensure a steady supply of high-quality products and to negotiate favorable pricing and payment terms. Additionally, our expertise in identifying and procuring unique and limited-edition whiskies from sought-after distilleries enhances our competitive advantage and enables us to command premium pricing in the market.

The cost of goods sold, which includes the purchase price of whisky products, import duties, and other associated costs, is a significant factor affecting our profitability. Fluctuations in the cost of goods sold can be influenced by various factors, such as global supply and demand dynamics, changes in import regulations, and currency exchange rates.

To mitigate the impact of cost fluctuations, we employ strategic inventory management practices, leveraging our industry knowledge and market intelligence to optimize our purchasing decisions. Additionally, we continuously explore opportunities to streamline our supply chain and logistics operations, aiming to reduce operational costs and improve overall efficiency.

#### Maintenance of Key Personnel
Our success is heavily dependent on the expertise, industry knowledge, and relationships cultivated by our key personnel. They possess valuable insights into the whisky industry, have established strong connections with suppliers and customers, and play a pivotal role in driving our strategic initiatives and growth objectives.

Retaining and attracting top talent in the industry is crucial for maintaining our competitive edge. We strive to create a workplace environment that fosters professional growth, rewards performance, and provides opportunities for career advancement. Additionally, we strive to offer competitive compensation packages to motivate and retain our key personnel.

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The loss of key personnel or the inability to attract and retain skilled professionals could adversely impact our operations, supplier relationships, and market position. As such, we prioritize succession planning and knowledge transfer initiatives to mitigate the risks associated with personnel changes and ensure business continuity.

Furthermore, we cultivate a strong corporate culture that promotes collaboration, innovation, and a shared passion for the whisky industry. By fostering an engaging and inclusive work environment, we aim to enhance employee satisfaction and loyalty, contributing to the long-term retention of our valuable human capital.

#### Fluctuation in Interest Rates
As part of our financing strategy, we have obtained borrowings from a local bank in Taiwan. These borrowings are subject to fluctuations in interest rates, which can directly impact our financial expenses and profitability.

Rising interest rates can lead to an increase in the cost of servicing our debt, thereby reducing our net income. Conversely, a decline in interest rates can result in lower financing costs, positively impacting our profitability. Given the potential impact of interest rate fluctuations on our financial performance, we closely monitor market conditions and maintain a prudent approach to debt management.

To mitigate the risks associated with interest rate volatility, depending on the market situation, we may employ various strategies, such as negotiating fixed-rate borrowings or exploring hedging instruments like interest rate swaps. Additionally, we maintain a disciplined approach to capital allocation, ensuring that our borrowings are aligned with our operational requirements and growth objectives.

Our finance team regularly evaluates our debt portfolio, interest rate exposure, and potential refinancing opportunities to optimize our financing costs and maintain a healthy financial position. By proactively managing our interest rate risk, we aim to minimize the adverse effects of interest rate fluctuations on our results of operations and ensure long-term financial stability.

#### Fluctuation in Exchange Rates
As a company engaged in international trade, our operations are exposed to fluctuations in exchange rates. With customers and suppliers located in various countries, our revenue and expenses are denominated in multiple currencies.

Unfavorable movements in exchange rates can adversely impact our financial performance. For instance, an appreciation of the NTD against other currencies can make our products more expensive for international customers, potentially affecting our export sales and profitability. Conversely, a depreciation of the NTD can increase the costs of importing whisky products from our foreign suppliers, putting pressure on our gross margins.

Our finance team closely monitors currency markets and employs robust risk management practices to assess and manage our foreign exchange exposure proactively. By implementing these strategies, we aim to minimize the impact of currency fluctuations on our financial results and maintain a stable and predictable operating environment.

#### Competitive Landscape
The whisky trading industry is highly competitive, with numerous players offering similar products. Our ability to differentiate our offerings, maintain competitive pricing, and secure reliable suppliers will be critical to sustaining growth.

As we explore new markets, we may face challenges related to brand recognition, regulatory hurdles, and competition from established players, which could impact our revenue growth.

#### Macroeconomic Conditions
Our results of operations are influenced by global economic conditions, including inflation, recessionary pressures, and changes in consumer spending patterns. Economic downturns could reduce demand for premium products like whisky, adversely affecting our revenue.

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<u>**<u>Key Components of Our Results of Operations</u>**</u>

To assess the performance of our business, we consider a variety of financial and operating measures. The key financial performance indicators we use include revenue, cost of revenue, gross profit and gross margin, general and administrative expenses, sales and distribution expenses, and income tax expenses. Our review of these indicators reveals the results of our business performance and provides timely and meaningful feedbacks to key operating decisions and allow our business to respond promptly to competitive market conditions and different demands and preferences from our customers. The key measures that we use to evaluate the performance of our business are set forth below and are discussed in greater details under "Results of Operations".

#### Revenue
Our revenue is primarily derived from trading of whisky products, including distribution and sale in both Taiwan and international markets.

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| | | | |
|:---|:---|:---|:---|
|  | **Raw cask <br>whisky sales** | **Bottled <br>whisky sales** | **<br>Total** |
|  | **US$** | **US$** | **US$** |
| 2023 |  |  |  |
|  – Taiwan sales | 783885 | 4919 | 788804 |
|  – International sales |  |  |  |
| &nbsp;&nbsp;&nbsp; – China |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – Third parties |  | 36128 | 36128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – Related parties |  | 38295 | 38295 |
| &nbsp;&nbsp;&nbsp; – United Kingdom (related parties) |  | 24083 | 24083 |
|  | 783885 | 103425 | 887310 |
| 2024 |  |  |  |
|  – Taiwan sales |  |  |  |
| &nbsp;&nbsp;&nbsp; – Third parties | 901505 | 1325898 | 2227403 |
| &nbsp;&nbsp;&nbsp; – Related parties |  | 229412 | 229412 |
|  – International sales |  |  |  |
| &nbsp;&nbsp;&nbsp; – China (related parties) |  | 80928 | 80928 |
|  | 901505 | 1636238 | 2537743 |

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In 2023 and 2024, the majority of our revenue was generated from Taiwan sales within Taiwan, accounting for 89% and 97% of total revenue, respectively. Our strong presence and established distribution network in the local market have been the primary drivers of our sales in Taiwan.

In 2023, our international sales accounted for 11% of total revenue, with 8% coming from the Chinese market and 3% from the United Kingdom. These international markets presented attractive growth opportunities, and we leveraged our expertise in whisky trading to expand our reach beyond Taiwan. However, in 2024, our international sales declined to 3% of total revenue, solely comprising sales to the Chinese market. The decrease in international sales was primarily due to the cessation of sales to the related party in the United Kingdom.

While our primary focus has historically been on strengthening our position in the Taiwan market, we recognize the importance of international expansion and diversifying our revenue streams to drive long-term growth. Moving forward, we are committed to developing a clear plan for international expansion and revitalizing our global presence. This plan will involve leveraging our brand-authorized bottling, packaging, and sales model, which enables us to collaborate with renowned whisky brands and offer a diverse portfolio of premium and luxury whisky products tailored to regional preferences.

We operate through two primary products: raw cask whisky sales and bottled whisky sales. The raw cask whisky sales involve selling entire barrels of whisky to other wine sellers and distributors, while the bottled whisky sales involve selling these products to bars, restaurants, nightclubs, VIP lounges, and corporate clients, in collaboration with our downstream distributors.

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In 2023, our raw cask whisky sales accounted for 88% of total revenue. This channel has been a significant contributor to our revenue, leveraging our expertise in sourcing and aging high-quality whisky products, as well as our established relationships with industry partners and retailers.

However, in 2024, the contribution from the raw cask whisky sales decreased to 36% of total revenue. We are actively evaluating our strategies to optimize this product and maintain our position as a trusted supplier in the industry.

The bottled whisky sales accounted for 12% and 64% of total revenue in 2023 and 2024, respectively. Since 2024, this product has been a strategic focus for us, as it allows us to capture higher margins and build stronger connections with our customer base.

The increase in the bottled whisky sales contribution in 2024 reflects our efforts to enhance our capabilities, including strengthening our brand recognition, improving our customer experience, and expanding our product offerings to cater to diverse consumer preferences.

In addition to our revenue performance, we closely monitor our trade volume, which represents the number of bottles and raw cask whisky sold during a given period. Trade volume is a key metric that provides insights into the demand for our products and the effectiveness of our sales and distribution strategies.

In 2023, our total trade volume stood at 29,771 bottles. This volume reflects the combined sales across our Taiwan and international markets, as well as through our raw cask and bottled whisky sales.

However, in 2024, we experienced a significant increase in trade volume, reaching 44,095 bottles sold. The substantial increase in trade volume in 2024 demonstrates the growing demand for our whisky products and the effectiveness of our sales and marketing initiatives. It also reflects our ability to navigate market challenges and capitalize on emerging opportunities.

While our trade volume increased significantly in 2024, reaching 44,095 bottles sold compared to 29,771 bottles in 2023 (a 48% increase), our revenue growth outpaced our volume increase. This disparity can be attributed to a strategic shift in our product mix, where we focused on offering more premium and higher-priced whisky products to cater to the growing demand for luxury and artisanal spirits. Additionally, we implemented targeted pricing strategies to optimize our revenue and profitability, which contributed to the higher revenue growth relative to the increase in trade volume. Moving forward, we remain committed to curating a diverse product portfolio that caters to various consumer segments, while strategically balancing volume growth and profitability through our pricing strategies.

#### Cost of revenue
Cost of revenue includes procurement of whisky products held for sale, as well as direct costs associated with the procurement, such as import and export charges, and processing charges.

In 2023, our cost of revenue accounted for 59% of total revenue. This relatively high cost of revenue ratio is primarily due to the inherent nature of our business, which involves sourcing and aging high-quality whisky products, as well as the associated import and export charges.

However, in 2024, we achieved a more favorable cost of revenue ratio of 50% as a percentage of total revenue. This improvement can be attributed to our efforts in optimizing our procurement processes, negotiating better terms with suppliers, and achieving economies of scale as our trade volume increased.

#### Gross profit and gross profit margin
Gross profit represents the difference between our revenue and the cost of goods sold. It is a key indicator of our profitability and operational efficiency. Our gross profit margin is calculated by dividing gross profit by revenue.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the financial years ended December 31,** | **For the financial years ended December 31,** | **For the financial years ended December 31,** | **For the financial years ended December 31,** |
|  | **2023** | **2023** | **2024** | **2024** |
|  | **GP (US$)** | **GP (%)** | **GP (US$)** | **GP (%)** |
|  Raw Cask whisky sales | 339267 | 43% | 509279 | 56% |
|  Bottled whisky sales | 24665 | 24% | 756024 | 46% |

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In 2024, our raw cask whisky sales segment generated a gross profit of US$509,279, representing a gross profit margin of 56%, an improvement from 43% in 2023. This increase in profitability was driven by economies of scale, operational efficiencies, and favorable pricing conditions.

Our bottled whisky sales segment, which has been a strategic focus for us since 2024, demonstrated remarkable growth and profitability improvements. In 2024, this segment generated a gross profit of US$756,024, with a gross profit margin of 46%, a significant increase from 24% in 2023. This improvement can be attributed to our efforts to expand our premium whisky offerings, command higher selling prices, and capitalize on the growing demand for luxury whisky products. The growing demand for premium and luxury whisky products enabled us to command higher selling prices, particularly for our high-end offerings, without significantly impacting sales volumes.

#### General and administrative expenses
General and administrative expenses consist primarily of staff costs (including salaries, messing, etc.), expenses related to trademark, lease expenses, and professional fee.

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| | | |
|:---|:---|:---|
|  | **2023** | **2024** |
|  | **US$** | **US$** |
|  General and administrative expenses |  |  |
|  – Professional fees |  | 85687 |
|  – Staff costs | 32600 | 40367 |
|  – Trademark |  | 30365 |
|  – Lease expenses | 9636 | 15268 |
|  – Others | 8426 | 33654 |
|  | 50662 | 205341 |

---

In 2023, our general and administrative expenses accounted for 6% of total revenue. This relatively low percentage reflects our efforts to maintain a lean and efficient cost structure while focusing on our core operations. However, in 2024, our general and administrative expenses increased to 8% of total revenue. The increase in general and administrative expenses in 2024 was primarily driven by higher staff costs, professional fees and trademark expenses, reflecting our efforts to strengthen our workforce and enhance our brand recognition, respectively.

#### Sales and distribution expenses
Sales and distribution expenses consist primarily of basic salaries and employee benefits of sales personnel directly attributable to the generation of revenue and expenses incurred to various warehouses.

In both 2023 and 2024, our sales and distribution expenses accounted for 2% of total revenue. This relatively low percentage reflects our strategic approach to sales and marketing, which emphasizes targeted efforts and efficient utilization of resources.

Our sales strategy has been focused on cultivating long-term relationships with key corporate customers and industry partners, leveraging our brand reputation and quality products. We have invested in building a skilled sales team with deep industry knowledge and strong relationships within our target markets. Despite the increase in our trade volume and revenue in 2024, we were able to maintain our sales and distribution expenses at the same level as the previous year.

While the overall sales and distribution expenses remained stable at 2% of total revenue, we continuously evaluate opportunities to enhance efficiency and productivity within these areas, ensuring that our resources are allocated effectively to support our growth objectives.

#### Income tax expenses
Income tax expense represents the amount of corporate income tax we are required to pay to the relevant tax authorities based on our taxable income. As a company based in Taiwan, we are subject to profit tax imposed by the local tax authorities.

Our income tax expense is calculated by applying the applicable tax rates to our taxable income, which is determined after considering various tax deductions, credits, and adjustments allowed under the relevant tax laws and regulations.

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The amount of income tax expense we incur can significantly impact our net income and profitability. The effective tax rate is the actual tax rate we pay on our taxable income, which may differ from the statutory tax rate due to various tax deductions, credits, and incentives available to us.

During the fiscal years 2023 and 2024, our effective tax rate remained relatively stable, with no significant changes compared to previous periods. The effective tax rate for these years was consistent with our expectations and aligned with the statutory tax rates applicable to our operations in Taiwan, after considering the relevant tax deductions, credits, and adjustments available to us under the local tax laws and regulations. We did not experience any material changes in our tax structure or the availability of tax incentives that would significantly impact our effective tax rate during these periods.

<u>**<u>Results of Operations</u>**</u>

<u><u>For the years ended December 31, 2024 and 2023</u></u>

The following table summarizes the results of our operations for the years ended December 31, 2024 and 2023, respectively, and provides information regarding the dollar and percentage change during such periods.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** | **Variance** | **Variance** |
|  | **2023** | **2023** | **2024** | **2024** | **Variance** | **Variance** |
|  | **<br>US$** | **% of total <br>revenue** | **<br>US$** | **% of total <br>revenue** | **Amount <br>US$** | **%** |
|  Revenue | 887310 |  | 2537743 |  | 1650433 | 186.0% |
|  Cost of revenue | (523377) | 59% | (1272440) | 50% | (749063) | 143.1% |
|  Gross profit | 363933 | 41% | 1265303 | 50% | 901370 | 247.7% |
|  Operating expenses: |  |  |  |  |  |  |
|  – General and administrative expenses | (50662) | 6% | (205341) | 8% | (154679) | 305.3% |
|  – Sales and distribution expenses | (14127) | 2% | (45378) | 2% | (31251) | 221.2% |
|  Total operating expenses | (64789) | 7% | (250719) | 10% | (185930) | 287.0% |
|  Income from operations | 299144 | 34% | 1014584 | 40% | 715440 | 239.2% |
|  – Interest income | 114 | 0% | 127 | 0% | 13 | 11.0% |
|  – Interest expense | (2478) | 0% | (1741) | 0% | 750 | (31.7)% |
|  – Foreign exchange gains, net | 2934 | 0% | 234 | 0% | (2700) | (92.0)% |
|  – Sundry income | 448 | 0% | 5009 | 0% | 4561 | 1018.1% |
|  Total income before tax expense | 300162 | 34% | 1018213 | 40% | 718051 | 239.2% |
|  – Income tax expenses | (60874) | 7% | (238935) | 9% | (178061) | 292.5% |
|  Net income | 239288 | 27% | 779278 | 31% | 539990 | 225.7% |

---

#### Revenue
We generated revenue of US$2,537,743 in 2024, marking a significant increase of 186% from US$887,310 in 2023. This remarkable growth was driven by increased sales volumes, expanded market reach, a successful pricing strategy, and a strategic shift in the brands of whisky sold.

Our primary revenue driver has been the market in Taiwan, accounting for 89% of total revenue in 2023 and increasing to 97% in 2024. While international sales contributed 11% of revenue in 2023 (8% from China and 3% from the UK), this segment declined in 2024, with only 3% of revenue coming from the Chinese market. The decrease in international sales was primarily due to the cessation of sales to a related party in the United Kingdom. Our strong market presence in Taiwan and established distribution network in Taiwan have been key factors supporting our revenue growth.

A notable change occurred in our revenue contribution from the raw cask whisky sales segment, which decreased from 88% of total revenue in 2023 to 36% in 2024. Conversely, the bottled whisky sales segment increased from 12% of total revenue in 2023 to 64% in 2024. This shift was driven by strategic initiatives and evolving market trends. Our focus on expanding bottled whisky offerings and strengthening our brand presence in the premium whisky market contributed significantly to this shift. Additionally, changing consumer preferences and a growing demand for

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premium bottled whisky products have created favorable conditions for this transaction. While the raw cask whisky segment remains important, the growth in bottled whisky sales has allowed us to capture higher margins and forge stronger connections with our customers.

The substantial increase in revenue reflects our successful expansion efforts and improved market penetration supported by favorable market conditions and increased demand for whisky products.

In 2024, we strategically implemented selective price increases across our product portfolio. This pricing strategy aimed to capture the growing demand for premium and luxury whisky offerings while reflecting increased costs associated with sourcing, aging, and producing exceptional whisky expressions.

By adjusting selling prices upward, particularly for our higher-end and limited-edition products, we were able to maximize revenue potential and align pricing with the perceived value and rarity of these offerings. This strategy not only contributed to overall revenue growth but also enhanced our brand's positioning as a purveyor of premium and exclusive whisky experiences.

Our whisky products are available across a wide range of price points, catering to diverse customer segments and preferences. In 2024, selling prices ranged from US$14 to US$15,773, reflecting a significant expansion compared to 2023, when prices ranged from US$18 to US$254. This diverse portfolio includes both entry-level and premium offerings. The lower end of the price range, starting at US$14, represents our more accessible varieties, appealing to a broader consumer base seeking quality at reasonable prices. In contrast, the higher end, reaching up to US$15,773 encompasses our most exclusive offerings, targeting discerning collectors and connoisseurs.

While our product portfolio spans various price points, the significant increase in trade volume during 2024 was primarily concentrated in more premium and higher-priced offerings (i.e. mid to high-range offerings, reflecting strong demand for moderately priced to more premium, high-quality products from a growing customer base.

By maintaining a diverse range of selling prices, we effectively cater to various customer segments, driving revenue growth.

In 2024, we made significant strides in strengthening our market presence and deepening our penetration within existing markets. We expanded our distribution channels and forged strategic partnerships with key wine sellers and distributors. This extended reach allowed our products to be more widely available and accessible to consumers across various regions. We introduced new whisky varieties and limited editions, catering to evolving consumer preferences and trends. This diversification strategy allowed us to capture a broader range of customer segments and meet the growing demand for unique and premium whisky experiences.

By combining improved market penetration with targeted expansion efforts, we were able to capitalize on the growing demand for whisky products, driving significant revenue growth and solidifying our position as a prominent player in the industry.

#### Cost of revenue
The cost of revenue increased to US$1,272,440 in 2024, representing a 143% upward movement from US$523,377 in 2023. This increase was primarily due to the increased sales volumes. However, the rise in cost of revenue was proportionally lower than the growth in sales, resulting in improved gross margins for both our sales channels.

For our raw cask whisky sales, the cost of revenue decreased from 35% of total revenue in 2023 to 28% in 2024. This implies that the gross margin for raw cask whisky sales improved from 43% in 2023 to 56% in 2024.

Similarly, for our bottled whisky sales, the cost of revenue decreased from 76% of total revenue in 2023 to 54% in 2024. Consequently, the gross margin for bottled whisky sales improved from 24% in 2023 to 46% in 2024.

The improvement in gross margins across both sales channels reflects our efficient procurement and inventory management strategies, enabling us to manage costs effectively while capitalizing on increased sales volumes.

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#### Gross profit and gross margin
Gross profit for 2024 was US$1,265,303, a 248% increase from US$363,933 in 2023. The overall gross profit margin improved from 41% in 2023 to 50% in 2024, driven by better procurement strategies, economies of scale, and favorable pricing conditions.

Our domestic sales segment in Taiwan, which contributed 97% of total revenue in 2024, experienced a significant improvement in gross margin, increasing from 40% in 2023 to 49% in 2024. This improvement was primarily driven by our ability to leverage economies of scale within the Taiwan market, as well as the implementation of more efficient procurement and inventory management strategies.

While our international sales segment accounted for only 3% of total revenue in 2024, it demonstrated a remarkable gross margin improvement, increasing from 45% in 2023 to 58% in 2024. This improvement can be attributed to our strategic efforts to optimize pricing and focus on higher-margin markets, as well as the benefits of favorable currency exchange rates in certain regions.

The gross margin for our raw cask whisky sales improved from 43% in 2023 to 56% in 2024. This improvement was facilitated by our ability to negotiate better terms with suppliers, streamline logistics, and capitalize on bulk purchasing discounts.

Our bottled channel, which sells to bars, restaurants, nightclubs, VIP lounges, and corporate clients in collaboration with our downstream distributors, experienced a gross margin improvement from 24% in 2023 to 46% in 2024. This increase was driven by our efforts to optimize pricing strategies, enhance operational efficiencies, and leverage our strong brand reputation in the premium whisky market.

Through a combination of strategic initiatives and favorable market conditions, we were able to achieve significant gross margin improvements across our key segments, demonstrating our commitment to operational excellence and profitability.

#### General and administrative expenses
These expenses increased to US$205,341 in 2024, up 305% from US$50,662 in 2023.

The increase was primarily due to higher professional fees and other administrative expenses associated with our growth.

As we pursued our growth strategies and prepared for our IPO, we incurred substantial professional fees, primarily consisting of audit fees paid to our auditors for the audit of our combined financial statements for the years ended December 31, 2024 and 2023.

Our administrative expenses also increased significantly due to our rapid growth and expansion. With the impending IPOs and increased regulatory scrutiny, we strengthened our corporate governance framework, implemented robust compliance measures, and enhanced internal controls, resulting in additional administrative costs.

The significant increase in general and administrative expenses in 2024 was a strategic investment necessary to facilitate our rapid growth, support our IPOs aspirations, and position ourselves for long-term success in the competitive whisky industry. While these expenses impacted profitability in the short term, they laid the foundation for future growth and value creation for us and our stakeholders.

#### Sales and distribution expenses
Sales and distribution expenses rose to US$45,378 in 2024, up 221% from US$14,127 in 2023.

The increase reflects expanded marketing and distribution efforts to support higher sales volumes and market expansion.

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#### Income from Operations
Income from operations was US$1,014,584 in 2024, a 239% increase from US$299,144 in 2023. This substantial growth in operating income reflects our ability to scale operations efficiently while maintaining strong gross margins. The increase was primarily attributable to the significant growth in sales and the improvement in gross profit margin during the year.

Our revenue in 2024 reached US$2,537,743, representing a significant increase of 186% compared to the previous year. In addition to the substantial growth in sales, we also achieved a significant improvement in our gross profit margin, which increased from 41% in 2023 to 50% in 2024.

The combination of robust revenue growth and improved gross profit margins contributed significantly to the substantial increase in income from operations in 2024. This strong operating performance demonstrates our ability to capitalize on growth opportunities while maintaining cost discipline and operational efficiency, positioning it for continued success in the competitive whisky industry.

#### Income tax expenses
Our income tax expense for the fiscal years 2023 and 2024 were US$60,874 and US$238,935, respectively. The increase in income tax expense in 2024 was primarily driven by higher taxable income generated during the year. Despite the increase in income tax expense, our effective tax rate remained relatively stable, with no significant changes compared to the previous year.

As a company operating in Taiwan, our income tax obligations are governed by the local tax authorities and regulations. We are subject to income tax only in Taiwan, where our business operations are based.

#### Net Income
We reported net income of US$779,278 in 2024, a 226% increase from US$239,288 in 2023.

The growth in net income was driven by higher revenue, improved gross margins, and effective cost management, partially offset by increased operating expenses.

<u>**<u>cash flows</u>**</u>

Our cash flow is primarily derived from our operating, investing, and financing activities. During the year ended December 31, 2024, we did not have any investing cash flows.

For the year ended December 31, 2023, net cash used in operating activities was US$274,522, while net cash provided by investing activities was US$494,042. Net cash used in financing activities for the year ended December 31, 2023, was US$157,258.

For the year ended December 31, 2024, net cash used in operating activities was US$236,837, consistent with the previous year's trend driven by changes in inventory levels to support our whisky trading business. There was no investing cash flow during this period. Net cash provided by financing activities in 2024 was US$191,786, primarily resulting from proceeds received from a related party to support our working capital needs and ongoing operations.

The negative operating cash flows in both years were primarily attributable to the nature of our whisky trading business, which requires us to maintain significant inventory levels to meet customer demand and support the aging process of our whisky products. These cash outflows reflect our continued investment in the business as we pursue long-term growth and success.

The significant net cash inflow of US$494,042 from investing activities in 2023 was primarily due to the repayment of a loan extended to a related party in a previous period. This loan was provided to support the working capital needs of the related party, and its repayment in 2023 resulted in a substantial cash inflow for our company.

It is important to note that our cash flows from financing activities, particularly in the year 2024, were impacted by offering costs incurred in connection with IPOs. These offering costs reduced the net cash inflows from financing activities. In 2024, we incurred offering costs of US$150,151 related to IPOs, which contributed to the lower net cash inflows from financing activities during that period.

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The contrasting cash flows from financing activities between 2023 and 2024 are attributable to our financing strategy and the specific transactions undertaken in each year. In 2023, we experienced a net cash outflow from financing activities of US$157,258, which was primarily due to repayments of bank borrowings and related party loans. However, in 2024, our financing needs were met through a significant related party loan, resulting in a net cash inflow of US$191,786 from financing activities. This shift from a cash outflow to a cash inflow reflects our strategic decision to obtain additional financing from a related party to support our working capital requirements and ongoing operations in 2024.

We have established robust liquidity management processes, including cash flow forecasting, working capital optimization, and proactive inventory management strategies. These measures ensure that we maintain sufficient liquidity to meet our obligations as they come due. We have initiated cost-cutting initiatives and operational efficiency improvements to reduce our cash outflows and enhance profitability, thereby improving our operating cash flow generation. We are currently evaluating our business strategy, including potential adjustments to our product mix, pricing strategies, and market focus, to enhance profitability and cash flow generation from our core operations.

Please refer to the statements of cash flows in our audited combined financial statements for further details on our cash flow movements during the reported periods.

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| | | |
|:---|:---|:---|
|  | **2023** | **2024** |
|  | **US$** | **US$** |
|  Cash flows provided by (used in): |  |  |
|  – Operating activities | (274522) | (236837) |
|  – Investing activity | 494042 |  |
|  – Financing activities | (157258) | 191786 |
|  Net increase (decrease) in cash | 62262 | (45051) |

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<u>**<u>liquidity and capital resources</u>**</u>

We have not engaged in any significant equity transactions since our initial incorporation and issuance of share capital. Our operations have been primarily funded through internally generated cash flows from our whisky trading business activities and borrowings from related parties.

As of December 31, 2024, our cash and cash equivalents balance were US$54,752, a decrease of 57% from US$126,287 in 2023. The decline in cash was primarily due to increased working capital requirements, including higher inventory purchases and accounts receivable, as well as payment of offering costs related to the IPOs. The working capital as of December 31, 2024, was US$1,745,572, an increase of 39% from US$1,253,389 in 2023. The increase in working capital reflects growth in inventory and accounts receivable to support expanded operations.

In 2024, we obtained a significant related party loan to fund our operations and meet our financing needs, as evidenced by the net cash inflow from financing activities of US$191,786. This reliance on related party financing was necessitated by the negative operating cash flow experienced during the year. While we have historically relied on a combination of operating cash flows, capital contributions from shareholders, and bank borrowings (including loans from related parties) to fund operations, the significant loan from a related party played a crucial role in providing liquidity in 2024.

We believe our working capital is sufficient to meet our current operational and working capital requirements. We continue to monitor our liquidity position closely and actively manage our working capital to ensure we have adequate resources to support our business operations and growth initiatives.

Going forward, we expect our liquidity and capital resources to be primarily derived from our operating activities, supplemented by financing activities as needed. We remain committed to optimizing our inventory management and working capital efficiency to improve our operating cash flow generation.

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<u>**<u>commitments and contingencies</u>**</u>

We have entered into long-term operating leases for office premises and warehouses in Taiwan. These lease commitments are a regular part of our business operations and are necessary to secure the required facilities for our operations.

In the ordinary course of business, we may be subject to legal proceedings regarding contractual relationships and a variety of liabilities. When a loss is assessed to be probable, and the amount of the loss is reasonably estimable, appropriate provisions are made in accordance with applicable accounting standards. As of December 31, 2023, and December 31, 2024, and through the date of this prospectus, we are not aware of any pending or threatened claims and litigation that could have a material impact on our financial position or results of operations.

During the financial year ended December 31, 2024, we entered into an agreement with a related party regarding the right to use a trademark on our whisky products. The total commitment under this agreement amounted to 7,500,000 Japanese Yen (approximately US$48,000). As of December 31, 2024, approximately US$5,120 remained outstanding under this commitment.

The Company actively monitors and manages our commitments and contingencies to mitigate potential risks and liabilities. We maintain appropriate accounting policies and procedures to ensure that all significant commitments and contingencies are properly recognized, measured, and disclosed in our combined financial statements and related disclosures.

<u>**<u>seasonality</u>**</u>

While our whisky products enjoy consistent demand from a dedicated customer base of collectors, connoisseurs, and enthusiasts, we recognize that the broader whisky market experiences seasonal fluctuations. Historically, the industry sees heightened demand during the holiday season, particularly in November and December, driven by increased social gatherings, gift-giving, and celebratory consumption. Additionally, the summer months, typically June through August, may also see elevated sales due to outdoor events and social occasions where whisky is a popular choice.

Although we benefit from a stable core demand for premium whisky, these seasonal trends can influence our quarterly sales and operating results. As a result, our financial performance may vary from quarter to quarter, and the results of any single period may not be indicative of full-year performance. Should sales during these key seasonal periods fall below historical trends, our annual revenues and earnings could be adversely affected.

To mitigate the impact of seasonality, we employ strategic inventory management, marketing initiatives, and distribution planning to align with peak demand periods while maintaining sufficient supply to serve our year-round customer base. Nevertheless, fluctuations in consumer behavior, macroeconomic conditions, or other external factors could amplify or disrupt these seasonal patterns, potentially affecting our financial results.

<u>**<u>inflation</u>**</u>

Our business operations and financial results can be influenced by inflationary pressures, which can impact various aspects of our cost structure and profitability. Inflation can lead to higher prices for raw materials, energy, transportation, and labor, potentially increasing our overall operating costs.

During the fiscal years ended December 31, 2023 and 2024, Taiwan experienced inflation rates of 2.5% and 2.2%, respectively, as measured by the Consumer Price Index (CPI). These inflationary pressures manifested in the form of higher prices for raw materials, energy, transportation, and labor, potentially increasing our overall operating costs. We experienced inflationary pressures on certain key input costs, including procurement costs of our whisky products and labor costs. These inflationary pressures resulted in an increase in our overall cost of goods sold and operating expenses.

We continuously review our operational processes and supply chain to identify opportunities for cost savings and efficiency improvements, helping offset the impact of rising input costs.

While inflationary pressures can have an adverse impact on our profitability in the short term, we remain committed to implementing proactive measures to manage these challenges effectively.

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<u>**<u>Market risks</u>**</u>

#### Currency risk
As a company engaged in international trade, our operations are exposed to fluctuations in exchange rates. With customers and suppliers located in various countries, our revenue and expenses are denominated in multiple currencies. Fluctuations in exchange rates can have a direct impact on our reported financial results, cash flows, and overall profitability.

In addition to the transactional currency risks arising from our international trade operations, we are also exposed to translation risks due to the differences between our reporting currency, i.e. the U.S. dollar (USD), functional currency, i.e. New Taiwan dollar (NTD), and the currencies in which our transactions are denominated. While our functional currency is the NTD, which is the currency of the primary economic environment in which we operate, our combined financial statements are presented in USD for reporting purposes. Fluctuations in the exchange rate between the NTD and the USD can impact the translation of our financial results, leading to potential gains or losses on translation. These translation effects can influence our reported financial performance and position, even in the absence of any underlying changes in our operating results or cash flows denominated in NTD.

While we continue to monitor and evaluate our exposure to foreign currency risk, as of the date of this prospectus, we have not implemented any formal hedging policy or entered into any derivative instruments to mitigate such risk. We may consider adopting appropriate risk management strategies in the future as our business operations and exposure to foreign exchange fluctuations evolve.

#### Concentration and credit risks
Financial instruments that potentially expose us to concentration of credit risk consist primarily of account receivables. We conduct credit evaluations of our customers, and generally does not require collateral or other security from them. We evaluate our collection experience and long outstanding balances to determine the need for an allowance for doubtful accounts. We conduct periodic reviews of financial conditions and payment practices of our customers to minimize collection risk on account receivables.

<u><u>Concentration of customers</u></u>

We have two customers accounted for 10% or more of sales for the financial years ended December 31, 2023 and 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the financial years ended December 31,** | **For the financial years ended December 31,** | **For the financial years ended December 31,** | **For the financial years ended December 31,** |
|  | **2023** | **2023** | **2024** | **2024** |
|  | **US$** | **%** | **US$** | **%** |
|  Customer A | 662747 | 74.69% | 1051073 | 41.42% |
|  Customer B | 123561 | 13.93% | 448780 | 17.68% |

---

We have the following customers accounted for 10% or more of account receivables as of December 31, 2023 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **2023** | **2023** | **2024** | **2024** |
|  | **US$** | **%** | **US$** | **%** |
|  Customer A | —<br> \* | —<br> \* | 250587 | 34.92% |
|  Customer B | —<br> \* | —<br> \* | 105786 | 14.74% |
|  Customer C | —<br> \* | —<br> \* | 104107 | 14.51% |
|  Customer D | —<br> \* | —<br> \* | 73272 | 10.21% |

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____________

\* The Company did not have any account receivables as of December 31, 2023.

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<u><u>Concentration of suppliers</u></u>

We have the following suppliers accounted for 10% or more of purchases for the financial years ended December 31, 2023 and 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the financial years ended December 31,** | **For the financial years ended December 31,** | **For the financial years ended December 31,** | **For the financial years ended December 31,** |
|  | **2023** | **2023** | **2024** | **2024** |
|  | **US$** | **%** | **US$** | **%** |
|  Supplier A | 595228 | 37.88% | 262826  | 15.23% |
|  Supplier B | 288773 | 18.38% | —# | —#  |
|  Supplier C | 268280 | 17.07% | 780339  | 45.23% |
|  Supplier D | —<br> \* | —<br> \* | 191489  | 11.10% |

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____________

\* Less than 10% of the purchases for the year ended December 31, 2023.

# Less than 10% of the purchases for the year ended December 31, 2024.

We have the following suppliers accounted for 10% or more of account payables as of December 31, 2023 and 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **2023** | **2023** | **2024** | **2024** |
|  | **US$** | **%** | **US$** | **%** |
|  Supplier A | 87871 | 98.53% | 191200 | 57.22% |
|  Supplier B | —<br> \* | —<br> \* | 142905 | 42.77% |

---

____________

\* Less than 10% of the account payables as of December 31, 2023.

#### Interest rate risk
As part of our financing strategy, we have obtained borrowings from a local bank in Taiwan. These borrowings are subject to fluctuations in interest rates, which can directly impact our financial expenses and profitability. An increase in interest rates can lead to higher borrowing costs, while a decrease in interest rates can result in lower financing costs.

As of the date of this prospectus, we have not implemented any formal hedging policy or entered into any derivative instruments to mitigate our interest rate risk.

#### Other market risks
In addition to currency and interest rate risks, our business operations may be exposed to other market risks, such as commodity price fluctuations, changes in customer demand, or shifts in market conditions. We continuously monitor these risks and implement appropriate risk management strategies to mitigate their potential impact on our financial performance and operations.

<u>**<u>critical accounting policies and estimates</u>**</u>

Management uses estimates and assumptions in preparing these combined financial statements in accordance with accounting principles generally accepted in the United States of America. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues and expenses. Actual results could differ from those estimates.

While all significant accounting policies are more fully described in Note 2 (Summary of significant accounting policies) in our audited combined financial statements, we believe that the following accounting estimates are critical to our business operations and understanding of our financial results.

#### Expected credit losses on account receivables
The determination of the appropriate level of expected credit loss on accounts receivables is a critical accounting estimate that requires significant judgment and consideration of various factors.

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We recognize an allowance for expected credit losses on our accounts receivables based on historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. We use the simplified approach permitted by the accounting standards, which requires lifetime expected credit losses to be recognized from the initial recognition of the receivables.

In estimating the expected credit loss, we consider several factors, including the aging of the accounts receivables, the credit quality and payment history of our customers, current and forecasted economic conditions, and any specific customer or industry-related risks. We also evaluate the need for specific reserves against individual exposures based on the customer's creditworthiness, past collection history, and other relevant information.

The assessment of expected credit losses involves significant judgments and estimates, and actual results may differ from our estimates. We regularly review and update our assumptions and methodologies used in calculating the expected credit loss allowance to ensure they appropriately reflect changes in circumstances and economic conditions.

Given the inherent uncertainties and judgments involved in estimating expected credit losses, a change in our assumptions or estimates could result in a material adjustment to the allowance for credit losses and consequently impact our financial results.

As of December 31, 2024 and 2023 there was no expected credit loss on account receivables.

#### Inventory Provision
The determination of the appropriate level of inventory provision is a critical accounting estimate that requires significant judgment and consideration of various factors.

Our inventory consists primarily of aged whisky products, which are subject to potential obsolescence, deterioration, or other factors that may affect their net realizable value. We regularly review our inventory levels, aging, and turnover to identify slow-moving or obsolete items.

In estimating the inventory provision, we consider several factors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Aging and maturation of the whisky products: As whisky ages, it may become more valuable, but it is also susceptible to evaporation and other factors that could affect our quality and salability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Market demand and pricing trends: We assess the current and forecasted market demand for our whisky products, as well as pricing trends, to determine if any adjustments to the net realizable value are necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Physical condition and quality: We evaluate the physical condition and quality of our inventory, taking into account any issues related to storage conditions, packaging, or other factors that may impact the salability of the products.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Historical and forecasted inventory turnover: We analyze historical inventory turnover rates and forecasted sales patterns to identify slow-moving or potentially obsolete inventory items.

The assessment of inventory provisions involves significant judgments and estimates, and actual results may differ from our estimates. We regularly review and update our assumptions and methodologies used in calculating the inventory provision to ensure they appropriately reflect changes in circumstances and market conditions.

Changes in our estimates and assumptions related to inventory provisions could have a material impact on our financial results. An increase in the inventory provision would decrease the carrying value of our inventory and result in a corresponding increase in cost of sales and a decrease in gross profit.

<u>**<u>off-balance</u> <u>sheet arrangements</u>**</u>

There were no off-balance sheet arrangements for the years ended December 31, 2024 and 2023 that have or that in the opinion of management are likely to have, a current or future material effect on our financial condition or results of operations.

<u>**<u>Accounting standards and REcently accounting pronouncements</u>**</u>

See Note 3 (Recent Accounting Pronouncements) in our audited combined financial statements for a discussion of recent accounting pronouncements.

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#### INDUSTRY OVERVIEW
*Executive Summary*

*This industry report provides a comprehensive analysis of the spirits market in Asia, with a particular focus on the Scotch whisky segment. The report covers the economic context, market trends, and detailed analyses of key markets including Taiwan, China, Singapore, Japan, India, and Hong Kong. Key findings include the significant growth of the spirits market in Asia, driven by rising consumer purchasing power and evolving preferences towards premium and imported spirits. The report also highlights the increasing role of e*-commerce *in the distribution of spirits and the potential opportunities for non*-major *brands to capture market share through unique offerings and innovative marketing strategies.*

*Source of Information*

*The information contained in this section and elsewhere in the prospectus have been derived from various official government and other publications generally believed to be reliable and the market research report prepared by Migo Corporation Limited ("MIGO") and commissioned by our Group in connection with this Offering. All information and data presented in this section is derived from MIGO's industry report, unless otherwise noted. The following discussion includes projections for future growth, which may not occur at the rates that are projected or at all.*

#### Economy of Asia
According to the Asian Development Bank ("**ADB**"), Asia is among the fastest-growing regions in the world in 2024. According to the Regional Economic Outlook for Asia and the Pacific, published in September 2024, growth in developing Asia and the Pacific remained strong during the first half of 2024, supported by domestic demand and a continued recovery in exports. High-income technology exporters, particularly those in the semiconductor industry, benefited from strong global demand for artificial intelligence products. Meanwhile, inflation continued to decline, driven by the lagged effects of tight monetary policy and easing global food prices. The growth outlook for developing Asia Pacific has been raised to 5.0% for 2024, up from 4.9% in April. The growth projection for 2025 remains at 4.9%. Inflation in the region is forecast to be 2.8% for 2024, down from 3.2% in April, due to currency appreciation in the Caucasus and Central Asia and a slower-than-expected decline in food prices in China.

____________

*Source: International Monetary Fund (IMF), Migo*

#### Asia Spirits Market
According to the International Trade Center, North America, which accounts for US$14.53 billion (33.9%) of global imports of spirits, Asia US$12.03 billion (28.1%) and the EU US$11.33 billion (26.4%) are the three biggest spirits importing regions in the world. Together, they make up over 80% of the global market for imported spirits in terms of value in 2023. In terms of which individual territories imported the most spirits, the three biggest in 2023 were the US and two Asian nations — China and Singapore.

Between 2013 and 2023, imports of spirits in Asia grew by 79.3%, a significantly faster rate than the global increase of 42% during the same period. This growth can be attributed to the region's relatively fast economic expansion, which has increased purchasing power, as well as the rising number of younger people. United Nations statistics show that approximately 4.7 billion people, or 60% of the world's population, currently reside in the Asia-Pacific region, and this number is projected to increase to 5.2 billion by 2050.

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Young consumers are a significant driver of the increased sales of alcoholic beverages, including spirits, in the region. The ease of legal access to alcohol and its growing social acceptance have contributed to this trend. As young people seek to explore new experiences, their rising incomes have also heightened their demand for high-quality products, including premium wines and spirits. The following table shows the different regional markets by value of imported spirits in 2023.

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| | | |
|:---|:---|:---|
|  **Regions** | **Value <br>(US$ bn)** | **%** |
|  North America | 14.53 | 33.9% |
|  Asia | 12.03 | 28.1% |
|  EU | 11.33 | 26.4% |
|  Others | 4.98 | 11.6% |
|  Total | 42.87 | 100.0% |

---

____________

*Source: International Trade Centre, Migo*

In 2023, Asia's spirits trade reached a total volume of US$18.78 billion, with China leading imports at US$2.82 billion (23.5%), followed by Singapore at US$2.12 billion (17.6%) and Taiwan at US$0.92 billion (7.7%). In terms of exports, Singapore emerged as the top exporter, generating US$2.55 billion (37.7%), while China followed with US$1.23 billion (18.3%) and Hong Kong with US$0.63 billion (9.3%). Overall, the total imports in the region amounted to US$12.03 billion and total exports reached US$6.75 billion, underscoring significant trade activity throughout Asia. The following table shows the Asia's spirits trade in 2023 (US$ billion).

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Market** | **Imports** | **Share** |  | **Market** | **Exports** | **Share** |  | **Market** | **Total <br>Trade** | **Share** |
| 1 | China | 2.82 | 23.5% | 1 | Singapore | 2.55 | 37.7% | 1 | Singapore | 4.66 | 24.8% |
| 2 | Singapore | 2.12 | 17.6% | 2 | China | 1.23 | 18.3% | 2 | China | 4.06 | 21.6% |
| 3 | Taiwan | 0.92 | 7.7% | 3 | Hong Kong | 0.63 | 9.3% | 3 | Hong Kong | 1.41 | 7.5% |
| 4 | Japan | 0.8 | 6.6% | 4 | Japan | 0.52 | 7.7% | 4 | Japan | 1.32 | 7.0% |
| 5 | Hong Kong | 0.78 | 6.5% | 5 | Armenia | 0.31 | 4.6% | 5 | Taiwan | 1.11 | 5.9% |
| 6 | UAE | 0.66 | 5.4% | 6 | Thailand | 0.23 | 3.4% | 6 | India | 0.79 | 4.2% |
| 7 | India | 0.57 | 4.7% | 7 | India | 0.21 | 3.2% | 7 | UAE | 0.67 | 3.6% |
| 8 | Macao | 0.51 | 4.3% | 8 | Malaysia | 0.21 | 3.1% | 8 | Malaysia | 0.57 | 3.0% |
| 9 | Vietnam | 0.43 | 3.5% | 9 | South Korea | 0.2 | 2.9% | 9 | South Korea | 0.55 | 2.9% |
| 10 | Malaysia | 0.36 | 3.0% | 10 | Taiwan | 0.18 | 2.7% | 10 | Vietnam | 0.51 | 2.7% |
|  | Asia | 12.03 | 100.0% |  | Asia | 6.75 | 100.0% |  | Asia | 18.78 | 100.0% |

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*Source: International Trade Centre, Migo*

#### The Scotch Whisky Industry
According to the Scotch Whisky Association (SWA), Scotch whisky is the world's leading internationally traded spirit, with exports valued at GBP2.1 billion (US$2.64 billion) in the first half of 2024, despite an 18% decline compared to the same period in 2023. Sales began at GBP4.01 billion (US$5.16 billion) in 2016 and experienced steady growth, reaching GBP4.9 billion (US$6.17 billion) by 2019. However, 2020 saw a significant drop to GBP3.8 billion (US$4.79 billion), marking the lowest point during this timeframe. A recovery commenced in 2021, with sales

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climbing to GBP4.51 billion (US$5.68 billion), followed by a remarkable surge in 2022, peaking at GBP6.2 billion (US$7.81 billion). In 2023, the global export value of Scotch whisky amounted to GBP5.6 billion (US$7.05 billion), reflecting a compound annual growth rate (CAGR) of approximately 4.9% since 2016, respectively. The following chart shows the global export value from 2016 to the first half of 2024.

![](tbarchart_001.jpg)

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*\* As of the first half of 2024 (H1 2024)*

*Source: Scotch Whisky Association, Migo*

For the Scotch Whisky industry, the geographical indications of Scotch Whisky and Whisky are recognized as globally standards. There are strict legal provisions that govern the production, marketing, and exportation of Scotch Whisky. It is a requirement for all registered geographical indications that compliance with the product specification be checked by a verification authority. That verification authority is His Majesty's Revenue & Customs (HMRC). Consequently, the Scotch Whisky industry is proactive in protecting and safeguarding the integrity of "Scotch Whisky" along with its associated regional quality labels. The UK Law of Scotch Whisky Regulations 2009 encompasses all aspects of the production, bottling, labeling, and promotion of Scotch Whisky, ensuring that the highest standards are maintained throughout the industry.

#### Overview Export of Scotch Whisky in Asia
According to the SWA data, the global whisky market, valued at GBP5.6 billion (US$7.05 billion), demonstrates a prominent presence in the Asia Pacific region, which accounted for approximately 32% market share in 2023. Within this region, the leading countries and territories include Taiwan, contributing GBP341 million (US$429.49 million), followed by Singapore at GBP378 million, China at GBP235 million (US$296 million), India at GBP218 million (US$274.57 million), and Japan at GBP170 million (US$214.11 million). The EU follows with a 28% share, and North America accounts for 21%. Other regions include Latin America and the Caribbean at 7%, Europe outside the EU at 4%, the Middle East and North Africa at 5%, and South Saharan Africa at 3%. This data underscores the substantial influence of Asia Pacific countries and territories on the whisky market, particularly Taiwan and Singapore. The following table illustrates the trend of the main Asian markets for the export of Scotch Whisky during the period from 2022 to 2023.

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The following table sets out the whisky import volumes and top 5 rankings of the region in 2023.

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| | | |
|:---|:---|:---|
|  | **Ranking** | **Market <br>Share (%)** |
|  Asia Pacific | 1 | 32% |
|  EU | 2 | 28% |
|  North America | 3 | 21% |
|  Latin America & Caribbean | 4 | 7% |
|  Middle East & North Africa | 5 | 5% |

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The following table sets out the top 10 whisky import countries in 2023.

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **GBP (mil) and % (change of 2022)** | **GBP (mil) and % (change of 2022)** | **GBP (mil) and % (change of 2022)** | **GBP (mil) and % (change of 2022)** | **GBP (mil) and % (change of 2022)** | **GBP (mil) and % (change of 2022)** | **GBP (mil) and % (change of 2022)** | **GBP (mil) and % (change of 2022)** | **GBP (mil) and % (change of 2022)** | **GBP (mil) and % (change of 2022)** |
|  | **USA** | **France** | **Singapore** | **Taiwan** | **China** | **India** | **Germany** | **Spain** | **Japan** | **Turkey** |
| 2023 | 978 | 474 | 378 | 341 | 235 | 218 | 197 | 184 | 170 | 131 |
|  | -7% | -3% | +19% | +8% | +1% | -22% | -2% | +7% | -3% | +24% |

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*Source: Scotch Whisky Association and Migo*

#### Whisky & Other Alcoholic Beverages Resale Market in Asia
*Taiwan*

According to Migo, the whisky market in Taiwan is experiencing significant growth, with annual sales increasing by approximately 20%, driven by a shift in consumer preferences towards premium and imported spirits. Taiwanese consumers are increasingly interested in high-quality whiskies for personal enjoyment and as gifts, contributing to whisky accounting for 19.5 million liter or around 23% of the total spirits market as of November 2024. Taiwan boasts a vibrant bar culture with extensive whisky selections, and its dense network of nearly 12,000 convenience stores facilitates easy access to a wide range of alcoholic beverages, including whisky. The rise of home drinking, particularly during and after the pandemic, has further boosted sales as consumers seek to recreate bar experiences at home. Promotions and tasting events play a crucial role in educating consumers and encouraging exploration within the whisky segment, particularly among young consumers aged 25-35, around 40% of whom have expressed interest in exploring new whisky brands. This trend highlights a clear shift towards premiumization in the market.

*China*

China represents one of the largest and most dynamic alcoholic beverage markets in Asia, with the whisky segment rapidly expanding as younger consumers develop a taste for international brands. While historically smaller compared to spirits like baijiu, the whisky market is driven by a growing middle class, increased disposable income, and changing social norms around drinking. Projections indicate an annual growth rate of around 15% through 2025. In 2023, whisky sales reached approximately GBP920 million (US$1,158.74 million), with imported whisky accounting for about 30% of the market. E-commerce has become a vital channel for whisky sales, as consumers increasingly turn to online platforms for convenience and variety, with sales expected to grow by over 25% annually. Additionally, the growing popularity of whisky cocktails is diversifying the market, particularly among millennials and Generation Z, who are driving demand for premium and craft whiskies. However, challenges such as regulatory complexities and competition from local spirits, which currently dominate the market, accounting for around 70% of total spirit sales, remain significant barriers for international brands.

*Singapore*

Singapore's whisky market is characterized by a discerning consumer base that values premium and luxury brands, establishing the city-state as a regional hub for whisky enthusiasts. The thriving bar scene, along with numerous whisky festivals and tasting events, underscores this status. According to the Census Bureau, exports to Singapore increased by 31%, reaching over GBP380 million (US$478.61 million) in the 12 months leading up to October 2023. The market is driven by robust demand for premium and super-premium whiskies, which account for approximately 60% of total whisky sales. Consumers show a growing interest in exploring various whisky expressions, which has led

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to heightened enthusiasm for craft and boutique distilleries, while tourism also plays a significant role in bolstering the demand for high-end alcoholic beverages. E-commerce is gaining traction, with projections indicating an annual growth rate of 15%, offering consumers with easy access to a diverse range of whiskies. Furthermore, regulatory support for responsible drinking, coupled with well-structured distribution channels, enhances market growth. Singapore is also home to over 200 bars specializing in whisky, attracting thousands of attendees to its festivals each year.

*Japan*

Japan has a rich whisky heritage and is renowned for producing some of the world's finest whiskies, with a market size valued at around US$4.3 billion in 2024. Japanese consumers have a profound appreciation for quality and craftsmanship, driving strong demand for both domestic and imported whiskies. The market is experiencing a renaissance, characterized by the emergence of innovative distilleries and the expansion of offerings from traditional brands. Exports have surged by over 200% in the past decade, establishing Japanese whisky as one of the country's most sought-after products on the international stage. Domestic consumption is also on the rise, particularly among younger drinkers, with single malts gaining significant popularity. Approximately 25% of Japanese consumers express interest in trying new whiskies, prompting distilleries to innovate. However, the industry faces challenges such as fluctuating production costs and the need for sustainable sourcing practices, which pose potential risks, particularly as demand for high-quality ingredients continues to grow.

#### India
India's whisky market is among the largest globally, with a projected market size of approximately US$3.8 billion in 2024. This growth is fueled by a robust domestic production base and a growing preference for premium and imported brands among urban consumers, with an anticipated annual growth rate of around 10%. The market is characterized by significant demand for blended whiskies, with local brands dominating sales, holding approximately 90% of the market share. However, the rising middle class and evolving lifestyle preferences are paving the way for single malts and premium offerings, as the demand for premium imported whiskies continues to rise. E-commerce is emerging as a vital sales channel, with online sales of alcoholic beverages expected to grow by 30% annually as platforms expand their reach. Despite facing regulatory challenges, including high taxes that can exceed 200% in some states, complicating distribution and pricing strategies, the overall growth potential remains substantial as consumer tastes evolve.

*Hong Kong*

Hong Kong represents a vibrant market for whisky, valued at approximately US$600 million, benefiting from its status as a major international trading hub, coupled with a strong culture of whisky appreciation among its residents, significantly contributes to this dynamic environment. The market has experienced annual sales growth of approximately 10%, particularly driven by the rising popularity of single malts among affluent consumers. Numerous bars and specialist retailers offer an extensive selection of both local and international brands, while the growing interest in whisky cocktails and tasting events, including the annual Hong Kong Whisky Festival, contributes to the market's dynamism. Additionally, Hong Kong's role as a gateway to China provides opportunities for whisky brands to expand their reach. In October 2024, Hong Kong announced a significant tariff reduction on spirits, lowering the duty from 100% to 10% on the portion of the import price exceeding HKD200 (about US$26). This move aims to reinvigorate Hong Kong's nightlife and spirits trade while enhancing its position as a key player in the global whisky market.

#### Opportunities for the Cask-to -Bottle business from Non-Major Brands
Non-major whisky brands have significant opportunities to attract customers by offering unique and authentic products that emphasize craftsmanship and distinctive flavor profiles. These brands can create tailored experiences through cask ownership programs, allowing consumers to select their casks and influence the aging process. This direct engagement with their customers fosters a sense of community and loyalty, while a focus on sustainable practices and local ingredients appeals to environmentally conscious consumers. By leveraging regional identity and cultural storytelling, non-major brands can resonate with customers looking for authenticity and connection.

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To effectively compete with major brands, non-major whisky producers should prioritize quality over quantity by emphasizing high-quality ingredients and small-batch production. Innovative marketing strategies, including compelling storytelling and active social media engagement, can help build brand visibility. Hosting experiential marketing events, such as tastings and workshops, allows consumers to connect with the brand firsthand. Exceptional customer service and a robust online presence can further improve the purchasing experience. Collaborating with local businesses and engaging in cross-promotions can also expand reach and attract a broader audience, positioning non-major brands as appealing alternatives in the whisky market.

![](timage_001.jpg)

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*Source: Migo*

#### Whisky Distribution Channel in Taiwan
Taiwan's alcoholic beverage distribution landscape features a variety of distributors, typically with foreign brands relying on a single local distributor. A local business partner can assist with import procedures, registration, and sales through diverse channels such as direct selling, e-commerce platforms, and TV shopping channels. According to the Taiwan Alcohol Beverage Association, there are approximately 50 to 70 alcoholic beverage distributors in Taiwan, including around 14 large-scale distributors. The following table provides an overview of the major alcoholic beverage distributors in Taiwan. Taiwan's wine market is highly dependent on imports, with import volume accounting for approximately 91% of total consumption in the first half of 2024, reaching 19.5 million liters. The alcoholic beverages produced in France, the US, Italy and Australia dominate Taiwan's imported wine market, accounting for 83.7% of imports. According to the UK Food & Drink Federation, the import value of beverages & tobacco to Taiwan reached GBP336.6 million (US$423.95 million) in the end of Q3 2024.

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| | | |
|:---|:---|:---|
|  **Name** | **Type** | **Description** |
|  Company A | Distributor | Resells foreign spirits including Gordon & MacPhail (UK), Benromach (UK) and Jack Daniel's |
|  Company B | Distributor | Sunkist's general distributor in Taiwan, also resells foreign alcoholic beverage brands |
|  Company C | Distributor | Resells foreign alcoholic beverages including Sir Edward's (UK), Maison Castel and Yebisu |
|  Company D | Distributor | Resells foreign alcoholic beverages including Isle of Raasay (UK), Lauders (UK) and Ohshukubai |
|  Company E | Distributor | Resells a wide range of local and foreign brands of alcoholic beverages, including Scotch whiskies |

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| | | |
|:---|:---|:---|
|  **Name** | **Type** | **Description** |
|  Company F | Distributor | Resells foreign alcoholic beverages including Hayman (UK), Admiral Rodney (UK) and Citadelle |
|  Company G | Distributor & retailer | Resells many foreign alcoholic beverage brands, mainly Scotch whiskies |
|  Company H | Distributor | Resells foreign alcoholic beverages, including Fuller's (UK), A.D. Rattray (UK), and Anchor |
|  Company I | Distributor | Resells a wide range of local and foreign brands of alcoholic beverages, including Scotch whiskies |
|  Company J | Distributor & Exporter | Provides multiple spirits related services, has offices in Taiwan and UK |
|  Company K | Distributor | Resells foreign alcoholic beverages, including many Scotch whisky brands, i.e., Dalmore |

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*Source: Migo*

According to the data from the International Trade Administration, Ministry of Economic Affairs in 2024, Taiwan imported over US$570 million worth of Scotch whisky. Taiwan's whisky market has established itself as a significant buyer, particularly renowned for its appreciation of high-end single malts. Notably, Taiwan is the only market where the consumption of single malt Scotch whisky is nearly equal to that of blended whisky, with a product breakdown ratio of 45% to 55%. In terms of imported volume, the United States ranks as the third largest supplier of whisky to Taiwan, accounting for just 2% of the market significantly behind the United Kingdom (primarily Scotland) at 92% and Japan at 4%.

#### Market Size of Whisky Sales in Taiwan
According to Migo, the Taiwan whisky market has shown significant growth from 2019 to 2024, starting at approximately US$930 million in 2019. Despite a slight dip in 2020 due to COVID-19, the market rebounded to around US$1 billion in 2021, driven by a recovery in premium whisky sales. By 2022 and 2023, the market value had reached approximately US$1.12 billion and US$1.18 billion, respectively, continuing to grow alongside a rising whisky culture. In 2024, it reached US$1.311 billion and is projected to US$1.402 billion by the end of 2025. Growth is expected to continue, with the market likely to reach US$1.5 billion in 2026f. The following chart illustrates the market size of whisky sales in Taiwan from 2019 to the forecast year of 2026.

![](tbarchart_002.jpg)

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*Source: Migo*

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#### Market Drivers of Whisky and Other Alcoholic Beverages in Taiwan
*Evolving Consumer Preferences*

Young consumers in the Asia Pacific region are increasingly seeking unique and diverse drinking experiences rather than merely aiming for intoxication. This shift has resulted in a surge in the popularity of craft beers, ready-to-drink (RTD) beverages, and on-tap cocktails, which have quickly gained traction in the market. Additionally, the trend of DIY cocktails at home has become prevalent among younger demographics. In response, spirits companies are focusing on this consumer segment by introducing innovative products with eye-catching packaging and exciting flavors, aiming to reshape the image of spirits to appeal to these adventurous drinkers. This shift has fostered a greater willingness among young consumers to explore new and varied cocktail flavors.

*Competitive Pricing and Selection*

The impact of the Covid-19 pandemic on the on-trade channel of alcoholic beverages has led to a notable shift toward retail outlets. As dining out became less frequent, many Taiwanese consumers opted to enjoy drinks at home, purchasing alcohol from convenience stores rather than larger supermarkets, which are often viewed as crowded and less safe. Taiwan boasts one of the highest densities of convenience stores globally, with nearly 12,000 locations, all open 24 hours a day. This accessibility, combined with no restrictions on alcohol sales hours, allows consumers to purchase whisky at any time, enhancing convenience and driving sales. Consequently, competitive pricing and a diverse selection available in these retail channels are becoming critical factors in attracting consumers, further fueling the growth of the whisky market in Asia.

#### Competitive Landscape of Wine Distributor in Taiwan
*Brand names become increasingly important*

In the evolving landscape of wine distribution in Taiwan, several key players distinguish themselves through their diverse offerings and competitive strategies. These distributors capitalize on their access to international markets to provide a wide range of wines, catering to different consumer preferences.

*Exploring innovative solutions*

Utilizing data analytics to gain insights into consumer preferences and purchasing behavior enables distributors to tailor their offerings. Predictive analytics can further optimize inventory management and enhance marketing strategies, allowing for targeted outreach to specific customer segments.

*Strengthening of Management Team*

Distributors are investing in the development of their management teams to enhance operational efficiency and strategic decision-making. A strong management team is vital for navigating market challenges, optimize supply chains, and enhance customer relations, all of which contribute to overall competitiveness.

#### Stringent regulatory environment
The regulatory landscape in Taiwan is intricate, characterized by stringent import regulations and taxes that can significantly influence pricing and distribution strategies. Distributors must ensure compliance with local laws while remaining agile in adapting to changes in regulations, making effective management of these challenges essential for success.

#### Entry Barrier of Wine Distributors in Taiwan
*Capital intensive*

Entering the wine distribution market in Taiwan presents significant barriers, primarily due to the capital-intensive nature of the business. Establishing a successful distribution operation requires a substantial initial investment in quality inventory, storage facilities, and necessary equipment. Additionally, acquiring high-quality casks can be costly, and maintaining a diverse selection adds further financial strain. Compliance with regulatory requirements related to storage, labeling, and quality control also incurs considerable expenses, making it challenging for new entrants to establish a foothold in the market.

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*Brand recognition*

Brand recognition poses yet another challenge for new distributors. Established players with strong brand identities have a competitive edge, making it difficult for newcomers to capture market share. Gaining consumer trust is vital, especially in a market where quality and authenticity are paramount; this process often requires years of consistent performance and targeted marketing efforts. Consequently, new entrants must allocate significant resources to marketing campaigns and promotional activities to establish their presence and credibility in the market.

#### Quality service
Distributors must possess a comprehensive understanding of various whisky types, aging processes, and flavor profiles to provide exceptional service. Building and maintaining strong relationships with wineries, retailers, and consumers is essential for success, necessitating a skilled sales team and excellent customer service capabilities. Moreover, efficient logistics for transporting and storing whisky under optimal conditions is crucial, as high standards of service are expected in this industry.

*Legal and regulatory challenges*

Distributors are required to comply with a range of regulations governing alcohol production, distribution, and sales, which can vary by region and change frequently. This includes obtaining the necessary licenses and permits, adhering to strict labeling requirements, and ensuring compliance with health and safety standards. New entrants may find these hurdles daunting, as failure to meet legal obligations can result in penalties or even the suspension of business operations. Therefore, a thorough understanding of the regulatory landscape is crucial before entering the market. Additionally, export laws can complicate the distribution of whisky to international markets, with Taiwanese government imposing stringent labeling regulations. Producers must accurately represent the whisky's age, origin, and cask type, which can be challenging for brands using innovative cask-to-bottle techniques.

*Brand relationships*

Existing distributors often maintain longstanding relationships with distillery owners, built on trust and mutual understanding. New entrants may find it difficult to penetrate these established networks, as distillers tend to prioritize collaboration with familiar business partners who have demonstrated reliability and quality.

*Packaging hazards*

The interaction between barrels and bottles can be influenced by the production processes used to store and transport them. Chemicals from packaging materials may leach into beverages due to factors such as shocks, vibrations, temperature fluctuations, or direct contact with liquids. While inert packaging materials like glass or stainless steel are safer and more stable, they often require specialized recycling processes, adding complexity to waste management. Furthermore, post-distribution, packaging waste can become litter, often bearing the producer's brand. This not only contributes to environmental pollution but also directly associates the producer with the negative impact of the litter, potentially harming their brand reputation.

#### Opportunities and Challenges of Wine Distributors in Taiwan
The wine distribution market in Taiwan is characterized by a dynamic landscape presents both opportunities and challenges. While regulatory hurdles and intense competition from established local and international brands pose significant obstacles, emerging trends create new avenues for growth. Increasing consumer interest in sustainability and the rise of craft distilleries are reshaping preferences, driving demand for unique and high-quality offerings. As consumers become more discerning and seek innovative, premium experiences in their spirit choices, distributors have the chance to differentiate themselves by curating exceptional products and engaging in sustainable practices. This evolving market environment suggests that, despite the challenges, there is substantial potential for expansion and success for distributors willing to adapt and innovate in response to consumer desires.

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#### BUSINESS

#### OVERVIEW
We specialize in the procurement, distribution and sale of high-quality whiskies, including both bottled and cask whisky in both Taiwan and international markets. Since the inception of Agencia Comercial Co., Ltd, our Operating Subsidiary, in Taichung, Taiwan, the Operating Subsidiary has experienced significant growth through strategic expansion and diversification. Currently, we focus on three main business areas: bottled whisky sales (comprising approximately 11.66% and 88.34% of the total revenue in 2023 and 2024, respectively), raw cask whisky sales (comprising approximately 88.34% and 35.52% of the total revenue in 2023 and 2024, respectively), and brand authorizations for bottling, packaging, and sales in Asia-Pacific. Our Group's business model is centered on B2B relationships. This role as a facilitator has positioned us as a trusted partner in the industry.

Our current operations include sourcing bottled whisky from domestic suppliers in Taiwan and reputable distilleries in the UK. We engage in sales activities, in collaboration with our downstream distributors, to supply these products to bars, nightclubs, and VIP lounges. Starting from 2023, our Group has expanded to include the procurement and sale of raw cask whisky directly from distilleries, allowing it to tap into a broader market segment and offer unique, high-quality products, and engage with sales to other liquor and spirits distributor. The extensive experience of the chief executive officer and directors of the Company in the whisky industry has enabled us to further expand our businesses. In addition to the trading and wholesale of whisky products, starting from 2025, we have also ventured into the raw cask whisky bottling and packaging business in Taiwan. Through this segment, we source premium whisky casks from renowned distilleries around the world, particularly from regions renowned for their whisky-making traditions, such as Scotland. These casks are carefully selected, monitored, and aged to perfection under our expert supervision. Once the desired maturation is achieved, the whisky is bottled and labeled under our proprietary brands, offering discerning consumers a unique and exclusive experience. The cask-to-bottle business not only diversifies our revenue streams but also enhances our brand recognition, market positioning in the premium whisky segment and exploring of diverse sales channels.

Our financial performance for the year ended December 31, 2024, demonstrated significant growth compared to the previous year. Revenue increased substantially from US$887,310 in 2023 to US$2,537,743 in 2024, representing a year-over-year growth of approximately 186%. This substantial revenue growth was primarily driven by strong demand for our whisky products, specifically through our two main offerings: raw cask whisky sales and bottled whisky sales. It was also fueled by our successful strategies to enhance capabilities, including strengthening brand recognition, improving customer experience, and expanding product offerings to meet diverse consumer preferences.

Consistent with the robust revenue growth, our net income also witnessed a remarkable increase, rising from US$239,288 in 2023 to US$779,278 in 2024, a year-over-year growth of approximately 226%. The significant increase in net income can be attributed to our effective cost management strategies and operational efficiencies, which allowed it to leverage the higher revenue while maintaining a disciplined approach to expenses.

Our financial condition and results of operations for the year ended December 31, 2024, reflect its strong market position, effective execution of growth strategies, and efficient management of resources. These factors have positioned us favorably for continued growth and profitability in the future. See "Management's Discussion and Analysis of Financial Condition and Results of Operations" for additional details.

Looking ahead, we aim to leverage our strong market presence and industry experience to further expand operations. Our Group plans to further obtain brand authorization and source raw cask whisky from brand owners, bottling and packaging these products in Taiwan through contract manufacturers. This initiative will mark a significant step towards brand diversification and market expansion. While the primary sales channel will continue to be B2B, we are also exploring additional sales avenues, including retail, to broaden its market reach. The Company has secured long-term authorization agreements with certain brand owners, such as Ninja Whisky and Robuchon. Furthermore, through our contractor, we have obtained certain certifications from HMRC (verified as a Bottler & Labeller of Scotch Whisky under Spirit Drinks Verification Scheme, and a Bulk Importer of Scotch Whisky under the Spirit Drinks Verification Scheme, each until March 2027, respectively) and also plans to obtain certain certifications from the Japanese Brewery Association to further solidifying its position as a trusted partner in the industry.

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Our future development is guided by several strategic directions. We will continue to cover a broad range of business areas, including bottled whisky sales, raw cask whisky sales, and brand authorizations for bottling, packaging, and sales in Taiwan. We plan to grow from our Taiwan base to the entire Asian whisky market, with a particular focus on brand authorizations for bottling, packaging, and sales. According to the Migo's industry report, the whisky market in Taiwan is experiencing significant growth, with sales increasing by approximately 20% annually, driven by increasing demand for premium and imported spirits. Similarly, the whisky market in China is projected to have an annual growth rate of around 15% through 2025, while the whisky market in Hong Kong has seen sales increase by approximately 10% annually. In October 2024, Hong Kong announced a substantial tariff reduction on spirits, reducing the duty from 100% to 10% on the portion of the import price exceeding HKD200 (approximately US$26). This is expected to have a positive impact on whisky sales. This trend aligns with Operating Subsidiary's strategy to focus on high-quality, unique products and expand into new international markets. As our Group continues to innovate and expand its product offerings, it is well-positioned to meet the growing demand for premium spirits and capture a significant share of the expanding Asian whisky market.

#### Challenges:
**Low Entry Barriers:** The whisky import and trading market in Taiwan poses relatively low barriers to entry for compliance-minded entities equipped with sufficient financial resources. This accessibility can lead to increased competition, as more players can enter the market without significant hurdles.

**Distributor Dependency:** The success of a distributor for a whisky brand can be short-lived. Once a brand is successfully introduced, promoted, and established in a new market with established pricing, the brand owner may become less dependent on the distributor's ongoing efforts. This shift could lead to the termination of the distributorship or an increase in wholesale prices, thereby reducing the distributor's profit margin.

**High Working Capital Requirements:** High-end whiskies are expensive, requiring substantial working capital for inventory procurement and meticulous management of inventory and working capital.

#### OUR COMPETITIVE STRENGTHS
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Capability to offer a comprehensive one**-stop **service.** We offer a comprehensive one-stop service that encompasses everything from the procurement of raw materials to packaging and sales, thereby significantly enhancing the customer experience. Our brand partnerships with renowned names such as Robuchon and Ninja allow us to procure raw materials and the engagement with contracted manufacturer processing, distribution, promotion, and sales. To optimize our operations, we strategically collaborate with a network of trusted third-party providers who contribute valuable industry expertise. We believe this collaboration enables us to efficiently manage functions that extend beyond our core competencies. For example, rather than investing in the equipment and infrastructure required for in-house bottling, we partner with reputable local contracted manufacturers to bottle our whiskies. This approach allows us to concentrate on our strengths while leveraging the specialized skills of our partners. The finished products are marketed under our licensed brand name, ensuring a seamless transition from production to market. We believe our ability to deliver a one-stop service not only enriches the consumer experience but also reinforces our position within the local community and the wider whisky market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Operational efficiency and sustainability.** The glass bottles used for our whisky products constitutes a substantial volume and weight, thereby contributing to our overall carbon footprint. Our bottles and packaging materials are manufactured in the PRC, where we benefit from lower labor and material costs. Rather than transporting the bottles to the UK for filling and subsequently shipping the finished products back to Taiwan for sale, we have adopted a more efficient strategy. We transport the finished glass bottles directly from the PRC to Taiwan for bottling and distribution. Since our primary market is in Taiwan, this localized production approach has enabled a substantial reduction in both carbon emissions and transportation costs associated with extensive international shipping. This streamlined method not only minimizes our environmental impact but also significantly shortens the overall production cycle. As a result, we enhance our operational efficiency, enabling us to respond more swiftly to market demands and deliver our products to customers faster. This strategy aligns seamlessly with our commitment to sustainability.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Quality control and adaptability**. Our business areas include bottling and packaging of raw cask whisky. The bottles of our proprietary brand whisky, manufactured in the PRC, undergo rigorous quality assurance checks to ensure they meet our high standards for aesthetics and functionality. Each batch of our proprietary brand bottled whisky is tested for consistency in presentation, ensuring that every bottle reflects the excellence of our proprietary brand names. Our operations are further characterized by a proactive approach to adaptability, which enables the swift adjustment of bottling techniques and packaging designs in response to market trends and consumer preferences. We believe this capacity for agile response has not only enhanced our reputation but also fostered long-term relationships with suppliers and customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Stable relationship with our suppliers and customers.** Since the establishment of our Operating Subsidiary in 2020, our industry experience, operational capabilities and strong connections in Taiwan have enabled us to establish stable relationships with a variety of suppliers and customers. For instance, one of our key suppliers represented 37.88% and 15.23% of our total purchases during the fiscal years 2023, and 2024, respectively. Our solid reputation in the whisky market has facilitated the development of a dependable network of sales channels and customers. Notably, three of our major customers have consistently partnered with us throughout 2023 and 2024. Additionally, among our major customers, two accounted in aggregate for approximately 88.62% and 59.10% of our total sales during the fiscal years 2023 and 2024, respectively, maintaining a stable business relationship with us across all two years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Extensive industry expertise and successful track record.** Selling premium whiskies requires thorough product expertise and an understanding of the general and local market. Our management team and board of directors prioritize human capital management, firmly believing that talented individuals with proven track records drive exceptional results. Comprising multi-disciplinary executives, our leadership team has extensive experience in successfully launching, growing, and managing companies of various sizes across multiple industries, including the spirits industry. Our chief executive officer and director, Mr. Tsai Yi Yang, brings over 10 years of experience in the alcoholic beverage distribution sector in Taiwan to our management team. Under his leadership, we have built a strong reputation as a leading wholesaler of premium whisky brands. This successful track record has established us as a key player in Taiwan's high-end alcoholic beverage wholesale market, a reputation that is particularly important given the high risk of counterfeiting associated with luxury products.

#### OUR GROWTH STRATEGIES
To achieve our mission, we intend to execute the following strategies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Expand our product offerings through new strategic partnerships.** In 2025, our key development direction will centre on enhancing our business-to-business model. Our goal is to establish new partnership with other suppliers and whisky brand owners, enabling us to obtain brand authorization and effectively carry out cask-to-bottle and distribution business within the Asia-Pacific market. By collaborating with these new brands, we can introduce a wider variety of premium products that cater to the evolving tastes and preferences of our customers. This initiative will not only expand our product portfolio but also strengthen our market presence, positioning us as a versatile player in the competitive whisky landscape. Through these partnerships, we will leverage our operational expertise and distribution capabilities to ensure that our offerings meet the highest standards of quality and appeal to both existing and new clientele.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Deepen our relationships with our existing customers and establish new client relationships.** We will continue to focus on strengthening our partnerships, leveraging our proximity, and understanding the unique needs of our customers. Major client relationships are managed by our senior management and customer service team, who maintain close contact with our existing customers, enabling us to drive client satisfaction and identify opportunities to grow our business. Given our reputation amongst the wine distributors in Taiwan, as well as our relationships and level of entrenchment with our customers, we use insights gained through our customer lifecycle to identify additional solutions that are value-additive for our customers. These insights allow us to continually assess opportunities to develop or acquire solutions to further expand market share, drive customer retention, and fuel growth for our business. Establishing new client relationships is a critical component of our growth strategy. We will continue to expand our network with downstream distributors of alcoholic beverages, since we believe there are significant untapped opportunities across various industry verticals as well as geographies. We aim to

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introduce innovative, premium-branded whisky products that align with evolving consumer preferences. We will focus on fortifying distribution network to target key venues such as wine and liquor stores, bars, nightclubs, and VIP corporate clients. By cultivating relationships with these establishments, we aim to enhance brand recognition and accessibility. Additionally, we will employ data-driven insights to refine our product offerings and marketing strategies, ensuring they resonate with our target audience.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Promote whisky consumption culture and broaden our sales channels**. To promote a vibrant whisky consumption culture and expand our sales channels, we will enhance our existing business-to-business model while actively pursuing opportunities to reach retail customers directly. This dual approach will involve strengthening partnerships with distributors to ensure our products are widely available while also exploring innovative retail strategies, such as online sales platforms and pop-up events that engage consumers. We aim to create immersive experiences that educate potential customers about whisky, from tastings to masterclasses, fostering a deeper appreciation for our products. By diversifying our sales channels, we will not only broaden our market reach but also encourage a more inclusive whisky culture that invites both connoisseurs and newcomers to explore and enjoy our premium offerings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Expand the geographic coverage of our markets, in particular Asia**-Pacific**.** In the latter half of 2025, we will direct our efforts toward penetrating new markets, with a specific focus on Singapore and other countries in Asia-Pacific. To ensure a successful expansion, we will conduct comprehensive market research to understand the nuances of consumer preferences, regulatory requirements, and competitive landscapes in each target country. We will seek to establish strategic partnerships with local distributors and retailers in Singapore and surrounding Asia-Pacific markets. Collaborating with established market players will provide us with valuable insights and facilitate smoother entry into these new markets. To resonate with Asia-Pacific consumers, we will adapt our brand positioning and marketing efforts to reflect local tastes and cultural nuances. This may include localized branding efforts, targeted advertising campaigns, and participation in regional whisky events to engage directly with potential customers. This strategic expansion will not only diversify our revenue streams but also enhance our brand's international reputation and reach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Attract, develop, train, and retain highly skilled professionals.** We believe our success greatly depends on our ability to attract, incentivize, and retain talented professionals. To sustain our growth, we plan to continue to add to our teams, including technical, sales & marketing, and customer service members. Once employed, we provide our employees with a comprehensive training program to understand our market and product offerings. We plan to implement a series of initiatives to attract additional and retain mid- to high-level personnel, including formulating a market-oriented employee compensation structure and implementing a standardized multi-level performance review mechanism.

#### PRODUCT CATEGORIES
We are dedicated to delivering a diverse range of high-quality whisky products that cater to the discerning tastes of our customers. Our product portfolio is designed to meet the evolving demands of the market, leveraging our extensive industry experience and strategic collaborations.

Our Company operates within the whisky industry through three distinct business areas: procurement and distribution of bottled whisky, procurement and distribution of raw cask whisky, and cask-to-bottle and distribution business. Each segment plays a vital role in our overall strategy, allowing us to cater to diverse consumer preferences and market demands.

In the distribution of bottled whisky, we are dedicated to sourcing high-quality spirits from reputable distilleries. We carefully select whiskies that adhere to stringent industry standards, ensuring they are produced using approved grains and traditional distillation methods. Each whisky is aged in oak casks for the legally required minimum period, which allows for the development of rich flavors and complex aromas. Our commitment to quality ensures that the bottled whiskies we distribute appeal to a wide range of consumers, from casual drinkers to seasoned enthusiasts. By partnering with distilleries known for their craftsmanship, we can offer a selection that highlights the unique characteristics of various regions and styles.

Meanwhile, the distribution of raw cask whisky focuses on providing distillers and businesses with access to exceptional cask-strength spirits. This offering enables our partners to craft their own unique blends, giving them the flexibility to create products that meet their specific needs. This aspect of our business emphasizes collaboration and innovation, as we work closely with clients to help them achieve their desired flavor profiles.

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In the realm of cask-to-bottle and distribution business, we take a more hands-on approach. In this area, we not only engage in sales but also oversee the bottling and packaging processes. This involvement ensures that our products meet the highest standards of quality and presentation. We carefully select suitable bottles and packaging materials that reflect our proprietary brand's identity and commitment to excellence. Additionally, we ensure that all labeling complies with legal requirements, providing consumers with clear and accurate information about the whisky's origin and characteristics. By managing the bottling and packaging, we maintain control over the final presentation of our products, enhancing their appeal to consumers.

This comprehensive approach across our three business areas allows us to provide a diverse range of high-quality whiskies, ensuring that each product embodies authenticity and craftsmanship. As a result, we position ourselves as a trusted partner in the whisky market, catering to both enthusiasts and newcomers alike, while fostering a deeper appreciation for this timeless spirit.

Our current product portfolio includes distribution of bottled whisky, raw cask whisky and proprietary brand whisky. The following table sets forth a breakdown of our revenues both in absolute amounts and as a percentage of our total revenues for the years indicated.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
|  | **2023** | **2023** | **2024** | **2024** |
|  | **USD** | **%** | **USD** | **%** |
|  **Revenues** |  |  |  |  |
|  Bottled whisky distribution | 103425 | 11.66% | 1636238 | 64.48% |
|  Raw cask whisky distribution | 783885 | 88.34% | 901505 | 35.52% |
|  Proprietary brand whisky packaging and distribution |  |  |  |  |
|  **Total revenues** | 887310 | 100% | 2537743 | 100% |

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#### Bottled Whisky Distribution
Our bottled whisky portfolio features a carefully curated selection of premium products sourced from both Taiwan and the United Kingdom, reflecting our commitment to quality, authenticity, and value. We offer a range of Taiwan sourced bottled whisky, such as Macallan Single Cask 1990 and Glenlivet 30-year Single Cask. These exceptional whiskies are acquired at competitive prices through trusted channels, enabling us to maintain strong profit margins while providing customers with access to exclusive, high-quality offerings. In addition, we also offer UK Imported bottled whisky selection includes distinguished products such as Dalmore 1995 Single Cask, a single malt whisky sourced directly from renowned distilleries in the United Kingdom. By working closely with these distilleries, we ensure the integrity of our supply chain, maintain highest standards of quality and optimize costs efficiency. Our pricing strategy ensures a significant margin, contributing to our profitability.

#### Raw Cask Whisky Distribution
Our raw cask whisky sales are specifically UK imported cask whisky. These are sourced directly from renowned distilleries in the UK and sold in Taiwan without additional processing. Our clients for these products include Customer A and Customer B. This direct procurement allows for better pricing strategies, as we can pass on competitive rates to clients while maintaining healthy profit margins. Additionally, since raw cask whisky requires minimal handling, resulting in lower associated transportation costs, which further enhancing overall profitability. As part of our ongoing growth strategy, we are actively working to expand our customer base for this business line. This approach not only streamlines operations but also positions our Group to respond swiftly to market demands, ultimately contributing to financial efficiency and growth.

#### Proprietary Brand Whisky Packaging and Distribution
Starting in 2025, we will collaborate with renowned whisky brands to directly source raw cask whisky from distilleries, bottling and packaging it in Taiwan for sale. One notable example is Ninja Whisky, produced by Seko Brewery Company. Founded in 1869, Seko Brewery is a traditional Japanese sake producer known for its commitment to high-quality craftsmanship and the meticulous selection of ingredients. Their time-honored techniques result in a diverse range of sake that is rich in flavor and steeped in history.

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The Ninja Whisky series, including the Yamato Ninja Edition, is a unique blend that pays homage to the legendary ninja warriors of ancient Japan. Our pricing strategy for cask whisky packaging in Taiwan ensures a high profit margin compared to other product lines, achieved by sourcing directly from distilleries and minimizing logistics costs. Additionally, the quality of our products can be assured through the direct sourcing of raw cask whisky from distilleries. Bottling and packaging the whisky in Taiwan will significantly reduce transportation time, costs, and carbon footprint. In instances where brand authorization is not obtained, distilleries typically manufacture or source their bottles from the PRC or India. This process involves transporting the bottles back to the distilleries, often located in Europe, for bottling and packaging, followed by shipping the finished products to Asia for sale. Our Group recognizes that disruptions in global shipping, such as those caused by the COVID-19 pandemic or critical shipping route blockages like the Suez Canal crisis, can significantly impact delivery timelines. By collaborating with distilleries and obtaining brand authorization to bottle and package raw cask whisky in Taiwan, the risks associated with potential global shipping disruptions could be substantially mitigated, and ensure a timely delivery of the products to customers.

#### IMPORTATION AND STORAGE OF WHISKY
The logistics surrounding the importation and storage of whisky in Taiwan are governed by stringent regulatory frameworks to ensure compliance with local laws and maintain product integrity. See "Regulatory Matters" and "Regulations — Taiwan Regulations — Regulations on Importation and Storage of Alcoholic Beverages" for additional details.

#### Bottled Whisky
The distribution process for imported bottled whisky commences upon the product's arrival in Taiwan, whether by air or sea. Upon arrival, the whisky is subject to Customs Declaration Procedures, a critical step that verifies adherence to local regulations governing the importation of alcoholic beverages. This procedure includes meticulous inspections conducted by the Tobacco and Alcohol Management Division, ensuring that all products meet the required quality and safety standards.

Following successful inspection, the payment of customs duties and sales tax is mandated. This financial obligation is essential for securing the whisky's release from customs. Once these regulatory requirements are fulfilled, the imported bottled whisky is transported to our designated warehouse. This facility is specifically designed to maintain optimal storage conditions, thereby preserving the quality and characteristics of the whisky. Equipped with advanced climate control systems and robust security measures, the warehouse ensures that each bottle retains its intended flavor profile and aroma until it reaches consumers.

#### Raw Cask Whisky
The importation process for raw cask whisky is more complex, involving several regulatory steps to ensure compliance and proper handling. Upon arrival, our container of the raw cask whisky is initially stored in a bonded warehouse, and an application for product registration must be submitted to the tax bureau. This application includes comprehensive details regarding the proportion and formula of the whisky to be produced, which is vital for transparency and adherence to local regulations.

After product registration is secured, an application for bonded transfer of the raw cask whisky is submitted to the tax bureau. Upon receipt of the necessary documentation, customs authorities perform an inspection, alongside an evaluation by the Tobacco and Alcohol Management Division. This dual inspection process is designed to ensure that all raw cask whisky comply with safety regulations, particularly given their classification as hazardous goods.

Throughout the importation process, from arrival to storage in the bonded warehouse and subsequent transfer, we retains ownership and control over the raw cask whisky inventory, bearing the associated risks. Following successful inspections, the raw cask whisky are transported from the bonded warehouse to the designated foundry specified by the customer, enabling customers to create their unique blends tailored to specific market demands.

#### Proprietary Brand Whisky
The importation and storage process for our proprietary brand whisky is aligned with that of raw cask whisky. Both processes adhere to stringent regulatory requirements to ensure compliance and maintain product integrity. Upon successful completion of the necessary inspections, the raw whisky materials are transported to our local contract manufacturers for further processing.

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#### SUPPLIERS
For the fiscal years 2023 and 2024, the most significant alcoholic beverage products we distributed were primarily bottled whiskies and raw cask whiskies. Our business model has evolved over the years to include both the sale of bottled whiskies and the procurement and sale of raw cask whiskies, which has allowed us to diversify our product offerings and cater to a broader range of customers.

As a wholesaler of alcoholic beverage products, we strategically procure our inventory based on our business objectives and current market conditions. Consequently, we typically do not have formal long-term supply arrangements with distributors. Instead, we rely on our established relationships with suppliers and our industry expertise to source high-quality products that meet our standards and customer demands.

Our procurement process is influenced by various factors, including the exchange rates of different currencies, as the products we import are priced in the currency of the country of origin. Fluctuations in exchange rates with the New Taiwan Dollar (NTD) can significantly impact the purchase prices of imported alcoholic beverages, subsequently affecting our profit margins. Moreover, the timing and strategy behind inventory procurement necessitate a high degree of judgment, informed by industry insights and market conditions. This approach is essential for ensuring that we acquire the right products at the appropriate time, especially those with potential for value appreciation.

Our selection of suppliers mainly considers the following conditions and criteria:

*Price:* Whether the price of the goods or services provided by the supplier is competitive and can help with cost control.

*Service quality:* Whether the supplier's service quality is reliable, whether the quality of whisky products is reputable, and whether it can provide timely delivery.

*Geographical location:* In terms of the packaging and bottling process under the cask-to-bottle and distribution business, whether the supplier's geographical location is convenient for logistics transportation, and whether it can reduce transportation costs and time.

*Cooperation relationship:* History and stability of cooperation between the supplier and our Group, whether there is a good basis for communication and collaboration.

*Compliance and certification:* Whether suppliers meet relevant industry standards and certification requirements to ensure product quality and safety.

We build trusting relationships with our suppliers to work more efficiently with suppliers to monitor inventory, forecast demand, and improve delivery efficiency. Ensure common goals and values are shared with suppliers to set sustainable development goals.

Our founder, Mr. Tsai, has over 10 years of experience in the alcoholic beverages' distribution and wholesale business. His expertise and industry knowledge have been instrumental in guiding our procurement strategies and establishing stable relationships with our major suppliers. With a long operating history and a solid reputation in the business, we have not experienced significant difficulties in procuring alcoholic beverages in accordance with our operational objectives and budgets.

We consider our major suppliers to be those suppliers that accounted for more than 10% of our overall purchases. Although our purchases were concentrated on major suppliers, in each of the fiscal years 2023 and 2024, there were three suppliers that consistently accounted for a majority of our total purchases. As we procure alcoholic beverages from the market ad hoc based on our business objectives and the prevailing market conditions, we do not normally have long-term supply contracts with our suppliers, including our major suppliers. Instead, in our ordinary course of business, we have an established practice of issuing standard purchase orders to our suppliers for each purchase, specifying simple price, quantity, delivery, and payment terms.

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As of the end of December 31, 2023 and 2024, our top suppliers and their respective percentages of our total purchases were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the financial years ended December 31,** | **For the financial years ended December 31,** | **For the financial years ended December 31,** | **For the financial years ended December 31,** |
|  | **2023** | **2023** | **2024** | **2024** |
|  | **US$** | **%** | **US$** | **%** |
|  Supplier A | 595228 | 37.88% | 262826 | 15.23% |
|  Supplier B | 288773 | 18.38% |  |  |
|  Supplier C | 268280 | 17.07% | 780339 | 45.23% |
|  Supplier D |  |  | 191489 | 11.10% |

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#### CUSTOMERS AND DISTRIBUTION
As of December 31, 2023 and 2024, we have two key customers accounted for 10% or more of sales for the financial years ended. Below are the detailed sales data for the years 2023 and 2024, including the percentage of total sales for each customer.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the financial years ended December 31,** | **For the financial years ended December 31,** | **For the financial years ended December 31,** | **For the financial years ended December 31,** |
|  | **2023** | **2023** | **2024** | **2024** |
|  | **US$** | **%** | **US$** | **%** |
|  Customer A | 662747 | 74.69% | 1051073 | 41.42% |
|  Customer B | 123561 | 13.93% | 448780 | 17.68% |

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#### MARKETING
Our marketing initiatives are intricately aligned with our distribution strategy, which is meticulously designed to cater to the diverse preferences and behaviors of our customers, ensuring that we remain competitive and relevant in the whisky market.

For our daytime retail customers, who frequent wine and liquor stores, our marketing efforts emphasize the premium and super-premium nature of our whisky products. We leverage the storied reputation and heritage of well-known whisky brands like Macallan, Dalmore, and Glenlivet to appeal to discerning consumers who value quality and craftsmanship. Our marketing campaigns highlight personalized experiences through tailored recommendations and exclusive promotions, while underscoring our commitment to sustainable practices, including eco-friendly packaging and sourcing materials from sustainable manufacturers.

In the nighttime entertainment segment, which includes nightclubs, our marketing strategy focuses on creating innovative nightlife experiences centered around whisky. We collaborate with top nightlife venues to offer exclusive whisky tastings, events, and promotions, targeting young professionals, millennials, and tourists seeking unique and immersive nightlife experiences. Our marketing materials emphasize the use of state-of-the-art sound and lighting systems, accompanied by a diverse selection of high-end whisky cocktails and gourmet food menus. We increase brand visibility through strategic partnerships with leading nightlife brands and influencers, ensuring our whisky products are featured prominently in high-profile venues.

For our VIP channels, which include exclusive clubs and high-end establishments, our marketing approach positions our whisky products as symbols of luxury and exclusivity. We offer bespoke services and custom packaging for VIP clients, providing personalized experiences such as private whisky tastings, exclusive events, and limited-edition releases. Our marketing campaigns build brand prestige through strategic collaborations with high-end establishments, ensuring our whisky products are associated with luxury and exclusivity. This approach caters to high-net-worth individuals and discerning customers seeking exclusive and luxurious experiences.

By focusing on these key areas and tailoring our marketing efforts to meet the specific needs of our customer segments, we aim to enhance our market positioning and drive growth in the whisky market. Our strategic approach ensures that we remain competitive and relevant, delivering exceptional value to our customers.

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#### COMPETITION
The whisky industry is highly competitive, with a wide range of products and market participants. We believe the principal areas of competition include flavor, packaging and positioning innovations, pricing, distribution locations and shelf space, as well as promotional and marketing strategies. Our products compete with a variety of other beverages, including spirits, beers, wines, and increasingly non-alcoholic beverages designed and marketed to mimic the flavor of alcoholic beverages. Many of these products are produced by a relatively large number of companies, many of which have substantially greater financial, marketing, and distribution resources than we do.

Within the whisky segment of the market, important factors affecting our ability to compete include speed of innovation, product appeal and differentiation to consumers, brand and product image, taste and flavor of products, trade and consumer promotions, attractive packaging, product placement and distribution, access to capital and other resources, marketing, and pricing. We also rely on our distributors to provide stable and reliable distribution and to secure adequate shelf space in retail outlets. Competitive pressures could cause our products to lose market share or experience price erosion, which could materially impact our business and the results of operations. These pressures could include directly competitive innovations, new products that are better aligned with consumer preferences, greater marketing spending, better placements, or a decline in consumer interest in the whisky segment overall.

We have experienced, and continue to experience, competition from several key players in alcoholic beverages distribution in Taiwan. According to Migo's industry report, while the Asian whisky market is growing, certain key players leverage their access to international markets to bring in a wide range of alcoholic beverages, catering to diverse consumer preferences.

While competition in the whisky space is increasing, we believe our collaborations with internationally renowned whisky brands and our experienced management team, led by our chief executive officer, can help us navigate market challenges, optimize supply chains, and enhance customer relations, thereby contributing to our overall competitiveness. Our focus on quality, innovation, and strategic collaborations positions us well to compete in this dynamic and growing market.

#### REGULATORY MATTERS
Our business in Taiwan does not require any special or specific approval, license, or permit from the authority other than the corporate license, a registration with local government and import permit for alcoholic beverages that are required for all alcoholic beverages import business.

Import and sale of whisky, either bottled whisky or raw cask whisky, are primarily regulated and governed by the National Treasury Administration, Ministry of Finance under the Tobacco and Alcohol Administration Act and its relevant regulations. Pursuant to this Act, a permit is required to conduct a whisky import business in Taiwan. However, a permit is not necessary for retail or distribution of whisky. In addition, as a whisky importer and distributer in Taiwan, the Operating Subsidiary must comply with hygiene standards, labeling regulations, and advertising regulations for its whisky products. Failure to comply with such regulations may result in fines and other administrative sanctions.

Our Operating Subsidiary has obtained and maintained a valid permit for its whisky import business, and has not been sanctioned for violations of the Tobacco and Alcohol Administration Act.

#### INTELLECTUAL PROPERTY
As of the date of this prospectus, we do not hold any trademarks but only one domain name in Taiwan. We rely on a combination of intellectual property laws and restrictions on disclosure to protect our intellectual property rights. However, there is no assurance that this form of protection will be successful in any given case, since the laws in Taiwan do not protect proprietary rights as fully as in the United States.

As of the date of this prospectus, our intellectual property rights have not been subject to any adverse claims for infringement upon third parties' trademarks, licenses, and other intellectual property rights in Taiwan. We have not been involved in any litigation or other claims related to any third party's intellectual property rights.

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The chart below presents information about the trademark that we have the authority to use through certain licensing agreements with the inventors.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Type**<br>**Name** | **Issuing <br>Authority/<br>Registration <br>Institution** | **Trademark <br>Number** | **Issuance <br>Date** | **Status** | **Authorization <br>Period** |
|  Trademark<br> **Ninja**<sup>(1)</sup> |  | 2449318 | December 20, 2024 |  | January 1, <br>2025 – December 31, <br>2044 |

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(1) Our Ninja Whisky series, including the Yamato Ninja Edition, is a unique blend that pays homage to the legendary ninja warriors of ancient Japan. The trademark for this series is crucial as it protects our brand identity and reinforces our market positioning. We were granted with a trademark license regarding the "Ninja" trademark pursuant to the trademark license agreements entered into between Agencia Taiwan and 芳華株式会社 and 瀨古酒造株式会社 (both are Japanese wineries, and each a related party wholly owned by our founder, chief executive officer and chairman, Mr. Tsai Yi Yang).

#### EMPLOYEES
As of the date of this prospectus, we have 8 full-time employees on our payroll, among which 2 in warehouse, 1 in finance, 1 in management, 1 in accounting, 1 in administrative, 1 in general affairs and 1 in sales:

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| | | |
|:---|:---|:---|
|  **Division** | **Responsibilities** | **Number of <br>Employees** |
|  Warehouse | Manage inventory and warehouse operations. | 2 |
|  Finance | Handle cash transactions, including receiving payments and making disbursements. | 1 |
|  Management | Oversee the overall operations of a department or business, making strategic decisions and managing staff. | 1 |
|  Accounting | Manage financial records, prepare reports, and ensure compliance with accounting standards. | 1 |
|  Administrative | Provide administrative support, manage correspondence, and coordinate schedules. | 1 |
|  General Affairs | Handle general administrative tasks, including facility management and procurement. | 1 |
|  Sales | Focus on selling products or services, building customer relationships, and achieving sales targets. | 1 |
|  Total |  | 8 |

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We believe that we maintain a good working relationship with our employees, and we have not experienced any major labor disputes.

#### OUR PROPERTY AND FACILITIES
Our principal executive office is located at No. 65, Ln. 114, Xishi Rd., Xi'an Vil., Fengyuan Dist. Taichung City 42061, Taiwan (R.O.C.). As of the date of this prospectus, the Company's leases are the following:

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| | | | |
|:---|:---|:---|:---|
|  **Location** | **Space <br>(square meter)<br>(sq. m.)** | **Use** | **Lease <br>Term** |
|  No. 23-1, Shenzun Rd., Shengang Dist., <br>Taichung City 429014, Taiwan (R.O.C.) | 110 | Office space | From January 1, 2025 to December 31, 2025 |
|  No. 65-2, Shenlin Rd., Shengang Dist., <br>Taichung City 429011, Taiwan (R.O.C.) | 540 | Warehouse | From August 1, 2024 to July 31, 2029 |

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| | | | |
|:---|:---|:---|:---|
|  **Location** | **Space <br>(square meter)<br>(sq. m.)** | **Use** | **Lease <br>Term** |
|  No. 162-10, Shengang Rd., Shengang Dist., <br>Taichung City 429015, Taiwan (R.O.C.) | 300 | Warehouse | From January 1, 2024 to December 31, 2028 |

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#### INSURANCE
We have purchased the following insurance:

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| | | | |
|:---|:---|:---|:---|
|  | **Insured Type** | **Address** | **Coverage** |
|  1 | Employees |  | Employment insurance, labor insurance, occupational accident insurance and national health insurance/employees' pension |

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#### LEGAL PROCEEDINGS
We may be subject to legal disputes and subject to claims that arise in the ordinary course of business. As of the date of this prospectus, we are not a party or subject to any pending legal proceedings the resolution of which we expect to have a material adverse effect on our business, operating results, cash flows or financial condition.

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#### REGULATIONS
We are subject to a variety of Taiwan laws, rules and regulations across a number of aspects of our business. This section sets forth a summary of the most significant laws and regulations that are applicable to our current business activities within the territory of Taiwan.

**TAIWAN REGULATION**

#### Regulations on Company Establishment
The establishment, operation and management of companies in Taiwan is governed by the Taiwan Company Act, which was latest amended on December 29, 2021. There are four types of companies in Taiwan: unlimited company, unlimited company with limited liability shareholders, limited company and company limited by shares. Unlimited company and unlimited company with limited liability shareholders are rarely used in practice; a company limited by shares is the most common form of business undertaken for foreign investors in Taiwan. The Taiwan Company Act applies to both Taiwan domestic companies and foreign-invested companies, unless otherwise provided in the relevant foreign investment laws and regulations.

Our Taiwan Operating Subsidiary is a company limited by shares, and our Taiwan Operating Subsidiary has been current with its corporate filings with the Administration of Commerce, Ministry of Economic Affairs, Taiwan.

#### Regulations on Foreign Investment
The principal regulations governing foreign investments in Taiwan are the Statute for Investment by Foreign Nationals, the Regulations for Verification of Investment by Overseas Chinese and Foreign Nationals, and the Regulations Governing Investment in Securities by Overseas Chinese and Foreign Nationals. In order to efficiently provide services and manage foreign investments, Taiwan government has specifically established the Department of Investment Review under the Ministry of Economic Affairs.

All investments made by foreign nationals within the territory of Taiwan must comply with the provisions of the Statute for Investment by Foreign Nationals and receive permission from the Department of Investment Review. According to the administrative ordinance "Negative List for Investment by Overseas Chinese and Foreign Nationals" issued by the Department of Investment Review, Taiwan maintains a negative list of industries closed to foreign investment as the authorities determine that they relate to national security, public order, good moral, or national health, including public utilities, power distribution, natural gas, postal service, telecommunications, mass media, and air and sea transportation.

#### Regulations on Merger and Acquisition
The main laws and regulations governing merger and acquisition ("M&A) activities in Taiwan are the Business Merger and Acquisitions Act, the Company Act, the Securities and Exchange Act and the Fair Trade Act.

The competent authority in charge of the regulations in relation to M&A is the Ministry of Economic Affairs. The main regulatory body in charge of public M&A transactions is the Securities Futures Bureau of the Financial Supervisory Commission, the government agency in charge of public companies. Other relevant regulatory bodies include the Fair Trade Commission, the authority in charge of antitrust clearance, and the Department of Investment Review, the authority in charge of reviewing foreign and PRC investments. If the M&A target holds any special license, the transaction may also be subject to the review of the authority in charge of such special license.

Except for certain specific sensitive activities, foreign investments in a Taiwan listed company are generally not restricted in Taiwan but are subject to the prior approval from the Department of Investment Review if a foreign investor wants to acquire 10% or more of the shares of a Taiwan listed company in a single tranche. The approval must be obtained before the completion of the transaction.

#### Regulations on Building Construction and Use
Under the Building Act, a building license is required for new construction, extension, reconstruction or repair of buildings. A usage license is required for usage. When alterations of usage occur after a building is constructed, such as in alterations of usage class, structure, fire-protection facilities, and parking spaces or other alteration to the originally approved usage, a usage alteration license shall be applied for.

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Further, under the Building Act, users of public buildings shall entrust professional institutions or persons recognized by the central construction authority to perform inspection and attestation periodically. Such inspection and attestation results shall be reported to the authority.

#### Regulations on Importation and Storage of Alcoholic Beverages
The primary laws and regulations governing the distribution and processing of alcoholic beverages in Taiwan are the Tobacco and Alcohol Administration Act and its relevant regulations. Pursuant to this Act, a permit is required to conduct an alcoholic beverages import business in Taiwan. The import business permit for alcoholic beverages does not have a fixed term but can be revoked under the following conditions: (1) the annual fee is not paid within the statutory period; (2) the business or its representative produces or imports alcoholic beverages without a permit; (3) the business or its representative produces or imports alcoholic beverages that violate the Hygiene Standards for Alcohol Products or the CNS standards for editable alcohol; (4) the business or its representative is convicted of a crime under Tax Collection Act; (5) the representative has been a representative of another alcoholic beverages import business whose permit was revoked; (6) the business closes alcoholic beverages import business does not conduct alcoholic beverages import business for two consecutive years. Importation of alcoholic beverages is subject to an inspection by the Tobacco and Alcohol Management Division, where the authority inspects all requisite documents for the importation of alcoholic beverages and examines the imported alcohol products to ensure they meet the statutory hygiene standards and labeling regulations. After successful inspection and payment of customs duties and sale taxes, the imported alcohol products are released from the custom and the importation process is completed. Imported alcohol products that fail the inspection and re-inspection may be re-exported or destroyed by the custom.

#### Regulations on Distribution or Processing of Alcoholic Beverages
A permit is not necessary for retail or distribution of alcoholic beverages pursuant to the Tobacco and Alcohol Administration Act. However, alcoholic beverages importers, retailers, and distributers must comply with hygiene standards, labeling regulations, and advertising regulations for their alcohol products. Failure to comply with such regulations may result in fines and other administrative sanctions.

#### Regulations on Intellectual Property Rights

#### Patent Protection
Pursuant to the Patent Act, amended on May 4, 2022, there are three types of patents in Taiwan: invention patents, utility model patents, and design patents, the respective patent terms of which are 20, 10, and 15 years, all calculated from the filing date of a patent application, while the patent rights are actionable from the issue date of the patent.

#### Copyright
The Copyright Act provides that original copyrightable works shall enjoy exclusive rights automatically upon their completion, with no form of registration required. The competent authority for the application and registration of trademarks is the Taiwan Intellectual Property Office ("TIPO") under the Ministry of Economic Affairs. Basically, the economic rights endure for the life of the author and fifty years after the author's death; the economic rights in works authored by a juristic person endure for fifty years after the public release of the work.

Since 1985, a work receives copyright protection in Taiwan upon its completion, and copyright registration is no longer a condition to receive such protection. In 1998, the voluntary copyright recordation was further abolished. In order to reduce a copyright owner's burden of proof, Article 13 of the Copyright Act adopts a mechanism to shift the burden of proof. If a person's name is stated as the copyright owner or a publication date or place is stated in an ordinary way on the reproductions of a work or when the work is published, the copyright of the work will be presumed to belong to such person and the work will be presumed to be published on such date or in such place. However, the claimed copyrights may be challenged by the counterparty in the court proceedings. Given that, it is recommended to preserve relevant evidence by having it notarized by a notary public. For important copyrighted work, it is recommendable to obtain a copyright certificate issued by a copyright owners' organization so as to serve as prima facie evidence of the completion and ownership of the copyright. However, it is important to note that such private organizations do not and cannot conduct any substantive examination of the copyrightability of a work. Notwithstanding the above, there is no standard way to state relevant information or prove copyright ownership. In addition, if a defendant produces any

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evidence to prove the contrary, the plaintiff would still bear the burden of proof and thus should submit documents on the creation process or other proof of the authorship or copyright ownership. Therefore, when a work's copyrightable is being challenged, only a court will have a final say over such dispute on a case-by-case basis.

#### Trademarks
Trademark rights in Taiwan are governed by the Trademark Act. The competent authority for the application and registration of trademarks is the TIPO. Types of protection include trademarks, certification marks, collective membership marks and collective trademarks. The trademarks which are registered are protected for 10 years from publication in the Trademark Gazette. This term may be extended successively every 10 years via application for renewal.

#### Trade Secrets
The Taiwan Trade Secret Act mainly governs the following items: (1) the required elements of a trade secret; (2) ownership of a trade secret; (3) the licensing of a trade secret; (4) misappropriation of a trade secret; (5) the civil remedy and criminal penalty for the misappropriation of a trade secret; (6) the issuance of a protective order during criminal investigation. Pursuant to the Trade Secret Act, the information that can be protected under the Trade Secret Act is defined as any method, technique, process, formula, program, design, or other information that may be used in the course of production, sale or operation, and must meet the following requirements: (1) secrecy; (2) economic value; and (3) reasonable measures to maintain secrecy. Under the Trade Secret Act, the types of misappropriation include acquisition, use and divulging of a trade secret by unlawful means. The Trade Secret Act provides civil remedies and criminal penalties for trade-secret misappropriation.

#### Regulations on Consumer Protection
In Taiwan, the main regulation governing the consumer protection is the Consumer Protection Act. Pursuant to the Consumer Protection Act, a manufacture or a service provider shall be liable for any damage caused by its products or services, unless it is able to prove that the products or services have met and complied with the contemporary technical and professional standards of reasonably expected safety requirements prior to the launching of such products or services into the market. Furthermore, if the products or services may endanger consumers' lives, bodies, health or property, they shall be labelled in a conspicuous place with a warning and the methods for emergency handling of such danger. If an enterprise fails to perform its labelling obligations in this regard, it will be held liable for the damage caused thereby.

#### Regulations on Environmental Protection
The bedrock of environmental protection in Taiwan is the Basic Environment Act. In addition to the Basic Environment Act, Taiwan regulations regulate each type of pollution by a different set of regulations, including the Soil and Groundwater Pollution Remediation Act, the Waste Disposal Act, the Air Pollution Control Act, the Water Pollution Control Act, and Toxic and Concerned Chemical Substances Control Act. The competent authority governing the environmental regulations is the Environmental Protection Agency (EPA). Failure to comply with such regulations may result in fines and other administrative sanctions.

#### Regulations on Foreign Currency Exchange
The principal regulation governing foreign currency exchange in Taiwan is the Foreign Exchange Regulation Act, amended on April 29, 2009. Pursuant to the Foreign Exchange Regulation Act, Taiwan Dollars amounting under the amount of NTD500,000 are freely convertible no matter what transaction they are in relation with. On the other hand, the transactions involving NTD500,000 or more or its equivalent in foreign currency shall fulfill certain obligations as provided in the Regulations Governing the Declaration of Foreign Exchange Receipts and Disbursements or Transactions.

Under the Regulations Governing the Declaration of Foreign Exchange Receipts and Disbursements or Transactions, for those foreign exchange transactions which amounts more than NTD500,000 and relates to the sales of goods or provision of services, such transaction shall be declared through filing a declaration statement. For those foreign exchange transactions which are not related to the sales of goods or provision of services, ranging from NTD500,000 to US$100 million, such transaction shall be declared through filing a declaration statement, and providing supporting documents, such as contracts or letters of approval, to the bank. For those foreign exchange transactions which are not related to the sales of goods or provision of services, amounting more than US$100 million, such transaction shall be declared through filing a declaration statement, providing supporting documents to the bank, and obtaining the approval of Taiwan CBC.

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Though Taiwan government has promulgated the Regulations Governing Foreign Exchange Control on July 2, 1997, pursuant to the Foreign Exchange Regulation Act, the requirements for the government to implement those foreign exchange control measures should be subject to either of the following conditions: (1) when the domestic or foreign economic disorder might endanger the stability of the domestic economy; and (2) when Taiwan suffers a severe balance of payments deficit. From the past history, the Taiwan government only implemented these foreign exchange control measures once, in 1997 during the Asian Financial Crisis.

#### Regulations on Dividend Distribution
The principal regulations governing dividend distribution is the Company Act. Pursuant to the Company Act, a Taiwan company shall not pay dividends unless its losses have been covered and statutory reserve funds has been set aside, which should be 10% of the company's after-tax net profits. However, in the event that the company's statutory reserve funds have reached the total amount of the company's capital, the company does not need to set aside any amounts for its statutory reserve funds. If the company has no net profits, in principle, it shall not pay dividends.

#### Regulations on Employee Stock Incentive Plan
The principal regulations governing dividend distribution is the Company Act. Pursuant to the Company Act, a Taiwan company may choose to implement the employee stock incentive plan in 5 ways: (1) employee stock compensation, (2) employee stock option certificates, (3) employee subscription of new shares using cash as consideration, (4) treasury shares transferred to employees, and (5) employee restricted share units. After the amendment of the Company Act on August 1, 2018, transferring the company's stocks to the employees of the company's parent company or its subsidiaries under the employee stock incentive plan is also permitted by law.

#### Regulations on Employment and Social Insurance
The labor law in Taiwan is regulated mainly by the Labor Standards Act, amended in July 2024. The Labor Standards Act governs the terms and conditions of employment such as working hours, holidays, rest periods, wages, overtime, leave, and termination of employment. According to Labor Standards Act, an employer is required to reach an agreement on salary with the employees, in which the agreed salary shall meet with the minimum amount set by the competent authority. Violations of the Labor Standards Act may result in fines and other administrative sanctions, and serious violations may result in criminal liabilities.

In order to protect workers' safety and health and to prevent occupational accidents, employers in Taiwan are also required to comply with the Occupational Safety and Health Act. According to the Occupational Safety and Health Act, the employer shall arrange safety equipment to prevent any emergency. In addition, the employer shall provide safety education and training for employees which shall enable the employees to protect themselves when any accident occurs.

Taiwan governmental authorities have passed a variety of laws and regulations regarding social insurance and employee's pension from time to time, including, among others, the Labor Insurance Act, the National Health Insurance Act, the Labor Pension Act, and the Employment Insurance Act. Pursuant to these laws and regulations, Taiwan companies must make contributions at specified levels for their employees to the relevant social insurance and pension funds. Failure to comply with such laws and regulations may result in various fines and legal sanctions.

#### Regulations on Taxation
According to the Taiwan Income Tax Act, a company incorporated in Taiwan is a Taiwan tax resident and will be subject to 20% corporate income tax on its worldwide income. A non-resident company will be subject to 20% corporate income tax on its Taiwan-sourced income. If a resident company does not distribute its financial earnings generated in a year to its shareholders by the end of the following year, a surtax of 5% would be imposed on the undistributed earnings.

Effective from 2020, the Taiwan Statute for Industrial Innovation was amended, which extends the tax incentive by 10 years until December 31, 2029, for R&D expenditure. Under the tax incentive program, a company conducting qualifying R&D activities may select one of the following incentives: (i) up to 15% of qualifying R&D expenses may be credited against corporate income tax payable in the current year; or (ii) up to 10% of qualifying R&D expenses may be credited against corporate income tax payable in the year expenses incurred and carried forward for the next 2 years. In addition, if a company uses NTD 1 million or more of its undistributed earnings to construct or purchase buildings, software or hardware equipment, or technology for use in production or operation within 3 years from the year after such earnings are derived, such investment amounts may be deducted from the undistributed earnings in calculation of the current year's undistributed earnings for assessment of surtax imposed on undistributed earnings from the year 2018.

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The alternative minimum tax ("AMT") imposed under the Taiwan Income Basic Tax Act is a supplemental income tax which applies if the amount of regular income tax calculated pursuant to the Taiwan Income Tax Act and relevant laws and regulations is below the amount of basic tax prescribed under the Taiwan Income Basic Tax Act. The taxable income for calculating AMT includes most income that is exempt from income tax under various legislations, such as capital gains from qualified securities and future transactions. The prevailing AMT rate for business entities is between 12% to 15%, which is determined by the Executive Yuan based on the economic circumstance.

According to the Taiwan Income Tax Act, a withholding tax rate of 21% shall generally be applicable to dividends distributed to non-Taiwan resident enterprise/individual investors. The withholding tax on the dividends may be reduced pursuant to a tax treaty between Taiwan and the jurisdictions in which the non-Taiwan shareholders reside. Taiwan currently has a treaty network with 35 countries.

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#### MANAGEMENT
Our directors, executive officer, and key employees are listed below. Each director holds office for the term, if any, fixed by the resolution of shareholders or resolution of directors appointing him or her, or until such director's resignation or removal. If a director's appointment does not have a fixed term, the director serves indefinitely until his or her resignation or removal. An officer is elected by the Board of Directors and the officer's term in office is, except to the extent governed by an employment contract, at the discretion of the Board of Directors.

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| | | |
|:---|:---|:---|
|  **Name** | **Age** | **Position(s)** |
|  Tsai Yi Yang | 35 | Chairman of the Board of Directors and CEO |
|  Wong Man Ue, Nick | 41 | Director\* and CFO |
|  John Robert Fiore | 63 | Independent Director Nominee\* |
|  Patrick Man Shun Wong | 45 | Independent Director Nominee\* |
|  Lee Su-Jung | 53 | Independent Director Nominee\* |

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\* This individual has indicated his or her consent to occupy such a position, effective immediately upon the effectiveness of our registration statement, of which this prospectus is a part.

The following is a brief biography of our executive officer, directors, and director nominees:

Mr. Tsai Yi Yang is our founder and has been serving as our director, Chief Executive Officer since March 2025. Mr. Tsai has served as our Chairman of the Board of Directors since [•]. Mr. Tsai brings over 10 years of experience in the alcoholic beverage distribution sector in Taiwan, and is responsible for the overall business management of our Company. Mr. Tsai graduated from National Dong Hwa University in Taiwan, where he majored in Financial Accounting. From 2020 to the date of this prospectus, he has been the general manager of Agencia Comercial Co., Ltd where he leverages his expertise to drive growth and explore business opportunities. From January 2024, he held the position of representative director at 日本芳華株式會社. Since 2019, he served as the representative of Xiamen Celtic Culture Co., focusing on distribution and marketing of alcoholic beverages. From 2017 to 2019, he held the position of managing director at Relaxandrinks Limited, where he was instrumental in implementing strategic initiatives. He was reappointed to the same position at Relaxandrinks Limited in 2020 and continues in this role to the present. From 2014, Mr. Tsai worked as a sales representative at Ping Shiang Business Corporation. In 2017, he was promoted to the office of business manager, where he developed his skills in operational management and business strategy. In 2021, he became a shareholder of Ping Shiang Business Corporation.

Mr. Wong Man Ue, Nick, has been serving as our Chief Financial Officer since March 2025, bringing over 16 years of extensive experience in accounting and auditing, and will be appointed as our director with effective upon effectiveness of the registration statement on Form F-1. Nick graduated from Southern Cross University in Australia, majoring in accounting. Prior to joining our company, he was a co-founder and managing partner of a public accounting firm, where he provided corporate advisory services. He has also served as the Chief Financial Officer of Boill Healthcare Holdings Limited (HKEX stock code: 1246). Nick is a member of CPA Australia (CPAA) and the Hong Kong Institute of Certified Public Accountants (HKICPA). His professional background and qualifications make him an invaluable asset to our team, ensuring robust financial management and strategic leadership.

Upon the effectiveness of the registration statement on Form F-1, Mr. John Robert Fiore will be appointed as an Independent Director. Since 2005, he serves as a president of Fiore & Company, an international law firm specializing in plaintiff's civil litigation, federal and state whistleblower claims, and international human rights claims. John graduated from Pennsylvania State University with a degree in political science and possess a juris doctor degree awarded by University of Pennsylvania. He also served as an attorney at Kessler, Massey & Levy in Miami from 1995 to 2004, and at Horm, Kaplan & Goldberg in Philadelphia from 1991 to 1994. Since 2015, John has expanded his reach beyond his career as an attorney to become an author, audiobook producer, and narrator. Currently, John is licensed to legal practice in New York and Florida.

Upon the effectiveness of the registration statement on Form F-1, Mr. Patrick Man Shun Wong will be appointed as an Independent Director. He is a co-founder of WWC Professional Corporation Limited CPA and brings over 10 years of public accounting experience to his role. Patrick graduated from the University of California at San Diego with a degree in Economics. Prior to co-founding the firm, he spent several years working in Silicon Valley at companies including NetSuite and Cable & Wireless, gaining extensive experience in the high tech industry. During his tenure with the firm, Patrick has served clients across a diverse range of industries and sectors, including

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financial services, construction, governmental agencies, and non-profit organizations. He specializes in audit services, particularly for Chinese enterprises seeking to be listed in the U.S. stock market through Initial Public Offerings (IPOs) or Reverse Takeovers (RTOs). Patrick assists many Chinese enterprises in resolving complex accounting issues raised by the SEC to secure stock registration. He holds the license of Certified Public Accountant from the United States and is a member of the American Institute of Certified Public Accountants (AICPA) and the Hong Kong Institute of Certified Public Accountants (HKICPA).

Upon the effectiveness of the registration statement on Form F-1, Ms. Lee Su-Jung will be appointed as an Independent Director. Ms. Lee has held key positions in the spirits industry. She serves as Board Director at both Taiwan Taitung Chishang Distillery since November 2022 and Julee International Co. & Ltd. since June 2021. Ms. Lee also serves as CEO at PICT International Co. & Ltd. since August 2017. In 2013, Ms. Lee served at Conttingham Group Ltd. As representative vice president, and in the same year, she achieved a significant milestone by becoming the first female Keeper of the Quaich in Greater China. Since September 2007, she has been actively involved as an International Spirit Judge in prestigious competitions worldwide, including the International Wine and Spirit Competition in London, the Internationaler Spirituosen Wettbewerb in Germany, the San Francisco World Spirit Competition, the Las Vegas Global Spirit Awards and American Distilling Institute in the US.

#### EMPLOYMENT AGREEMENTS AND INDEMNIFICATION AGREEMENTS
Agencia Cayman has entered into employment agreements with each of our executive officers. Under these agreements, each of our executive officers is employed for a specified time period. We may terminate employment for cause, at any time, without advance notice or remuneration, for certain acts of the executive officer, such as conviction or plea of guilty to a felony or any crime involving moral turpitude, negligent or dishonest acts to our detriment, or misconduct or a failure to perform agreed duties. We may also terminate an executive officer's employment without cause upon advance written notice. In such case of termination by us, we will provide severance payments to the executive officer as expressly required by applicable law of the jurisdiction where the executive officer is based, if applicable. The executive officer may resign at any time with an advance written notice.

Each executive officer has agreed to hold, both during and after the termination or expiry of his or her employment agreement, in strict confidence and not to use, except as required in the performance of his or her duties in connection with the employment or pursuant to applicable law, any of our confidential information or trade secrets, any confidential information or trade secrets of our clients or prospective clients, or the confidential or proprietary information of any third party received by us and for which we have confidential obligations. The executive officers have also agreed to disclose in confidence to us all inventions, designs and trade secrets which they conceive, develop or reduce to practice during the executive officer's employment with us and to assign all right, title and interest in them to us, and assist us in obtaining and enforcing patents, copyrights and other legal rights for these inventions, designs and trade secrets.

In addition, each executive officer has agreed to be bound by non-competition and non-solicitation restrictions during the term of his or her employment and typically for six months following the last date of employment. Specifically, each executive officer has agreed not to (i) approach our suppliers, clients, customers or contacts or other persons or entities introduced to the executive officer in his or her capacity as a representative of us for the purpose of doing business with such persons or entities that will harm our business relationships with these persons or entities; or (ii) seek directly or indirectly, to solicit the services of any of our employees who is employed by us and with whom the executive officer has had material dealings or was directly managed by or reported to within the period of twelve months immediately prior to the date of the executive officer's termination, without our express consent.

We will also enter 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 our director or officer.

#### CORPORATE GOVERNANCE

#### Controlled Company
Upon completion of this offering, our Controlling Shareholders, through Ping Shiang Business Ltd will beneficially own 14,500,000 Class A Ordinary Shares, approximately 73.93% of our outstanding Class A Ordinary Shares (or 72.95% of our outstanding Class A Ordinary Shares assuming the underwriters exercise their over-allotment option in full) and 14,500,000 Class B Ordinary Shares, representing 96.89% (or 96.74%, assuming the underwriters

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exercise their over-allotment option in full) of the aggregate total voting power of our then total issued and outstanding share capital. As a result, we may be deemed a "controlled company" within the meaning of the Nasdaq listing rules. If we are deemed a controlled company, we are permitted to elect to rely on certain exemptions from the obligations to comply with certain corporate governance requirements, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the requirement that a majority of the board of directors consist of independent directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the requirement that we have a nominating and corporate governance committee and a compensation committee that are composed entirely of independent directors with a written charter addressing the purposes and responsibilities of the committees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the requirement for an annual performance evaluation of the nominating and governance committee and compensation committee.

Although we do not intend to rely on the controlled company exemptions under the Nasdaq listing rules even if we are deemed a controlled company, we could elect to rely on these exemptions in the future, and if so, you would not have the same protection afforded to shareholders of companies that are subject to all of the corporate governance requirements of Nasdaq.

#### Board of Directors
Our board of directors will consist of five directors, including two executive directors and three independent directors. The powers and duties of our directors include convening general meetings and reporting our board's work at our shareholders' meetings, declaring dividends and distributions, determining our business and investment plans, appointing officers and determining the term of office of the officers, preparing our annual financial budgets and financial reports, formulating proposals for the increase or reduction of our authorized capital as well as exercising other powers, functions and duties as conferred by our articles of association. A director may exercise all the powers of our company to borrow money, mortgage its business, property and uncalled capital and issue debentures or other securities whenever money is borrowed or as security for any obligation of our company or of any third party. A director who is in any way, whether directly or indirectly, interested in a contract or proposed contract with our company is required to declare the nature of his interest at a meeting of our directors. A director may vote in respect of any contract or proposed contract or arrangement notwithstanding that he may be interested therein and if he does so his vote shall be counted and he may be counted in the quorum at any meeting of the directors at which any such contract or proposed contract or arrangement is considered. A general notice given to the directors by any director to the effect that he is a member or officer of any specified company or firm and is to be regarded as interested in any contract or arrangement with that company or firm or a specified person who is connected with him shall be deemed a sufficient declaration of interest for the purposes of voting on a resolution in respect to a contract or transaction in which he has an interest, provided that no such notice shall be effective unless either it is given at a meeting of the board of directors or the director takes reasonable steps to secure that it is brought up and read at the next board meeting after it is given.

None of our directors has a service contract with us that provides for benefits upon termination of service.

#### Committees of the Board of Directors
Prior to the completion of this offering, we intend to establish an audit committee, a compensation committee and a nominating and corporate governance committee under the board of directors. We intend to adopt a charter for each of the three committees prior to the completion of this offering. Each committee's members and functions are described below.

***Audit Committee.*** Our audit committee will consist of Mr. Patrick Man Shun Wong, Mr. John Robert Fiore and Ms. Lee Su-Jung, and will be chaired by Mr. Patrick Man Shun Wong. Mr. Patrick Man Shun Wong, Mr. John Robert Fiore and Ms. Lee Su-Jung satisfy the "independence" requirements of Rule 5605(c)(2) of the Listing Rules of the Nasdaq and meet the independence standards under Rule 10A-3 under the Securities Exchange Act of 1934, as

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amended. We have determined that Mr. Patrick Man Shun Wong qualifies as an "audit committee financial expert." The audit committee will oversee our accounting and financial reporting processes and the audits of the combined financial statements of our company. The audit committee will be responsible for, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• selecting the independent registered public accounting firm and pre-approving all auditing and non-auditing services permitted to be performed by the independent registered public accounting firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing with the independent registered public accounting firm any audit problems or difficulties and management's response;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and approving all proposed related party transactions, as defined in Item 404 of Regulation S-K under the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• discussing the annual audited combined financial statements with management and the independent registered public accounting firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing major issues as to the adequacy of our internal controls and any special audit steps adopted in light of material control deficiencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annually reviewing and reassessing the adequacy of our audit committee charter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• meeting separately and periodically with management and the independent registered public accounting firm; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reporting regularly to the board of directors.

***Compensation Committee.*** Our compensation committee will consist of Mr. Patrick Man Shun Wong, Mr. John Robert Fiore and Ms. Lee Su-Jung, and will be chaired by Ms. Lee Su-Jung. Mr. Patrick Man Shun Wong, Mr. John Robert Fiore and Ms. Lee Su-Jung satisfy the "independence" requirements of Rule 5605(c)(2) of the Listing Rules of the Nasdaq. The compensation committee will assist the board of directors in reviewing and approving the compensation structure, including all forms of compensation, relating to our directors and executive officers. Our executive officers may not be present at any committee meeting during which their compensation is deliberated upon. The compensation committee will be responsible for, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing the total compensation package for our executive officers and making recommendations to the board of directors with respect to it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• approving and overseeing the total compensation package for our executives other than the three most senior executives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing the compensation of our directors and making recommendations to the board of directors with respect to it; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• periodically reviewing and approving any long-term incentive compensation or equity plans, programs or similar arrangements, annual bonuses, and employee pension and welfare benefit plans.

***Nominating and Corporate Governance Committee.*** Our nominating and corporate governance committee will consist of Mr. Patrick Man Shun Wong, Mr. John Robert Fiore and Ms. Lee Su-Jung, and will be chaired by Mr. John Robert Fiore. Mr. Patrick Man Shun Wong, Mr. John Robert Fiore and Ms. Lee Su-Jung satisfy the "independence" requirements of Rule 5605(c)(2) of the Listing Rules of the Nasdaq. The nominating and corporate governance committee will assist the board of directors in selecting individuals qualified to become our directors and in determining the composition of the board of directors and its committees. The nominating and corporate governance committee will be responsible for, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• recommending nominees to the board of directors for election or re-election to the board of directors, or for appointment to fill any vacancy on the board of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing annually with the board of directors the current composition of the board of directors with regards to characteristics such as independence, age, skills, experience and availability of service to us;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• selecting and recommending to the board of directors the names of directors to serve as members of the audit committee and the compensation committee, as well as of the nominating and corporate governance committee itself; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• monitoring compliance with our code of business conduct and ethics, including reviewing the adequacy and effectiveness of our procedures to ensure proper compliance.

#### Duties of Directors
Under Cayman Islands law, our directors owe fiduciary duties to our Company, including a duty of loyalty, a duty to act honestly and a duty to act in what they consider in good faith to be in our best interests. Our directors must also exercise their powers only for a proper purpose. Our directors also owe to our Company a duty to exercise the skill they actually possess and such care and diligence that a reasonably prudent person would exercise in comparable circumstances. 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. In fulfilling their duty of care to us, our directors must ensure compliance with our post-offering amended and restated memorandum and articles of association, as amended and restated from time to time. Our Company has the right to seek damages if a duty owed by our directors is breached. In limited exceptional circumstances, a shareholder may have the right to seek damages in our name if a duty owed by our directors is breached. In accordance with our post-offering amended and restated memorandum and articles of association, our business shall be managed by our board of directors who may for that purpose exercise all the powers of our Company. The functions and powers of our board of directors include, among others, (i) convening shareholders' annual general meetings and reporting its work to shareholders at such meetings; (ii) declaring dividends and distributions; (iii) appointing officers and determining the term of the office of officers; and (iv) exercising the borrowing powers of our company and mortgaging the property of our company. In addition, in the event of a tie vote, the chairman of the meeting of board of directors shall not be entitled to a second or casting vote. You should refer to "Description of Share Capital — Differences in Corporate Law" for additional information on our standard of corporate governance under Cayman Islands law.

#### Terms of Directors and Officers
Our officers are elected by and serve at the discretion of the board. 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. Any director whose term of office expires shall be eligible for re-election at a meeting of the shareholders or re-appointment by the board. A director may be removed from office by the affirmative vote of two-thirds (2/3) of the directors then in office (except with regard to the removal of the chairman, who may be removed from office by the affirmative vote of all directors), or by ordinary resolution of the shareholders (except with regard to the removal of the chairman, who may be removed from office by special resolution, being a resolution passed by not less than two-thirds of the votes cast by such shareholders as, being entitled to do so, vote in person or, where proxies are allowed, by proxy or, in the case of corporations, by their duly authorised representatives, at a general meeting of the Company of which notice specifying the intention to propose the resolution as a special resolution has been duly given; or approved in writing by all of the shareholders entitled to vote at a general meeting of the Company in one or more instruments each signed by one or more of the shareholders), notwithstanding anything in our post-offering amended and restated memorandum and articles of association or in any agreement between the Company and such Director (but without prejudice to any claim for damages under such agreement). In addition, a director's office shall be vacated if the director (i) becomes bankrupt or makes any arrangement or composition 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; or (iv) is removed from office pursuant to the laws of the Cayman Islands or any other provisions of our post-offering amended and restated memorandum and articles of association.

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#### Interested Transactions
A director may, subject to applicable Nasdaq rules and disqualification by the chairman of the relevant board meeting, vote in respect of any contract or transaction or proposed contract or transaction notwithstanding that he or she may be interested therein, provided that the nature and extend of any material interest in such contract or transaction or proposed contract or transaction is disclosed by him or her at or prior to its consideration and any vote in that matter.

#### Compensation of Directors and Executive Officers
For the year ended December 31, 2023 and 2024, no cash has been paid by us to our executive officers and directors. We have not set aside or accrued any amount to provide pension, retirement or other similar benefits to our executive officers and directors. We did not grant any stock options or restricted stock units to our named executive officers or directors in 2023 and 2024. Our Taiwan Operating Subsidiary is required by Taiwan laws to make contributions equal to certain percentages of its employee's salary for his or her labor insurance, national health insurance, employment insurance, occupational accident insurance and labor pension.

#### Code of Business Conduct and Ethics
Our board of directors will adopt a code of business conduct and ethics, which is to be filed as an exhibit of the registration statement of which this prospectus forms a part and applicable to all of our directors, officers and employees. We will make our code of business conduct and ethics publicly available on our website prior to the initial closing of this offering.

In addition, our board of directors will adopt a set of corporate governance guidelines covering a variety of matters, including approval of related party transactions prior to the effectiveness of our registration statement on Form F-1, of which this prospectus is a part.

#### Qualification
There is currently no shareholding qualification for directors, although a shareholding qualification for directors may be fixed by our shareholders by ordinary resolution.

#### Insider Participation Concerning Executive Compensation
Our board of directors will be making all determinations regarding executive officer compensation from the inception of the Company. When established, our compensation committee will determine regarding executive officer compensation.

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#### PRINCIPAL SHAREHOLDERS
The following table sets forth information concerning the beneficial ownership of our Ordinary Shares as of the date of this prospectus by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each of our directors and executive officers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each person known to us to beneficially own more than 5% of our ordinary shares.

Beneficial ownership is determined in accordance with the rules and regulations of the SEC. In computing the number of Ordinary Shares beneficially owned by a person and the percentage ownership of that person, we have included Ordinary Shares that the person has the right to acquire within sixty (60) days, including through the exercise of any option, warrant, or other right or the conversion of any other security. These Ordinary Shares, however, are not included in the computation of the percentage ownership of any other person. The percentage of beneficial ownership of our Ordinary Shares immediately after the completion of this offering is based on the Ordinary Shares that will be issued and outstanding which includes (i) 17,864,000 Class A Ordinary Shares and 14,500,000 Class B Ordinary Shares outstanding as of the date of this prospectus; and (ii) 1,750,000 Class A Ordinary Shares issued in connection with this offering, assuming the underwriters do not exercise their option to purchase additional Class A Ordinary Shares. Unless otherwise noted, the business address for each of our directors and executive officers is No. 65, Ln. 114, Xishi Rd., Xi'an Vil., Fengyuan Dist., Taichung City 42061, Taiwan (R.O.C.).

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Ordinary shares beneficially owned <br>prior to this offering†** | **Ordinary shares beneficially owned <br>prior to this offering†** | **Ordinary shares beneficially owned <br>prior to this offering†** | | **Ordinary shares beneficially owned <br>after this offering** | **Ordinary shares beneficially owned <br>after this offering** | **Ordinary shares beneficially owned <br>after this offering** | |
|  | **Number of <br>Class A <br>Ordinary <br>Shares** | **Number of <br>Class B <br>Ordinary <br>Shares** | **Percentage of<br>beneficial <br>ownership\*\*** | **Voting <br>power** | **Number of <br>Class A <br>Ordinary<br>Shares** | **Number of <br>Class B <br>Ordinary <br>Shares** | **Percentage of <br>beneficial <br>ownership** | **Voting <br>power** |
|  **Directors and Executive Officers\*** |  |  |  |  |  |  |  |  |
|  Tsai Yi Yang | 11890000 | 11890000 | 73.48% |  | 14500000 | 14500000 | 69.71% |  |
|  Wong Man Ue, Nick |  |  | —  |  |  |  | —  |  |
|  John Robert Fiore |  |  | —  |  |  |  | —  |  |
|  Patrick Man Shun Wong |  |  | —  |  |  |  | —  |  |
|  Lee Su-Jung |  |  | —  |  |  |  | —  |  |
|  **All Directors and Executive Officers as a Group** | 11890000 | 11890000 | 73.48% |  | 14500000 | 14500000 | 69.71% |  |
|  **Principal Shareholders:** |  |  |  |  |  |  |  |  |
|  Ping Shiang Business Ltd<sup>(1)</sup> | 14500000 | 14500000 | 89.61% | 97.93% | 14500000 | 14500000 | 85.01% | 96.89% |
|  Tsai Yi Yang<sup>(1)</sup> | 11890000 | 11890000 | 73.48% |  | 11890000 | 11890000 | 69.71% |  |
|  Lee Li Mei<sup>(1)</sup> | 2610000 | 2610000 | 16.13% |  | 2610000 | 2610000 | 15.30% |  |

---

____________

Notes:

† Beneficial ownership information disclosed herein represents direct and indirect holdings of entities owned, controlled or otherwise affiliated with the applicable holder as determined in accordance with the rules and regulations of the SEC.

\* For each person and group included in this table, percentage ownership is calculated by dividing the number of shares beneficially owned by such person or group by the sum of the total number of shares outstanding as of the date of this prospectus.

(1) Pursuant to the reorganization, Ping Shiang Business Ltd, a limited liability company incorporated under the laws of the British Virgin Islands, is the record holder of the shares reported herein. Ping Shiang Business Ltd is owned as to 82% by Mr. Tsai Yi Yang, our Chairman and Chief Executive Officer and 18% by Ms. Lee Li Mei, the mother of Mr. Tsai Yi Yang. By virtue of Mr. Tsai Yi Yang and Ms. Lee Li Mei's control over Ping Shiang Business Ltd, each of them may be deemed to beneficially own shares held by Ping Shiang Business Ltd. The registered office of Ping Shiang Business Ltd is located at Mandar House, 3<sup>rd</sup> Floor Johnson's Ghut, Tortola British Virgin Islands.

None of our shareholders has informed us that it is affiliated with a registered broker-dealer or is in the business of underwriting securities. We are not aware of any arrangement that may, at a subsequent date, result in a change of control of our company. See "Description of Share Capital — History of Securities Issuances" for historical changes in our major shareholders.

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#### RELATED PARTY TRANSACTIONS
Before the completion of this offering, we intend to adopt an audit committee charter, which will require the committee to review all related-party transactions on an ongoing basis and all such transactions be approved by the committee. Set forth below are material related-party transactions in the years ended December 31, 2022, 2023 and 2024 and as of the date of this prospectus.

#### TRANSACTIONS WITH RELATED PARTIES
Set forth below are our material related parties transactions that occurred during the fiscal years ended December 31, 2022, 2023 and 2024 and as of the date of this prospectus. The "related party transactions" are transactions identified in accordance with the rules prescribed under Part I, Item 7B of Form 20-F. Please see "Note 11 Related Party Transactions and Balances" from page F-21 for more details.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) The Company had the following balances with related parties as of year-end date:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  **Name of related parties** | **Relationship** | **Nature** | **<br>As of December 31,** | **<br>As of December 31,** | **<br>As of December 31,** | **As of <br>the date <br>of this <br>prospectus** |
|  **Name of related parties** | **Relationship** | **Nature** | **2022** | **2023** | **2024** | **As of <br>the date <br>of this <br>prospectus** |
|  |  |  | **US$** | **US$** | **US$** | **US$** |
|  Mr. Tsai Yi Yang | Beneficial owner | Amount due to a related party<sup>(1)</sup> |  | 727775 | 1031203 | 1247912 |
|  Mr. Tsai Yi Yang | Beneficial owner | Rental deposit paid<sup>(2)</sup> |  | 1630 | 1527 | 2708 |
|  Ms. Lee Li Mei | Shareholder of the Company | Rental deposit paid<sup>(3)</sup> |  |  | 2320 | 2572 |
|  Xiamen Celtic Culture Communication | Common Ultimate Beneficial Owner ("UBO") | Account receivables<sup>(4)</sup> | 84899 |  |  |  |
|  Xiamen Celtic Culture Communication | Common UBO | Other receivables<sup>(5)</sup> | 428822 |  |  |  |
|  Xiamen Celtic Culture Communication | Common UBO | Contract liabilities<sup>(6)</sup> |  | 82699 |  |  |
|  Ding Yi International Co., Ltd | Controlled by an immediate family member of the beneficial owner | Account receivables<sup>(7)</sup> |  |  | 68488 |  |
|  Ding Yi International Co., Ltd | Controlled by an immediate family member of the beneficial owner | Accruals and other payables |  | 169 |  |  |
|  Ding Yi International Co., Ltd | Controlled by an immediate family member of the beneficial owner | Other receivables<sup>(8)</sup> |  |  |  | 7446 |
|  Ding Yi International Co., Ltd | Controlled by an immediate family member of the beneficial owner | Amount due to a related party<sup>(9)</sup> |  |  |  | 16135 |
|  Ping Shiang Business Corporation | Common UBO | Amount due from a related party<sup>(10)</sup> | 65220 |  |  |  |
|  Ping Shiang Business Corporation | Common UBO | Amount due to a related party<sup>(11)</sup> |  |  |  | 620082 |
|  芳華株式会社 | Common UBO | Prepayments and other receivables<sup>(12)</sup> |  |  | 45044 |  |
|  芳華株式会社 | Common UBO | Trademark assets<sup>(12)</sup> |  |  |  | 55811 |
|  瀨古酒造株式会社 | Common UBO | Prepayments and other receivables<sup>(13)</sup> |  |  |  | 36398 |

---

____________

(1) As of December 31, 2023, December 31, 2024, and the date of this prospectus, the balance represented the working capital advance provided by Mr. Tsai Yi Yang. The balance was unsecured, interest-free and no fixed repayment terms.

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(2) As of December 31, 2023, December 31, 2024, and the date of this prospectus, the balance represented the rental deposits paid to Mr. Tsai Yi Yang for the warehouse at No. 162-10, Shengang Rd., Shengang Dist., Taichung City, with the lease starting from January 1, 2023, and for the warehouse at No. 23-1, Shenzun Rd., Shengang Dist., Taichung City, with the lease starting from January 1, 2025.

(3) As of December 31, 2024, and the date of this prospectus, the balance represented the rental deposit paid to Ms. Lee Li Mei for the warehouse at No. 65-2, Shenlin Rd., Shengang Dist., Taichung City, with the lease starting on August 1, 2024.

(4) As of December 31, 2022, the balance represented the accounts receivable from Xiamen Celtic Culture Communication for the sales of whisky products. The full amount was subsequently settled in 2023.

(5) As of December 31, 2022, the balance represented the payments made on behalf of Xiamen Celtic Culture Communication. The full amount was subsequently settled in 2023.

(6) As of December 31, 2023, the balance represented the receipts in advance from Xiamen Celtic Culture Communication for whisky product sales. The whisky products were subsequently delivered, and the full amount was recorded as sales in 2024.

(7) As of December 31, 2024, the balance represented the accounts receivable from Ding Yi International Co., Ltd for whisky product sales. The full amount was subsequently settled in 2025.

(8) As of the date of this prospectus, the balance represented the franchise fee receivables from Ding Yi International Co., Ltd.

(9) As of the date of this prospectus, the balance represented the working capital advance provided by Ding Yi International Co., Ltd. The balance was unsecured, interest-free and no fixed repayment terms.

(10) As of December 31, 2022, the balance represented the working capital advance provided to Ping Shiang Business Corporation. The balance was unsecured, interest-free and no fixed repayment terms. The full amount was subsequently settled in 2023.

(11) As of the date of this prospectus, the balance represented the working capital advance provided by Ping Shiang Business Corporation. The balance was unsecured, interest-free and no fixed repayment terms.

(12) As of December 31, 2024, the balance represented the prepayment paid to 芳華株式会社 for licensing the "忍者" trademark. The total agreement amount was JPY7,500,000 (equivalent to US$55,811), of which JPY6,700,000 (equivalent to US$45,044) was prepaid. The remaining balance was settled in February 2025. Upon the effectiveness of the license agreement, the amount was capitalized as an intangible asset in 2025, reflecting the fair value of the licensing rights acquired.

(13) As of the date of this prospectus, the balance represented the advance payment to 瀨古酒造株式会社 for inventory purchases.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) During the years presented, the Company had the following transactions with related parties:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  **Name of related parties** | **Relationship** | **Nature** | **<br>For the financial years ended <br>December 31,** | **<br>For the financial years ended <br>December 31,** | **<br>For the financial years ended <br>December 31,** | **As of <br>the date <br>of this <br>prospectus** |
|  **Name of related parties** | **Relationship** | **Nature** | **2022** | **2023** | **2024** | **As of <br>the date <br>of this <br>prospectus** |
|  |  |  | **US$** | **US$** | **US$** | **US$** |
|  Xiamen Celtic Culture Communication | Common UBO | Sales<sup>(1)</sup> |  | 38295 | 80928 |  |
|  Xiamen Celtic Culture Communication | Common UBO | Repayment from a related party<sup>(2)</sup> |  | 428822 |  |  |
|  Ping Shiang Business Corporation | Common UBO | Purchase<sup>(3)</sup> | 96114 |  | 191489 | 676392 |
|  Ping Shiang Business Corporation | Common UBO | Repayment from a related party<sup>(4)</sup> |  | 65220 |  |  |
|  Ping Shiang Business Corporation | Common UBO | Repayment to a related party<sup>(5)</sup> |  |  |  | 20701 |
|  Auchenbowie House | Common UBO | Sales<sup>(6)</sup> |  | 24083 |  |  |
|  Ding Yi International Co., Ltd | Controlled by an immediate family member of the beneficial owner | Sales<sup>(7)</sup> |  |  | 229412 | 23659 |
|  Ding Yi International Co., Ltd | Controlled by an immediate family member of the beneficial owner | Purchase<sup>(8)</sup> | 96114 |  |  |  |
|  Ding Yi International Co., Ltd | Controlled by an immediate family member of the beneficial owner | Other income<sup>(9)</sup> |  |  |  | 7007 |
|  Ding Yi International Co., Ltd | Controlled by an immediate family member of the beneficial owner | Repayment to a related party |  |  | 169 |  |
|  Ding Yi International Co., Ltd | Controlled by an immediate family member of the beneficial owner | Proceeds from a related party<sup>(10)</sup> |  |  |  | 111468 |
|  Mr. Tsai Yi Yang | Beneficial owner | Rent paid<sup>(11)</sup> |  | 9636 | 9348 | 7644 |
|  Mr. Tsai Yi Yang | Beneficial owner | Expense paid on behalf<sup>(12)</sup> |  |  |  | 176965 |
|  Mr. Tsai Yi Yang | Beneficial owner | Repayment to a related party<sup>(13)</sup> |  | 127092 |  | 100133 |
|  Mr. Tsai Yi Yang | Beneficial owner | Proceeds from a related party<sup>(14)</sup> |  |  | 373007 | 21657 |
|  Ms. Lee Li Mei | Shareholder of the Company | Rent paid<sup>(15)</sup> |  |  | 5920 | 7261 |
|  芳華株式会社 | Common UBO | Prepayment for a trademark<sup>(16)</sup> |  |  | 48000 |  |
|  瀨古酒造株式会社 | Common UBO | Prepayment for inventory cost<sup>(17)</sup> |  |  |  | 34248 |

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____________

(1) For the years ended December 31, 2023 and 2024, the amount represented the sales of bottled whisky products to Xiamen Celtic Culture Communication.

(2) For the years ended December 31, 2023, the amount represented the repayment made from Xiamen Celtic Culture Communication for settling the outstanding balance due to our Group.

(3) For the years ended December 31, 2022, 2024, and the period from January 1, 2025 to the date of this prospectus, the amount represented the purchases of bottled whisky products from Ping Shiang Business Corporation.

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(4) For the year ended December 31, 2023, the amount represented the repayment made from Ping Shiang Business Corporation for settling the outstanding balance due to our Group.

(5) For the period from January 1, 2025 to the date of this prospectus, the amount represented the repayment made by our Group to Ping Shiang Business Corporation for settling the outstanding balance due to Ping Shiang Business Corporation.

(6) For the year ended December 31, 2023, the amount represented the sales of bottled whisky products to Auchenbowie House.

(7) For the year ended December 31, 2024, and the period from January 1, 2025 to the date of this prospectus, the amount represented the sales of bottled whisky products to Ding Yi International Co., Ltd.

(8) For the year ended December 31, 2022, the amount represented the purchases of bottled whisky products from Ding Yi International Co., Ltd.

(9) For the period from January 1, 2025 to the date of this prospectus, the amount represented the franchise fees income earned from Ding Yi International Co., Ltd.

(10) For the period from January 1, 2025 to the date of this prospectus, the amount represented the proceeds from Ping Shiang Business Corporation for providing additional working capital advance to our Group, which was unsecured, interest-free and no fixed repayment terms.

(11) For the years ended December 31, 2023, 2024, and the period from January 1, 2025 to the date of this prospectus, the amount represented operating lease expenses charged by Mr. Tsai Yi Yang for warehouses at No. 162-10, Shengang Rd., Shengang Dist., Taichung City and No. 23-1, Shenzun Rd., Shengang Dist., Taichung City.

(12) For the period from January 1, 2025 to the date of this prospectus, the amount represented the expenses paid on behalf of our Group for operations.

(13) For the year ended December 31, 2023, and the period from January 1, 2025 to the date of this prospectus, the amount represented the repayment made by our Group to Mr. Tsai Yi Yang for settling the outstanding balance due to Mr. Tsai Yi Yang.

(14) For the year ended December 31, 2024, and the period from January 1, 2025 to the date of this prospectus, the amount represented the proceeds from Mr. Tsai Yi Yang for providing additional working capital advance to our Group, which was unsecured, interest-free and no fixed repayment terms.

(15) For the years ended December 31, 2024, and the period from January 1, 2025 to the date of this prospectus, the amount represented operating lease expenses charged by Ms. Lee Li Mei for the warehouse at No. 65-2, Shenlin Rd., Shengang Dist., Taichung City.

(16) For the years ended December 31, 2024, the amount represented the prepayment to 芳華株式会社 for licensing the "忍者" trademark for use on whisky products, with a total agreement amount of JPY7,500,000 (equivalent to US$53,120), of which JPY6,700,000 (equivalent to US$48,000) was prepaid. Upon the effectiveness of the license agreement, the amount was capitalized as an intangible asset in 2025, reflecting the fair value of the licensing rights acquired.

(17) For the period from January 1, 2025 to the date of this prospectus, the amount represented the advance payment to 瀨古酒造株式会社 for inventory purchases.

These above transactions were made in normal course of business.

#### EMPLOYME NT AGREEMENTS AND INDEMNIFICATION AGREEMENTS
See "Management — Employment Agreements and Indemnification Agreements."

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#### DESCRIPTION OF SHARE CAPITAL
We are a Cayman Islands exempted company and our affairs will be governed by our memorandum and articles of association, as amended from time to time, and the Companies Act (As Revised) of the Cayman Islands, which we refer to as the Companies Act below, and the common law of Cayman Islands.

As of the date of this prospectus, our authorized share capital is US$50,000 divided into 1,250,000,000 shares of par value US$0.00004 each, comprising of 625,000,000 Class A Ordinary Shares of par value US$0.00004 each and 625,000,000 Class B Ordinary Shares of par value US$0.00004 each. As of the date of this prospectus, 17,864,000 Class A Ordinary Shares and 14,500,000 Class B Ordinary Shares are issued and outstanding.

Immediately prior to the completion of this offering, we will have 17,864,000 Class A Ordinary Shares and 14,500,000 Class B Ordinary Shares issued and outstanding. All of our shares issued and outstanding prior to the completion of the offering are and will be fully paid, and all of our shares to be issued in the offering will be issued as fully paid.

#### Our Post-Offering Amended and Restated Memorandum and Articles of Association
We will adopt a post-offering amended and restated memorandum and articles of association, which will become effective and replace our current amended and restated memorandum and articles of association in its entirety immediately prior to the completion of this offering. The following are summaries of certain material provisions of the post-offering amended and restated memorandum and articles of association and of the Companies Act, insofar as they relate to the material terms of our ordinary shares.

*Objects of Our Company.* Under our post-offering amended and restated memorandum and articles of association, 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.

*Ordinary Shares.* Our ordinary 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. In no event shall Class A Ordinary Shares be convertible into Class B Ordinary Shares nor shall any Class B Ordinary Share be convertible into Class A Ordinary Shares, and there is no sunset provisions that limit the lifespan of the Class B Ordinary Shares.

*Dividends.* The holders of our Class A Ordinary Shares are entitled to such dividends as may be declared by our board of directors, in contrast, holders of our Class B Ordinary Shares will not be entitled to any dividends. Our post-offering amended and restated memorandum and articles of association provide 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.

*Voting Rights.* Voting at any meeting of shareholders is by a poll. Every shareholder present shall have one (1) vote for every Class A Ordinary Share and ten (10) votes for every Class B Ordinary Share of which he is the holder. 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 ordinary 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 ordinary shares at a meeting. A special resolution will be required for important matters such as a change of name, making changes to our post-offering amended and restated memorandum and articles of association, a reduction of our share capital and the winding up of our company. Our shareholders may, among other things, divide or combine their 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. Our post-offering amended and restated memorandum and articles of association provide that we shall, if required by the Companies Act or our post-offering amended and restated articles of association, in each year hold a general meeting as its annual general meeting, and shall specify the meeting as such in the notices calling it, and the annual general meeting shall be held at such time and place as may be determined by our directors. General meetings, including annual general meetings, may be held at such times and

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in any location in the world as may be determined by the Board. A general meeting or any class meeting may also be held by means of such telephone, electronic or other communication facilities as to permit all persons participating in the meeting to communicate with each other, and participation in such a meeting constitutes presence at such meeting.

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 at least 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 holding shares which carry in aggregate (or representing by proxy) not less than one-third of all votes attaching to issued and outstanding shares in our company 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 post-offering amended and restated memorandum and articles of association provide that only a majority of the Board or the Chairman of the Board may call extraordinary general meetings.

*Transfer of Ordinary Shares.* Subject to the restrictions set out below, any of our shareholders may transfer all or any of his or her ordinary shares by an instrument of transfer in the usual or common form or in a form prescribed by Nasdaq or any other form approved by our board of directors. Notwithstanding the foregoing, ordinary shares may also be transferred in accordance with the applicable rules and regulations of Nasdaq.

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the instrument of transfer is lodged with us, accompanied by the certificate for the ordinary 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the instrument of transfer is in respect of only one class of ordinary shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the instrument of transfer is properly stamped, if required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a fee of such maximum sum as the Nasdaq may determine to be payable or such lesser sum as our directors may from time to time require is paid to us in respect thereof.

If our directors refuse to register a transfer they 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 Nasdaq, 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, holders of our Class A Ordinary Shares are entitled to participate in the distribution of our Company's assets in accordance with our post-offering amended and restated memorandum and articles of association and Cayman Islands law, and holders of our Class B Ordinary Shares are not entitled to participate in the distribution of our Company's assets. If the assets available for distribution amongst holders of our Class A Ordinary Shares 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 amongst holders of our Class A Ordinary Shares in proportion to the par value of the Class A Ordinary Shares held by them at the commencement of the winding up, subject to a deduction from those Class A Ordinary 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 holders of our Class A Ordinary Share in proportion to the par value of the Class A Ordinary Shares held by them.

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*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 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 post-offering amended and restated memorandum and articles of association authorizes our board of directors to issue additional ordinary shares from time to time as our board of directors shall determine, to the extent of available authorized but unissued shares.

Our post-offering amended and restated memorandum and articles of association also authorizes our board of directors to establish from time to time one or more series of preference shares and to determine, with respect to any series of preference shares, the terms and rights of that series, including, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the designation of the series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the number of shares of the series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the dividend rights, dividend rates, conversion rights and voting rights; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the rights and terms of redemption and liquidation preferences.

Our board of directors may issue preference shares without action by our shareholders to the extent of available authorized but unissued shares. Issuance of these shares may dilute the voting power of holders of ordinary shares.

*Inspection of Books and Records.* Holders of our ordinary 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 post-offering amended and restated memorandum and articles of association have provisions that provide our shareholders the right to inspect our register of shareholders without charge, and to receive our annual audited combined financial statements. See "Where You Can Find Additional Information."

*Anti*-Takeover *Provisions.* Some provisions of our post-offering amended and restated memorandum and articles of association may discourage, delay or prevent a change of control of our company or management that shareholders may consider favorable, including provisions that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• authorize our board of directors to issue preference shares in one or more series and to designate the price, rights, preferences, privileges and restrictions of such preference shares without any further vote or action by our shareholders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• limit the ability of shareholders to requisition and convene general meetings of shareholders.

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Furthermore, our authorized, but unissued Class A Ordinary Shares and Class B Ordinary Shares are available for future issuance without shareholders' approval and could be utilized for a variety of corporate purposes, including future offerings to raise additional capital, acquisitions and employee benefit plans. The existence of authorized but unissued Class B Ordinary Shares could render more difficult or discourage an attempt to obtain control of us by means of a proxy contest, tender offer, merger or otherwise.

The disparate voting rights between the Class A Ordinary Shares and Class B Ordinary Shares may have anti-takeover effects preventing a change in control transaction that shareholders might consider in their best interest. The future issuances of Class B Ordinary Shares may be dilutive to Class A shareholders.

However, under Cayman Islands law, our directors may only exercise the rights and powers granted to them under our post-offering amended and restated memorandum and articles of association 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• does not have to file an annual return of its shareholders with the Registrar of Companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is not required to open its register of members for inspection;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• does not have to hold an annual general meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may issue shares with no par value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may obtain an undertaking against the imposition of any future taxation (such undertakings are usually given for 20 years in the first instance);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may register by way of continuation in another jurisdiction and be deregistered in the Cayman Islands;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may register as an exempted limited duration company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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).

#### Data Protection in the Cayman Islands — Privacy Notice
This privacy notice explains the manner in which we collect, process, and maintain personal data about our investors pursuant to the Data Protection Act (Revised) of the Cayman Islands, as amended from time to time and any regulations, codes of practice, or orders promulgated pursuant thereto (the "DPA").

We are committed to processing personal data in accordance with the DPA. In our use of personal data, we will be characterized under the DPA as a "data controller," whilst certain of our service providers, affiliates, and delegates may act as "data processors" under the DPA. These service providers may process personal information for their own lawful purposes in connection with services provided to us.

By virtue of your investment in our Company, we and certain of our service providers may collect, record, store, transfer, and otherwise process personal data by which individuals may be directly or indirectly identified.

Your personal data will be processed fairly and for lawful purposes, including (a) where the processing is necessary for us to perform a contract to which you are a party or for taking pre-contractual steps at your request, (b) where the processing is necessary for compliance with any legal, tax, or regulatory obligation to which we are subject, or (c) where the processing is for the purposes of legitimate interests pursued by us or by a service provider to whom the data are disclosed. As a data controller, we will only use your personal data for the purposes for which we collected it. If we need to use your personal data for an unrelated purpose, we will contact you.

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We anticipate that we will share your personal data with our service providers for the purposes set out in this privacy notice. We may also share relevant personal data where it is lawful to do so and necessary to comply with our contractual obligations or your instructions or where it is necessary or desirable to do so in connection with any regulatory reporting obligations. In exceptional circumstances, we will share your personal data with regulatory, prosecuting, and other governmental agencies or departments, and parties to litigation (whether pending or threatened), in any country or territory including to any other person where we have a public or legal duty to do so (e.g. to assist with detecting and preventing fraud, tax evasion, and financial crime or compliance with a court order).

Your personal data shall not be held by our Company for longer than necessary with regard to the purposes of the data processing.

We will not sell your personal data. Any transfer of personal data outside of the Cayman Islands shall be in accordance with the requirements of the DPA. Where necessary, we will ensure that separate and appropriate legal agreements are put in place with the recipient of that data.

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.

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 to your investment into our Company, this will be relevant for those individuals and you should inform such individuals of the content.

You have certain rights under the DPA, including (a) the right to be informed as to how we collect and use your personal data (and this privacy notice fulfils our obligation in this respect), (b) the right to obtain a copy of your personal data, (c) the right to require us to stop direct marketing, (d) the right to have inaccurate or incomplete personal data corrected, (e) the right to withdraw your consent and require us to stop processing or restrict the processing, or not begin the processing of your personal data, (f) the right to be notified of a data breach (unless the breach is unlikely to be prejudicial), (g) the right to obtain information as to any countries or territories outside the Cayman Islands to which we, whether directly or indirectly, transfer, intend to transfer, or wish to transfer your personal data, general measures we take to ensure the security of personal data, and any information available to us as to the source of your personal data, (h) the right to complain to the Office of the Ombudsman of the Cayman Islands, and (i) the right to require us to delete your personal data in some limited circumstances.

If you consider that your personal data has not been handled correctly, or you are not satisfied with our responses to any requests you have made regarding the use of your personal data, you have the right to complain to the Cayman Islands' Ombudsman. The Ombudsman can be contacted by calling +1 (345) 946-6283 or by email at info@ombudsman.ky.

#### Legislation of the Cayman Islands
The Cayman Islands, together with several other non-European Union jurisdictions, have introduced legislation aimed at addressing concerns raised by the Council of the European Union as to offshore structures engaged in certain activities which attract profits without real economic activity. With effect from January 1, 2019, the International Tax Co-operation (Economic Substance) Act (Revised) came into force in the Cayman Islands introducing certain economic substance requirements for in-scope Cayman Islands entities which are engaged in certain "relevant activities". All companies are required to file annual reports with the Registrar of Companies of the Cayman Islands confirming whether or not they are carrying on any relevant activities and if it is, it must satisfy an economic substance test.

#### 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 certain significant differences between the provisions of the Companies Act applicable to us and the laws applicable to companies incorporated in the State of Delaware in the United States and their shareholders.

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*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.

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 by seventy-five per cent in value of the members or class of members, as the case may be, with whom the arrangement is to be made, or a majority in number of each class of creditors with whom the arrangement is to be made, and who must in addition represent seventy-five per cent 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the statutory provisions as to the required majority vote have been met;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 affected within four months, the offeror may, within a two-month period commencing on the

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expiration of such four-month period, 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.

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.

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 (a) is or is likely to become unable to pay its debts within the meaning of section 93 of the Companies Act; and (b) 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a company acts or proposes to act illegally or ultra vires;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the act complained of, although not ultra vires, could only be effected duly if authorized by more than a simple majority vote that has not been obtained; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• those who control the company are perpetrating a "fraud on the minority".

Our post-offering amended and restated articles of association contains a provision by which our shareholders waive any claim or right of action that they may have, both individually and on our behalf, against any director in relation to any action or failure to take action by such director in the performance of his or her duties with or for our Company, except in respect of any fraud, willful default or dishonesty of such director.

*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 post-offering amended and restated memorandum and articles of association provide that 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 post-offering amended and restated memorandum and articles of association.

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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*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 post-offering amended and restated articles of association provide 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 post-offering amended and restated articles of association and may not be taken by written consent of the shareholders without a meeting.

*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 with any right to put any proposal before a general meeting. However, these rights may be provided in a company's articles of association. Our post-offering amended and restated articles of association provide that only a majority of the Board may call 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 post-offering amended and restated articles of association do 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 post-offering amended and restated articles of association, a director may be removed from office by the affirmative vote of two-thirds (2/3) of the directors then in office (except with regard to the removal of the chairman, who may be removed from office by the affirmative vote of all directors), or by ordinary resolution of the shareholders (except with regard to the removal of the chairman, who may be removed from office by special resolution, being a resolution passed by not less than two-thirds of the votes cast by such shareholders as, being entitled to do so, vote in person or, where proxies are allowed, by proxy or, in the case of

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corporations, by their duly authorised representatives, at a general meeting of the Company of which notice specifying the intention to propose the resolution as a special resolution has been duly given; or approved in writing by all of the shareholders entitled to vote at a general meeting of the Company in one or more instruments each signed by one or more of the shareholders), notwithstanding anything in our post-offering amended and restated memorandum and articles of association or in any agreement between the Company and such Director (but without prejudice to any claim for damages under such agreement). In addition, a director's office shall be vacated if the director (i) becomes bankrupt or makes any arrangement or composition 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; or (iv) is removed from office pursuant to the laws of the Cayman Islands or any other provisions of our post-offering amended and restated memorandum and articles of association.

*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 share 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 post-offering 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 post-offering amended and restated memorandum and articles of association 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 post-offering amended and restated memorandum and articles of association 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 post-offering amended and restated memorandum and articles of association governing the ownership threshold above which shareholder ownership must be disclosed.

#### History of Securities Issuances
In the past three years, we have not issued any securities.

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#### SHARES ELIGIBLE FOR FUTURE SALE
Upon completion of this offering, we will have 34,114,000 issued and outstanding Ordinary Shares, including 19,614,000 Class A Ordinary Shares and 14,500,000 Class B Ordinary Shares, assuming the underwriters do not exercise their option to purchase additional ordinary shares. All of the Class A Ordinary Shares sold in this offering will be freely transferable by persons other than by our "affiliates" without restriction or further registration under the Securities Act. 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 and we cannot assure you that a regular trading market will develop even if our Class A Ordinary Shares are approved for listing on the Nasdaq Capital Market.

All outstanding Ordinary Shares prior to 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 on the Nasdaq only if they are sold pursuant to an effective registration statement under the Securities Act or an exemption from the registration requirement of the Securities Act such as those provided for in Rules 144 and 701 promulgated under the Securities Act, which rules are summarized below. Restricted ordinary shares may also be sold outside of the United States in accordance with 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.

#### LOCK-UP AGREEMENTS
We have agreed for a period of three (3) months from the closing of this offering, we and any successors of us will not (a) 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 capital stock of us or any securities convertible into or exercisable or exchangeable for shares of capital stock of us; (b) file or caused to be filed any registration statement with the SEC relating to the offering of any shares of our capital stock or any securities convertible into or exercisable or exchangeable for shares of our capital stock (other than the registration statement containing the Resale Prospectus); or (c) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of our capital stock, whether any such transaction described in clause (a), (b) or (c) above is to be settled by delivery of shares of our capital stock or such other securities, in cash or otherwise.

Furthermore, each of our directors, officers and holders of more than 5% of our outstanding shares as of the effective date of this registration statement will enter into customary "lock-up" agreements in favor of the underwriters for a period of six (6) months from the date of this offering.

The restrictions described in the preceding paragraphs will be automatically extended under certain circumstances. See "Underwriting."

Other than this offering, we are not aware of any plans by any significant shareholders to dispose of significant numbers of our ordinary shares (including the sale of Ordinary Shares by the Resale Shareholders pursuant to the Resale Prospectus). However, one or more existing shareholders or owners of securities may dispose of significant numbers of our ordinary shares in the future. We cannot predict what effect, if any, future sales of our ordinary shares, or the availability of 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 ordinary shares in the public market, or the perception that these sales could occur, could adversely affect the trading price of our ordinary shares.

#### REGULATION S
Regulation S under the Securities Act provides an exemption from registration requirements in the United States for offers and sales of securities that occur outside the United States. Rule 903 of Regulation S provides the conditions to the exemption for a sale by an issuer, a distributor, their respective affiliates or anyone acting on their behalf, while Rule 904 of Regulation S provides the conditions to the exemption for a resale by persons other than those covered by Rule 903. In each case, any sale must be completed in an offshore transaction, as that term is defined in Regulation S, and no directed selling efforts, as that term is defined in Regulation S, may be made in the United States.

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We are a foreign issuer as defined in Regulation S. As a foreign issuer, securities that we sell outside the United States pursuant to Regulation S are not considered to be restricted securities under the Securities Act, and are freely tradable without registration or restrictions under the Securities Act, unless the securities are held by our affiliates. Generally, subject to certain limitations, holders of our restricted shares who are not our affiliates or who are our affiliates solely by virtue of their status as an officer or director of us may, under Regulation S, resell their restricted shares in an "offshore transaction" if none of the seller, its affiliate nor any person acting on their behalf engages in directed selling efforts in the United States and, in the case of a sale of our restricted shares by an officer or director who is an affiliate of us solely by virtue of holding such position, no selling commission, fee or other remuneration is paid in connection with the offer or sale other than the usual and customary broker's commission that would be received by a person executing such transaction as agent. Additional restrictions are applicable to a holder of our restricted shares who will be an affiliate of us other than by virtue of his or her status as an officer or director of us.

We are not claiming the potential exemption offered by Regulation S in connection with the offering of newly issued shares outside the United States and will register all of the newly issued shares under the Securities Act.

#### RULE 144
All of our ordinary shares outstanding prior to this offering upon the completion of this offering are "restricted shares" as that term is defined in Rule 144 under the Securities Act and may be sold publicly in the United States only if they are subject to an effective registration statement under the Securities Act or pursuant to an exemption from the registration requirement such as those provided by Rule 144 and Rule 701 promulgated under the Securities Act. In general, under Rule 144 as currently in effect, beginning ninety (90) days after the date of this prospectus a person (or persons whose shares are aggregated) who has beneficially owned our restricted shares for at least six months, is entitled to sell the restricted securities without registration under the Securities Act, subject to certain restrictions. Persons who are our affiliates may sell within any three months period a number of restricted shares that does not exceed the greater of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 1% of our then total issued and outstanding Class A Ordinary Shares, which will equal 196,140 Class A Ordinary Shares immediately after this offering, assuming the underwriters do not exercise their option to purchase additional ordinary shares (or approximately ordinary shares if the underwriters in full their option to purchase additional ordinary shares); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the average weekly trading volume of our ordinary shares in the form of Class A Ordinary Shares on the Nasdaq Capital Market, during the four calendar weeks preceding the date on which notice of the sale is filed with the Securities and Exchange Commission.

Sales under Rule 144 must be made through unsolicited transactions. They are also subject to other manner of sale provisions, notice requirements and the availability of current public information about us. Persons who are not our affiliates and have beneficially owned our restricted shares for more than six months but not more than one year may sell the restricted 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 restricted shares for more than one year may freely sell the restricted shares without registration under the Securities Act. However, these shares would remain subject to lock-up arrangements and would only become eligible for sale when the lock-up period expires.

#### RULE 701
In general, under Rule 701 of the Securities Act as currently in effect, each of our employees, consultants or advisors who purchases our Class A Ordinary Shares from us in connection with a compensatory stock or option plan or other written agreement relating to compensation is eligible to resell such Class A Ordinary Shares ninety (90) days after we became a reporting company under the Exchange Act in reliance on Rule 144, but without compliance with some of the restrictions, including the holding period, contained in Rule 144. However, these shares would remain subject to lock-up arrangements and would only become eligible for sale when the lock-up period expires.

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#### REGISTRATION RIGHTS
As of the date of this prospectus, we do not have registration rights arrangements with the holders of our ordinary shares or their transferees, but we may enter into registration rights agreements with certain holders of our ordinary shares or their transferees in the future, under which they will be entitled to request that we register their ordinary shares for resale under the Securities Act upon completion of this offering and following the expiration of the lock-up agreements described above.

#### RESALE PROSPECTUS
As described in the Explanatory Note to the registration statement of which this prospectus forms a part, the registration statement also contains a Resale Prospectus to be used in connection with the potential resale by the Resale Shareholders of our Class A Ordinary Shares held by them. These Class A Ordinary Shares have been registered to permit public resale of such shares, and the Resale Shareholders may offer such Class A Ordinary Shares for resale from time to time pursuant to the Resale Prospectus. The Resale Shareholders may also sell, transfer or otherwise dispose of all or a portion of their Class A Ordinary Shares in transactions exempt from the registration requirements of the Securities Act or pursuant to another effective registration statement covering those shares. No shares will be sold by the Resale Shareholders until our shares are listed or quoted on an established public trading market. Thereafter, any sales will occur at prevailing market prices or in privately negotiated prices.

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#### TAXATION
The following summary of the material Cayman Islands, Taiwan 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 registration statement, all of which are subject to change. This summary does not deal with all possible tax consequences relating to an investment in our 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, Taiwan and the United States. To the extent that the discussion relates to matters of Cayman Islands tax law, it represents the opinion of Harney Westwood & Riegels, our Cayman Islands counsel, and to the extent it relates to Taiwan tax law, it is the opinion of KPMG Law Firm, our Taiwan counsel.

#### TAIWAN TAXATION
The following is a general summary of the principal Taiwan tax implications of the ownership and disposition of our Class A Ordinary Shares (the holders of our Class A Ordinary Shares referred to herein as "Holders").

Holders should consult their tax advisors concerning the Taiwan tax consequences of holding our Class A Ordinary Shares and the laws of any relevant taxing jurisdiction to which they are subject.

#### Capital gains from the sale or disposal of our Class A Ordinary Shares
Sale or disposal of the Class A Ordinary Shares of a Cayman Islands company is generally not regarded as the sale of Taiwan securities; thus, any gains generated therefrom by Holders who are individual Taiwan tax residents are not subject to Taiwan income tax.

However, such capital gains may become subject to Taiwan Alternative Minimum Tax ("AMT") as overseas income. For further information, please see "*Taiwan Alternative Minimum Tax*" below.

In contrast, for Holders who are corporate Taiwan tax residents, such capital gains should still be included in their current-year corporate income tax ("CIT") returns and subject to 20% CIT rate.

#### Dividends
For Holders who are individual Taiwan tax residents, they may be subject to AMT for dividends received from the Company as overseas income. For further information, please see "*Taiwan Alternative Minimum Tax*" below.

For Holders who are corporate Taiwan tax residents, dividends income should be included in their current-year CIT return and subject to 20% CIT rate.

Furthermore, starting from January 1, 2024, Taiwan has started to enforce the Controlled Foreign Corporation ("CFC") regime on Taiwan tax residents. Specifically, under the CFC regime, if Holders who are Taiwan tax residents (either individuals or corporations) directly or indirectly hold 50% or more of the shares of the Company or have significant influence over the Company, the Company will constitute a CFC of such Holders. In this case, unless the Company carries out substantial operating activities in the Cayman Islands or its current-year earnings are below NTD7 million, the retained earnings of the Company would be deemed to distribute to the Holders. Such deemed dividends would be taxable based on the aforesaid methods.

#### Taiwan Alternative Minimum Tax
The AMT regime imposed under the Taiwan Income Basic Tax Act is a supplemental income tax which applies if the amount of regular income tax calculated pursuant to the Taiwan Income Tax Act and relevant laws and regulations is below the amount of basic tax prescribed under the Taiwan Income Basic Tax Act.

For individual Taiwan tax residents, if their current-year overseas income exceeds NTD 1 million, such income should be included in the AMT taxable income, together with other add-back items, and subject to a 20% AMT rate with an exemption amount of NTD 7.5 million. For corporate Taiwan tax residents, the AMT taxable income are taxed at 12% AMT after deducting an exemption amount of NTD 600,000.

Holders are strongly encouraged to consult their own tax advisors regarding the applicability and the consequences of Taiwan AMT regime.

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#### Taiwan Securities Transaction Tax
Sale of the Class A Ordinary Shares of a Cayman Islands company by Holders is generally not subject to Taiwan securities transaction tax.

The Taiwan tax considerations summarized above are for general information only and not intended to provide any definitive tax representations to the Holders. Each Holder should consult his or her own tax advisor as to the particular tax consequences that may apply to such Holder.

#### CAYMAN ISLANDS TAXATION
The Cayman Islands currently levies no taxes on individuals or corporations based upon profits, income, gains or appreciations and there is no taxation in the nature of inheritance tax or estate duty or withholding tax applicable to us or to any holder of our Class A Ordinary Shares. There are no other taxes likely to be material to us levied by the Government of the Cayman Islands except for stamp duties which may be applicable on instruments executed in, or after execution brought within the jurisdiction of the Cayman Islands. No stamp duty is payable in the Cayman Islands on transfers of shares of Cayman Islands companies except those which hold interests in land in the Cayman Islands. Save and except that the Cayman Islands is a party to a double tax treaty entered into with the United Kingdom in 2010, the Cayman Islands are not party to any double tax treaties that are applicable to any payments made to or by the Company. There are no exchange control regulations or currency restrictions in the Cayman Islands.

Payments of dividends and capital in respect of Class A Ordinary Shares will not be subject to taxation in the Cayman Islands and no withholding will be required on the payment of a dividend or capital to any holder of Class A Ordinary Shares, nor will gains derived from the disposal of Class A Ordinary Shares be subject to Cayman Islands income or corporation tax.

The Cayman Islands enacted the International Tax Co-operation (Economic Substance) Act (Revised) together with the Guidance Notes published by the Cayman Islands Tax Information Authority from time to time. The Company is required to comply with the economic substance requirements from July 1, 2019 and make an annual report in the Cayman Islands as to whether or not it is carrying on any relevant activities and if it is, it must satisfy an economic substance test.

#### U.S. FEDERAL INCOME TAX CONSIDERATIONS
The following is a discussion of the material U.S. federal income tax considerations relevant to the acquisition, ownership, and disposition of our Class A Ordinary Shares by U.S. Holders (as defined below) that will hold our Class A Ordinary Shares as "capital assets" (generally, property held for investment) under the U.S. Internal Revenue Code of 1986, as amended, or the "Code"). This discussion is based upon applicable provisions of the Code, U.S. Treasury regulations promulgated thereunder, pertinent judicial decisions, interpretive rulings of the U.S. Internal Revenue Service, or the IRS, and such other authorities as we have considered relevant, all of which are subject to change, possibly with retroactive effect. This discussion does not address all aspects of U.S. federal income taxation that may be important to particular investors in light of their individual investment circumstances, including investors subject to special tax and/or reporting rules (for example, certain financial institutions; insurance companies; broker-dealers; pension plans; regulated investment companies; real estate investment trusts; tax-exempt organizations (including private foundations); holders who are not U.S. Holders (as defined below); holders who own (directly, indirectly, or constructively) 10% or more of the voting power or value of our stock; investors that will hold their Class A Ordinary Shares as part of a straddle, hedge, conversion, constructive sale, or other integrated transaction for U.S. federal income tax purposes; investors that are traders in securities that have elected the mark-to-market method of accounting; or investors that have a functional currency other than the U.S. dollar), or holders that acquire Class A Ordinary Shares through the exercise of options or other convertible instruments or in connection with the provision of services, all of whom may be subject to tax rules that differ significantly from those discussed below.

In addition, this discussion does not address tax considerations relevant to U.S. Holders under any non-U.S., state or local tax laws, the Medicare tax on net investment income, the one-percent excise tax on stock repurchases, estate or gift tax, or the alternative minimum tax. Each U.S. Holder is urged to consult its tax advisors regarding the U.S. federal, state, local, and non-U.S. income and other tax considerations of an investment in Class A Ordinary Shares.

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The discussion below of U.S. federal income tax consequences applies to you if you are a "U.S. Holder." You are a U.S. Holder if you are a beneficial owner of our Class A Ordinary Shares and you are: (i) an individual who is a citizen or resident of the United States for U.S. federal income tax purposes; (ii) a corporation, or other entity treated as a corporation for U.S. federal income tax purposes, created in, or organized under the law of any state of the United States, or the District of Columbia; (iii) an estate the income of which is includible in gross income for U.S. 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 U.S. federal or state court and which has one or more U.S. persons who have the authority to control all substantial decisions of the trust or (B) that has otherwise validly elected to be treated as a U.S. person under the Code.

If you are a partner in a partnership (including any entity or arrangement treated or elects to be treated as a partnership for U.S. federal income tax purposes) that holds our Class A Ordinary Shares, your tax treatment generally will depend on your status and the activities of the partnership (or any such entity or arrangement treated as or elects to be treated as a partnership for U.S. federal income tax purposes). Partners in a partnership (or any such entity or arrangement treated as or elects to be treated as a partnership for U.S. federal income tax purposes) holding our Class A Ordinary Shares should consult their tax advisors regarding the tax consequences of an investment in the Class A Ordinary Shares.

We are a corporation organized under the laws of the Cayman Islands. As such, we believe that we are properly classified as a non-U.S. corporation for U.S. federal income tax purposes. Under certain provisions of the Code and U.S. Treasury regulations, however, if pursuant to a plan (or a series of related transactions), a non-U.S. corporation (such as our company) acquires substantially all of the properties constituting a trade or business of a U.S. corporation or partnership, and after the acquisition 80% or more of the stock (by vote or value) of the non-U.S. corporation (excluding stock issued in a public offering related to the acquisition) is owned by former stockholder or partners of the U.S. corporation or partnership by reason of their holding stock or a capital or profits interest in the U.S. corporation or partnership, the non-U.S. corporation will be considered a U.S. corporation for U.S. federal income tax purposes. You are urged to consult your tax advisor concerning the income tax consequences of purchasing, holding or disposing of Class A Ordinary Shares if we were to be treated as a U.S. corporation for U.S. federal income tax purposes. The remainder of this discussion assumes that our company is treated as a non-U.S. corporation for U.S. Federal income tax purposes.

#### Dividends
Subject to the PFIC rules discussed below, any cash distributions (including the amount of any other tax withheld) paid on our Class A Ordinary Shares out of our current or accumulated earnings and profits, as determined under U.S. federal income tax principles, will generally be includible in your gross income as dividend income on the day actually or constructively received by you. Because we do not intend to determine our earnings and profits under U.S. federal income tax principles, any distribution paid will generally be treated as a dividend for U.S. federal income tax purposes by us. Dividends received by corporations on our Class A Ordinary Shares may be eligible for the dividends received deduction allowed to U.S. corporations under the Code.

Considering that the U.S. has not entered into an income tax treaty with Taiwan, in the event that we are deemed to be a Taiwan tax resident enterprise under Taiwan Tax Law, you may be subject to Taiwan withholding taxes on dividends paid on our Class A Ordinary Shares, as described under "— Taiwan Taxation."

A non-corporate U.S. Holder generally may be subject to tax at preferential tax rates applicable to "qualified dividend income," provided that certain conditions are satisfied, including that (1) our stock is readily tradable on an established securities market in the United States, (2) we are neither a PFIC nor treated as such with respect to a U.S. Holder (as discussed below) for the taxable year in which the dividend was paid and the preceding taxable year, and (3) certain holding period requirements are met. U.S. holders are urged to consult their own tax advisors regarding the availability of the preferential rate for any dividends paid with respect to our Class A Ordinary Shares.

For U.S. foreign tax credit purposes, dividends generally will be treated as income from foreign sources and generally will constitute "passive" category income. Depending on your particular circumstances, you may be eligible, subject to a number of complex limitations, to claim a foreign tax credit in respect of any foreign withholding taxes imposed on dividends received on our Class A Ordinary Shares. If you do not elect to claim a foreign tax credit for foreign tax withheld, you may instead claim a deduction, for U.S. federal income tax purposes, for the foreign tax withheld, but only for a year in which you elect to do so for all creditable foreign income taxes. The rules governing the foreign tax credit are complex. You are urged to consult your tax advisor regarding the availability of the foreign tax credit under your particular circumstances.

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#### Sale or Other Disposition of Class A Ordinary Shares
Subject to the PFIC rules discussed below, you generally will recognize capital gain or loss upon the sale or other disposition of our Class A Ordinary Shares in an amount equal to the difference, if any, between the amount realized upon the disposition and your adjusted tax basis in such Class A Ordinary Shares. Any capital gain or loss will be long-term capital gain or loss if you have held the Class A Ordinary Shares for more than one year, and will generally be U.S.-source gain or loss for U.S. foreign tax credit purposes. In the event that we are deemed to be a Taiwan tax resident enterprise under Taiwan Tax Law, gain from the disposition of the Class A Ordinary Shares may be subject to tax in the PRC, as described under "— Taiwan Taxation." If such income were treated as U.S.-source income for foreign tax credit purposes, you might not be able to use the foreign tax credit arising from any tax imposed on the sale, exchange, or other taxable disposition of our Class A Ordinary Shares unless such credit could be applied (subject to applicable limitations) against tax due on other income derived from foreign sources. The deductibility of a capital loss may be subject to limitations. You are urged to consult your tax advisor regarding the tax consequences if a foreign tax is imposed on a disposition of our Class A Ordinary Shares, including the availability of the foreign tax credit under your particular circumstances.

#### PFIC Rules
A non-U.S. corporation, such as our company, will be classified as a PFIC for U.S. federal income tax purposes for any taxable year, if either (i) 75% or more of its gross income for such year consists of certain types of "passive" income or (ii) 50% or more of the value of its assets (determined on the basis of a quarterly average) during such year produce or are held for the production of passive income. Passive income generally includes dividends, interest, royalties, rents, annuities, net gains from the sale or exchange of property producing such income and net foreign currency gains. For this purpose, cash is categorized as a passive asset and the company's goodwill associated with active business activity is taken into account as an active asset. We will be treated as owning our proportionate share of the assets and income of any other corporation in which we own, directly or indirectly, more than 25% (by value) of the stock.

Based on the projected composition of our assets and income, we do not anticipate being classified as a PFIC for our taxable year ending December 31, 2024. While we do not anticipate being classified as a PFIC, because the value of our assets for purposes of the PFIC asset test will generally be determined by reference to the market price of our Class A Ordinary Shares, fluctuations in the market price of our Class A Ordinary Shares may cause us to become a PFIC for the current or any subsequent taxable year. The determination of whether we will become a PFIC will also depend, in part, on the composition of our income and assets, which will be affected by how, and how quickly, we use our liquid assets and the cash raised in this offering. Whether we are a PFIC is a factual determination and we must make a separate determination each taxable year as to whether we are a PFIC (after the close of each taxable year). Accordingly, we cannot assure you that we will not be classified as a PFIC for our taxable year ending December 31, 2024 or any future taxable year. If we are classified as a PFIC for any taxable year during which you hold our Class A Ordinary Shares, we generally will continue to be treated as a PFIC, unless you make certain elections, for all succeeding years during which you hold our Class A Ordinary Shares even if we cease to qualify as a PFIC under the rules set forth above.

If we are a PFIC for any taxable year during which you hold our Class A Ordinary Shares, you will be subject to special tax rules with respect to any "excess distribution" that you receive and any gain you realize from a sale or other disposition (including a pledge) of our Class A Ordinary Shares, unless you make a "mark-to-market" election as discussed below. Distributions you receive in a taxable year that are greater than 125% of the average annual distributions you received during the shorter of the three preceding taxable years or your holding period for the Class A Ordinary Shares will be treated as an excess distribution. Under these special tax rules:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the excess distribution or gain will be allocated ratably over your holding period for the Class A Ordinary Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• amounts allocated to the current taxable year and any taxable years in your holding period prior to the first taxable year in which we are classified as a PFIC (a "pre-PFIC year") will be taxable as ordinary income; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• amounts allocated to each prior taxable year, other than the current taxable year or a pre-PFIC year, will be subject to tax at the highest tax rate in effect applicable to you for that year, and such amounts will be increased by an additional tax equal to interest on the resulting tax deemed deferred with respect to such years.

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If we are classified as a PFIC for any taxable year during which you hold our Class A Ordinary Shares and any of our non-U.S. subsidiaries is also a PFIC, you will be treated as owning a proportionate amount (by value) of the shares of each such non-U.S. subsidiary classified as a PFIC for purposes of the application of these rules.

Alternatively, a U.S. Holder of "marketable stock" (as defined below) in a PFIC may make a mark-to-market election for such stock of a PFIC to elect out of the tax treatment discussed in the two preceding paragraphs. If you make a valid mark-to-market election for the Class A Ordinary Shares, you will include in income each year an amount equal to the excess, if any, of the fair market value of the Class A Ordinary Shares as of the close of your taxable year over your adjusted basis in such Class A Ordinary Shares. You will be allowed a deduction for the excess, if any, of the adjusted basis of the Class A Ordinary Shares over their fair market value as of the close of the taxable year. However, deductions will be allowable only to the extent of any net mark-to-market gains on the Class A Ordinary Shares included in your income for prior taxable years. Amounts included in your income under a mark-to-market election, as well as gain on the actual sale or other disposition of the Class A Ordinary Shares, will be treated as ordinary income. Ordinary loss treatment will also apply to the deductible portion of any mark-to-market loss on the Class A Ordinary Shares, as well as to any loss realized on the actual sale or disposition of the Class A Ordinary Shares, to the extent that the amount of such loss does not exceed the net mark-to-market gains previously included for such Class A Ordinary Shares. Your basis in the Class A Ordinary Shares will be adjusted to reflect any such income or loss amounts. If you make a mark-to-market election, tax rules that apply to distributions by corporations which are not PFICs would apply to distributions by us (except that the preferential rates for qualified dividend income would not apply).

The mark-to-market election is available only for "marketable stock" which is stock that is traded in other than de minimis quantities on at least 15 days during each calendar quarter ("regularly traded") on a qualified exchange or other market, as defined in applicable U.S. Treasury regulations. We expect that the Class A Ordinary Shares will be listed on the Nasdaq Capital Market, which is a qualified exchange for these purposes. If the Class A Ordinary Shares are regularly traded, and the Class A Ordinary Shares qualify as "marketable stock" for purposes of the mark-to-market rules, then the mark-to-market election might be available to you if we were to become a PFIC.

Because, as a technical matter, a mark-to-market election cannot be made for any lower-tier PFICs that we may own, you may continue to be subject to the PFIC rules with respect to your indirect interest in any investments held by us that are treated as an equity interest in a PFIC for U.S. federal income tax purposes.

We do not currently intend to provide information necessary for U.S. Holders to make qualified electing fund elections, which, if available, would result in tax treatment different from the general tax treatment for PFICs described above.

If you own our Class A Ordinary Shares during any taxable year that we are a PFIC, you must file an annual report with the IRS, subject to certain exceptions based on the value of the Class A Ordinary Shares held. You are urged to consult your tax advisor concerning the U.S. federal income tax consequences of purchasing, holding, and disposing of our Class A Ordinary Shares if we are or become a PFIC, including the possibility of making a mark-to-market election.

#### Information Reporting and Backup Withholding
You may be required to submit to the IRS certain information with respect to your beneficial ownership of our Class A Ordinary Shares, if such Class A Ordinary Shares are not held on your behalf by certain financial institutions. Penalties also may be imposed if you are required to submit such information to the IRS and fail to do so.

Dividend payments with respect to Class A Ordinary Shares and proceeds from the sale, exchange or redemption of Class A Ordinary Shares may be subject to information reporting to the IRS and possible U.S. backup withholding. Backup withholding will not apply, however, to a U.S. Holder who furnishes a correct taxpayer identification number and makes any other required certification or who is otherwise exempt from backup withholding. U.S. Holders who are required to establish their exempt status generally must provide such certification on IRS Form W-9 or by otherwise establishing an exemption.

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Backup withholding is not an additional tax. Amounts withheld as backup withholding may be credited against your U.S. Federal income tax liability, and you may obtain a refund of any excess amounts withheld under the backup withholding rules by filing the appropriate claim for refund with the IRS and furnishing any required information. You are urged to consult your tax advisors regarding the application of the U.S. information reporting and backup withholding rules.

The U.S. federal income tax discussion set forth above is included for general information only and may not be applicable depending upon a holder's particular situation. Holders are urged to consult their tax advisors with respect to the tax consequences to them of the acquisition, ownership and disposition of our Class A Ordinary Shares and warrants, including the tax consequences under state, local, estate, foreign and other tax laws and tax treaties and the possible effects of changes in U.S. or other tax laws.

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#### UNDERWRITING
We will enter into an underwriting agreement with Revere Securities LLC (the "Representative"), to act as the representative of the underwriters named below, with respect to the Class A Ordinary Shares in this offering. The Representative may retain other brokers or dealers to act as sub-agents on its behalf in connection with this offering. Under the terms and subject to the conditions contained in the underwriting agreement, we have agreed to issue and sell to the underwriters the number of Class A Ordinary Shares as indicated below.

---

| | |
|:---|:---|
|  **Underwriter** | **Number of<br> Class A Ordinary<br> Shares** |
|  Revere Securities LLC |  |
|  **Total** |  |

---

The underwriters are offering the Class A Ordinary Shares subject to their acceptance of the Class A Ordinary Shares from us 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 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 Class A Ordinary Shares are taken. However, the underwriters are not required to take or pay for the Class A Ordinary Shares covered by the underwriters' option to purchase additional Class A Ordinary Shares described below.

#### Option to Purchase Additional Ordinary Shares
We have granted the underwriters an option, exercisable within 45 days from the date of this prospectus, to purchase up to an aggregate of 262,500 Class A Ordinary Shares or an additional 15% of the total number of Class A Ordinary Shares sold in this offering at the initial public offering price sets forth on the cover page of this prospectus, less underwriting discounts. The underwriters may exercise this option solely for the purpose of covering over-allotments, if any, made in connection with this offering.

#### Underwriting Discounts and Expenses
The underwriters propose to offer the Class A Ordinary Shares to the public at the initial public offering price set forth on the cover page of this prospectus and to certain dealers at that price less a concession. The underwriters may allow, and certain dealers may reallow, a discount from the concession to certain brokers and dealers. After this offering, the initial public offering price, concession, and reallowance to dealers may be changed by the underwriters. No such change shall change the amount of proceeds to be received by us as set forth on the cover page of this prospectus. The Class A Ordinary Shares 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 underwriters have informed us that they do not intend to confirm sales to any accounts over which they exercise discretionary authority.

The following table shows the public offering price, the underwriting discounts and commissions that we are to pay the underwriters and the proceeds, before expenses, to us in connection with this offering. Such amounts are shown assuming both no exercise and full exercise by the underwriters of the over-allotment option.

---

| | | | |
|:---|:---|:---|:---|
|  | **Per ordinary<br> shares** | **Total** | **Total** |
|  | **Per ordinary<br> shares** | **No exercise** | **Full exercise** |
|  | **(US$)** |  |  |
|  **Initial Public offering price** |  |  |  |
|  **Underwriting discounts and commissions paid by us**<sup>(1)</sup> |  |  |  |
|  **Proceeds, before expenses, to us** |  |  |  |

---

____________

Note:

(1) Represents underwriting discounts equal to seven percent (7.0%) per ordinary share (or US$ per share) of gross proceeds of this offering.

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We have also agreed to pay the Representative advisory fees in the amount of $70,000, of which $55,000 were paid upon the execution of an engagement agreement with the Representative and $15,000 will be due within three business days of the public filing of the registration statement of which this prospectus forms a part.

We have agreed to reimburse the underwriters up to a maximum of $210,000 for out-of-pocket accountable expenses, including but not limited to travel, due diligence expenses, reasonable fees and expenses of its legal counsel, and background check expenses, reasonable cost for roadshows, provided that any expense over $2,000 shall require prior written or email approval of the Company. Any expenses advancement will be returned to us to the extent the representative's out-of-pocket accountable expenses are not actually incurred in accordance with FINRA Rule 5110(g)(4)(A).

We have also agreed to pay the underwriters a non-accountable expense in an amount equal to one percent (1.0)% of the gross proceeds of this offering.

The foregoing does not purport to be a complete statement of the terms and conditions of the underwriting agreement. A form of the underwriting agreement is included as an exhibit to the registration statement of which this prospectus forms a part.

Notwithstanding anything to the contrary, whether or not the offering is successfully completed, we are responsible to pay for all reasonable, necessary and accountable out-of-pocket expenses relating to the offering including, but not limited to: (a) the costs of preparing, printing and filing the registration statement, amendments and supplements thereto, and post effective amendments, as well as the filing with FINRA, and payment of all necessary fees in connection therewith and the printing of a sufficient quantity of preliminary and final prospectuses as the underwriters may reasonably request; (b) the costs of preparing, printing and delivering exhibits thereto, in such quantities as the underwriters may reasonably request; (c) all fees, expenses and disbursements relating to the registration, qualification or exemption of securities offered under the securities laws of foreign jurisdictions designated by the underwriters; (d) the fees of counsel(s) and accountants of the Company including fees associated with any blue sky filings where applicable; (e) fees associated with the our transfer agent; (f) fees, if necessary, associated with translation services; (g) expenses related to road shows; and (h) the costs of any pre-approved due diligence work in legal, finance, and business. We estimate that the total expenses of the offering payable by us, excluding the underwriting discounts and the non-accountable expenses, will be approximately $[\*].

#### Listing
We intend to apply to list our Class A Ordinary Shares on the Nasdaq Capital Market under the symbol "AGCC." At this time, Nasdaq has not yet approved our application to list our Class A Ordinary Shares. The closing of this offering is conditioned upon Nasdaq's final approval of our listing application, and there is no guarantee or assurance that our Class A Ordinary Shares will be approved for listing on the Nasdaq.

#### Indemnification
We have agreed to indemnify the underwriters against certain liabilities, including liabilities under the Securities Act and liabilities arising from breaches of representations and warranties contained in the underwriting agreement, or to contribute to payments that the underwriters may be required to make in respect of those liabilities.

#### Lock-up Agreements
All of our directors, officers, and holders of more than five percent (5%) of the Company's outstanding Class A Ordinary Shares have agreed with the underwriters, subject to certain exceptions, not to offer, issue, sell, transfer, contract to sell, encumber, grant any option for the sale of or otherwise dispose of, directly or indirectly, any of our Class A Ordinary Shares or other securities convertible into or exercisable or exchangeable for our Class A Ordinary Shares for a period of six (6) months from the date of this offering, and each of the Company and any successors of the Company have agreed, for a period of three (3) months from the closing of this offering, that each will not (a) offer, sell, or otherwise transfer or dispose of, directly or indirectly, any shares of capital stock of the Company or any securities convertible into or exercisable or exchangeable for shares of capital stock of the Company; or (b) file or caused to be filed any registration statement with the SEC relating to the offering of any shares of capital stock of the Company or any securities convertible into or exercisable or exchangeable for shares of capital stock of the Company.

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#### Pricing of the Offering
Prior to this offering, there has been no public market for our Class A Ordinary Shares. The initial public offering price of the Class A Ordinary Shares will be negotiated between us and the underwriters. Among the factors to be considered in determining the initial public offering price of the Class A Ordinary Shares, in addition to the prevailing market conditions, are our historical performance, estimates of our business potential and earnings prospects, an assessment of our management, and the consideration of the above factors in relation to market valuation of companies in related businesses.

#### Price Stabilization, Short Positions, and Penalty Bids
In connection with this offering, the underwriters may engage in transactions that stabilize, maintain, or otherwise affect the price of our Class A Ordinary Shares. Specifically, the underwriters may sell more Class A Ordinary Shares than they are obligated to purchase under the underwriting agreement, creating a short position. A short sale is covered if the short position is no greater than the number of Class A Ordinary Shares available for purchase by the underwriters under option to purchase additional Class A Ordinary Shares. The underwriters can close out a covered short sale by exercising the option to purchase additional Class A Ordinary Shares or purchasing Class A Ordinary Shares in the open market. In determining the source of Class A Ordinary Shares to close out a covered short sale, the underwriters will consider, among other things, the open market price of Class A Ordinary Shares compared to the price available under the option to purchase additional Class A Ordinary Shares. The underwriters may also sell Class A Ordinary Shares in excess of the option to purchase additional Class A Ordinary Shares, creating a naked short position. The underwriters must close out any naked short position by purchasing Class A Ordinary Shares in the open market. A naked short position is more likely to be created if the underwriters is concerned that there may be downward pressure on the price of the Class A Ordinary Shares in the open market after pricing that could adversely affect investors who purchase in the offering.

The underwriters may also impose a penalty bid. This occurs when a particular underwriter or dealer repays selling concessions allowed to it for distributing our Class A Ordinary Shares in this offering because such underwriter repurchases those Class A Ordinary Shares in stabilizing or short covering transactions.

Finally, the underwriters may bid for, and purchase, our Class A Ordinary Shares in market making transactions, including "passive" market making transactions as described below.

These activities may stabilize or maintain the market price of our Class A Ordinary Shares at a price that is higher than the price that might otherwise exist in the absence of these activities. The underwriters are not required to engage in these activities, and may discontinue any of these activities at any time without notice. These transactions may be affected on the Nasdaq, in the over-the-counter market, or otherwise.

#### Electronic Offer, Sale, and Distribution
A prospectus in electronic format may be made available on websites or through other online services maintained by the underwriters or selling group members, if any, or by their affiliates, and the underwriters may distribute prospectus electronically. The underwriters may agree to allocate a number of Class A Ordinary Shares to selling group members for sale to their online brokerage account holders Class A Ordinary Shares to be sold pursuant to internet distributions will be allocated on the same basis as other allocations. Other than the prospectus in electronic format, the information on, or that can be accessed through, these websites and any information contained in any other website maintained by these entities is not part of, and is not incorporated by reference into, this prospectus or the registration statement of which this prospectus forms a part, has not been approved and/or endorsed by us or the underwriters, and should not be relied upon by investors.

In connection with this offering, certain of the underwriters or securities dealers may distribute prospectuses by electronic means, such as e-mail.

#### Passive Market Making
In connection with this offering, the underwriters may engage in passive market making transactions in our Class A Ordinary Shares on the Nasdaq in accordance with Rule 103 of Regulation M under the Exchange Act, during a period before the commencement of offers or sales of the Class A Ordinary Shares and extending through

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the completion of the distribution. A passive market maker must display its bid at a price not in excess of the highest independent bid of that security. However, if all independent bids are lowered below the passive market maker's bid, then that bid must then be lowered when specified purchase limits are exceeded.

#### Potential Conflicts of Interest
The underwriters and its affiliates may, from time to time, engage in transactions with and perform services for us in the ordinary course of their business for which they may receive customary fees and reimbursement of expenses. In the ordinary course of their various 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 accounts and for the accounts of their customers and such investment and securities activities may involve securities and/or instruments of our Company. The underwriters and their affiliates may also make investment recommendations and/or publish or express independent research views in respect of such securities or instruments and may at any time hold, or recommend to clients that they acquire, long and/or short positions in such securities and instruments.

#### 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. 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.

#### Selling Restrictions
No action may be taken in any jurisdiction other than the United States that would permit a public offering of the Class A Ordinary Shares or the possession, circulation or distribution of this prospectus in any jurisdiction where action for that purpose is required. Accordingly, the Class A Ordinary Shares may not be offered or sold, directly or indirectly, and neither the prospectus nor any other offering material or advertisements in connection with the Class A Ordinary Shares may be distributed or published in or from any country or jurisdiction except under circumstances that will result in compliance with any applicable laws, rules and regulations of any such country or jurisdiction.

#### European Economic Area
In relation to each Member State of the European Economic Area (each an "EEA State"), no Class A Ordinary Shares have been offered or will be offered pursuant to the offering to the public in that EEA State prior to the publication of a prospectus in relation to the Shares which has been approved by the competent authority in that EEA State or, where appropriate, approved in another EEA State and notified to the competent authority in that EEA State, all in accordance with the EU Prospectus Regulation, except that it may make an offer to the public in that EEA State of the shares at any time under the following exemptions under the EU Prospectus Regulation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to any legal entity which is a qualified investor as defined under the EU Prospectus Regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to fewer than 150 natural or legal persons (other than qualified investors as defined under the EU Prospectus Regulation), subject to obtaining the prior consent of the representatives for any such offer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in any other circumstances falling within Article 1(4) of the EU Prospectus Regulation, provided that no such offer of the shares shall require the issuer or any underwriter to publish a prospectus pursuant to Article 3 of the EU Prospectus Regulation or supplement a prospectus pursuant to Article 23 of the EU Prospectus Regulation.

For the purposes of this provision, the expression an "offer to the public" in relation to the shares in any EEA State means the communication in any form and by any means of sufficient information on the terms of the offer and the shares to be offered so as to enable an investor to decide to purchase or subscribe for the shares, and the expression "EU Prospectus Regulation" means Regulation (EU) 2017/1129.

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This European Economic Area selling restriction is in addition to any other selling restrictions set out below.

#### United Kingdom
In relation to the United Kingdom, no Class A Ordinary Shares have been offered or will be offered pursuant to the offering to the public in the United Kingdom prior to the publication of a prospectus in relation to the Class A Ordinary Shares which has been approved by the Financial Conduct Authority in accordance with the UK Prospectus Regulation, except that it may make an offer to the public in the United Kingdom of the Class A Ordinary Shares at any time under the following exemptions under the UK Prospectus Regulation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to any legal entity which is a qualified investor as defined under the UK Prospectus Regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to fewer than 150 natural or legal persons (other than qualified investors as defined under the UK Prospectus Regulation), subject to obtaining the prior consent of the underwriter for any such offer; or;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in any other circumstances falling within Article 1(4) of the UK Prospectus Regulation;

*provided* that no such offer of the Class A Ordinary Shares shall require the issuer or any underwriter to publish a prospectus pursuant to Article 3 of the UK Prospectus Regulation or supplement a prospectus pursuant to Article 23 of the UK Prospectus Regulation.

In the United Kingdom, the offering is only addressed to, and is directed only at, "qualified investors" within the meaning of Article 2(e) of the UK Prospectus Regulation, who are also (i) persons having professional experience in matters relating to investments who fall within the definition of "investment professionals" in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order"); (ii) high net worth bodies corporate, unincorporated associations and partnerships and trustees of high value trusts as described in Article 49(2) of the Order; or (iii) persons to whom it may otherwise lawfully be communicated (all such persons being referred to as "relevant persons"). This prospectus must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this prospectus relates is available only to relevant persons and will be engaged in only with relevant persons.

For the purposes of this provision, the expression an "offer to the public" in relation to the Class A Ordinary Shares in the United Kingdom means the communication in any form and by any means of sufficient information on the terms of the offerings and the Class A Ordinary Shares to be offered so as to enable an investor to decide to purchase or subscribe for the Class A Ordinary Shares, and the expression "UK Prospectus Regulation" means the UK version of Regulation (EU) No 2017/1129 as amended by The Prospectus (Amendment etc.) (EU Exit) Regulations 2019, which is part of UK law by virtue of the European Union (Withdrawal) Act 2018.

#### Australia
This prospectus:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• does not constitute a disclosure document or a prospectus under Chapter 6D.2 of the Corporations Act 2001 (the "Corporations Act");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• has not been, and will not be, lodged with the Australian Securities and Investments Commission, or ASIC, as a disclosure document for the purposes of the Corporations Act and does not purport to include the information required of a disclosure document for the purposes of the Corporations Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may only be provided in Australia to select investors who are able to demonstrate that they fall within one or more of the categories of investors, available under section 708 of the Corporations Act, or Exempt Investors.

The Class A Ordinary Shares may not be directly or indirectly offered for subscription or purchased or sold, and no invitations to subscribe for or buy the Class A Ordinary Shares may be issued, and no draft or definitive offering memorandum, advertisement or other offering material relating to any Class A Ordinary Shares may be distributed in Australia, except where disclosure to investors is not required under Chapter 6D of the Corporations Act or is otherwise in compliance with all applicable Australian laws and regulations. By submitting an application for the Class A Ordinary Shares, you represent and warrant to us that you are an Exempt Investor.

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As any offer of Class A Ordinary Shares under this document will be made without disclosure in Australia under Chapter 6D.2 of the Corporations Act, the offer of those securities for resale in Australia within 12 months may, under section 707 of the Corporations Act, require disclosure to investors under Chapter 6D.2 if none of the exemptions in section 708 applies to that resale. By applying for the Class A Ordinary Shares you undertake to us that you will not, for a period of 12 months from the date of issue of the Class A Ordinary Shares, offer, transfer, assign or otherwise alienate those Class A Ordinary Shares to investors in Australia except in circumstances where disclosure to investors is not required under Chapter 6D.2 of the Corporations Act or where a compliant disclosure document is prepared and lodged with ASIC.

#### Canada
The Class A Ordinary Shares may be sold in Canada only to purchasers purchasing, or deemed to be purchasing, as principal that are accredited investors, as defined in National Instrument 45-106 Prospectus Exemptions or subsection 73.3(1) of the Securities Act (Ontario), and are permitted clients, as defined in National Instrument 31-103 Registration Requirements, Exemptions, and Ongoing Registrant Obligations. Any resale of the Class A Ordinary Shares must be made in accordance with an exemption form, or in a transaction not subject to, the prospectus requirements of applicable securities laws.

Securities legislation in certain provinces or territories of Canada may provide a purchaser with remedies for rescission or damages if this prospectus (including any amendment thereto) contains a misrepresentation, provided that the remedies for rescission or damages are exercised by the purchaser within the time limit prescribed by the securities legislation of the purchaser's province or territory. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser's province or territory of these rights or consult with a legal advisor.

Pursuant to section 3A.3 of National Instrument 33-105 Underwriting Conflicts (NI 33-105), the underwriter is not required to comply with the disclosure requirements of NI 33-105 regarding underwriter conflicts of interest in connection with this offering.

#### France
Neither this prospectus nor any other offering material relating to the Class A Ordinary Shares described in this prospectus has been submitted to the clearance procedures of the Autorité des Marchés Financiers or of the competent authority of another member state of the European Economic Area and notified to the Autorité des Marchés Financiers. The Class A Ordinary Shares have not been offered or sold and will not be offered or sold, directly or indirectly, to the public in France. Neither this prospectus nor any other offering material relating to the Class A Ordinary Shares has been or will be (1) released, issued, distributed or caused to be released, issued or distributed to the public in France; or (2) used in connection with any offer for subscription or sale of the Class A Ordinary Shares to the public in France.

Such offers, sales and distributions will be made in France only:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to qualified investors (*investisseurs qualifiés*) and/or to a restricted circle of investors (*cercle restraint d'investisseurs*), in each case investing for their own account, all as defined in, and in accordance with, articles L.411-2, D.411-1, D.411-2, D.734-1, D.744-1, D.754-1 and D.764-1 of the French Code monétaire et financier;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to investment services providers authorized to engage in portfolio management on behalf of third parties; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in a transaction that, in accordance with article L.411-2-II-1° -or-2° -or 3° of the French Code monétaire et financier and article 211-2 of the General Regulations (*Réglement Général*) of the Autorité des Marchés Financiers, does not constitute a public offer (*appel public á l'épargne*).

The Class A Ordinary Shares may be resold directly or indirectly, only in compliance with articles L.411-1, L.411-2, L412-1 and L.621-8 through L.621-8-3 of the French Code monétaire et financier.

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#### Germany
This prospectus does not constitute a Prospectus Directive-compliant prospectus in accordance with the German Securities Prospectus Act (*Wertpapierprospektgesetz*) and does therefore not allow any public offering in the Federal Republic of Germany, or Germany, or any other Relevant Member State pursuant to § 17 and § 18 of the German Securities Prospectus Act. No action has been or will be taken in Germany that would permit a public offering of the Class A Ordinary Shares, or distribution of a prospectus or any other offering material relating to the Class A Ordinary Shares. In particular, no securities prospectus (*Wertpapierprospekt*) within the meaning of the German Securities Prospectus Act or any other applicable laws of Germany, has been or will be published within Germany, nor has this prospectus been filed with or approved by the German Federal Financial Supervisory Authority (*Bundesanstalt für Finanzdienstleistungsaufsicht*) for publication within Germany.

Each underwriter will represent, agree and undertake (i) that it has not offered, sold or delivered and will not offer, sell or deliver the Class A Ordinary Shares within Germany other than in accordance with the German Securities Prospectus Act (*Wertpapierprospektgesetz*) and any other applicable laws in Germany governing the issue, sale and offering of Class A Ordinary Shares, and (ii) that it will distribute in Germany any offering material relating to the Class A Ordinary Shares only under circumstances that will result in compliance with the applicable rules and regulations of Germany.

This prospectus is strictly for use of the person who has received it. It may not be forwarded to other persons or published in Germany.

#### Italy
The offering of Class A Ordinary Shares has not been registered with the Commissione Nazionale per le Società e la Borsa ("CONSOB") pursuant to Italian securities legislation and, accordingly, no Class A Ordinary Shares may be offered, sold or delivered, nor copies of this prospectus or any other documents relating to the Class A Ordinary Shares may not be distributed in Italy except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to "qualified investors," as referred to in Article 100 of Legislative Decree No. 58 of February 24, 1998, as amended ("Decree No. 58"), and defined in Article 26, paragraph 1, letter d) of CONSOB Regulation No. 16190 of October 29, 2007, as amended ("Regulation No. 16190") pursuant to Article 34-ter, paragraph 1, letter. b) of CONSOB Regulation No. 11971 of 14 May 1999, as amended ("Regulation No. 11971"); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in any other circumstances where an express exemption from compliance with the offer restrictions applies, as provided under Decree No. 58 or Regulation No. 11971.

Any offer, sale or delivery of the Class A Ordinary Shares or distribution of copies of this prospectus or any other documents relating to the Class A Ordinary Shares in the Republic of Italy must be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• made by investment firms, banks or financial intermediaries permitted to conduct such activities in the Republic of Italy in accordance with Legislative Decree No. 385 of September 1, 1993, as amended, or the Banking Law, Decree No. 58 and Regulation No. 16190 and any other applicable laws and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in compliance with Article 129 of the Banking Law, and the implementing guidelines of the Bank of Italy, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in compliance with any other applicable notification requirement or limitation which may be imposed, from time to time, by CONSOB or the Bank of Italy or other competent authority.

Please note that, in accordance with Article 100-bis of Decree No. 58, where no exemption from the rules on public offerings applies, the subsequent distribution of the Class A Ordinary Shares on the secondary market in Italy must be made in compliance with the public offer and the prospectus requirement rules provided under Decree No. 58 and Regulation No. 11971.

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Furthermore, Class A Ordinary Shares which are initially offered and placed in Italy or abroad to qualified investors only but in the following year are regularly ("*sistematicamente*") distributed on the secondary market in Italy to non-qualified investors become subject to the public offer and the prospectus requirement rules provided under Decree No. 58 and Regulation No. 11971. Failure to comply with such rules may result in the sale of the Class A Ordinary Shares being declared null and void and in the liability of the intermediary transferring the Class A Ordinary Shares for any damages suffered by such non-qualified investors.

#### Saudi Arabia
This document may not be distributed in the Kingdom of Saudi Arabia except to such persons as are permitted under the Offers of Securities Regulations as issued by the board of the Saudi Arabian Capital Market Authority, or CMA pursuant to resolution number 2-11-2004 dated 4 October 2004 as amended by resolution number 1-28-2008, as amended. The CMA does not make any representation as to the accuracy or completeness of this document and expressly disclaims any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this document. Prospective purchasers of the securities offered hereby should conduct their own due diligence on the accuracy of the information relating to the securities. If you do not understand the contents of this document, you should consult an authorized financial adviser.

#### Switzerland
The Class A Ordinary Shares may not be offered or sold to any investors in Switzerland other than on a non-public basis. This prospectus does not constitute a prospectus within the meaning of Article 652a and Art. 1156 of the Swiss Code of Obligations (*Schweizerisches Obligationenrecht*). Neither this offering nor the Class A Ordinary Shares have been or will be approved by any Swiss regulatory authority.

#### Hong Kong
The Class A Ordinary Shares may not be offered or sold by means of any document other than (i) in circumstances which do not constitute an offer to the public within the meaning of the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32, Laws of Hong Kong), or (ii) to "professional investors" within the meaning of the Securities and Futures Ordinance (Cap. 571, Laws of Hong Kong) and any rules made thereunder, or (iii) in other circumstances which do not result in the document being a "prospectus" within the meaning of the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32, Laws of Hong Kong), and no advertisement, invitation or document relating to the Class A Ordinary Shares may be issued or may be in the possession of any person for the purpose of issue (in each case whether in Hong Kong or elsewhere), which is directed at, or the contents of which are likely to be accessed or read by, the public in Hong Kong (except if permitted to do so under the laws of Hong Kong) other than with respect to Class A Ordinary Shares which are or are intended to be disposed of only to persons outside Hong Kong or only to "professional investors" within the meaning of the Securities and Futures Ordinance (Cap. 571, Laws of Hong Kong) and any rules made thereunder.

#### Israel
In the State of Israel, the Class A Ordinary Shares offered hereby may not be offered to any person or entity other than the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a fund for joint investments in trust (i.e., mutual fund), as such term is defined in the Law for Joint Investments in Trust, 5754-1994, or a management company of such a fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a provident fund as defined in Section 47(a)(2) of the Income Tax Ordinance of the State of Israel, or a management company of such a fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an insurer, as defined in the Law for Oversight of Insurance Transactions, 5741-1981, a banking entity or satellite entity, as such terms are defined in the Banking Law (Licensing), 5741-1981, other than a joint services company, acting for their own account or for the account of investors of the type listed in Section 15A(b) of the Securities Law 1968;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a company that is licensed as a portfolio manager, as such term is defined in Section 8(b) of the Law for the Regulation of Investment Advisors and Portfolio Managers, 5755-1995, acting on its own account or for the account of investors of the type listed in Section 15A(b) of the Securities Law 1968;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a company that is licensed as an investment advisor, as such term is defined in Section 7(c) of the Law for the Regulation of Investment Advisors and Portfolio Managers, 5755-1995, acting on its own account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a company that is a member of the Tel Aviv Stock Exchange, acting on its own account or for the account of investors of the type listed in Section 15A(b) of the Securities Law 1968;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an underwriter fulfilling the conditions of Section 56(c) of the Securities Law, 5728-1968;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a venture capital fund (defined as an entity primarily involved in investments in companies which, at the time of investment, (i) are primarily engaged in research and development or manufacture of new technological products or processes and (ii) involve above-average risk);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an entity primarily engaged in capital markets activities in which all of the equity owners meet one or more of the above criteria; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an entity, other than an entity formed for the purpose of purchasing the Class A Ordinary Shares in this offering, in which the shareholders equity (including pursuant to foreign accounting rules, international accounting regulations and U.S. generally accepted accounting rules, as defined in the Securities Law Regulations (Preparation of Annual Financial Statements), 1993) is in excess of NIS 250 million.

Any offeree of the Class A Ordinary Shares offered hereby in the State of Israel shall be required to submit written confirmation that it falls within the scope of one of the above criteria. This prospectus will not be distributed or directed to investors in the State of Israel who do not fall within one of the above criteria.

#### Japan
No registration pursuant to Article 4, paragraph 1 of the Financial Instruments and Exchange Act of Japan (Law No. 25 of 1948, as amended) (the "FIEA") has been made or will be made with respect to the solicitation of the application for the acquisition of the Class A Ordinary Shares.

Accordingly, the Class A Ordinary Shares have not been, directly or indirectly, offered or sold and will not be, directly or indirectly, offered or sold in Japan or to, or for the benefit of, any resident of Japan (which term as used herein means any person resident in Japan, including any corporation or other entity organized under the laws of Japan) or to others for re-offering or re-sale, directly or indirectly, in Japan or to, or for the benefit of, any resident of Japan except pursuant to an exemption from the registration requirements, and otherwise in compliance with, the FIEA and any other applicable laws, regulations and ministerial guidelines of Japan in effect at the relevant time.

*For Qualified Institutional Investors ("QII")*

Please note that the solicitation for newly issued or secondary securities (each as described in Paragraph 2, Article 4 of the FIEA) in relation to the Class A Ordinary Shares constitutes either a "QII only private placement" or a "QII only secondary distribution" (each as described in Paragraph 1, Article 23-13 of the FIEA). Disclosure regarding any such solicitation, as is otherwise prescribed in Paragraph 1, Article 4 of the FIEA, has not been made in relation to the Class A Ordinary Shares. The Class A Ordinary Shares may only be transferred to QIIs.

*For Non-QII Investors*

Please note that the solicitation for newly issued or secondary securities (each as described in Paragraph 2, Article 4 of the FIEA) in relation to the Class A Ordinary Shares constitutes either a "small number private placement" or a "small number private secondary distribution" (each as is described in Paragraph 4, Article 23-13 of the FIEA). Disclosure regarding any such solicitation, as is otherwise prescribed in Paragraph 1, Article 4 of the FIEA, has not been made in relation to the Class A Ordinary Shares. The Class A Ordinary Shares may only be transferred en bloc without subdivision to a single investor.

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#### People's Republic of China
This prospectus may not be circulated or distributed in the PRC and the Class A Ordinary Shares may not be offered or sold, and will not be offered or sold to any person for re-offering or resale directly or indirectly to any resident of the PRC except pursuant to applicable laws and regulations of the PRC. Further, no legal or natural persons of the PRC may directly or indirectly purchase any of the Class A Ordinary Shares or any beneficial interest therein without obtaining all prior PRC's governmental approvals that are required, whether statutorily or otherwise. Persons who come into possession of this prospectus are required by the issuer and its representatives to observe these restrictions.

#### Taiwan
The shares have not been and will not be registered or filed with, or approved by, the Financial Supervisory Commission of Taiwan pursuant to relevant securities laws and regulations and may not be offered or sold in Taiwan through a public offering or in circumstances which constitute an offer within the meaning of the Securities and Exchange Act of Taiwan or relevant laws and regulations that require a registration, filing or approval of the Financial Supervisory Commission of Taiwan. No person or entity in Taiwan has been authorized to offer or sell the shares in Taiwan.

#### Qatar
In the State of Qatar, the offer contained herein is made on an exclusive basis to the specifically intended recipient thereof, upon that person's request and initiative, for personal use only and shall in no way be construed as a general offer for the sale of securities to the public or an attempt to do business as a bank, an investment company or otherwise in the State of Qatar. This prospectus and the underlying securities have not been approved or licensed by the Qatar Central Bank or the Qatar Financial Center Regulatory Authority or any other regulator in the State of Qatar. The information contained in this prospectus shall only be shared with any third parties in Qatar on a need to know basis for the purpose of evaluating the contained offer. Any distribution of this prospectus by the recipient to third parties in Qatar beyond the terms hereof is not permitted and shall be at the liability of such recipient.

#### Singapore
This prospectus has not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, this prospectus and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of the Class A Ordinary Shares may not be circulated or distributed, nor may the Class A Ordinary Shares be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (1) to an institutional investor (as defined under Section 4A of the Securities and Futures Act, Chapter 289 of Singapore (the "SFA")) under Section 274 of the SFA, (2) to a relevant person (as defined in Section 275(2) of the SFA) pursuant to Section 275(1) of the SFA, or any person pursuant to Section 275(1A) of the SFA, and in accordance with the conditions specified in Section 275 of the SFA or (3) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA, in each case subject to conditions set forth in the SFA.

Where the Class A Ordinary Shares are subscribed or purchased under Section 275 of the SFA by a relevant person which is a corporation (which is not an accredited investor (as defined in Section 4A of the SFA)) the sole business of which is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor, the securities (as defined in Section 239(1) of the SFA) of that corporation shall not be transferable for six months after that corporation has acquired the Class A Ordinary Shares under Section 275 of the SFA except: (1) to an institutional investor under Section 274 of the SFA or to a relevant person (as defined in Section 275(2) of the SFA), (2) where such transfer arises from an offer in that corporation's securities pursuant to Section 275(1A) of the SFA, (3) where no consideration is or will be given for the transfer, (4) where the transfer is by operation of law, (5) as specified in Section 276(7) of the SFA or (6) as specified in Regulation 32 of the Securities and Futures (Offers of Investments) (Shares and Debentures) Regulations 2005 of Singapore ("Regulation 32").

Where the Class A Ordinary Shares are subscribed or purchased under Section 275 of the SFA by a relevant person which is a trust (where the trustee is not an accredited investor (as defined in Section 4A of the SFA)) whose

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sole purpose is to hold investments and each beneficiary of the trust is an accredited investor, the beneficiaries' rights and interest (howsoever described) in that trust shall not be transferable for six months after that trust has acquired the Class A Ordinary Shares under Section 275 of the SFA except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) to an institutional investor under Section 274 of the SFA or to a relevant person (as defined in Section 275(2) of the SFA), (2) where such transfer arises from an offer that is made on terms that such rights or interest are acquired at a consideration of not less than S$200,000 (or its equivalent in a foreign currency) for each transaction (whether such amount is to be paid for in cash or by exchange of securities or other assets), (3) where no consideration is or will be given for the transfer, (4) where the transfer is by operation of law, (5) as specified in Section 276(7) of the SFA or (6) as specified in Regulation 32.

Solely for the purposes of our obligations pursuant to Section 309B of the SFA, we have determined, and hereby notify all relevant persons (as defined in the Securities and Futures (Capital Markets Products) Regulations 2018 ("CMP Regulations")) that the Class A Ordinary Shares are "prescribed capital markets products" (as defined in the CMP Regulations) and Excluded Investment Products (as defined in MAS Notice SFA 04-N12: Notice on the Sale of Investment Products and MAS Notice FAA-N16: Notice on Recommendations on Investment Products).

#### United Arab Emirates
The Class A Ordinary Shares have not been offered or sold, and will not be offered or sold, directly or indirectly, in the United Arab Emirates, except: (1) in compliance with all applicable laws and regulations of the United Arab Emirates; and (2) through persons or corporate entities authorized and licensed to provide investment advice and/or engage in brokerage activity and/or trade in respect of foreign securities in the United Arab Emirates. The information contained in this prospectus does not constitute a public offer of securities in the United Arab Emirates in accordance with the Commercial Companies Law (Federal Law No. 8 of 1984 (as amended)) or otherwise and is not intended to be a public offer and is addressed only to persons who are sophisticated investors.

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#### EXPENSES RELATED TO THIS OFFERING
Set forth below is an itemization of the total expenses, excluding underwriting discounts and commissions, expected to be incurred in connection with the offer and sale of the Class A Ordinary Shares by us. With the exception of the SEC registration fee, Nasdaq listing fee and the Financial Industry Regulatory Authority Inc. filing fee, all amounts are estimates.

---

| | | |
|:---|:---|:---|
|  SEC registration fee | US$ | 2308 |
|  Nasdaq listing fee |  | 50000 |
|  Financial Industry Regulatory Authority Inc. filing fee |  | 3590 |
|  Printing expenses |  | 30000 |
|  Legal fees and expenses |  | 658179 |
|  Accounting fees and expenses |  | 136538 |
|  Financial advisory fees and expenses |  | 205128 |
|  Transfer agent expenses |  | 19231 |
|  Miscellaneous |  | 116724 |
|  **Total** | **US$** | **1221698** |

---

We will bear these expenses and the underwriting discounts and commissions incurred in connection with the offer and sale of the Class A Ordinary Shares by us.

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#### LEGAL MATTERS
We are being represented by Concord & Sage PC with respect to certain legal matters as to United States federal securities and New York State law. The underwriters are represented by The Crone Law Group, P.C. with respect to certain legal matters as to United States federal securities and New York State law. The validity of the Class A Ordinary Shares offered in this offering will be passed upon for us by Harney Westwood & Riegels. Certain legal matters as to Hong Kong law will be passed upon for us by SH Wong & Co. Concord & Sage PC may rely upon Harney Westwood & Riegels with respect to matters governed by Cayman Islands law, KPMG Law Firm with respect to matters governed by Taiwan law and SH Wong & Co with respect to matters governed by Hong Kong law.

#### EXPERTS
The combined financial statements of Agencia Comercial Spirits Ltd, as of December 31, 2023 and 2024, and for the years ended December 31, 2023 and 2024 have been audited by Enrome LLP, an independent registered public accounting firm, as stated in their report appearing herein and elsewhere in the Registration Statement.

#### WHERE YOU CAN FIND ADDITIONAL INFORMATION
We have filed with the SEC a registration statement on Form F-1, including relevant exhibits and schedules under the Securities Act with respect to underlying Class A Ordinary Shares, to be sold in this offering. This prospectus, which constitutes a part of the registration statement, does not contain all of the information contained in the registration statement. You should read the registration statements on Form F-1 and their exhibits and schedules for further information with respect to us and our Class A Ordinary Shares.

Immediately upon completion of this offering 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 20-F, and other information with the SEC. All information filed with the SEC can be 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 these documents, upon payment of a duplicating fee, by writing to the SEC. Please call the SEC at 1-800-SEC-0330 for further information on the operation of the public reference rooms. You may also obtain additional information over the Internet at the SEC's website at *www.sec.gov*.

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 to shareholders, and our executive officers, directors and principal shareholders are exempt from the reporting and short-swing profit recovery provisions contained in Section 16 of the Exchange Act. In addition, we will not be required under the Exchange Act to file periodic reports and combined financial statements with the SEC as frequently or as promptly as U.S. companies whose securities are registered under the Exchange Act.

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#### Agencia Comercial SPIRITS Ltd <br>INDEX TO AUDITED COMBINED FINANCIAL STATEMENTS

#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  **CONTENTS** | **PAGE(S)** |
|  [REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM — ENROME LLP (PCAOB ID: 6907)](#T1000) | F-2 |
|  [COMBINED BALANCE SHEETS AS OF DECEMBER 31, 2023 AND 2024](#T1001) | F-3 |
|  [COMBINED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME FOR THE FINANCIAL YEARS ENDED DECEMBER 31, 2023 AND 2024](#T1002) | F-4 |
|  [COMBINED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY FOR THE FINANCIAL YEARS ENDED DECEMBER 31, 2023 AND 2024](#T1003) | F-5 |
|  [COMBINED STATEMENTS OF CASH FLOWS FOR THE FINANCIAL YEARS ENDED DECEMBER 31, 2023 AND 2024](#T1004) | F-6 |
|  [NOTES TO THE COMBINED FINANCIAL STATEMENTS](#T1005) | F-7 – F-24 |

---

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#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors and Shareholders of Agencia Comercial Spirits Ltd.

Opinion on the combined Financial Statements

We have audited the accompanying combined balance sheets of Agencia Comercial Spirits Ltd ("Agencia Cayman") and its subsidiaries (collectively referred to as the "Company") as of December 31, 2023 and 2024, and the related statements of operations and comprehensive income, changes in shareholders' equity and its cash flows for the financial years ended December 31, 2023 and 2024, and the related notes (collectively referred to as the "combined financial statements"). In our opinion, the combined financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2023 and 2024, and the results of its operations and its cash flows for the years ended December 31, 2023 and 2024, in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP").

Basis for Opinion

These combined financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's combined 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 standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the combined 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 misstatements of the combined 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 combined 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 combined financial statements presentation. We believe that our audits provide a reasonable basis for our opinion.

/s/ Enrome LLP

We have served as the Company's auditor since 2024.

Singapore

June 3, 2025, except for Note 11, Note 12 and Note 14 as to which the date is July 10, 2025.

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#### AGENCIA COMERCIAL SPIRITS LTD <br>COMBINED BALANCE SHEETS<br>AS OF DECEMBER 31, 2023 AND 2024

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2023** | **2024** |
|  | **US$** | **US$** |
|  **ASSETS** |  |  |
|  **Current assets** |  |  |
| &nbsp;&nbsp;&nbsp; Cash and cash equivalents | 126287 | 54752 |
| &nbsp;&nbsp;&nbsp; Account receivables |  | 717644 |
| &nbsp;&nbsp;&nbsp; Prepayments and other receivables | 228309 | 244242 |
| &nbsp;&nbsp;&nbsp; Inventories | 2305461 | 2650957 |
|  **Total current assets** | **2660057** | **3667595** |
|  **Non-current assets** |  |  |
| &nbsp;&nbsp;&nbsp; Operating right-of-use ("ROU") assets | 44581 | 94885 |
| &nbsp;&nbsp;&nbsp; Deferred Initial Public Offering ("IPO") costs |  | 150151 |
|  **Total non-current assets** | **44581** | **245036** |
|  **Total assets** | **2704638** | **3912631** |
|  **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |
|  **Current liabilities** |  |  |
| &nbsp;&nbsp;&nbsp; Account payables | 89180 | 334140 |
| &nbsp;&nbsp;&nbsp; Contract liabilities | 304577 | 23316 |
| &nbsp;&nbsp;&nbsp; Accruals and other payables | 4340 | 3440 |
| &nbsp;&nbsp;&nbsp; Current portion of long-term loans | 30900 | 29736 |
| &nbsp;&nbsp;&nbsp; Operating lease liabilities | 8241 | 19945 |
| &nbsp;&nbsp;&nbsp; Amount due to a related party | 727775 | 1031203 |
| &nbsp;&nbsp;&nbsp; Tax payables | 241655 | 480243 |
|  **Total current liabilities** | **1406668** | **1922023** |
|  **Non-current liability** |  |  |
| &nbsp;&nbsp;&nbsp; Long-term loans | 50666 | 17727 |
| &nbsp;&nbsp;&nbsp; Operating lease liabilities | 36313 | 72680 |
|  **Total non-current liability** | **86979** | **90407** |
|  **Total liabilities** | **1493647** | **2012430** |
|  **Shareholders' equity** |  |  |
| &nbsp;&nbsp;&nbsp; Ordinary shares (US$0.00004 par value, 625,000,000 class A shares authorised, 12,500,000 shares issued and outstanding as of December 31, 2024 and 2023)\* | 500 | 500 |
| &nbsp;&nbsp;&nbsp; *Ordinary shares (US$0.00004 par value, 625,000,000 class B shares authorised, 12,500,000 shares issued and outstanding as of December 31, 2024 and 2023)*\* | 500 | 500 |
| &nbsp;&nbsp;&nbsp; *Subscription receivable* | (1000) | (1000) |
| &nbsp;&nbsp;&nbsp; *Additional paid-in capital* | 169600 | 169600 |
| &nbsp;&nbsp;&nbsp; Retained earnings | 1046525 | 1747875 |
| &nbsp;&nbsp;&nbsp; Statutory reserve | 23929 | 101857 |
| &nbsp;&nbsp;&nbsp; Accumulated other comprehensive losses | (29063) | (119131) |
|  **Total shareholders' equity** | **1210991** | **1900201** |
|  **TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY** | **2704638** | **3912631** |

---

____________

\* The shares and per share data are presented on a retroactive basis to reflect the Company's Share Consolidation (Note 12).

The accompanying Accounting Policies and Explanatory Notes form an integral part of, and should be read in conjunction with, these combined financial statements.

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#### AGENCIA COMERCIAL SPIRITS LTD <br>COMBINED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME<br>FOR THE FINANCIAL YEARS ENDED DECEMBER 31, 2023 AND 2024

---

| | | |
|:---|:---|:---|
|  | **For the financial years ended<br> December 31,** | **For the financial years ended<br> December 31,** |
|  | **2023** | **2024** |
|  | **US$** | **US$** |
|  Revenue from third parties | **824932** | **2227403** |
|  Revenue from related parties | 62378 | 310340 |
|  **Total revenue** | **887310** | **2537743** |
|  Cost of revenue | (523377) | (1272440) |
|  **Gross profit** | **363933** | **1265303** |
|  **Operating expenses:** |  |  |
| &nbsp;&nbsp;&nbsp; General and administrative expenses | (50662) | (205341) |
| &nbsp;&nbsp;&nbsp; Sales and distribution expenses | (14127) | (45378) |
|  **Total operating expenses** | **(64789)** | **(250719)** |
|  **Income from operations** | **299144** | **1014584** |
| &nbsp;&nbsp;&nbsp; Interest income | 114 | 127 |
| &nbsp;&nbsp;&nbsp; Interest expenses | (2478) | (1741) |
| &nbsp;&nbsp;&nbsp; Foreign exchange gains, net | 2934 | 234 |
| &nbsp;&nbsp;&nbsp; Sundry income | 448 | 5009 |
|  **Total income before income tax expense** | **300162** | **1018213** |
| &nbsp;&nbsp;&nbsp; Income tax expenses | (60874) | (238935) |
|  **Net income** | **239288** | **779278** |
|  **Other comprehensive income/(loss)** |  |  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation adjustments, net of tax of nil | 2935 | (90068) |
|  **Total comprehensive income** | **242223** | **689210** |
|  **Net earnings per ordinary share attributable to ordinary shareholders of the Company** |  |  |
| &nbsp;&nbsp;&nbsp; Basic and diluted\* | 0.0191 | 0.0623 |
|  **Weighted average shares used in calculating net earnings per ordinary share** | 12500000 | 12500000 |

---

____________

\* The shares and per share data are presented on a retroactive basis to reflect the Company's Share Consolidation (Note 12).

The accompanying Accounting Policies and Explanatory Notes form an integral part of, and should be read in conjunction with, these combined financial statements.

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#### AGENCIA COMERCIAL SPIRITS LTD <br>COMBINED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY<br>FOR THE FINANCIAL YEARS ENDED DECEMBER 31, 2023 AND 2024

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A <br>shares** | **Class A <br>shares** | **Class B <br>shares** | **Class B <br>shares** | **Subscription <br>Receivable** | **Additional <br>paid-in <br>capital** | **Retained <br>earnings** | **Statutory <br>reserve** | **Accumulated <br>other <br>Comprehensive <br>losses** | **Total <br>Shareholders' <br>equity** |
|  | **Shares** | **US$** | **Shares\*** | **US$** | **US$** | **US$** | **US$** | **US$** | **US$** | **US$** |
|  **Balance as of December 31, 2022** | **12500000** | **500** | **12500000** | **500** | **(1000)** | **169600** | **831166** |  | **(31998)** | **(968768)** |
|  Net income for the financial year |  |  |  |  |  |  | 239288 |  |  | 239288 |
|  Appropriation to statutory reserve |  |  |  |  |  |  | (23929) | 23929 |  |  |
|  Foreign currency translation adjustments |  |  |  |  |  |  |  |  | 2935 | 2935 |
|  **Balance as of December 31, 2023** | **12500000** | **500** | **12500000** | **500** | **(1000)** | **169600** | **1046525** | **23929** | **(29063)** | **1210991** |
|  Net income for the financial year |  |  |  |  |  |  | 779278 |  |  | 779278 |
|  Appropriation to statutory reserve |  |  |  |  |  |  | (77928) | 77928 |  |  |
|  Foreign currency translation adjustments |  |  |  |  |  |  |  |  | (90068) | (90068) |
|  **Balance as of December 31, 2024** | **12500000** | **500** | **12500000** | **500** | **(1000)** | **169600** | **1747875** | **101857** | **(119131)** | **1900201** |

---

____________

\* The shares and per share data are presented on a retroactive basis to reflect the Company's Share Consolidation (Note 12).

The accompanying Accounting Policies and Explanatory Notes form an integral part of, and should be read in conjunction with, these combined financial statements.

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#### AGENCIA COMERCIAL SPIRITS LTD <br>COMBINED STATEMENTS OF CASH FLOWS<br>FOR THE FINANCIAL YEARS ENDED DECEMBER 31, 2023 AND 2024

---

| | | |
|:---|:---|:---|
|  | **For the financial years ended <br>December 31,** | **For the financial years ended <br>December 31,** |
|  | **2023** | **2024** |
|  | **US$** | **US$** |
|  **Cash flows from operating activities:** |  |  |
|  **Net income** | **239288** | **779278** |
|  *Adjustment to reconcile net income to net cash provided by/(used in) <br>operating activities* |  |  |
| &nbsp;&nbsp;&nbsp; Amortization of operating right-of-use assets | 7816 | 12813 |
|  *Changes in operating assets and liabilities:* |  |  |
| &nbsp;&nbsp;&nbsp; Account receivables | 244959 | (717644) |
| &nbsp;&nbsp;&nbsp; Prepayments and other receivables | (100971) | (32413) |
| &nbsp;&nbsp;&nbsp; Inventories | (1098193) | (524369) |
| &nbsp;&nbsp;&nbsp; Account payables | 89235 | 267506 |
| &nbsp;&nbsp;&nbsp; Contract liabilities | 304764 | (279688) |
| &nbsp;&nbsp;&nbsp; Accruals and other payables | (5803) | (499) |
| &nbsp;&nbsp;&nbsp; Principal repayment of operating lease liabilities | (7816) | (12813) |
| &nbsp;&nbsp;&nbsp; Tax payables | 52199 | 270992 |
|  **Net cash used in operating activities** | **(274522)** | **(236837)** |
|  **Cash flows from investing activity:**  |  |  |
| &nbsp;&nbsp;&nbsp; Repayment from a related party | 494042 |  |
|  **Net cash provided by investing activity** | **494042** | **—** |
|  **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp; Deferred IPO costs |  | (150151) |
| &nbsp;&nbsp;&nbsp; Repayment of borrowings | (30166) | (30901) |
| &nbsp;&nbsp;&nbsp; Proceeds from a related party |  | 373007 |
| &nbsp;&nbsp;&nbsp; Repayment to a related party | (127092) | (169) |
|  **Net cash (used in) provided by financing activities** | **(157258)** | **191786** |
|  **Net increase/(decrease) in cash and cash equivalents** | **62262** | **(45051)** |
| &nbsp;&nbsp;&nbsp; Cash and cash equivalents, at beginning of the financial year | 60451 | 126287 |
| &nbsp;&nbsp;&nbsp; Effect of foreign exchange rate changes, net | 3574 | (26484) |
|  **Cash and cash equivalents, at end of the financial year** | **126287** | **54752** |
|  **Supplemental disclosure of cash flow information:** |  |  |
| &nbsp;&nbsp;&nbsp; Income taxes paid | (60874) | (238935) |
| &nbsp;&nbsp;&nbsp; Interest received | 114 | 127 |
| &nbsp;&nbsp;&nbsp; Interest paid | (2478) | (1741) |
|  **Non-cash investing and financing activities** |  |  |
| &nbsp;&nbsp;&nbsp; ROU assets obtained in exchange for operating lease liabilities | 52484 | 63379 |

---

The accompanying Accounting Policies and Explanatory Notes form an integral part of, and should be read in conjunction with, these combined financial statements.

[**Table of Contents**](#TOC001)

#### AGENCIA COMERCIAL SPIRITS LTD

#### NOTES TO THE COMBINED FINANCIAL STATEMENTS

#### FOR THE FINANCIAL YEARS ENDED DECEMBER 31, 2023 AND 2024
**1. ORGANIZATION AND PRINCIPAL ACTIVITIES**

Agencia Comercial Spirits Ltd ("Agencia Cayman") was incorporated as an exempted company under the laws of the Cayman Islands on March 7, 2025. Agencia Cayman and its subsidiaries (collectively the "Company") engaged in trading and wholesale of whisky, encompassing the procurement, distribution, and sale of whisky products in both Taiwan and international markets. In connection with its initial public offering, the Company undertook a reorganization of its legal structure (the "Reorganization"). The Reorganization involved: (1) the incorporation of Agencia Cayman, a Cayman Islands holding company; (2) reorganized Ping Shiang Holding Ltd ("Ping Shiang Holding"), incorporated in BVI on January 21, 2025, as wholly owned subsidiaries of Agencia Cayman on May 27, 2025; (3) On May 23, 2025, Ping Shiang Holding completed an acquisition of Agencia Taiwan through the shares transfer. Upon completion, Ping Shiang Holding holds 100% equity interest in Agencia Taiwan.

Immediately before and after the reorganization, the controlling shareholders, Mr. Tsai Yi Yang and Ms. Lee Li Mei (together the "Controlling Shareholders"), controlled Agencia Cayman; therefore, for accounting purposes, the reorganization is accounted for as a transaction of entities under common control. Accordingly, the accompanying combined financial statements have been prepared as if the current corporate structure had been in existence throughout the financial years presented.

During the reporting periods, Agencia Cayman has two subsidiaries. Details of its subsidiaries are set out below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Name of subsidiaries** | **Place of <br>incorporation** | **Date of <br>incorporation** | **Percentage of <br>direct or indirect <br>interests** | **Principal activities** |
|  Ping Shiang Holding Ltd ("Ping Shiang Holding") | BVI | January 21, 2025 | 100.0% | Investment holding |
|  Agencia Comercial Co., Ltd ("Agencia Taiwan") | Taiwan | July 7, 2020 | 100.0% | Trading and Wholesale of whisky |

---

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

<u><u>Basis of presentation</u></u>

The accompanying combined financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for information pursuant to the rules and regulations of the U.S. Securities Exchange Commission ("SEC").

<u>Principles of consolidation</u>

For the purpose of preparing this set of combined financial statements, the combined balance sheet of the Company as at December 31, 2024 and 2023, the combined statements of operations and comprehensive income, combined statement of changes in shareholders' equity and combined statements of cash flows of the Company for the financial years ended December 31, 2024 and 2023 have been prepared on a combined basis and include the financial information of the Company as if the current group structure had been in existence throughout the financial years or from the date the entities are under common control, if later, in accordance with ASC 805-50, Business Combinations — Related Issues (Common Control Transactions). Accordingly, the assets, liabilities, and results of operations of the entities under common control have been combined, and prior periods have been retrospectively adjusted to reflect the reorganization.

The preparation of combined financial statements in conformity with U.S. GAAP requires management to exercise judgement in the process of applying the Company's accounting policies and requires the use of accounting estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the end of the reporting periods, and the reported amounts of revenue and

[**Table of Contents**](#TOC001)

#### AGENCIA COMERCIAL SPIRITS LTD

#### NOTES TO THE COMBINED FINANCIAL STATEMENTS

#### FOR THE FINANCIAL YEARS ENDED DECEMBER 31, 2023 AND 2024
**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

expenses throughout the financial years. Although these estimates are based on management's best knowledge of historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances, actual results may ultimately differ from those estimates.

The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognized in the financial years in which the estimate is revised if the revision affects only that financial year or in the financial year of the revision and future financial years if the revision affects both current and future financial years.

<u><u>Use of estimates and assumptions</u></u>

The preparation of combined financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the combined financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. On an ongoing basis, the Company's management reviews these estimates based on information that is currently available. Changes in facts and circumstances may cause the Company to revise its estimates. Significant accounting estimates reflected in the Company's combined financial statements mainly include provision for expected credit losses on account receivables and other receivables, revenue recognition, and uncertain tax position.

<u><u>Functional currency and foreign currency translation</u></u>

The Company uses United States dollar ("US$") as its reporting currency. The functional currency of the Company is New Taiwan Dollars ("NTD").

Monetary assets and liabilities denominated in currencies other than the functional currency are remeasured into the functional currency at the prevailing rates of exchange at the balance sheet date. Non-monetary assets and liabilities are remeasured into the functional currency at historical rates. Transactions denominated in other currencies are remeasured into the functional currency at the exchange rates prevailing on the transaction dates.

Translation gains and losses are recognized as foreign exchange gain or loss, net in the statement of operations and comprehensive income.

Assets and liabilities of the Company are translated into US$ at financial year-end exchange rates. Equity accounts other than earnings generated in current period are translated into US$ at the appropriate historical rates. Income and expense items are translated at average exchange rates during the financial year. Translation adjustments arising from these are reported as accumulated other comprehensive income/(loss) in the statements of changes in shareholders' equity.

The corresponding exchange rates used to translate NTD to US$ are as follows:

---

| | | |
|:---|:---|:---|
|  | **2023** | **2024** |
|  Year-end spot rate | 0.0326 | 0.0305 |
|  Annual average rate | 0.0321 | 0.0312 |

---

<u><u>Related parties</u></u>

The Company adopted Accounting Standards Codification ("ASC") 850, *Relate Party Disclosures*, for the identification of related parties and disclosure of related party transactions.

A related party is generally defined as (i) any person and/or their immediate family holding 10% or more of the Company's securities, (ii) the Company's management and/or their immediate family, (iii)someone that directly or indirectly controls, is controlled by or is under common control with the Company, or (iv) anyone who can

[**Table of Contents**](#TOC001)

#### AGENCIA COMERCIAL SPIRITS LTD

#### NOTES TO THE COMBINED FINANCIAL STATEMENTS

#### FOR THE FINANCIAL YEARS ENDED DECEMBER 31, 2023 AND 2024
**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

significantly influence the financial and operational decisions of the Company. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties. Related parties may be individuals or corporate entities.

Transactions involving related parties cannot be presumed to be carried out on an arm's length basis, as the requisite conditions of competitive, free market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm's length transactions unless such representations can be substantiated.

<u><u>Fair value measurements</u></u>

The established fair value hierarchy as defined by U.S. GAAP 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 inputs that is significant to the fair value measurement. The three levels of inputs may be used to measure fair value include:

---

| | |
|:---|:---|
|  Level 1 — | Valuation techniques in which all significant inputs are unadjusted quoted prices from active markets for assets or liabilities that are identical to the assets or liabilities being measured. |
|  Level 2 — | Valuation techniques in which significant inputs include quoted prices from active markets for assets or liabilities that are similar to the assets or liabilities being measured and/or quoted prices for assets or liabilities that are identical or similar to the assets or liabilities being measured from markets that are not active. Also, model-derived valuations in which all significant inputs and significant value drivers are observable in active markets are Level 2 valuation techniques. |
|  Level 3 — | Valuation techniques in which one or more significant inputs or significant value drivers are unobservable. Unobservable inputs are valuation technique inputs that reflect the Company's own assumptions about the assumptions that market participants would use in pricing an asset or liability. |

---

The Company's financial instruments include cash and cash equivalents, account receivables, financial assets included in prepayments and other receivables, amount due from a related party, account payables, financial liabilities included in accruals and other payables, bank borrowings, and amount due to a related party. The carrying amount of these instruments approximates to their fair value largely due to the short-maturities.

<u><u>Cash and cash equivalents</u></u>

Cash and cash equivalents consist of cash on hand and cash at bank that are unrestricted as to withdrawal or use. The Company has not experienced any losses in such accounts and do not anticipate any exposure to significant risks.

<u><u>Account receivables</u></u>

Accounts receivables are stated at amortized cost, net of an allowance for credit losses. The allowance is estimated using the Current Expected Credit Loss model, which requires the Company to forecast expected credit losses over the lifetime of the receivables. The estimate considers historical loss experience, current economic conditions, reasonable and supportable forecasts, aging of receivable balances, and customer-specific risk factors (e.g., financial health, payment trends). Adjustments are made when objective evidence indicates a probable loss that can be reasonably estimated.

<u><u>Inventories</u></u>

Inventories are stated at the lower of cost and net realizable value. Cost is determined using first-in-first-out method. The cost of inventories comprises the cost of finished goods and an appropriate proportion of overheads. Net realizable value is based on estimated selling prices less any estimated costs to be incurred to completion and disposal.

[**Table of Contents**](#TOC001)

#### AGENCIA COMERCIAL SPIRITS LTD

#### NOTES TO THE COMBINED FINANCIAL STATEMENTS

#### FOR THE FINANCIAL YEARS ENDED DECEMBER 31, 2023 AND 2024
**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

Net realizable value write-downs are normally determined on an individual item basis. However, in some cases it may be appropriate to group together similar products.

<u><u>Deferred IPO costs</u></u>

The Company complies with the requirement of the ASC 340-10-S99-1 and SEC Staff Accounting Bulletin ("SAB") Topic 5A — *Expenses of Offering*. Deferred offering costs consist of underwriting, legal, and other expenses incurred through the balance sheet date that are directly related to the intended IPO. Deferred offering costs will be charged to shareholders' equity upon the completion of the IPO. Should the IPO prove to be unsuccessful, these deferred costs, as well as additional expenses to be incurred, will be charged to operations. As of December 31, 2023 and 2024 the Company capitalized nil and approximately US$150,151 of deferred offering costs, respectively.

<u><u>Account payables, and accruals and other payables</u></u>

Account payables, and accruals and other payables are initially measured at fair value and, after initial recognition, at amortized cost, except for short term payable with no stated interest rate and the effect of discounting being immaterial that are measured at their original invoice amount.

<u><u>Borrowing costs</u></u>

Borrowing costs are recognized as an expense in the period in which they are incurred.

<u><u>Bank borrowings</u></u>

Borrowings are presented as current liabilities unless the Company has an unconditional right to defer settlement for at least 12 months after the end of the reporting date, in which case they are presented as non-current liabilities.

Borrowings are initially recorded at fair value, net of transaction costs and subsequently carried at amortized costs using the effective interest method. Any difference between the proceeds (net of transaction costs) and the redemption value is recognized in profit or loss over the period of the borrowings using the effective interest method. Borrowings which are due to be settled within 12 months after the end of the reporting date are included in current borrowings in the balance sheet even though the original term was for a period longer than 12 months and an agreement to refinance, or to reschedule payments, on a long-term basis is completed after the end of the reporting date and before the combined financial statements are authorized for issue.

<u><u>Revenue recognition</u></u>

In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09, *Revenue from Contracts with Customers (Topic 606)*, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The Company adopted ASU No. 2014-09 and its related amendments (collectively, known as ASC 606, *Revenue from Contracts with Customers*) upon incorporation. Adoption of ASC 606 did not impact the timing of revenue recognition in the Company's combined financial statements for the prior annual periods.

The Company generated its revenue from trading of whisky products. Revenue is recognized when control of the promised goods is transferred to a customer for an amount that reflects the consideration that the Company expects to receive in exchange for those goods. Typically, control is transferred to a customer in accordance with the applicable incoterms used for delivery, as specified in the sales contract. The specific incoterm used in each transaction determines the point at which the risks and rewards of ownership transfer from the Company to a customer, thereby triggering the recognition of revenue. The Company recognizes revenue as the principal in the transaction in accordance with ASC 606, due to the Company's ownership and control over the inventory throughout the entire process.

[**Table of Contents**](#TOC001)

#### AGENCIA COMERCIAL SPIRITS LTD

#### NOTES TO THE COMBINED FINANCIAL STATEMENTS

#### FOR THE FINANCIAL YEARS ENDED DECEMBER 31, 2023 AND 2024
**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

The Company applies the following five steps in order to determine the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its arrangements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Identify the contract with a customer,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Identify the performance obligations in the contract,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Determine the transaction price,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Allocate the transaction price to performance obligations in the contract, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Recognize revenue as performance obligation is satisfied.

Under ASC 606, the Company estimates the transaction price, including variable consideration, at the commencement of the contract and recognizes revenue at the point of time as a principal when control of the goods is transferred to the customer, rather than when fees become fixed or determinable. The Company evaluates whether it acts as a principal or an agent based on the following criteria:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Control: The Company must have the primary responsibility for fulfilling the contracts, which includes managing inventory, determining pricing, and delivering the product.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Inventory Risk: The Company assumes inventory risk, meaning it may bear the risk of loss for the goods held in inventory before they are transferred to the customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Customer Relationship: The Company maintains the customer relationship and is responsible for providing customer service and support.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Profit Margin: The Company earns a profit margin that reflects the risks and rewards associated with being the principal.

The Company will regularly assess its contracts with customers to determine the appropriate treatment for revenue under ASC 606.

<u><u>Cost of revenue</u></u>

The cost of revenue consists primarily of procurement of whisky products held for sale, as well as direct costs associated with the procurement, such as import and export charges, and processing charges.

<u><u>General and administrative expenses</u></u>

General and administrative expenses consist primarily of staff costs (including salaries, messing, etc.), expenses related to trademark, rental expenses, as well as professional fees incurred in daily operations.

<u><u>Sales and distribution expenses</u></u>

Sales and distribution expenses consist primarily of basic salaries and employee benefits of sales personnel not directly attributable to the generation of revenue and expenses incurred to various warehouses.

<u><u>Leases</u></u>

The Company adopted ASC 842, *Leases* upon incorporation, using the modified retrospective transition method through a cumulative-effect adjustment in the period of adoption rather than retrospectively adjusting prior periods and the package of practical expedient. The Company categorized leases with contractual terms longer than twelve months as either operating or finance lease.

[**Table of Contents**](#TOC001)

#### AGENCIA COMERCIAL SPIRITS LTD

#### NOTES TO THE COMBINED FINANCIAL STATEMENTS

#### FOR THE FINANCIAL YEARS ENDED DECEMBER 31, 2023 AND 2024
**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

ROU assets represent the Company's rights to use underlying assets for the lease terms and lease liabilities represent the Company's obligation to make lease payments arising from the leases. Operating lease ROU assets and lease liabilities are recognized at commencement date based on the present value of lease payments over the lease term, reduced by lease incentives received, plus any initial direct costs, if any, using the discount rate for the lease at the commencement date. If the implicit rate in lease is not readily determinable for the Company's operating leases, the Company generally uses the incremental borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at commencement date. The Company's lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Lease payments may be fixed or variable; however, only fixed payments or in-substance fixed payments are included in the lease liability calculation. Variable lease payments, if any, are recognized in operating expenses in the period in which the obligation for those payments is incurred.

For operating leases, lease expense is recognized on a straight-line basis over the lease term. For finance leases, lease expense is recognized as amortization on a straight-line basis over the lease term and interest using the effective interest method.

Any lease with a term of 12 months or less is considered short-term. As permitted by ASC 842, short-term leases are excluded from the ROU assets and lease liabilities on the balance sheets. Consistent with all other operating leases, short-term lease expense is recorded on a straight-line basis over the lease term.

<u><u>Income taxes</u></u>

The Company follows the liability method of accounting for income taxes in accordance with ASC 740, *Income Taxes*. The Company accounts for income taxes in accordance with the laws and regulations of the relevant tax authorities. The charge for taxation is based on the results for the fiscal year as adjusted for items which are non-assessable or disallowed. It is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date.

Deferred taxes are accounted for using the asset and liability method in respect of temporary differences arising from the differences between the carrying amount of assets and liabilities in the combined financial statements and the corresponding tax bases used in the computation of assessable tax profit. In principle, deferred tax liabilities are recognized for all taxable temporary differences. Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which deductible temporary differences can be utilized. Deferred tax is calculated suing tax rates that are expected to apply to the period when the asset is realized, or the liability is settled. Deferred tax is charged or credited in the income statement, except when it is related to items credited or charged directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized.

An uncertain tax position is recognized as a benefit only if it is "more likely than not" that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% probability of being realized on examination. For tax positions not meeting the "more likely than not" test, no tax benefit is recorded. No penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the period incurred.

<u><u>Segment</u></u>

In accordance with ASC 280, Segment Reporting, operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker ("CODM"), or decision-making Company, in deciding how to allocate resources and in assessing performance. The Company utilizes the "management approach" to identify its reportable operating segments.

[**Table of Contents**](#TOC001)

#### AGENCIA COMERCIAL SPIRITS LTD

#### NOTES TO THE COMBINED FINANCIAL STATEMENTS

#### FOR THE FINANCIAL YEARS ENDED DECEMBER 31, 2023 AND 2024
**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

The management approach considers the internal organizational structure and reporting mechanisms employed by the Company's CODM for operational decision-makings and performance evaluation. The Company's chief executive officer is designated as the Company's CODM, who reviews and evaluates the consolidated results to determine resource allocation and assess the Company's overall performance. After a thorough analysis, the Company has concluded that it operates within only one reportable operating segment.

The Company's CODM has been identified as the Chief Executive Director who reviews the results of operations when making decisions about allocating resources and assessing the performance of the Company. For management's purpose, the Company operates in one business unit based on the products sold, and its sole operating segment is the trading and wholesale of whisky products. The CODM monitors the revenue, results, assets and liabilities of its business unit as a whole and regularly reviews its operating results to make decisions about resource allocation. Accordingly, no analysis of segment information other than entity-wide information is presented.

The Company's long lived assets are all located in Taiwan and substantially all monitoring and control activities of its operations are conducted in Taiwan. Therefore, no geographic information is presented.

The significant segment expenses are consistent with those reported on the combined financial statements of operations and comprehensive income and include cost of revenue, sales and distribution expenses and general and administrative expenses. For significant segment expenses incurred during the years ended December 31, 2024, and 2023, refer to Combined Financial Statements of Operations and Comprehensive Income.

<u><u>Earnings per share</u></u>

Basic earnings per share is computed by dividing net income attributable to the holders of Class A ordinary shares by the weighted average number of Class A ordinary shares outstanding during the period presented, Class B ordinary shares are excluded from the calculation as they represent non-participating shares with no claim on profits or distributions.

Diluted earnings per share is calculated by dividing net income attributable to the holders of Class A ordinary shares as adjusted for the effect of dilutive ordinary share equivalents, if any, by the weighted average number of Class A ordinary shares and dilutive ordinary share equivalents outstanding during the period.

<u><u>Comprehensive income</u></u>

Comprehensive income consists of two components, net income and other comprehensive income/(loss). Other comprehensive income/(loss) refers to income, expenses, gains /(losses) that under U.S. GAAP are recorded as an element of shareholders' equity but are excluded from net income. Other comprehensive income/(loss) consists of foreign currency translation adjustments resulting from the Company not using USD as its functional currency.

<u><u>Concentration of risks</u></u>

#### Concentration of credit risk
Financial instruments that potentially expose the Company to concentration of credit risk consist primarily of account receivables. The Company conducts credit evaluations of its customers, and generally does not require collateral or other security from them. The Company evaluates its collection experience and long outstanding balances to determine the need for an allowance for doubtful accounts. The Company conducts periodic reviews of financial conditions and payment practices of its customers to minimize collection risk on account receivables.

[**Table of Contents**](#TOC001)

#### AGENCIA COMERCIAL SPIRITS LTD

#### NOTES TO THE COMBINED FINANCIAL STATEMENTS

#### FOR THE FINANCIAL YEARS ENDED DECEMBER 31, 2023 AND 2024
**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

#### Concentration of customers
The Company has two customers accounted for 10% or more of sales for the financial years ended December 31, 2023 and 2024:

---

| | | |
|:---|:---|:---|
|  | **For the financial years ended<br> December 31,** | **For the financial years ended<br> December 31,** |
|  | **2023** | **2024** |
|  Customer A | 74.69% | 41.42% |
|  Customer B | 13.93% | 17.68% |

---

The Company has the following customers accounted for 10% or more of account receivables as of December 31, 2023 and 2024:

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2023** | **2024** |
|  Customer A | —<br> **\*** | 34.92% |
|  Customer B | —<br> **\*** | 14.74% |
|  Customer C | —<br> **\*** | 14.51% |
|  Customer D | —<br> **\*** | 10.21% |

---

____________

\* The Company did not have any account receivables as of December 31, 2023.

#### Concentration of suppliers
The Company has the following suppliers accounted for 10% or more of purchases for the financial years ended December 31, 2023 and 2024:

---

| | | |
|:---|:---|:---|
|  | **For the financial years ended<br> December 31,** | **For the financial years ended<br> December 31,** |
|  | **2023** | **2024** |
|  Supplier A | 37.88% | 15.23% |
|  Supplier B | 18.38% | —**#** |
|  Supplier C | 17.07% | 45.23% |
|  Supplier D | —<br> **\*** | 11.10% |

---

____________

\* Less than 10% of the purchases for the year ended December 31, 2023.

# Less than 10% of the purchases for the year ended December 31, 2024.

The Company has the following suppliers accounted for 10% or more of account payables as of December 31, 2023 and 2024:

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2023** | **2024** |
|  Supplier A | 98.53% | 57.22% |
|  Supplier B | —<br> **\*** | 42.77% |

---

____________

\* Less than 10% of the account payables as of December 31, 2023.

[**Table of Contents**](#TOC001)

#### AGENCIA COMERCIAL SPIRITS LTD

#### NOTES TO THE COMBINED FINANCIAL STATEMENTS

#### FOR THE FINANCIAL YEARS ENDED DECEMBER 31, 2023 AND 2024
**3. RECENT ACCOUNTING PRONOUNCEMENTS**

<u><u>ASU 2023-06,</u> *<u>Disclosure Improvements — Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative</u>*</u>

On October 9, 2023, the FASB issued ASU 2023-06, *Disclosure Improvements — Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative*. The amendments in ASU 2023-06 modify the disclosure or presentation requirements of a variety of topics in the FASB Accounting Standards Codification (the "Codification"), with the intention of clarifying or improving them and to align the requirements in the Codification with the regulations of the U.S. Securities and Exchange Commission (the "SEC"). The effective date for ASU 2023-06 varies and is determined for each individual disclosure based on the effective date of the SEC's removal of the related disclosure. ASU 2023-06 will not have any impact on the Company's financial position or results of operation.

<u><u>ASU 2023-09,</u> *<u>Improvements to Income Tax Disclosures</u>*</u>

On December 14, 2023, the FASB issued ASU 2023-09, *Income Taxes (Topic 740): Improvement to Income Tax Disclosure*. ASU 2023-09 improves income tax disclosure requirements related to rate reconciliation income taxes paid and other miscellaneous tax disclosures to enhance their transparency and decision usefulness to investors. These enhancements allow investors to better assess how an entity's operations, related tax risks, tax planning and operational opportunities affect its tax rate and prospects for future cash flows. ASU 2023-09 is effective for financial years beginning after December 15, 2024, with early adoption permitted. The Company does not expect the adoption of this pronouncement to have a significant impact on its combined financial statements.

<u><u>ASU 2024-02,</u> *<u>Codification Improvements — Amendments to Remove References to the Concepts Statements</u>*</u>

In March 2024, the FASB issued ASU 2024-02, *Codification Improvements — Amendments to Remove References to the Concepts Statements*. This update contains amendments to the Codification that remove references to various FASB Concepts Statements. These changes remove references to various Concepts Statements and the amendments apply to all reporting entities within the scope of the affected accounting guidance. The amendments in this Update are effective for public business entities for financial years beginning after December 15, 2024. Early application of the amendments in this Update is permitted for any fiscal year or interim period for which combined financial statements have not yet been issued (or made available for issuance). The Company believes the future adoption of this ASU is not expected to have a material impact on its combined financial statements.

<u><u>ASU 2024-03,</u> *<u>Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses</u>*</u>

In November 2024, the FASB issued ASU 2024-03, *Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220*-40*): Disaggregation of Income Statement Expenses*. The amendments in this ASU are intended to improve financial reporting by requiring that public business entities disclose additional information about specific expense categories in the notes to combined financial statements at interim and annual reporting periods. For interim and annual reporting periods, an entity shall disaggregate, in a tabular format disclosure in the notes to combined financial statements, all relevant expense captions presented on the face of the income statement in continuing operations into the purchases of inventory, employee compensation, depreciation, amortization, and depletion. This ASU is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The amendments in this update should be applied either (1) prospectively to combined financial statements issued for reporting periods after the effective date of this Update, or (2) retrospectively to any or all prior periods presented in the combined financial statements. The Company is currently evaluating the impact the adoption of ASU 2024-03 will have on its combined financial statements and related disclosures.

[**Table of Contents**](#TOC001)

#### AGENCIA COMERCIAL SPIRITS LTD

#### NOTES TO THE COMBINED FINANCIAL STATEMENTS

#### FOR THE FINANCIAL YEARS ENDED DECEMBER 31, 2023 AND 2024
**3. RECENT ACCOUNTING PRONOUNCEMENTS** (cont.)

<u><u>ASU 2025-01,</u> *<u>Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40)</u>*</u>

In January 2025, the FASB issued ASU 2025-01, *Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220*-40*)*. The FASB issued update 2024-03 on November 4, 2024. Update 2024-03 states that the amendments are effective for public business entities for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Following the issuance of update 2024-03, the FASB was asked to clarify the initial effective date for entities that do not have an annual reporting period that ends on December 31 (referred to as non-calendar year-end entities). Because of how the effective date guidance was written, a non-calendar year-end entity may have concluded that it would be required to initially adopt the disclosure requirements in update 2024-03 in an interim reporting period, rather than in an annual reporting period. The FASB's intent in the basis for conclusions of update 2024-03 is clear that all public business entities should initially adopt the disclosure requirements in the first annual reporting period beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. However, the FASB acknowledges that there was ambiguity between the intent in the basis for conclusions in update 2024-03 and the transition guidance that was included in the Codification when update 2024-03 was issued.

**4. ACCOUNT RECEIVABLES**

Details of account receivables are as follows:

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2023** | **2024** |
|  | **US$** | **US$** |
|  Account receivables |  | 717644 |
|  Less: allowance for credit losses |  |  |
|  |  | 717644 |

---

As of 31 December 2024, the related party receivable balance of US$68,400 is included within account receivables as the amount is expected to be collected in cash in the normal course of business.

The Company's credit period with customers is generally 60 days. The Company reviews its account receivable balances regularly to minimize credit risk. Balances are reviewed regularly by senior management. The Company does not hold any collateral or other credit enhancements over its trade receivable balances. Account receivables are non-interest bearing.

In applying ASC 326, the Company concluded that no material expected credit loss was required as of December 31, 2023 and 2024, based on forward-looking scenarios and customer credit assessments.

**5. PREPAYMENTS AND OTHER RECEIVABLES**

Prepayments and other receivables as of December 31, 2023 and 2024 are as follows:

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2023** | **2024** |
|  | **US$** | **US$** |
|  Prepayments to suppliers | 174854 | 240395 |
|  Rental deposits | 1630 | 3847 |
|  Other receivables (Note) | 7497 |  |
|  VAT recoverable | 44328 |  |
|  | 228309 | 244242 |

---

[**Table of Contents**](#TOC001)

#### AGENCIA COMERCIAL SPIRITS LTD

#### NOTES TO THE COMBINED FINANCIAL STATEMENTS

#### FOR THE FINANCIAL YEARS ENDED DECEMBER 31, 2023 AND 2024
**5. PREPAYMENTS AND OTHER RECEIVABLES** (cont.)

As of 31 December 2024, a prepayment to a related party of US$45,044 is included within prepayments to suppliers for the prepayment of fees related to a trademark licensing agreement, as described in Note 13 — Commitments and Contingencies.

In assessing the expected credit loss in accordance with ASC 326, the Company incorporates various factors such as historical experience, current economic conditions, as well as forward-looking information. As of December 31, 2023 and 2024, the Company concludes that no material expected credit loss is noted in respect of its other receivables.

**6. INVENTORIES**

Inventories as of December 31, 2023 and 2024 are as follows:

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2023** | **2024** |
|  | **US$** | **US$** |
|  Finished goods | 2305461 | 2650957 |

---

The Company consistently monitors its inventories for potential obsolete products. Any loss on damaged items is immaterial and will be recognized immediately. As a result, no reserve was made for inventories as of December 31, 2023 and 2024.

**7. BANK BORROWINGS**

As of December 31, 2023 and 2024, the Company has certain bank borrowings outstanding with Bank of Kaohsiung, which are denominated in NTD and are guaranteed by a shareholder, his immediate family member, and a credit fund. Particulars of the aforesaid bank borrowings as of December 31, 2023 and 2024 are as follows:

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2023** | **2024** |
|  | **US$** | **US$** |
|  Current portion | 30900 | 29736 |
|  Non-current portion | 50666 | 17727 |
|  | 81566 | 47463 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | | **As of December 31,** | **As of December 31,** |
|  **Banker** | **Start Date** | **Maturity Date** | **Interest Rate** | **2023** | **2024** |
|  |  |  |  | **US$** | **US$** |
|  Bank of Kaohsiung | 2021/07/09 | 2026/07/09 | 2.295% | 860 | 499 |
|  Bank of Kaohsiung | 2021/07/09 | 2026/07/09 | 2.295% | 16350 | 9493 |
|  Bank of Kaohsiung | 2021/07/09 | 2026/07/09 | 4.545% | 6507 | 3820 |
|  Bank of Kaohsiung | 2021/07/09 | 2026/07/09 | 2.675% | 57849 | 33651 |
|  |  |  |  | 81566 | 47463 |

---

[**Table of Contents**](#TOC001)

#### AGENCIA COMERCIAL SPIRITS LTD

#### NOTES TO THE COMBINED FINANCIAL STATEMENTS

#### FOR THE FINANCIAL YEARS ENDED DECEMBER 31, 2023 AND 2024
**8. REVENUE FROM CONTRACTS WITH CUSTOMERS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Disaggregated revenue information:

---

| | | |
|:---|:---|:---|
|  | **For the financial years ended<br> December 31,** | **For the financial years ended<br> December 31,** |
|  | **2023** | **2024** |
|  | **US$** | **US$** |
|  **<u>Types of goods</u>** |  |  |
|  Whisky products | 887310 | 2537743 |
|  **<u>Timing of revenue recognition</u>** |  |  |
|  Goods transferred at a point in time | 887310 | 2537743 |

---

During the year ended December 31, 2023, contract liabilities of US$310,340 were recognized as revenue. No contract liabilities were recognized as revenue during the year ended December 31, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Performance obligations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1. Nature of Performance Obligations***

In accordance with ASC 606, the Company identifies the following performance obligations in its contracts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Product Delivery:**

The Company is responsible for delivering the specified goods (e.g., whisky products) to the designated location and ensuring that the goods meet the agreed specifications and quality.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Acceptance and Replacement:**

If the delivered goods do not conform to the specifications or have defects, the customer must notify the Company in writing within 10 days, and the Company shall unconditionally replace the goods and bear the corresponding shipping costs. However, upon the acceptance of the delivered goods by the customer, no return of the goods will be accepted if the customers subsequently discover the delivered goods do not confirm to the agreed specifications or have defects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2. Timing of Revenue Recognition***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Upon Delivery:**

Revenue is recognized when the goods are delivered to the customer, which is when control of the goods transfers to the customer.

For overseas sales transactions, the Company recognise revenue in accordance with relevant incoterms (international Commercial Terms) specified in the respective sales contracts. The timing of revenue recognition is determined by the transfer of control and risk associated with the goods to the customer.

For overseas sales under the Free on Board (FOB) shipping point incoterm, revenue is recognised when the goods are loaded onto the vessel at the specified shipping point, at which point control and risks related to the goods are transferred to the buyer.

In the case of overseas sales under Cost, Insurance, and Freight (CIF) destination incoterm, revenue is recognised upon delivery of the goods to the specified destination port, where control and risks related to the goods are transferred to the buyer.

[**Table of Contents**](#TOC001)

#### AGENCIA COMERCIAL SPIRITS LTD

#### NOTES TO THE COMBINED FINANCIAL STATEMENTS

#### FOR THE FINANCIAL YEARS ENDED DECEMBER 31, 2023 AND 2024
**8. REVENUE FROM CONTRACTS WITH CUSTOMERS** (cont.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3. Contractual Liabilities***

According to the contract terms, the following situations may affect the fulfillment of performance obligations and revenue recognition:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Force Majeure:**

If delivery is delayed due to natural disasters or other force majeure events, Company shall negotiate with customer, which may affect the timing of revenue recognition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Breach of Contract:**

If customer fails to pay the agreed price, the Company has the right to terminate the contract and request the return of the goods. If the Company fails to deliver the agreed goods, they will bear the corresponding liability and pay penalties.

This disclosure aims to provide stakeholders with a clear understanding of the nature and timing of revenue recognized from contracts with customers.

**9. LEASES**

The Company leases office and warehouse premises under operating lease agreements.

During the financial years ended December 31, 2023 and 2024, the Company entered into two operating lease agreements with related parties, with lease terms of 72 months and 60 months, respectively.

With reference to market rate for similar premises with similar location, the Company is of the opinion that these lease agreements are able to represent arm's length transactions between the Company and the related parties.

As of December 31, 2023 and 2024, the Company has not entered into any sublease agreements and the leases do not include any residual value guarantees or covenants.

The following represents the aggregate operating ROU assets and related operating lease liabilities as of December 31, 2023 and 2024:

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2023** | **2024** |
|  | **US$** | **US$** |
|  **<u>Assets</u>** |  |  |
|  Operating ROU assets | 44581 | 94885 |
|  **<u>Liabilities</u>** |  |  |
|  Current operating lease liabilities | 8241 | 19945 |
|  Non-current operating lease liabilities | 36313 | 72680 |
|  | 44554 | 92625 |

---

The weighted average lease term and weighted average discount rate as of December 31, 2023 and 2024 are as follows:

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2023** | **2024** |
|  **<u>Weighted average lease term:</u>** |  |  |
|  Operating leases | 60.00 months | 52.43 months |
|  **<u>Weighted average discount rate</u>** |  |  |
|  Operating leases | 3.84% | 3.84% |

---

[**Table of Contents**](#TOC001)

#### AGENCIA COMERCIAL SPIRITS LTD

#### NOTES TO THE COMBINED FINANCIAL STATEMENTS

#### FOR THE FINANCIAL YEARS ENDED DECEMBER 31, 2023 AND 2024
**9. LEASES** (cont.)

The components of lease expenses for the financial years ended December 31, 2023 and 2024 are as follows:

---

| | | |
|:---|:---|:---|
|  | **For the financial years ended<br> December 31,** | **For the financial years ended<br> December 31,** |
|  | **2023** | **2024** |
|  | **US$** | **US$** |
|  Operating leases | 9636 | 15268 |
|  Short-term leases not included in measurement of lease liabilities |  |  |
|  | 9636 | 15268 |

---

Supplemental cash flow information related to leases for the financial years ended December 31, 2023 and 2024 are as follows:

---

| | | |
|:---|:---|:---|
|  | **For the financial years ended<br>December 31,** | **For the financial years ended<br>December 31,** |
|  | **2023** | **2024** |
|  | **US$** | **US$** |
|  **<u>Cash paid for amounts included in the measurement of lease liabilities:</u>** |  |  |
|  Operating cash flows for operating leases | 9636 | 15268 |
|  **<u>Supplemental non-cash information:</u>** |  |  |
|  ROU assets obtained in exchange for the lease obligations | 52484 | 63379 |

---

Future minimum lease payments under operating leases as of December 31, 2024 are as follows:

---

| | |
|:---|:---|
|  | **As of<br> December 31,<br> 2024** |
|  | **US$** |
| 2025 | 23081 |
| 2026 | 23081 |
| 2027 | 23081 |
| 2028 | 23081 |
|  Thereafter | 8121 |
|  **Total undiscounted cash flows** | **100445** |
|  *Present value:* |  |
|  Current operating lease liabilities | 19945 |
|  Non-current operating lease liabilities | 72680 |
|  **Total operating lease liabilities** | **92625** |
|  Interest on lease liabilities | 7820 |

---

**10. TAXES**

#### Taiwan Corporate Income Tax
The Company is subject to a corporate income tax rate of 20% on its net taxable income in accordance with Taiwan tax regulations. Management regularly reviews its tax positions and related liabilities to ensure compliance with local tax laws and to reflect any necessary adjustments in the combined financial statements.

[**Table of Contents**](#TOC001)

#### AGENCIA COMERCIAL SPIRITS LTD

#### NOTES TO THE COMBINED FINANCIAL STATEMENTS

#### FOR THE FINANCIAL YEARS ENDED DECEMBER 31, 2023 AND 2024
**10. TAXES** (cont.)

The income tax expenses included in the statement of operations and comprehensive income are as follows:

---

| | | |
|:---|:---|:---|
|  | **For the financial years ended<br> December 31,** | **For the financial years ended<br> December 31,** |
|  | **2023** | **2024** |
|  | **US$** | **US$** |
|  Current tax | 60874 | 238935 |

---

Reconciliation between the income tax expenses computed by applying the Taiwan statutory income tax rate to profit before income taxes and actual provision were as follows:

---

| | | |
|:---|:---|:---|
|  | **For the years ended<br> December 31,** | **For the years ended<br> December 31,** |
|  | **2023** | **2024** |
|  | **US$** | **US$** |
|  Total income before income tax expense | 300162 | 1018213 |
|  Income tax at statutory tax rate of 20% | 60032 | 203643 |
|  Tax effect of expenses not deductible |  | 24839 |
|  Under-provision for prior financial years |  | 10026 |
|  Others | 842 | 427 |
|  Total income tax expenses | 60874 | 238935 |

---

As of December 31, 2023 and 2024, the tax payables included in the Company's balance sheet solely consist of income taxes incurred in Taiwan.

No deferred tax is provided since there is no material temporary difference as of the end of the reporting period.

**11. RELATED PARTY TRANSACTIONS AND BALANCES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) The Company had the following balances with related parties as of year-end date:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | **As of December 31,** | **As of December 31,** |
|  **Name of related parties** | **Relationship** | **Nature** | **2023** | **2024** |
|  |  |  | **US$** | **US$** |
|  Mr. Tsai Yi Yang | Beneficial owner | Amount due to a related party | 727775 | 1031203 |
|  Mr. Tsai Yi Yang | Beneficial owner | Rental deposit paid | 1630 | 1527 |
|  Ms. Lee Li Mei | Shareholder of the Company | Rental deposit paid |  | 2320 |
|  Xiamen Celtic Culture Communication | Common Ultimate Beneficial Owner ("UBO") | Contract liabilities | 82699 |  |
|  Ding Yi International Co., Ltd | Controlled by an immediate family member of the beneficial owner | Account receivables |  | 68488 |
|  Ding Yi International Co., Ltd | Controlled by an immediate family member of the beneficial owner | Accruals and other payables | 169 |  |
|  芳華株式会社 | Common UBO | Prepayments and other receivables |  | 45044 |

---

The above balances were recognized during normal course of business. These balances are unsecured, interest-free, and have no fixed terms of repayment.

[**Table of Contents**](#TOC001)

#### AGENCIA COMERCIAL SPIRITS LTD

#### NOTES TO THE COMBINED FINANCIAL STATEMENTS

#### FOR THE FINANCIAL YEARS ENDED DECEMBER 31, 2023 AND 2024
**11. RELATED PARTY TRANSACTIONS AND BALANCES** (cont.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) During the years presented, the Company had the following transactions with related parties:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | **For the financial <br>years ended<br>December 31,** | **For the financial <br>years ended<br>December 31,** |
|  **Name of related parties** | **Relationship** | **Nature** | **2023** | **2024** |
|  |  |  | **US$** | **US$** |
|  Xiamen Celtic Culture Communication | Common UBO | Sales | 38295 | 80928 |
|  Xiamen Celtic Culture Communication | Common UBO | Repayment from a related party | 428822 |  |
|  Ping Shiang Business <br>Corporation | Common UBO | Purchase |  | 191489 |
|  Ping Shiang Business <br>Corporation | Common UBO | Repayment from a related party | 65220 |  |
|  Auchenbowie House | Common UBO | Sales | 24083 |  |
|  Ding Yi International Co., Ltd | Controlled by an immediate family member of the beneficial owner | Sales |  | 229412 |
|  Ding Yi International Co., Ltd | Controlled by an immediate family member of the beneficial owner | Repayment to a related party |  | 169 |
|  Mr. Tsai Yi Yang | Beneficial owner | Rent paid | 9636 | 9348 |
|  Mr. Tsai Yi Yang | Beneficial owner | Repayment to a related party | 127092 |  |
|  Mr. Tsai Yi Yang | Beneficial owner | Proceeds from a related party |  | 373007 |
|  Ms. Lee Li Mei | Shareholder of the Company | Rent paid |  | 5920 |
|  芳華株式会社 | Common UBO | Prepayment for a trademark |  | 48000 |

---

These transactions were made in normal course of business.

**12. SHAREHOLDERS' EQUITY**

<u><u>Ordinary Shares</u></u>

On March 7, 2025, Agencia Cayman was established as a new Cayman Islands holding structure with an authorized capital of 25,000 Class A Ordinary Shares and 25,000 Class B Ordinary Shares (without dividend rights and no entitlement to distribution of assets upon winding-up), of which 500 Class A and 500 Class B shares were issued and outstanding at a par value of US$1 each. This common control transaction was accounted for at historical carrying amounts, with no change to the combined equity balance. The reorganization was undertaken in preparation for the Company's planned initial public offering.

On June 24, 2025, Agencia Cayman amended its authorised share capital to 1,250,000,000 shares (625,000,000 Class A and 625,000,000 Class B Ordinary Shares) with a reduced par value of US$0.00004 per share; effected a 1-for-25,000 stock split of all outstanding shares, converting each existing share of US$1.00 par value into 25,000 shares of US$0.00004 par value. These changes were accounted for at historical carrying amounts, with the stock split applied retroactively to all periods presented, resulting in no change to the total combined equity balance while increasing the number of shares outstanding proportionally. The reorganization maintains the original rights and restrictions of each share class, with Class B Ordinary Shares continuing to have no dividend rights or entitlement to distribution of assets upon winding-up.

[**Table of Contents**](#TOC001)

#### AGENCIA COMERCIAL SPIRITS LTD

#### NOTES TO THE COMBINED FINANCIAL STATEMENTS

#### FOR THE FINANCIAL YEARS ENDED DECEMBER 31, 2023 AND 2024
**12. SHAREHOLDERS' EQUITY** (cont.)

<u><u>Retained Earnings</u></u>

Retained earnings are the portion of a company's net income that is not paid out as dividends but is instead reinvested in the business or held as a reserve for future use. This may include funds set aside for expansion, debt repayment, or other strategic purposes. As of December 31, 2023 and 2024, the balances of retained earnings were US$1,046,525 and US$1,747,875, respectively.

<u><u>Statutory Reserve</u></u>

Under the law of Taiwan, a statutory reserve is a portion of a company's profits that must be set aside to comply with the Company Act of Taiwan. This reserve is designed to protect creditors and ensure the financial stability of the Company. As of December 31, 2023 and 2024, the balances of statutory reserve were US$23,929 and US$101,857, respectively.

<u><u>Accumulated Other Comprehensive Losses</u></u>

Other comprehensive losses accumulated in the Company's equity comprise foreign currency adjustments. It represents the cumulative amount of other comprehensive losses which has not been realized, and it is reported within the equity section of the Company's balance sheet. As of December 31, 2023 and 2024, the balances of accumulated other comprehensive losses were US$29,063 and US$119,131, respectively.

**13. COMMITMENTS AND CONTINEGENCIES**

<u><u>Lease commitments</u></u>

The Company entered into long-term operating leases of office premises and warehouses in Taiwan. The Company's commitment for minimum lease payments under such operating leases as of December 31, 2023 and 2024 were disclosed in Note 9.

<u><u>Contingencies</u></u>

In the ordinary course of business, the Company may be subject to legal proceedings regarding contractual relationships and a variety of liabilities resulting from such claim, when a loss is assessed to be probable, and the amount of the loss is reasonably estimable. The Company is of the opinion that there were no pending or threatened claims and litigation as of December 31, 2023 and 2024, and through the issuance date of these combined financial statements.

<u><u>Capital commitments</u></u>

The Company had the following capital commitment at the end of the reporting period:

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2023** | **2024** |
|  | **US$** | **US$** |
|  Contracted but not provided for |  | 5120 |

---

During the financial year ended December 31, 2024, the Company entered into an agreement with a related party regarding the right to use a trademark on its whisky products, amounting to 7,500,000 Japanese Yen (approximately US$48,000). As of the December 31, 2024, approximately US$5,120 remained outstanding.

[**Table of Contents**](#TOC001)

#### AGENCIA COMERCIAL SPIRITS LTD

#### NOTES TO THE COMBINED FINANCIAL STATEMENTS

#### FOR THE FINANCIAL YEARS ENDED DECEMBER 31, 2023 AND 2024
**14. SUBSEQUENT EVENT**

Subsequent to the end of the reporting period, in preparation for the Company's initial public offering, Ping Shiang Holding Ltd was established as a BVI intermediate holding company on January 21, 2025, followed by the establishment of Agencia Cayman as the ultimate Cayman Islands holding company on March 7, 2025, which implemented a dual-class share structure consisting of 25,000 authorised Class A Ordinary Shares and 25,000 Class B Ordinary Shares (without dividend rights and no entitlement to distribution of assets upon winding-up), with 500 Class A and 500 Class B shares issued and outstanding as of incorporation. The reorganization was completed on May 27, 2025 when Agencia Cayman acquired 100% of Ping Shiang Holding Ltd, which in turn owns 100% of Agencia Taiwan. These events do not affect the reported amounts in the combined financial statements but represent a material change in the Company's capital and legal structure prior to the IPO.

On May 28, 2025, four new independent subscribers (none of whom are Controlling Shareholders) subscribed for an aggregate of 116 Class A Ordinary Shares in Agencia Cayman at a consideration of US$9,360 per share, with fully settled as of July 4, 2025. This transaction, occurring after the reporting period but prior to the issuance of these combined financial statements, does not impact the reported amounts but reflects a further adjustment to the Company's capital structure in connection with the IPO.

On June 24, 2025, Agencia Cayman amended its authorised share capital to US$50,000 divided into 1,250,000,000 shares (625,000,000 Class A and 625,000,000 Class B Ordinary Shares, each with a par value of US$0.00004), effected a 1-for-25,000 stock split converting each issued share of US$1.00 par value into 25,000 shares of US$0.00004 par value (with no factional shares issued), and issued new shares at par value (US$0.00004 per share), including 2,000,000 Class A and 2,000,000 Class B ordinary Shares to the Controlling Shareholder, Ping Shiang Business Ltd, and an aggregate of 464,000 Class A Ordinary Shares to four independent subscribers. These events, occurring after the reporting period but prior to the issuance of these combined financial statements, do not impact the reported amounts but reflects further adjustments to the Company's capital structure in connection with the IPO.

[**Table of Contents**](#TOC001)

#### Agencia Comercial Spirits Ltd
3,364,000 Class A Ordinary Shares

![](trevere_logo.jpg)

#### REVERE SECURITIES LLC
, 2025

**Through and including , 2025 (25 days after the date of this prospectus), all dealers that buy, sell, or trade our Class A Ordinary Shares, whether or not participating in this offering, may be required to deliver a prospectus. This delivery requirement is in addition to the obligation of dealers to deliver a prospectus when acting as underwriters and with respect to their unsold allotments or subscriptions**.

------

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#### RESALE PROSPECTUS ALTERNATE PAGE
Agencia Comercial Spirits Ltd

PRELIMINARY PROSPECTUS

**No dealer, salesperson or other person is authorized to give any information or to represent anything not contained in this prospectus or in any free writing prospectus we may authorize to be delivered or made available to you. You must not rely on any unauthorized information or representations. This prospectus is an offer to sell only the Class A Ordinary Shares offered hereby, but only under circumstances and in jurisdictions where it is lawful to do so. The information contained in this prospectus is current only as of the date of this prospectus, regardless of the time of delivery of this prospectus or of any sale of the Class A Ordinary Shares.**

Neither we nor any of the underwriters have done anything that would permit this offering or possession or distribution of this prospectus or any filed free writing prospectus in any jurisdiction where action for that purpose is required, other than in the United States. Persons outside the United States who come into possession of this prospectus or any filed free writing 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 or any filed free writing prospectus outside of the United States

Through and including [•], 2025 (the 25<sup>th</sup> 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**.**

**The information in this prospectus is not complete and may be changed or supplemented. 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 such offer or sale is not permitted.**

Subject to Completion, dated July 29, 2025

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PRELIMINARY PROSPECTUS

Agencia Comercial Spirits Ltd

3,364,000 Class A Ordinary Shares

This prospectus relates to the resale of 812,000 Class A Ordinary Shares held by Ooi Choon Hoi, 841,000 Class A Ordinary Shares held by Choong Kah Jun, 841,000 Class A Ordinary Shares held by Lee Yiee Jiunn and 870,000 Class A Ordinary Shares held by Leong Kah Yee, or collectively the Resale Shareholders. We will not receive any of the proceeds from the sale of Class A Ordinary Shares by the Resale Shareholders.

No Class A Ordinary Shares may be sold by the Resale Shareholders until our Class A Ordinary Shares are listed or quoted on an established public trading market. Thereafter, any sales will occur at prevailing market prices or in privately negotiated prices. The distribution of securities offered hereby may be effected in one or more transactions that may take place in ordinary brokers' transactions, privately negotiated transactions or through sales to one or more dealers for resale of such securities as principals. Usual and customary or specifically negotiated brokerage fees or commissions may be paid by the Resale Shareholders. No sales of the shares covered by this prospectus shall occur until the Class A Ordinary Shares sold in our initial public offering begin trading on the Nasdaq Capital Market.

On [•], 2025, a registration statement under the Securities Act with respect to our initial public offering of Class A Ordinary Shares was declared effective by the Securities and Exchange Commission. We received approximately US$[•] million in net proceeds from our initial public offering after payment of underwriting discounts and commissions.

Concurrent with our initial public offering, our Class A Ordinary Shares were listed on the Nasdaq Capital Market under the symbol "AGCC".

We are an "emerging growth company" as defined in Section 2(a) of the Securities Act of 1933, as amended, and

we have elected to comply with certain reduced public company reporting requirements.

**An investment in our Class A Ordinary Shares involves significant risks. You should carefully consider the risk factors beginning on page 16 of this prospectus before you make your decision to invest in our Class A Ordinary Shares.**

**The Securities and Exchange Commission and state securities regulators have not approved or disapproved of these securities, or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.**

#### The date of this prospectus is July 29, 2025

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#### RESALE PROSPECTUS ALTERNATE PAGE

#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | **Page** |
|  [PROSPECTUS SUMMARY](#T9901) | 1 |
|  [THE OFFERING](#T501) | Alt-1 |
|  [RISK FACTORS](#T9903) | 16 |
|  [SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS AND INDUSTRY DATA](#T9904) | 40 |
|  [USE OF PROCEEDS](#T502) | Alt-2 |
|  [DIVIDEND POLICY](#T9906) | 42 |
|  [CAPITALIZATION](#T9907) | 43 |
|  [DILUTION](#T9908) | 45 |
|  [ENFORCEMENT OF CIVIL LIABILITIES](#T9909) | 47 |
|  [CORPORATE HISTORY AND STRUCTURE](#T9910) | 49 |
|  [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#T9911) | 52 |
|  [INDUSTRY OVERVIEW](#T9912) | 67 |
|  [BUSINESS](#T9913) | 76 |
|  [REGULATIONS](#T9914) | 87 |
|  [MANAGEMENT](#T9915) | 92 |
|  [PRINCIPAL SHAREHOLDERS](#T9916) | 98 |
|  [RELATED PARTY TRANSACTIONS](#T9917) | 99 |
|  [DESCRIPTION OF SHARE CAPITAL](#T9918) | 103 |
|  [SHARES ELIGIBLE FOR FUTURE SALE](#T9919) | 112 |
|  [TAXATION](#T9920) | 115 |
|  [UNDERWRITING](#T9921) | 121 |
|  [EXPENSES RELATED TO THIS OFFERING](#T9922) | 132 |
|  [LEGAL MATTERS](#T9923) | 133 |
|  [EXPERTS](#T9924) | 133 |
|  [WHERE YOU CAN FIND ADDITIONAL INFORMATION](#T9925) | 133 |
|  [INDEX TO COMBINED FINANCIAL STATEMENTS](#T26) | F-1 |

---

Until , 2025 (the 25<sup>th</sup> day after the date of this prospectus), all dealers that buy, sell or trade Class A Ordinary Shares, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to the obligation of dealers to deliver a prospectus when acting as underwriters and with respect to their unsold allotments or subscriptions.

Alt-i

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#### THE OFFERING

---

| | |
|:---|:---|
|  Ordinary Shares being offered by the Resale Shareholders | In aggregate 3,364,000 Class A Ordinary Shares (as to 812,000 Class A Ordinary Shares by Ooi Choon Hoi, 841,000 Class A Ordinary Shares by Choong Kah Jun, 841,000 Class A Ordinary Shares by Lee Yiee Jiunn and 870,000 Class A Ordinary Shares by Leong Kah Yee) |
|  Ordinary Shares Issued and Outstanding Immediately After This Offering | Assuming the issuance and sale of 1,750,000 Class A Ordinary Shares pursuant to the Public Offering Prospectus filed contemporaneously herewith:<br> 34,114,000 Ordinary Shares, including 19,614,000 Class A Ordinary Shares and 14,500,000 Class B Ordinary Shares (assuming no exercise of the underwriters' over-allotment option); or 34,376,500 Ordinary Shares, including 19,876,500 Class A Ordinary Shares and 14,500,000 Class B Ordinary Shares (assuming full exercise of the underwriters' over-allotment option). |
|  Use of proceeds | We will not receive any proceeds from the sale of Class A Ordinary Shares held by the Resale Shareholders being registered in this prospectus. |
|  Nasdaq Capital Market symbol | AGCC |
|  Term of this offering | The Resale Shareholder will determine when and how it will sell the securities offered in this prospectus. |
|  Risk factors | An investment in our securities involves a high degree of risk. See "Risk Factors" beginning on page 16 of this prospectus and other information included in this prospectus for a discussion of factors you should carefully consider before deciding to invest in our Class A Ordinary Shares. |

---

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#### USE OF PROCEEDS
The Resale Shareholder will receive all of the proceeds from any sales of the Class A ordinary shares offered hereby. In addition, the underwriter will not receive any compensation from the sale of the Class A ordinary shares offered hereby. However, we will incur expenses in connection with the registration of our Class A ordinary shares offered hereby.

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#### RESALE SHAREHOLDERS
The Class A Ordinary Shares being offered by Ooi Choon Hoi were issued to him on May 28, 2025 for an aggregate consideration of US$262,080. We are registering 812,000 Class A Ordinary Shares for him in order to permit him to offer the Class A Ordinary Shares for resale from time to time. Ooi Choon Hoi's address is at 3A JALAN SRI MINANG 2, TAMAN SRI MINANG, BT 10 JALAN CHERAS, 43200 CHERAS, SELANGOR, MALAYSIA. There have been no position, office or other material relationship between Ooi Choon Hoi and the Company or its predecessors or affiliates within the past three years.

The Class A Ordinary Shares being offered by Choong Kah Jun were issued to him on May 28, 2025 for an aggregate consideration of US$271,440. We are registering 841,000 Class A Ordinary Shares for him in order to permit him to offer the Class A Ordinary Shares for resale from time to time. Choong Kah Jun's address is at BLOCK B-3A-13A, DAMANSARA SURIA APARTMENT, PERSIARAN KIP TAMAN KIP, 62200 KUALA LUMPUR, W. PERSEKUTUAN(KL), MALAYSIA. There have been no position, office or other material relationship between Choong Kah Jun and the Company or its predecessors or affiliates within the past three years.

The Class A Ordinary Shares being offered by Lee Yiee Jiunn were issued to him on May 28, 2025 for an aggregate consideration of US$271,440. We are registering 841,000 Class A Ordinary Shares for him in order to permit him to offer the Class A Ordinary Shares for resale from time to time. Lee Yiee Jiunn's address is at 1B-3-17, JALAN RU 1, BANDAR BARU, 11500 AYER ITAM, PULAU PINANG, MALAYSIA. There have been no position, office or other material relationship between Lee Yiee Jiunn and the Company or its predecessors or affiliates within the past three years.

The Class A Ordinary Shares being offered by Leong Kah Yee were issued to him on May 28, 2025 for an aggregate consideration of US$280,800. We are registering 870,000 Class A Ordinary Shares for him in order to permit him to offer the Class A Ordinary Shares for resale from time to time. Leong Kah Yee's address is at 233 JANLAN SEKATA, TAMAN UNITED, JALAN KLANG LAMA, 58200 KUALA LUMPUR, W. PERSEKUTUAN(KL), MALAYSIA. There have been no position, office or other material relationship between Leong Kah Yee and the Company or its predecessors or affiliates within the past three years.

This prospectus and any prospectus supplement will only permit the Resale Shareholders to sell the number of Class A Ordinary Shares identified in the column "Number of Class A Ordinary Shares to be Sold." The Class A Ordinary Shares issued to the Resale Shareholders are "restricted" securities under applicable U.S. federal and state securities laws and are being registered to provide the Resale Shareholders the opportunity to sell those Class A Ordinary Shares.

The following table sets forth the name of the Resale Shareholders who are offering the Class A Ordinary Shares for resale by this prospectus, the number and percentage of Ordinary Shares beneficially owned by them, the number of Ordinary Shares that may be offered for resale by this prospectus and the number and percentage of Ordinary Shares they will own after the offering. The information appearing in the table below is based on information provided by or on behalf of the Resale Shareholders. We will not receive any proceeds from the resale of the Class A Ordinary Shares by the Resale Shareholders. The Resale Shareholders may sell all, some or none of their Class A Ordinary Shares in this offering. See "Plan of Distribution."

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Ordinary shares beneficially owned <br>prior to this offering†** | **Ordinary shares beneficially owned <br>prior to this offering†** | **Ordinary shares beneficially owned <br>prior to this offering†** | **Number of <br>Ordinary <br>Shares to <br>be Sold** | **Ordinary shares beneficially owned <br>after this offering** | **Ordinary shares beneficially owned <br>after this offering** | **Ordinary shares beneficially owned <br>after this offering** |
|  | **Number of <br>Class A <br>Ordinary <br>Shares** | **Number of <br>Class B <br>Ordinary <br>Shares** | **Percentage of <br>beneficial <br>ownership<sup>(1)</sup>** | **Number of <br>Ordinary <br>Shares to <br>be Sold** | **Number of <br>Class A <br>Ordinary <br>Shares** | **Number of <br>Class B <br>Ordinary <br>Shares** | **Percentage of <br>beneficial <br>ownership<sup>(2)</sup>** |
|  Ooi Choon Hoi | 812000 |  | 2.51% | 812000 |  |  | 0% |
|  Choong Kah Jun | 841000 |  | 2.60% | 841000 |  |  | 0% |
|  Lee Yiee Jiunn | 841000 |  | 2.60% | 841000 |  |  | 0% |
|  Leong Kah Yee | 870000 |  | 2.69% | 870000 |  |  | 0% |

---

____________

(1) Based on 34,114,000 Ordinary Shares (comprising 19,614,000 Class A Ordinary Shares and 14,500,000 Class B Ordinary Shares, assuming no exercise of the over-allotment option granted to the underwriters) issued and outstanding post to completion of the Company's initial public offering.

(2) Since we do not have the ability to control how many, if any, of the shares the Resale Shareholders will sell, we have assumed that they will sell all of the shares offered herein for purposes of determining how many shares they will own after the offering and their percentage of ownership following the offering.

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#### PLAN OF DISTRIBUTION
The Resale Shareholders and any of their pledgees, assignees and successors-in-interest may, from time to time, sell any or all of their Class A Ordinary Shares covered hereby on the Nasdaq Capital Market, market or trading facility on which the Class A Ordinary Shares are traded or in private transactions. These sales may be at fixed or negotiated prices. They may use any one or more of the following methods when selling his/her/its Class A Ordinary Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• block trades in which the broker-dealer will attempt to sell the securities as agent but may position and resell a portion of the block as principal to facilitate the transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• purchases by a broker-dealer as principal and resale by the broker-dealer for its account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an exchange distribution in accordance with the rules of the applicable exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• privately negotiated transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• settlement of short sales;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in transactions through broker-dealers that agree with the Resale Shareholders to sell a specified number of such securities at a stipulated price per security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• through the writing or settlement of options or other hedging transactions, whether through an options exchange or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a combination of any such methods of sale; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any other method permitted pursuant to applicable law.

The Resale Shareholders may also sell its Class A Ordinary Shares under Rule 144 or any other exemption from registration under the Securities Act of 1933, as amended, or the Securities Act, if available, rather than under this prospectus.

Broker-dealers engaged by the Resale Shareholders may arrange for other broker-dealers to participate in sales. Broker-dealers may receive commissions or discounts from the Resale Shareholders (or, if any broker-dealer acts as agent for the purchaser of securities, from the purchaser) in amounts to be negotiated, but, except as set forth in a supplement to this prospectus, in the case of an agency transaction not in excess of a customary brokerage commission in compliance with FINRA Rule 2121; and in the case of a principal transaction a markup or markdown in compliance with FINRA Rule 2121.

In connection with the sale of the Class A Ordinary Shares or interests therein, The Resale Shareholders may enter into hedging transactions with broker-dealers or other financial institutions, which may in turn engage in short sales of the Class A Ordinary Shares in the course of hedging the positions they assume. The Resale Shareholders may also sell Class A Ordinary Shares short and deliver these shares to close out their short positions, or loan or pledge the shares to broker-dealers that in turn may sell these shares. The Resale Shareholders may also enter into option or other transactions with broker-dealers or other financial institutions or create one or more derivative securities which require the delivery to such broker-dealer or other financial institution of Class A Ordinary Shares offered by this prospectus, which shares such broker-dealer or other financial institution may resell pursuant to this prospectus (as supplemented or amended to reflect such transaction).

The Resale Shareholders and any broker-dealers or agents that are involved in selling the Class A Ordinary Shares may be deemed to be "underwriters" within the meaning of the Securities Act in connection with such sales. In such event, any commissions received by such broker-dealers or agents and any profit on the resale of the Class A Ordinary Shares purchased by them may be deemed to be underwriting commissions or discounts under the Securities Act. The Resale Shareholders have informed the Company that none of them have any written or oral agreement or understanding, directly or indirectly, with any person to distribute the Class A Ordinary Shares.

The Company is required to pay certain fees and expenses incurred by the Company incident to the registration of the Class A Ordinary Shares.

[**Table of Contents**](#TOC001)

We agreed to keep this prospectus effective until the earlier of (i) the date on which the Class A Ordinary Shares may be resold by The Resale Shareholders without registration and without regard to any volume or manner-of-sale limitations by reason of Rule 144, without the requirement for the Company to be in compliance with the current public information under Rule 144 under the Securities Act or any other rule of similar effect; or (ii) all of the Class A Ordinary Shares held by The Resale Shareholders have been sold pursuant to this prospectus or Rule 144 under the Securities Act or any other rule of similar effect. The Class A Ordinary Shares will be sold only through registered or licensed brokers or dealers if required under applicable state securities laws. In addition, in certain states, the Class A Ordinary Shares covered hereby may not be sold unless they have been registered or qualified for sale in the applicable state or an exemption from the registration or qualification requirement is available and is complied with.

Under applicable rules and regulations under the Exchange Act, any person engaged in the distribution of the Class A Ordinary Shares may not simultaneously engage in market making activities with respect to the Class A Ordinary Shares for the applicable restricted period, as defined in Regulation M, prior to the commencement of the distribution. In addition, The Resale Shareholders will be subject to applicable provisions of the Exchange Act and the rules and regulations thereunder, including Regulation M, which may limit the timing of purchases and sales of the Class A Ordinary Shares by The Resale Shareholders or any other person. We will make copies of this prospectus available to The Resale Shareholders and have informed them of the need to deliver a copy of this prospectus to each purchaser at or prior to the time of the sale (including by compliance with Rule 172 under the Securities Act).

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#### LEGAL MATTERS
The validity of the Class A Ordinary Shares being offered by this prospectus will be passed upon for us by Harney Westwood & Riegels.

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#### Agencia Comercial Spirits Ltd
**3,364,000 Ordinary Shares**

#### ____________________

#### PROSPECTUS

#### ____________________
*Underwriter*

#### REVERE SECURITIES LLC

#### [•], 2025
**You should rely only on the information contained in this resale prospectus. No dealer, salesperson or other person is authorized to give information that is not contained in this resale prospectus. This resale prospectus is not an offer to sell nor is it seeking an offer to buy these securities in any jurisdiction where the offer or sale is not permitted. The information contained in this resale prospectus is correct only as of the date of this prospectus, regardless of the time of the delivery of this prospectus or the sale of these securities.**

**Until , 2025 (the 25**<sup>th</sup> **day after the date of this prospectus), all dealers that buy, sell or trade Class A Ordinary Shares, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to the obligation of dealers to deliver a prospectus when acting as underwriters 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 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 post-offering amended and restated memorandum and articles of association permit indemnification of officers and directors for losses, damages, costs and expenses incurred in their capacities as such unless such losses, damages or cost arise from dishonesty, willful default or fraud which may attach to such directors or officers.

Under the form of indemnification agreements filed as Exhibit 10.3 to this registration statement, we will 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 such a director or executive officer.

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

#### ITEM 7. RECENT SALES OF UNREGISTERED SECURITIES.
During the past three years, we have issued the following securities. We believe that each of the following issuances was exempt from registration under the Securities Act pursuant to Section 4(a)(2) of the Securities Act regarding transactions not involving a public offering or in reliance on Regulation S under the Securities Act regarding sales by an issuer in offshore transactions. No underwriters were involved in these issuances of securities and no underwriting commissions were paid in connection therewith.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Purchaser** | **Date of <br>Issuance** | **Number and Class <br>of Securities** | **Consideration** | **Underwriting <br>Discount and <br>Commission** |
|  McGrath Tonner Corporate Services Limited<sup>(1)</sup> | March 7, 2025 | 1 ordinary share | USD1.00 per share |  |
|  Ping Shiang Business Ltd | March 7, 2025 | 999 ordinary shares | USD1.00 per share |  |
|  Ping Shiang Business Ltd | May 21, 2025 | 500 Class A <br>Ordinary Shares | USD1.00 per share |  |
|  Ooi Choon Hoi | May 21, 2025 | 28 Class A <br>Ordinary Shares | USD9,360.00 per share |  |
|  Choong Kah Jun | May 21, 2025 | 29 Class A <br>Ordinary Shares | USD9,360.00 per share |  |
|  Lee Yiee Jiunn | May 21, 2025 | 29 Class A <br>Ordinary Shares | USD9,360.00 per share |  |
|  Leong Kah Yee | May 21, 2025 | 30 Class A <br>Ordinary Shares | USD9,360.00 per share |  |
|  Ping Shiang Business Ltd | May 21, 2025 | 500 Class B <br>Ordinary Shares | USD1.00 per share |  |
|  Ping Shiang Business Ltd | June 24, 2025 | 2,000,000 Class A Ordinary Shares | USD0.00004 per share |  |

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| | | | | |
|:---|:---|:---|:---|:---|
|  **Purchaser** | **Date of <br>Issuance** | **Number and Class <br>of Securities** | **Consideration** | **Underwriting <br>Discount and <br>Commission** |
|  Ping Shiang Business Ltd | June 24, 2025 | 12,500,000 Class A Ordinary Shares | Nil<br>(1-for 25,000 stock split) |  |
|  Ooi Choon Hoi | June 24, 2025 | 112,000 Class A <br>Ordinary Shares | USD0.00004 per share |  |
|  Ooi Choon Hoi | June 24, 2025 | 700,000 Class A <br>Ordinary Shares | Nil<br>(1-for 25,000 stock split) |  |
|  Choong Kah Jun | June 24, 2025 | 116,000 Class A <br>Ordinary Shares | USD0.00004 per share |  |
|  Choong Kah Jun | June 24, 2025 | 725,000 Class A <br>Ordinary Shares | Nil<br>(1-for 25,000 stock split) |  |
|  Lee Yiee Jiunn | June 24, 2025 | 116,000 Class A <br>Ordinary Shares | USD0.00004 per share |  |
|  Lee Yiee Jiunn | June 24, 2025 | 725,000 Class A <br>Ordinary Shares | Nil <br>(1-for 25,000 stock split) |  |
|  Leong Kah Yee | June 24, 2025 | 120,000 Class A <br>Ordinary Shares | USD0.00004 per share |  |
|  Leong Kah Yee | June 24, 2025 | 750,000 Class A <br>Ordinary Shares | Nil <br>(1-for 25,000 stock split) |  |
|  Ping Shiang Business Ltd | June 24, 2025 | 2,000,000 Class B Ordinary Shares | USD0.00004 per share |  |
|  Ping Shiang Business Ltd | June 24, 2025 | 12,500,000 Class B Ordinary Shares | Nil <br>(1-for 25,000 stock split) |  |

---

____________

(1) Upon the incorporation of Agencia Comercial Spirits Ltd on March 7, 2025, Agencia Comercial Spirits Ltd issued 1,000 ordinary shares to two then shareholders in connection with the incorporation of the Company, among which 1 ordinary share was issued to our registered office provider as initial subscriber, who then transferred the subscriber share to Ping Shiang Business Ltd on the same day.

#### ITEM 8. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Exhibits

See Exhibit Index beginning on page II-4 of this registration statement.

The agreements included as exhibits to this registration statement contain representations and warranties by each of the parties to the applicable agreement. These representations and warranties were made solely for the benefit of the other parties to the applicable agreement and (i) were not intended to be treated as categorical statements of fact, but rather as a way of allocating the risk to one of the parties if those statements prove to be inaccurate; (ii) may have been qualified in such agreement by disclosure that was made to the other party in connection with the negotiation of the applicable agreement; (iii) may apply contract standards of "materiality" that are different from "materiality" under the applicable securities laws; and (iv) were made only as of the date of the applicable agreement or such other date or dates as may be specified in the agreement.

We acknowledge that, notwithstanding the inclusion of the foregoing cautionary statements, we are responsible for considering whether additional specific disclosure of material information regarding material contractual provisions is required to make the statements in this registration statement not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Financial Statement Schedules

Schedules have been omitted because the information required to be set forth therein is not applicable or is shown in the Combined Financial Statements or the Notes thereto.

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#### ITEM 9. UNDERTAKINGS.
The undersigned registrant hereby undertakes to provide to the underwriter at the closing specified in the underwriting agreements, certificates in such denominations and registered in such names as required by the underwriter to permit prompt delivery to each purchaser. Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant to the provisions described in Item 6, or otherwise, the registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

The undersigned registrant hereby undertakes that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) For purposes of determining any liability under the Securities Act, the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant pursuant to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) For the purpose of determining any liability under the Securities Act, each 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;(3) For the purpose of determining liability under the Securities Act 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;(4) For the purpose of determining any 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;&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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.

[**Table of Contents**](#TOC001)

#### AGENCIA COMERCIAL SPIRITS LTD

#### EXHIBIT INDEX

---

| | |
|:---|:---|
|  **Exhibit No.** | **Description of Exhibit** |
|  1.1\* | Form of Underwriting Agreement |
|  3.1† | [Memorandum and Articles of Association of the Registrant as adopted at incorporation](ea023021206ex3-1_agencia.htm) |
|  3.2† | [Amended and Restated Memorandum and Articles of Association of the Registration as adopted by special resolution dated May 21, 2025](ea023021206ex3-2_agencia.htm) |
|  3.3† | [Amended and Restated Memorandum and Articles of Association of the Registration as adopted by special resolution dated June 24, 2025](ea023021206ex3-3_agencia.htm) |
|  3.4† | [Form of Amended and Restated Memorandum and Articles of Association of the Registrant, effective immediately prior to the completion of this offering](ea023021206ex3-4_agencia.htm) |
|  4.1† | [Registrant's Specimen Certificate for Class A Ordinary Shares](ea023021206ex4-1_agencia.htm) |
|  5.1† | [Form of Opinion of Harney Westwood & Riegels regarding the validity of the ordinary shares being registered and certain other legal matters](ea023021206ex5-1_agencia.htm) |
|  5.2† | [Opinion of KPMG Law Firm regarding certain Taiwan law matters](ea023021206ex5-2_agencia.htm) |
|  8.1† | [Form of Opinion of Harney Westwood & Riegels regarding certain Cayman Islands tax matters (included in Exhibit 5.1)](ea023021206ex5-1_agencia.htm) |
|  10.1† | [Form of Employment Agreement between the Registrant and each of its executive officers](ea023021206ex10-1_agencia.htm) |
|  10.2† | [Form of Director Agreement between the Registrant and each of its directors](ea023021206ex10-2_agencia.htm) |
|  10.3† | [Form of Indemnification Agreement between the Registrant and each of its directors and executive directors](ea023021206ex10-3_agencia.htm) |
|  10.4\*\* | [English Translation of Lease Agreement in respect of office space located at No. 23-1, Shenzun Rd., Shengang Dist., Taichung City 429014, Taiwan (R.O.C.)](http://www.sec.gov/Archives/edgar/data/2060016/000121390025062654/ea023021204ex10-4_agencia.htm) |
|  10.5\*\* | [English Translation of Lease Agreement in respect of warehouse located at No. 65-2, Shenlin Rd., Shengang Dist., Taichung City 429011, Taiwan (R.O.C.)](http://www.sec.gov/Archives/edgar/data/2060016/000121390025062654/ea023021204ex10-5_agencia.htm) |
|  10.6\*\* | [English Translation of 2024 Lease Agreement in respect of warehouse located at No. 162-10, Shengang Rd., Shengang Dist., Taichung City 429015, Taiwan (R.O.C.)](http://www.sec.gov/Archives/edgar/data/2060016/000121390025062654/ea023021204ex10-6_agencia.htm) |
|  10.7\*\* | [English Translation of 2023 Lease Agreement in respect of warehouse located at No. 162-10, Shengang Rd., Shengang Dist., Taichung City 429015, Taiwan (R.O.C.)](http://www.sec.gov/Archives/edgar/data/2060016/000121390025062654/ea023021204ex10-7_agencia.htm) |
|  10.8\*\* | [English Translation of standard form of Sales Agreement between the Company and distributor customers](http://www.sec.gov/Archives/edgar/data/2060016/000121390025062654/ea023021204ex10-8_agencia.htm) |
|  10.9\*\* | [English Translation of Trademark License Agreement between the Company and Sekoshuzo Co., Ltd.](http://www.sec.gov/Archives/edgar/data/2060016/000121390025062654/ea023021204ex10-9_agencia.htm) |
|  21.1† | [Significant Subsidiaries of the Registrant](ea023021206ex21-1_agencia.htm) |
|  23.1† | [Consent of Enrome LLP](ea023021206ex23-1_agencia.htm) |
|  23.3† | [Consent of Harney Westwood & Riegels (included in Exhibit 5.1)](ea023021206ex5-1_agencia.htm) |
|  23.4† | [Consent of KPMG Law Firm (included in Exhibit 5.2)](ea023021206ex5-2_agencia.htm) |
|  23.5\* | Consent of SH Wong & Co |
|  24.1 | [Powers of Attorney (included on signature page in Part II of the registration statement)](#T201) |
|  99.1† | [Code of Business Conduct and Ethics of the Registrant](ea023021206ex99-1_agencia.htm) |
|  99.2† | [Consent of Migo Corporation Limited](ea023021206ex99-2_agencia.htm) |
|  99.3† | [Consent of Wong Man Ue, Nick](ea023021206ex99-3_agencia.htm) |
|  99.4† | [Consent of John Robert Fiore](ea023021206ex99-4_agencia.htm) |
|  99.5† | [Consent of Patrick Man Shun Wong](ea023021206ex99-5_agencia.htm) |
|  99.6† | [Consent of Lee Su-Jung](ea023021206ex99-6_agencia.htm) |
|  99.7† | [Audit Committee Charter of the Registrant](ea023021206ex99-7_agencia.htm) |
|  99.8† | [Compensation Committee Charter of the Registrant](ea023021206ex99-8_agencia.htm) |
|  99.9† | [Nomination Committee Charter of the Registrant](ea023021206ex99-9_agencia.htm) |
|  99.10† | [Compensation Recovery Policy of the Registrant](ea023021206ex99-10_agencia.htm) |
|  99.11† | [Insider Trading Policy of the Registrant](ea023021206ex99-11_agencia.htm) |
|  99.12† | [Whistleblower Policy of the Registrant](ea023021206ex99-12_agencia.htm) |
|  107\*\* | [Filing Fee Table](http://www.sec.gov/Archives/edgar/data/2060016/000121390025062654/ea023021204ex-fee_agencia.htm) |

---

____________

\* To be filed by amendment.

\*\* Previously filed.

† Filed herewith.

[**Table of Contents**](#TOC001)

#### SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form F-1 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in No. 65, Ln. 114, Xishi Rd., Xi'an Vil., Fengyuan Dist., Taichung City 42061, Taiwan (R.O.C.), on July 29, 2025.

**KNOW ALL MEN BY THESE PRESENTS**, that each person whose signature appears below constitutes and appoints Tsai Yi Yang, his true and lawful attorney-in-fact and agent, with full power of substitution and revocation, for him and in his name, place and stead, in any and all capacities (until revoked in writing), to sign any and all amendments (including post-effective amendments) to this registration statement 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 full power and authority to do and perform each and every act and thing requisite and necessary to be done as fully for 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 her substitute, may lawfully do or cause to be done by virtue hereof. This power-of-attorney does not revoke any earlier powers-of-attorney.

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the date indicated.

---

| | |
|:---|:---|
|  Agencia Comercial Spirits Ltd | Agencia Comercial Spirits Ltd |
|  By: | /s/ *Tsai Yi Yang* |
|  | Name: Tsai Yi Yang |
|  | Title: Chief Executive Officer |

---

Pursuant to the requirements of the Securities Act of 1933, this registration statement on Form F-1 has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
|  **Signature** | **Title** | **Date** |
|  /s/ *Tsai Yi Yang* | Chief Executive Officer, Chairman of the Board | July 29, 2025 |
|  Name: Tsai Yi Yang | Directors (principal executive officer) |  |
|  /s/ *Wong Man Ue, Nick* | Chief Financial Officer | July 29, 2025 |
|  Name: Wong Man Ue, Nick  | (principal financial and accounting officer) |  |

---

[**Table of Contents**](#TOC001)

#### SIGNATURE OF AUTHORIZED REPRESENTATIVE IN THE UNITED STATES
Pursuant to the Securities Act of 1933, the undersigned, the duly authorized representative in the United States of Agencia Comercial Spirits Ltd, has signed this Registration Statement or amendment thereto in New York on July 29, 2025.

---

| | | |
|:---|:---|:---|
|  Authorized U.S. Representative Cogency Global Inc. | Authorized U.S. Representative Cogency Global Inc. | Authorized U.S. Representative Cogency Global Inc. |
|  By: | /s/ *Colleen A. DeVries* | /s/ *Colleen A. DeVries* |
|  | Name:  | Colleen A. DeVries |
|  | Title:  | Senior Vice-President on behalf of Cogency Global Inc. |

---

## Exhibit 3.1

**Exhibit 3.1**

Company No.: 419576

![](ex3-1_001.jpg)

THE COMPANIES ACT (AS REVISED)

OF THE CAYMAN ISLANDS

COMPANY LIMITED BY SHARES

MEMORANDUM AND ARTICLES

OF ASSOCIATION

OF

**Agencia Comercial Spirits Ltd**

*Incorporated as an Exempted Company in the Cayman Islands*

*on the 7th day of March, 2025*

![](ex3-1_002.jpg)

**THE COMPANIES ACT (AS REVISED)**

**OF THE CAYMAN ISLANDS**

**COMPANY LIMITED BY SHARES**

**MEMORANDUM OF ASSOCIATION**

**OF**

**Agencia Comercial Spirits Ltd**

---

| | |
|:---|:---|
| 1 | The name of the Company is **Agencia Comercial Spirits Ltd** |

---

2 The registered office of the Company shall be situated at the offices of McGrath Tonner Corporate Services Limited, Genesis Building, 5th Floor, Genesis Close, PO Box 446, Cayman Islands, KY1-1106 or at such other place in the Cayman Islands as the Directors may from time to time decide.

3 The objects for which the Company is established are unrestricted and the Company shall have full power and authority to carry out any object not prohibited by the laws of the Cayman Islands.

---

| | |
|:---|:---|
| 4 | The liability of each Member is limited to the amount unpaid on such Member's shares. |

---

---

| | |
|:---|:---|
| 5 | The share capital of the Company is US$50,000.00 divided into 50,000 shares of a par value of US$1.00 each. |

---

6 The Company has power to register by way of continuation as a body corporate limited by shares under the laws of any jurisdiction outside the Cayman Islands and to be deregistered in the Cayman Islands.

7 Capitalised terms that are not defined in this Memorandum of Association bear the respective meanings given to them in the Articles of Association of the Company.

2 <br> *Auth Code: F53256327675* <br> *www.verify.gov.ky*

![](ex3-1_002.jpg)

WE, the subscriber to this Memorandum of Association, wish to be formed into a company pursuant to this Memorandum of Association, and we agree to take the number of shares shown opposite our name.

Dated this 7th day of March, 2025.

---

| | |
|:---|:---|
| **Signature and Address of Subscriber** | **Shares Taken** |
| McGrath Tonner Corporate Services Limited | One (1) |
| Genesis Building, 5th Floor |  |
| Genesis Close, PO Box 446 |  |
| Cayman Islands, KY1-1106 |  |
| acting by: |  |

---

---

| |
|:---|
| /s/ Brian Shum |
| Brian Shum |
| /s/ Benjamin Tonner |
| Benjamin Tonner |
| Witness to the above signature |

---

3 <br> *Auth Code: F53256327675* <br> *www.verify.gov.ky*

---

| | |
|:---|:---|
| ![](ex3-1_003.jpg) | ![](ex3-1_002.jpg) |

---

**THE COMPANIES ACT (AS REVISED)**

**OF THE CAYMAN ISLANDS**

**COMPANY LIMITED BY SHARES**

**ARTICLES OF ASSOCIATION**

**OF**

**Agencia Comercial Spirits Ltd**

1 Interpretation

1.1 In the Articles Table A in the First Schedule to the Companies Act does not apply
and, unless there is something in the subject or context inconsistent therewith:

---

| | |
|:---|:---|
| **"Articles"** | means these articles of association of the Company. |
| **"Auditor"** | means the person for the time being performing the duties of auditor of the Company (if any). |
| **"Companies Act"** | means the Companies Act of the Cayman Islands and any amendment or other statutory modification thereof and, where in these Articles any provision of the Companies Act is referred to, the reference is to that provision as modified by any law for the time being in force. |
| **"Company"** | means the above named company. |
| **"Directors"** | means the directors for the time being of the Company. |
| **"Dividend"** | means any dividend (whether interim or final) resolved to be paid on Shares pursuant to the Articles. |
| **"Electronic Record"** | has the same meaning as in the Electronic Transactions Act. |
| **"Electronic Transactions Act"** | means the Electronic Transactions Act (2003 Revision) of the Cayman Islands. |
| **"Member"** | has the same meaning as in the Companies Act. |

---

1 <br> *Auth Code: D50065900846* <br> *www.verify.gov.ky*

![](ex3-1_002.jpg)

---

| | |
|:---|:---|
| **"Memorandum"** | means the memorandum of association of the Company. |
| **"Ordinary Resolution"** | means a resolution passed by a simple majority of the Members as, being entitled to do so, vote in person or, where proxies are allowed, by proxy at a general meeting, and includes a unanimous written resolution. In computing the majority when a poll is demanded regard shall be had to the number of votes to which each Member is entitled by the Articles. |
| **"Register of Members"** | means the register of Members maintained in accordance with the Companies Act and includes (except where otherwise stated) any branch or duplicate register of Members. |
| **"Registered Office"** | means the registered office for the time being of the Company. |
| **"Seal"** | means the common seal of the Company and includes every duplicate seal. |
| **"Share"** | means a share in the Company and includes a fraction of a share in the Company. |
| **"Special Resolution"** | has the same meaning as in the Companies Act, and includes a unanimous written resolution. |
| **"Subscriber"** | means the subscriber to the Memorandum. |
| **"Treasury Share"** | means a Share held in the name of the Company as a treasury share in accordance with the Companies Act. |

---

1.2 In the Articles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) words importing the singular number include the plural number and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) words importing the masculine gender include the feminine gender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) words importing persons include corporations as well as any other legal or natural
person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "written" and "in writing" include all modes of representing or reproducing words
in visible form, including in the form of an Electronic Record;

2 <br> *Auth Code: D50065900846* <br> *www.verify.gov.ky*

![](ex3-1_002.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "shall" shall be construed as imperative and "may" shall be construed as permissive;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) references to provisions of any law, act or regulation shall be construed as references
to those provisions as amended, modified, re-enacted or replaced;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any phrase introduced by the terms "including", "include", "in particular"
or any similar expression shall be construed as illustrative and shall not limit the sense of the words preceding those terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the term "and/or" is used herein to mean both "and" as well as "or." The
use of "and/or" in certain contexts in no respects qualifies or modifies the use of the terms "and" or "or"
in others. The term "or" shall not be interpreted to be exclusive and the term "and" shall not be interpreted to require
the conjunctive (in each case, unless the context otherwise requires);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) headings are inserted for reference only and shall be ignored in construing the Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) sections 8 and 19(3) of the Electronic Transactions Act shall not apply;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the term "clear days" in relation to the period of a notice means that period excluding the
day when the notice is received or deemed to be received and the day for which it is given or on which it is to take effect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) the term "holder" in relation to a Share means a person whose name is
entered in the Register of Members as the holder of such Share.

---

| | |
|:---|:---|
| **2** | **Commencement of Business** |

---

2.1 The business of the Company may be commenced as soon after incorporation of the Company as the Directors
shall see fit.

2.2 The Directors may pay, out of the capital or any other monies of the Company, all expenses incurred in
or about the formation and establishment of the Company, including the expenses of registration.

---

| | |
|:---|:---|
| **3** | **Issue of Shares** |

---

3.1 Subject to the provisions, if any, in the Memorandum (and to any direction that may be given by the Company
in general meeting) and without prejudice to any rights attached
to any existing Shares, the Directors may allot, issue, grant options over or otherwise dispose of Shares (including fractions of a Share)
with or without preferred, deferred or other rights or restrictions, whether in regard to Dividend or other distribution, voting, return
of capital or otherwise and to such persons, at such times and on such other terms as they think proper, and may also (subject to the
Companies Act and the Articles) vary such rights. Notwithstanding the foregoing, the Subscriber shall have the power to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) issue one Share to itself;

 

3 <br> *Auth Code: D50065900846* <br> *www.verify.gov.ky*

![](ex3-1_002.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) transfer that Share by an instrument of transfer to any person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) update the Register of Members in respect of the issue and transfer of that Share.

3.2 The Company shall not issue Shares to bearer.

---

| | |
|:---|:---|
| **4** | **Register of Members** |

---

4.1 The Company shall maintain or cause to be maintained the Register of Members in accordance with the Companies
Act.

4.2 The Directors may determine that the Company shall maintain one or more branch registers of Members in
accordance with the Companies Act. The Directors may also determine which register of Members shall constitute the principal register
and which shall constitute the branch register or registers, and to vary such determination from time to time.

---

| | |
|:---|:---|
| **5** | **Closing Register of Members or Fixing Record Date** |

---

5.1 For the purpose of determining Members entitled to notice of, or to vote at any meeting of Members or
any adjournment thereof, or Members entitled to receive payment of any Dividend or other distribution, or in order to make a determination
of Members for any other purpose, the Directors may provide that the Register of Members shall be closed for transfers for a stated period
which shall not in any case exceed forty days.

5.2 In lieu of, or apart from, closing the Register of Members, the Directors may fix in advance or arrears
a date as the record date for any such determination of Members entitled to notice of, or to vote at any meeting of the Members or any
adjournment thereof, or for the purpose of determining the Members entitled to receive payment of any Dividend or other distribution,
or in order to make a determination of Members for any other purpose.

4 <br> *Auth Code: D50065900846* <br> *www.verify.gov.ky*

![](ex3-1_002.jpg)

5.3 If the Register of Members is not so closed and no record date is fixed for the determination of Members
entitled to notice of, or to vote at, a meeting of Members or Members entitled to receive payment of a Dividend or other distribution,
the date on which notice of the meeting is sent or the date on which the resolution of the Directors resolving to pay such Dividend or
other distribution is passed, as the case may be, shall be the record date for such determination of Members. When a determination of
Members entitled to vote at any meeting of Members has been made as provided in this Article, such determination shall apply to any adjournment
thereof.

---

| | |
|:---|:---|
| **6** | **Certificates for Shares** |

---

6.1 A Member shall only be entitled to a share certificate if the Directors resolve that share certificates
shall be issued. Share certificates representing Shares, if any, shall be in such form as the Directors may determine. Share certificates
shall be signed by one or more Directors or other person authorised by the Directors. The Directors may authorise certificates to be issued
with the authorised signature(s) affixed by mechanical process. All certificates for Shares shall be consecutively numbered or otherwise
identified and shall specify the Shares to which they relate. All certificates surrendered to the Company for transfer shall be cancelled
and subject to the Articles no new certificate shall be issued until the former certificate representing a like number of relevant Shares
shall have been surrendered and cancelled.

6.2 The Company shall not be bound to issue more than one certificate for Shares held jointly by more than
one person and delivery of a certificate to one joint holder shall be a sufficient delivery to all of them.

6.3 If a share certificate is defaced, worn out, lost or destroyed, it may be renewed
on such terms (if any) as to evidence and indemnity and on the payment of such expenses reasonably incurred by the Company in investigating
evidence, as the Directors may prescribe, and (in the case of defacement or wearing out) upon delivery of the old certificate.

6.4 Every share certificate sent in accordance with the Articles will be sent at the
risk of the Member or other person entitled to the certificate. The Company will not be responsible for any share certificate lost or
delayed in the course of delivery.

---

| | |
|:---|:---|
| **7** | **Transfer of Shares** |

---

7.1 Subject to Article 3.1, Shares are transferable subject to the consent of the
 Directors who may, in their absolute discretion, decline to register any transfer of Shares without giving any reason. If the Directors refuse to register a transfer they shall notify
the transferee within two months of such refusal.

5 <br> *Auth Code: D50065900846* <br> *www.verify.gov.ky*

![](ex3-1_002.jpg)

7.2 The instrument of transfer of any Share shall be in writing and shall be executed by or on behalf of the
transferor (and if the Directors so require, signed by or on behalf of the transferee). The transferor shall be deemed to remain the holder
of a Share until the name of the transferee is entered in the Register of Members.

---

| | |
|:---|:---|
| **8** | **Redemption, Repurchase and Surrender of Shares** |

---

8.1 Subject to the provisions of the Companies Act the Company may issue Shares that
are to be redeemed or are liable to be redeemed at the option of the Member or the Company. The redemption of such Shares shall be effected
in such manner and upon such other terms as the Company may, by Special Resolution, determine before the issue of the Shares.

8.2 Subject to the provisions of the Companies Act, the Company may purchase its own
Shares (including any redeemable Shares) in such manner and on such other terms as the Directors may agree with the relevant Member.

8.3 The Company may make a payment in respect of the redemption or purchase of its own Shares in any manner
permitted by the Companies Act, including out of capital.

8.4 The Directors may accept the surrender for no consideration of any fully paid Share.

---

| | |
|:---|:---|
| **9** | **Treasury Shares** |

---

9.1 The Directors may, prior to the purchase, redemption or surrender of any Share, determine that such Share
shall be held as a Treasury Share.

9.2 The Directors may determine to cancel a Treasury Share or transfer a Treasury Share on such terms as they
think proper (including, without limitation, for nil consideration).

---

| | |
|:---|:---|
| **10** | **Variation of Rights of Shares** |

---

10.1 If at any time the share capital of the Company is divided into different classes of Shares, all or any
of the rights attached to any class (unless otherwise provided by the terms of issue of the Shares of that class) may, whether or not
the Company is being wound up, be varied without the consent of the holders of the issued Shares of that class where such variation is considered
by the Directors not to have a material adverse effect upon such rights; otherwise, any such variation shall be made only with the consent
in writing of the holders of not less than two thirds of the issued Shares of that class, or with the sanction of a resolution passed
by a majority of not less than two thirds of the votes cast at a separate meeting of the holders of the Shares of that class. For the
avoidance of doubt, the Directors reserve the right, notwithstanding that any such variation may not have a material adverse effect, to
obtain consent from the holders of Shares of the relevant class. To any such meeting all the provisions of the Articles relating to general
meetings shall apply *mutatis mutandis*, except that the necessary
quorum shall be one person holding or representing by proxy at least one third of the issued Shares of the class and that any holder of
Shares of the class present in person or by proxy may demand a poll.

6 <br> *Auth Code: D50065900846* <br> *www.verify.gov.ky*

![](ex3-1_002.jpg)

10.2 For the purposes of a separate class meeting, the Directors may treat two or more or all the classes of
Shares as forming one class of Shares if the Directors consider that such class of Shares would be affected in the same way by the proposals
under consideration, but in any other case shall treat them as separate classes of Shares.

10.3 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 or issue of further Shares ranking pari passu therewith.

---

| | |
|:---|:---|
| **11** | **Commission on Sale of Shares** |

---

The Company may, in so far as the Companies Act permits, pay a commission to any person in consideration of his subscribing or agreeing to subscribe (whether absolutely or conditionally) or procuring or agreeing to procure subscriptions (whether absolutely or conditionally) for any Shares. Such commissions may be satisfied by the payment of cash and/or the issue of fully or partly paid-up Shares. The Company may also on any issue of Shares pay such brokerage as may be lawful.

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| **12** | **Non Recognition of Trusts** |

---

The Company shall not be bound by or compelled to recognise in any way (even when notified) any equitable, contingent, future or partial interest in any Share, or (except only as is otherwise provided by the Articles or the Companies Act) any other rights in respect of any Share other than an absolute right to the entirety thereof in the holder.

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| **13** | **Lien on Shares** |

---

13.1 The Company shall have a first and paramount lien on all Shares (whether fully paid-up or not) registered
in the name of a Member (whether solely or jointly with others) for all debts, liabilities or engagements to or with the Company (whether
presently payable or not) by such Member or his estate, either alone or jointly with any other person, whether a Member or not, but the
Directors may at any time declare any Share to be wholly or in part exempt from the provisions of this Article. The registration of a
transfer of any such Share shall operate as a waiver of the Company's lien thereon. The Company's lien on a Share shall also extend to
any amount payable in respect of that Share.

13.2 The Company may sell, in such manner as the Directors think fit, any Shares on
which the Company has a lien, if a sum in respect of which the lien exists is presently payable, and is not paid within fourteen clear
days after notice has been received or deemed to have been received by the holder of the Shares, or to the person entitled to it in consequence
of the death or bankruptcy of the holder, demanding payment and stating that if the notice is not complied with the Shares may be sold.

13.3 To give effect to any such sale the Directors may authorise any person to execute an instrument of transfer
of the Shares sold to, or in accordance with the directions of, the purchaser. The purchaser or his nominee shall be registered as the
holder of the Shares comprised in any such transfer, 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 sale or the exercise of the Company's power of sale under
the Articles.

13.4 The net proceeds of such sale after payment of costs, shall be applied in payment
of such part of the amount in respect of which the lien exists as is presently payable and any balance shall (subject to a like lien for
sums not presently payable as existed upon the Shares before the sale) be paid to the person entitled to the Shares at the date of the
sale.

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| **14** | **Call on Shares** |

---

14.1 Subject to the terms of the allotment and issue of any Shares, the Directors may make calls upon the Members
in respect of any monies unpaid on their Shares (whether in respect of par value or premium), and each Member shall (subject to receiving
at least fourteen clear days' notice specifying the time or times of payment) pay to the Company at the time or times so specified the
amount called on the Shares. A call may be revoked or postponed, in whole or in part, as the Directors may determine. A call may be required
to be paid by instalments. 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.

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14.2 A call shall be deemed to have been made at the time when the resolution of the
Directors authorising such call was passed.

14.3 The joint holders of a Share shall be jointly and severally liable to pay all calls in respect thereof.

14.4 If a call remains unpaid after it has become due and payable, the person from whom it is due shall pay
interest on the amount unpaid from the day it became due and payable until it is paid at such rate as the Directors may determine (and
in addition all expenses that have been incurred by the Company by reason of such non- payment), but the Directors may waive payment of
the interest or expenses wholly or in part.

14.5 An amount payable in respect of a Share on issue or allotment or at any fixed date,
whether on account of the par value of the Share or premium or otherwise, shall be deemed to be a call and if it is not paid all the provisions
of the Articles shall apply as if that amount had become due and payable by virtue of a call.

14.6 The Directors may issue Shares with different terms as to the amount and times of payment of calls, or
the interest to be paid.

14.7 The Directors may, if they think fit, receive an amount from any Member willing to advance all or any
part of the monies uncalled and unpaid upon any Shares held by him, and may (until the amount would otherwise become payable) pay interest
at such rate as may be agreed upon between the Directors and the Member paying such amount in advance.

14.8 No such amount paid in advance of calls shall entitle the Member paying such amount
to any portion of a Dividend or other distribution payable in respect of any period prior to the date upon which such amount would, but
for such payment, become payable.

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| **15** | **Forfeiture of Shares** |

---

15.1 If a call or instalment of a call remains unpaid after it has become due and payable the Directors may
give to the person from whom it is due not less than fourteen clear days' notice requiring payment of the amount unpaid together with
any interest which may have accrued and any expenses incurred by the Company by reason of such non- payment. The notice shall specify
where payment is to be made and shall state that if the notice is not complied with the Shares in respect of which the call was made will
be liable to be forfeited.

15.2 If the notice is not complied with, any Share in respect of which it was given may, before the payment
required by the notice has been made, be forfeited by a resolution
of the Directors. Such forfeiture shall include all Dividends, other distributions or other monies payable in respect of the forfeited
Share and not paid before the forfeiture.

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15.3 A forfeited Share may be sold, re-allotted or otherwise disposed of on such terms
and in such manner as the Directors think fit and at any time before a sale, re-allotment or disposition the forfeiture may be cancelled
on such terms as the Directors think fit. Where for the purposes of its disposal a forfeited Share is to be transferred to any person
the Directors may authorise some person to execute an instrument of transfer of the Share in favour of that person.

15.4 A person any of whose Shares have been forfeited shall cease to be a Member in respect of them and shall
surrender to the Company for cancellation the certificate for the Shares forfeited and shall remain liable to pay to the Company all monies
which at the date of forfeiture were payable by him to the Company in respect of those Shares together with interest at such rate as the
Directors may determine, but his liability shall cease if and when the Company shall have received payment in full of all monies due and
payable by him in respect of those Shares.

15.5 A certificate in writing under the hand of one Director or officer of the Company
that a Share has been forfeited on a specified date shall be conclusive evidence of the facts stated in it as against all persons claiming
to be entitled to the Share. The certificate shall (subject to the execution of an instrument of transfer) constitute a good title to
the Share and the person to whom the Share is sold or otherwise disposed of shall not be bound to see to the application of the purchase
money, if any, nor shall his title to the Share be affected by any irregularity or invalidity in the proceedings in reference to the forfeiture,
sale or disposal of the Share.

15.6 The provisions of the 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 par value of the Share
or by way of premium as if it had been payable by virtue of a call duly made and notified.

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| **16** | **Transmission of Shares** |

---

16.1 If a Member dies the survivor or survivors (where he was a joint holder) or his legal personal representatives
(where he was a sole holder), shall be the only persons recognised by the Company as having any title to his Shares. The estate of a deceased
Member is not thereby released from any liability in respect of any Share, for which he was a joint or sole holder.

16.2 Any person becoming entitled to a Share in consequence of the death or bankruptcy
or liquidation or dissolution of a Member (or in any other way than by transfer) may, upon
such evidence being produced as may be required by the Directors, elect, by a notice in writing sent by him to the Company, either to
become the holder of such Share or to have some person nominated by him registered as the holder of such Share. If he elects to have another
person registered as the holder of such Share he shall sign an instrument of transfer of that Share to that person. The Directors shall,
in either case, have the same right to decline or suspend registration as they would have had in the case of a transfer of the Share by
the relevant Member before his death or bankruptcy or liquidation or dissolution, as the case may be.

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16.3 A person becoming entitled to a Share by reason of the death or bankruptcy or liquidation or dissolution
of a Member (or in any other case than by transfer) shall be entitled to the same Dividends, other distributions and other advantages
to which he would be entitled if he were the holder of such Share. However, he shall not, before becoming a Member in respect of a Share,
be entitled in respect of it to exercise any right conferred by membership in relation to general meetings of the Company and the Directors
may at any time give notice requiring any such person to elect either to be registered himself or to have some person nominated by him
be registered as the holder of the Share (but the Directors shall, in either case, have the same right to decline or suspend registration
as they would have had in the case of a transfer of the Share by the relevant Member before his death or bankruptcy or liquidation or
dissolution or any other case than by transfer, as the case may be). If the notice is not complied with within ninety days of being received
or deemed to be received (as determined pursuant to the Articles) the Directors may thereafter withhold payment of all Dividends, other
distributions, bonuses or other monies payable in respect of the Share until the requirements of the notice have been complied with.

---

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|:---|:---|
| **17** | **Amendments of Memorandum and Articles of Association and Alteration of Capital** |

---

17.1 The Company may by Ordinary Resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) increase its share capital by such sum as the Ordinary Resolution shall prescribe
and with such rights, priorities and privileges annexed thereto, as the Company in general meeting may determine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) consolidate and divide all or any of its share capital into Shares of larger amount than its existing
Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) convert all or any of its paid-up Shares into stock, and reconvert that stock into
paid-up Shares of any denomination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) by subdivision of its existing Shares or any of them divide the whole or any part of its share capital
into Shares of smaller amount than is fixed by the Memorandum or into Shares without
par value; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) cancel any Shares that at the date of the passing of the Ordinary Resolution have not been taken or agreed
to be taken by any person and diminish the amount of its share capital by the amount of the Shares so cancelled.

17.2 All new Shares created in accordance with the provisions of the preceding Article shall be subject to
the same provisions of the Articles with reference to the payment of calls, liens, transfer, transmission, forfeiture and otherwise as
the Shares in the original share capital.

17.3 Subject to the provisions of the Companies Act and the provisions of the Articles
as regards the matters to be dealt with by Ordinary Resolution, the Company may by Special Resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) change its name;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) alter or add to the Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) alter or add to the Memorandum with respect to any objects, powers or other matters
specified therein; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) reduce its share capital or any capital redemption reserve fund.

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|:---|:---|
| **18** | **Offices and Places of Business** |

---

Subject to the provisions of the Companies Act, the Company may by resolution of the Directors change the location of its Registered Office. The Company may, in addition to its Registered Office, maintain such other offices or places of business as the Directors determine.

---

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|:---|:---|
| **19** | **General Meetings** |

---

19.1 All general meetings other than annual general meetings shall be called extraordinary
general meetings.

19.2 The Company may, but shall not (unless required by the Companies Act) be obliged to, in each year hold
a general meeting as its annual general meeting, and shall specify the meeting as such in the notices calling it. Any annual general meeting
shall be held at such time and place as the Directors shall appoint and if no other time and place is prescribed by them, it shall be
held at the Registered Office on the second Wednesday in December of each year at ten o'clock in the morning. At these meetings the report
of the Directors (if any) shall be presented.

 

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19.3 The Directors may call general meetings, and they shall on a Members' requisition forthwith proceed to
convene an extraordinary general meeting of the Company.

19.4 A Members' requisition is a requisition of Members holding at the date of deposit of the requisition not
less than ten per cent. in par value of the issued Shares which as at that date carry the right to vote at general meetings of the Company.

19.5 The Members' requisition must state the objects of the meeting and must be signed by the requisitionists
and deposited at the Registered Office, and may consist of several documents in like form each signed by one or more requisitionists.

19.6 If there are no Directors as at the date of the deposit of the Members' requisition or if the Directors
do not within twenty-one days from the date of the deposit of the Members' requisition duly proceed to convene a general meeting to be
held within a further twenty-one days, the requisitionists, or any of them representing more than one- half of the total voting rights
of all of the requisitionists, may themselves convene a general meeting, but any meeting so convened shall be held no later than the day
which falls three months after the expiration of the said twenty-one day period.

19.7 A general meeting convened as aforesaid by requisitionists shall be convened in
the same manner as nearly as possible as that in which general meetings are to be convened by Directors.

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| **20** | **Notice of General Meetings** |

---

20.1 At least five clear days' notice shall be given of any general meeting. Every notice shall specify the
place, the day and the hour of the meeting and the general nature of the business to be conducted at the general meeting and shall be
given in the manner hereinafter mentioned or in such other manner if any as may be prescribed by the Company, provided that a general
meeting of the Company shall, whether or not the notice specified in this Article has been given and whether or not the provisions of
the Articles regarding general meetings have been complied with, be deemed to have been duly convened if it is so agreed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of an annual general meeting, by all of the Members entitled to attend
and vote thereat; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of an extraordinary general meeting, by a majority in number of the Members having a right
to attend and vote at the meeting, together holding not less than ninety five per cent. in par value of the Shares giving that right.

20.2 The accidental omission to give notice of a general meeting to, or the non-receipt
of notice of a general meeting by, any person entitled to receive such notice shall not invalidate the proceedings
of that general meeting.

 

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| **21** | **Proceedings at General Meetings** |

---

21.1 No business shall be transacted at any general meeting unless a quorum is present. Two Members being individuals
present in person or by proxy or if a corporation or other non-natural person by its duly authorised representative or proxy shall be
a quorum unless the Company has only one Member entitled to vote at such general meeting in which case the quorum shall be that one Member
present in person or by proxy or (in the case of a corporation or other non- natural person) by its duly authorised representative or
proxy.

21.2 A person may participate at a general meeting by conference telephone or other
communications equipment by means of which all the persons participating in the meeting can communicate with each other. Participation
by a person in a general meeting in this manner is treated as presence in person at that meeting.

21.3 A resolution (including a Special Resolution) in writing (in one or more counterparts)
signed by or on behalf of all of the Members for the time being entitled to receive notice of and to attend and vote at general meetings
(or, being corporations or other non-natural persons, signed by their duly authorised representatives) shall be as valid and effective
as if the resolution had been passed at a general meeting of the Company duly convened and held.

21.4 If a quorum is not present within half an hour from the time appointed for the meeting to commence or
if during such a meeting a quorum ceases to be present, the meeting, if convened upon a Members' requisition, shall be dissolved and in
any other case it shall stand adjourned to the same day in the next week at the same time and/or place or to such other day, time and/or
place as the Directors may determine, and if at the adjourned meeting a quorum is not present within half an hour from the time appointed
for the meeting to commence, the Members present shall be a quorum.

21.5 The Directors may, at any time prior to the time appointed for the meeting to commence,
appoint any person to act as chairman of a general meeting of the Company or, if the Directors do not make any such appointment, the chairman,
if any, of the board of Directors shall preside as chairman at such general meeting. If there is no such chairman, or if he shall not
be present within fifteen minutes after the time appointed for the meeting to commence, or is unwilling to act, the Directors present
shall elect one of their number to be chairman of the meeting.

21.6 If no Director is willing to act as chairman or if no Director is present within
fifteen minutes after the time appointed for the meeting to commence, the Members present shall choose one of their
number to be chairman of the meeting.

 

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21.7 The chairman may, with the consent of a meeting at which a quorum is present (and shall if so directed
by the meeting) adjourn the meeting from time to time and from place to place, but no business shall be transacted at any adjourned meeting
other than the business left unfinished at the meeting from which the adjournment took place.

21.8 When a general meeting is adjourned for thirty days or more, notice of the adjourned meeting shall be
given as in the case of an original meeting. Otherwise it shall not be necessary to give any such notice of an adjourned meeting.

21.9 A resolution put to the vote of the meeting shall be decided on a show of hands
unless before, or on the declaration of the result of, the show of hands, the chairman demands a poll, or any other Member or Members
collectively present in person or by proxy (or in the case of a corporation or other non-natural person, by its duly authorised representative
or proxy) and holding at least ten per cent. in par value of the Shares giving a right to attend and vote at the meeting demand a poll.

21.10 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 lost or not carried by a particular majority, an entry to that
effect in the minutes of the proceedings of the meeting shall be conclusive evidence of that fact without proof of the number or proportion
of the votes recorded in favour of or against such resolution.

21.11 The demand for a poll may be withdrawn.

21.12 Except on a poll demanded on the election of a chairman or on a question of adjournment,
a poll shall be taken as the chairman directs, and the result of the poll shall be deemed to be the resolution of the general meeting
at which the poll was demanded.

21.13 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 at such date, time and place as the chairman of the general meeting
directs, and any business other than that upon which a poll has been demanded or is contingent thereon may proceed pending the taking
of the poll.

21.14 In the case of an equality of votes, whether on a show of hands or on a poll, the chairman shall be entitled
to a second or casting vote.

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| **22** | **Votes of Members** |

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22.1 Subject to any rights or restrictions attached to any Shares, on a show of hands every Member who (being
an individual) is present in person or by proxy or, if a corporation or other non-natural person is present by its duly authorised representative
or by proxy, shall have one vote and on a poll every Member present in any such manner shall have one vote for every Share of which he
is the holder.

22.2 In the case of joint holders the vote of the senior holder who tenders a vote, whether in person or by
proxy (or, in the case of a corporation or other non-natural person, by its duly authorised representative or proxy), shall be accepted
to the exclusion of the votes of the other joint holders, and seniority shall be determined by the order in which the names of the holders
stand in the Register of Members.

22.3 A Member of unsound mind, or in respect of whom an order has been made by any court, having jurisdiction
in lunacy, may vote, whether on a show of hands or on a poll, by his committee, receiver, curator bonis, or other person on such Member's
behalf appointed by that court, and any such committee, receiver, curator bonis or other person may vote by proxy.

22.4 No person shall be entitled to vote at any general meeting unless he is registered as a Member on the
record date for such meeting nor unless all calls or other monies then payable by him in respect of Shares have been paid.

22.5 No objection shall be raised as to the qualification of any voter except at the
general meeting or adjourned general meeting at which the vote objected to is given or tendered and every vote not disallowed at the meeting
shall be valid. Any objection made in due time in accordance with this Article shall be referred to the chairman whose decision shall
be final and conclusive.

22.6 On a poll or on a show of hands votes may be cast either personally or by proxy (or in the case of a corporation
or other non-natural person by its duly authorised representative or proxy). A Member may appoint more than one proxy or the same proxy
under one or more instruments to attend and vote at a meeting. Where a Member appoints more than one proxy the instrument of proxy shall
state which proxy is entitled to vote on a show of hands and shall specify the number of Shares in respect of which each proxy is entitled
to exercise the related votes.

22.7 On a poll, a Member holding more than one Share need not cast the votes in respect of his Shares in the
same way on any resolution and therefore may vote a Share or some or all such Shares either for or against a resolution and/or abstain
from voting a Share or some or all of the Shares and, subject to the terms of the instrument appointing him, a proxy appointed under one
or more instruments may vote a Share or some or all of the Shares in respect of which he is appointed either for or against a resolution
and/or abstain from voting a Share or some or all of the
Shares in respect of which he is appointed.

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| **23** | **Proxies** |

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23.1 The instrument appointing a proxy shall be in writing and shall be executed under the hand of the appointor
or of his attorney duly authorised in writing, or, if the appointor is a corporation or other non- natural person, under the hand of its
duly authorised representative. A proxy need not be a Member.

23.2 The Directors may, in the notice convening any meeting or adjourned meeting, or
in an instrument of proxy sent out by the Company, specify the manner by which the instrument appointing a proxy shall be deposited and
the place and the time (being not later than the time appointed for the commencement of the meeting or adjourned meeting to which the
proxy relates) at which the instrument appointing a proxy shall be deposited. In the absence of any such direction from the Directors
in the notice convening any meeting or adjourned meeting or in an instrument of proxy sent out by the Company, the instrument appointing
a proxy shall be deposited physically at the Registered Office not less than 48 hours before the time appointed for the meeting or adjourned
meeting to commence at which the person named in the instrument proposes to vote.

The chairman may in any event at his discretion declare that an instrument of proxy shall be deemed to have been duly deposited. An instrument of proxy that is not deposited in the manner permitted, or which has not been declared to have been duly deposited by the chairman, shall be invalid.

23.3 The instrument appointing a proxy may be in any usual or common form (or such other form as the Directors
may approve) and may be expressed to be for a particular meeting or any adjournment thereof or generally until revoked. An instrument
appointing a proxy shall be deemed to include the power to demand or join or concur in demanding a poll.

23.4 Votes 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 proxy or of the authority under which the proxy was executed, or the
transfer of the Share in respect of which the proxy is given unless notice in writing of such death, insanity, revocation or transfer
was received by the Company at the Registered Office before the commencement of the general meeting, or adjourned meeting at which it
is sought to use the proxy.

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| **24** | **Corporate Members** |

---

Any corporation or other non-natural person which is a Member may in accordance with its constitutional documents, or in the absence of such provision 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 of any class of Members, and the person so authorised shall be entitled to exercise the same powers on behalf of the corporation which he represents as the corporation could exercise if it were an individual Member.

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| **25** | **Shares that May Not be Voted** |

---

Shares in the Company that are beneficially owned by the Company shall not be voted, directly or indirectly, at any meeting and shall not be counted in determining the total number of outstanding Shares at any given time.

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|:---|:---|
| **26** | **Directors** |

---

There shall be a board of Directors consisting of not less than one person (exclusive of alternate Directors) provided however that the Company may by Ordinary Resolution increase or reduce the limits in the number of Directors. The first Directors of the Company shall be determined in writing by, or appointed by a resolution of, the Subscriber.

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| **27** | **Powers of Directors** |

---

27.1 Subject to the provisions of the Companies Act, the Memorandum and the Articles and to any directions
given by Special Resolution, the business of the Company shall be managed by the Directors who may exercise all the powers of the Company.
No alteration of the Memorandum or Articles and no such direction shall invalidate any prior act of the Directors which would have been
valid if that alteration had not been made or that direction had not been given. A duly convened meeting of Directors at which a quorum
is present may exercise all powers exercisable by the Directors.

27.2 All cheques, promissory notes, drafts, bills of exchange and other negotiable or transferable instruments
and all receipts for monies paid to the Company shall be signed, drawn, accepted, endorsed or otherwise executed as the case may be in
such manner as the Directors shall determine by resolution.

27.3 The Directors on behalf of the Company may pay a gratuity or pension or allowance
on retirement to any Director who has held any other salaried office or place of profit with the Company or to his widow or dependants
and may make contributions to any fund and pay premiums for the purchase or provision of any such
gratuity, pension or allowance.

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27.4 The Directors may exercise all the powers of the Company to borrow money and to mortgage or charge its
undertaking, property and assets (present and future) and uncalled capital or any part thereof and to issue debentures, debenture stock,
mortgages, bonds and other such securities whether outright or as security for any debt, liability or obligation of the Company or of
any third party.

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|:---|:---|
| **28** | **Appointment and Removal of Directors** |

---

28.1 The Company may by Ordinary Resolution appoint any person to be a Director or may
by Ordinary Resolution remove any Director.

28.2 The Directors may appoint any person to be a Director, either to fill a vacancy or as an additional Director
provided that the appointment does not cause the number of Directors to exceed any number fixed by or in accordance with the Articles
as the maximum number of Directors.

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|:---|:---|
| **29** | **Vacation of Office of Director** |

---

The office of a Director shall be vacated if: <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Director gives notice in writing to the Company that he resigns the office of Director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Director absents himself (for the avoidance of doubt, without being represented
by proxy or an alternate Director appointed by him) from three consecutive meetings of the board of Directors without special leave of
absence from the Directors, and the Directors pass a resolution that he has by reason of such absence vacated office; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Director dies, becomes bankrupt or makes any arrangement or composition with his creditors generally;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Director is found to be or becomes of unsound mind; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) all of the other Directors (being not less than two in number) determine that he
should be removed as a Director, either by a resolution passed by all of the other Directors at a meeting of the Directors duly convened
and held in accordance with the Articles or by a resolution in writing signed by all of the other Directors.

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| **30** | **Proceedings of Directors** |

---

30.1 The quorum for the transaction of the business of the Directors may be fixed by the Directors, and unless
so fixed shall be two if there are two or more Directors, and shall be one if there is only one Director. A person who holds office as
an alternate Director shall, if his appointor is not present, be counted in the quorum. A Director who also acts as an alternate Director
shall, if his appointor is not present, count twice towards the quorum.

30.2 Subject to the provisions of the Articles, the Directors may regulate their proceedings as they think
fit. Questions arising at any meeting shall be decided by a majority of votes. In the case of an equality of votes, the chairman shall
have a second or casting vote. A Director who is also an alternate Director shall be entitled in the absence of his appointor to a separate
vote on behalf of his appointor in addition to his own vote.

30.3 A person may participate in a meeting of the Directors or committee of Directors by conference telephone
or other communications equipment by means of which all the persons participating in the meeting can communicate with each other at the
same time. Participation by a person in a meeting in this manner is treated as presence in person at that meeting. Unless otherwise determined
by the Directors the meeting shall be deemed to be held at the place where the chairman is located at the start of the meeting.

30.4 A resolution in writing (in one or more counterparts) signed by all the Directors or all the members of
a committee of the Directors or, in the case of a resolution in writing relating to the removal of any Director or the vacation of office
by any Director, all of the Directors other than the Director who is the subject of such resolution (an alternate Director being entitled
to sign such a resolution on behalf of his appointor and if such alternate Director is also a Director, being entitled to sign such resolution
both on behalf of his appointer and in his capacity as a Director) shall be as valid and effectual as if it had been passed at a meeting
of the Directors, or committee of Directors as the case may be, duly convened and held.

30.5 A Director or alternate Director may, or other officer of the Company on the direction of a Director or
alternate Director shall, call a meeting of the Directors by at least two days' notice in writing to every Director and alternate Director
which notice shall set forth the general nature of the business to be considered unless notice is waived by all the Directors (or their
alternates) either at, before or after the meeting is held. To any such notice of a meeting of the Directors all the provisions of the
Articles relating to the giving of notices by the Company to the Members shall apply *mutatis mutandis.* 

30.6 The continuing Directors (or a sole continuing Director, as the case may be) may act notwithstanding any
vacancy in their body, but if and so long as their number is reduced below the number fixed by or pursuant to the Articles as the necessary
quorum of Directors the continuing Directors or Director
may act for the purpose of increasing the number of Directors to be equal to such fixed number, or of summoning a general meeting of the
Company, but for no other purpose.

 

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30.7 The Directors may elect a chairman of their board and determine the period for which he is to hold office;
but if no such chairman is elected, or if at any meeting the chairman is not present within five minutes after the time appointed for
the meeting to commence, the Directors present may choose one of their number to be chairman of the meeting.

30.8 All acts done by any meeting of the Directors or of a committee of the Directors (including any person
acting as an alternate Director) shall, notwithstanding that it is afterwards discovered that there was some defect in the appointment
of any Director or alternate Director, and/or that they or any of them were disqualified, and/or had vacated their office and/or were
not entitled to vote, be as valid as if every such person had been duly appointed and/or not disqualified to be a Director or alternate
Director and/or had not vacated their office and/or had been entitled to vote, as the case may be.

30.9 A Director but not an alternate Director may be represented at any meetings of
the board of Directors by a proxy appointed in writing by him. The proxy shall count towards the quorum and the vote of the proxy shall
for all purposes be deemed to be that of the appointing Director.

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|:---|:---|
| **31** | **Presumption of Assent** |

---

A Director or alternate Director who is present at a meeting of the board of Directors at which action on any Company matter is taken shall be presumed to have assented to the action taken unless his dissent shall be entered in the minutes of the meeting or unless he shall file his written dissent from such action with the person acting as the chairman or secretary of the meeting before the adjournment thereof or shall forward such dissent by registered post to such person immediately after the adjournment of the meeting. Such right to dissent shall not apply to a Director or alternate Director who voted in favour of such action.

---

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| **32** | **Directors' Interests** |

---

32.1 A Director or alternate Director may hold any other office or place of profit under
the Company (other than the office of Auditor) in conjunction with his office of Director for such period and on such terms as to remuneration
and otherwise as the Directors may determine.

 

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32.2 A Director or alternate Director may act by himself or by, through or on behalf of his firm in a professional
capacity for the Company and he or his firm shall be entitled to remuneration for professional services as if he were not a Director or
alternate Director.

32.3 A Director or alternate Director may be or become a director or other officer of
or otherwise interested in any company promoted by the Company or in which the Company may be interested as a shareholder, a contracting
party or otherwise, and no such Director or alternate Director shall be accountable to the Company for any remuneration or other benefits
received by him as a director or officer of, or from his interest in, such other company.

32.4 No person shall be disqualified from the office of Director or alternate Director
or prevented by such office from contracting with the Company, either as vendor, purchaser or otherwise, nor shall any such contract or
any contract or transaction entered into by or on behalf of the Company in which any Director or alternate Director shall be in any way
interested be or be liable to be avoided, nor shall any Director or alternate Director so contracting or being so interested be liable
to account to the Company for any profit realised by or arising in connection with any such contract or transaction by reason of such
Director or alternate Director holding office or of the fiduciary relationship thereby established. A Director (or his alternate Director
in his absence) shall be at liberty to vote in respect of any contract or transaction in which he is interested provided that the nature
of the interest of any Director or alternate Director in any such contract or transaction shall be disclosed by him at or prior to its
consideration and any vote thereon.

32.5 A general notice that a Director or alternate Director is a shareholder, director, officer or employee
of any specified firm or company and is to be regarded as interested in any transaction with such firm or company shall be sufficient
disclosure for the purposes of voting on a resolution in respect of a contract or transaction in which he has an interest, and after such
general notice it shall not be necessary to give special notice relating to any particular transaction.

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|:---|:---|
| **33** | **Minutes** |

---

The Directors shall cause minutes to be made in books kept for the purpose of all appointments of officers made by the Directors, all proceedings at meetings of the Company or the holders of any class of Shares and of the Directors, and of committees of the Directors, including the names of the Directors or alternate Directors present at each meeting.

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| **34** | **Delegation of Directors' Powers** |

---

34.1 The Directors may delegate any of their powers, authorities and discretions, including the power to sub-delegate,
to any committee consisting of one or more Directors. They may also delegate to any managing director or any Director holding any other
executive office such of their powers, authorities and discretions as they consider desirable to be exercised by him provided that an
alternate Director may not act as managing director and the appointment of a managing director shall be revoked forthwith if he ceases
to be a Director. Any such delegation may be made subject to any conditions the Directors may impose and either collaterally with or to
the exclusion of their own powers and any such delegation may be revoked or altered by the Directors. Subject to any such conditions,
the proceedings of a committee of Directors shall be governed by the Articles regulating the proceedings of Directors, so far as they
are capable of applying.

34.2 The Directors may establish any committees, local boards or agencies or appoint any person to be a manager
or agent for managing the affairs of the Company and may appoint any person to be a member of such committees, local boards or agencies.
Any such appointment may be made subject to any conditions the Directors may impose, and either collaterally with or to the exclusion
of their own powers and any such appointment may be revoked or altered by the Directors. Subject to any such conditions, the proceedings
of any such committee, local board or agency shall be governed by the Articles regulating the proceedings of Directors, so far as they
are capable of applying.

34.3 The Directors may by power of attorney or otherwise appoint any person to be the agent of the Company
on such conditions as the Directors may determine, provided that the delegation is not to the exclusion of their own powers and may be
revoked by the Directors at any time.

34.4 The Directors may by power of attorney or otherwise appoint any company, firm, person or body of persons,
whether nominated directly or indirectly by the Directors, to be the attorney or authorised signatory of the Company for such purpose
and with such powers, authorities and discretions (not exceeding those vested in or exercisable by the Directors under the Articles) and
for such period and subject to such conditions as they may think fit, and any such powers of attorney or other appointment may contain
such provisions for the protection and convenience of persons dealing with any such attorneys or authorised signatories as the Directors
may think fit and may also authorise any such attorney or authorised signatory to delegate all or any of the powers, authorities and discretions
vested in him.

34.5 The Directors may appoint such officers of the Company (including, for the avoidance of doubt and without
limitation, any secretary) as they consider necessary on such terms, at such remuneration and to perform such duties, and subject to such
provisions as to disqualification and removal as the
Directors may think fit. Unless otherwise specified in the terms of his appointment an officer of the Company may be removed by resolution
of the Directors or Members. An officer of the Company may vacate his office at any time if he gives notice in writing to the Company
that he resigns his office.

 

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|:---|:---|
| **35** | **Alternate Directors** |

---

35.1 Any Director (but not an alternate Director) may by writing appoint any other Director, or any other person
willing to act, to be an alternate Director and by writing may remove from office an alternate Director so appointed by him.

35.2 An alternate Director shall be entitled to receive notice of all meetings of Directors and of all meetings
of committees of Directors of which his appointor is a member, to attend and vote at every such meeting at which the Director appointing
him is not personally present, to sign any written resolution of the Directors, and generally to perform all the functions of his appointor
as a Director in his absence.

35.3 An alternate Director shall cease to be an alternate Director if his appointor
ceases to be a Director.

35.4 Any appointment or removal of an alternate Director shall be by notice to the Company signed by the Director
making or revoking the appointment or in any other manner approved by the Directors.

35.5 Subject to the provisions of the Articles, an alternate Director shall be deemed
for all purposes to be a Director and shall alone be responsible for his own acts and defaults and shall not be deemed to be the agent
of the Director appointing him.

---

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|:---|:---|
| **36** | **No Minimum Shareholding** |

---

The Company in general meeting may fix a minimum shareholding required to be held by a Director, but unless and until such a shareholding qualification is fixed a Director is not required to hold Shares.

---

| | |
|:---|:---|
| **37** | **Remuneration of Directors** |

---

37.1 The remuneration to be paid to the Directors, if any, shall be such remuneration as the Directors shall
determine. The Directors shall also be entitled to be paid all travelling, hotel and other expenses properly incurred by them in connection
with their attendance at meetings of Directors or committees of Directors, or general meetings of the Company, or separate meetings of
the holders of any class of Shares or debentures of the Company,
or otherwise in connection with the business of the Company or the discharge of their duties as a Director, or to receive a fixed allowance
in respect thereof as may be determined by the Directors, or a combination partly of one such method and partly the other.

 

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37.2 The Directors may by resolution approve additional remuneration to any Director
for any services which in the opinion of the Directors go beyond his ordinary routine work as a Director. Any fees paid to a Director
who is also counsel, attorney or solicitor to the Company, or otherwise serves it in a professional capacity shall be in addition to his
remuneration as a Director.

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|:---|:---|
| **38** | **Seal** |

---

38.1 The Company may, if the Directors so determine, have a Seal. The Seal shall only be used by the authority
of the Directors or of a committee of the Directors authorised by the Directors. Every instrument to which the Seal has been affixed shall
be signed by at least one person who shall be either a Director or some officer of the Company or other person appointed by the Directors
for the purpose.

38.2 The Company may have for use in any place or places outside the Cayman Islands
a duplicate Seal or Seals each of which shall be a facsimile of the common Seal of the Company and, if the Directors so determine, with
the addition on its face of the name of every place where it is to be used.

38.3 A Director or officer, representative or attorney of the Company may without further authority of the
Directors affix the Seal over his signature alone to any document of the Company required to be authenticated by him under seal or to
be filed with the Registrar of Companies in the Cayman Islands or elsewhere wheresoever.

---

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|:---|:---|
| **39** | **Dividends, Distributions and Reserve** |

---

39.1 Subject to the Companies Act and this Article and except as otherwise provided by the rights attached
to any Shares, the Directors may resolve to pay Dividends and other distributions on Shares in issue and authorise payment of the Dividends
or other distributions out of the funds of the Company lawfully available therefor. A Dividend shall be deemed to be an interim Dividend
unless the terms of the resolution pursuant to which the Directors resolve to pay such Dividend specifically state that such Dividend
shall be a final Dividend. No Dividend or other distribution shall be paid except out of the realised or unrealised profits of the Company,
out of the share premium account or as otherwise permitted by the Companies Act.

 

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39.2 Except as otherwise provided by the rights attached to any Shares, all Dividends and other distributions
shall be paid according to the par value of the Shares that a Member holds. If any Share is issued on terms providing that it shall rank
for Dividend as from a particular date, that Share shall rank for Dividend accordingly.

39.3 The Directors may deduct from any Dividend or other distribution payable to any Member all sums of money
(if any) then payable by him to the Company on account of calls or otherwise.

39.4 The Directors may resolve that any Dividend or other distribution be paid wholly or partly by the distribution
of specific assets and in particular (but without limitation) by the distribution of shares, debentures, or securities of any other company
or in any one or more of such ways and where any difficulty arises in regard to such distribution, the Directors may settle the same as
they think expedient and in particular may issue fractional Shares 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 Members and may vest any such specific assets in trustees in such manner as may seem expedient to the Directors.

39.5 Except as otherwise provided by the rights attached to any Shares, Dividends and
other distributions may be paid in any currency. The Directors may determine the basis of conversion for any currency conversions that
may be required and how any costs involved are to be met.

39.6 The Directors may, before resolving to pay any Dividend or other distribution, set aside such sums as
they think proper as a reserve or reserves which shall, at the discretion of the Directors, be applicable for any purpose of the Company
and pending such application may, at the discretion of the Directors, be employed in the business of the Company.

39.7 Any Dividend, other distribution, interest or other monies payable in cash in respect of Shares may be
paid by wire transfer to the holder or by cheque or warrant sent through the post directed to the registered address of the holder or,
in the case of joint holders, to the registered address of the holder who is first named on the Register of Members or to such person
and to such address as such holder or joint holders may in writing direct. Every such cheque or warrant shall be made payable to the order
of the person to whom it is sent. Any one of two or more joint holders may give effectual receipts for any Dividends, other distributions,
bonuses, or other monies payable in respect of the Share held by them as joint holders.

39.8 No Dividend or other distribution shall bear interest against the Company.

39.9 Any Dividend or other distribution which cannot be paid to a Member and/or which remains unclaimed after
six months from the date on which such Dividend or other
distribution becomes payable may, in the discretion of the Directors, be paid into a separate account in the Company's name, provided
that the Company shall not be constituted as a trustee in respect of that account and the Dividend or other distribution shall remain
as a debt due to the Member. Any Dividend or other distribution which remains unclaimed after a period of six years from the date on which
such Dividend or other distribution becomes payable shall be forfeited and shall revert to the Company.

 

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|:---|:---|
| **40** | **Capitalisation** |

---

The Directors may at any time capitalise any sum standing to the credit of any of the Company's reserve accounts or funds (including the share premium account and capital redemption reserve fund) or any sum standing to the credit of the profit and loss account or otherwise available for distribution; appropriate such sum to Members in the proportions in which such sum would have been divisible amongst such Members had the same been a distribution of profits by way of Dividend or other distribution; and apply such sum on their behalf in paying up in full unissued Shares for allotment and distribution credited as fully paid-up to and amongst them in the proportion aforesaid. In such event the Directors shall do all acts and things required to give effect to such capitalisation, with full power given to the Directors to make such provisions as they think fit in the case of Shares becoming distributable in fractions (including provisions whereby the benefit of fractional entitlements accrue to the Company rather than to the Members concerned). The Directors may authorise any person to enter on behalf of all of the Members interested into an agreement with the Company providing for such capitalisation and matters incidental or relating thereto and any agreement made under such authority shall be effective and binding on all such Members and the Company.

---

| | |
|:---|:---|
| **41** | **Books of Account** |

---

41.1 The Directors shall cause proper books of account (including, where applicable, material underlying documentation
including contracts and invoices) to be kept with respect to all sums of money received and expended by the Company and the matters in
respect of which the receipt or expenditure takes place, all sales and purchases of goods by the Company and the assets and liabilities
of the Company. Such books of account must be retained for a minimum period of five years from the date on which they are prepared. Proper
books shall not be deemed to be kept if there are not kept such books of account as are necessary to give a true and fair view of the
state of the Company's affairs and to explain its transactions.

41.2 The Directors shall determine whether and to what extent and at what times and places and under what conditions
or regulations the accounts and books of the Company or any of them shall be open to the inspection of Members not being
Directors and no Member (not being a Director) shall have any right of inspecting any account or book or document of the Company except
as conferred by Companies Act or authorised by the Directors or by the Company in general meeting.

 

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41.3 The Directors may cause to be prepared and to be laid before the Company in general meeting profit and
loss accounts, balance sheets, group accounts (if any) and such other reports and accounts as may be required by law.

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|:---|:---|
| **42** | **Audit** |

---

42.1 The Directors may appoint an Auditor of the Company who shall hold office on such
terms as the Directors determine.

42.2 Every Auditor of the Company shall have a right of access at all times to the books
and accounts and vouchers of the Company and shall be entitled to require from the Directors and officers of the Company such information
and explanation as may be necessary for the performance of the duties of the Auditor.

42.3 Auditors shall, if so required by the Directors, make a report on the accounts of the Company during their
tenure of office at the next annual general meeting following their appointment in the case of a company which is registered with the
Registrar of Companies as an ordinary company, and at the next extraordinary general meeting following their appointment in the case of
a company which is registered with the Registrar of Companies as an exempted company, and at any other time during their term of office,
upon request of the Directors or any general meeting of the Members.

---

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|:---|:---|
| **43** | **Notices** |

---

43.1 Notices shall be in writing and may be given by the Company to any Member either
personally or by sending it by courier, post, cable, telex, fax or e-mail to him or to his address as shown in the Register of Members
(or where the notice is given by e-mail by sending it to the e-mail address provided by such Member). Any notice, if posted from one country
to another, is to be sent by airmail.

43.2 Where a notice is sent by courier, service of the notice shall be deemed to be effected by delivery of
the notice to a courier company, and shall be deemed to have been received on the third day (not including Saturdays or Sundays or public
holidays) following the day on which the notice was delivered to the courier. Where a notice is sent by post, service of the notice shall
be deemed to be effected by properly addressing, pre paying and posting a letter containing the notice, and shall be deemed to have been
received on the fifth day (not including Saturdays or Sundays
or public holidays in the Cayman Islands) following the day on which the notice was posted. Where a notice is sent by cable, telex or
fax, service of the notice shall be deemed to be effected by properly addressing and sending such notice and shall be deemed to have been
received on the same day that it was transmitted. Where a notice is given by e-mail service shall be deemed to be effected by transmitting
the e-mail to the e- mail address provided by the intended recipient and shall be deemed to have been received on the same day that it
was sent, and it shall not be necessary for the receipt of the e-mail to be acknowledged by the recipient.

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43.3 A notice may be given by the Company to the person or persons which the Company has been advised are entitled
to a Share or Shares in consequence of the death or bankruptcy of a Member in the same manner as other notices which are required to be
given under the Articles and shall be addressed to them by name, or by the title of representatives of the deceased, or trustee of the
bankrupt, or by any like description at the address supplied for that purpose by the persons claiming to be so entitled, or at the option
of the Company by giving the notice in any manner in which the same might have been given if the death or bankruptcy had not occurred.

43.4 Notice of every general meeting shall be given in any manner authorised by the Articles to every holder
of Shares carrying an entitlement to receive such notice on the record date for such meeting except that in the case of joint holders
the notice shall be sufficient if given to the joint holder first named in the Register of Members and every person upon whom the ownership
of a Share devolves by reason of his being a legal personal representative or a trustee in bankruptcy of a Member where the Member but
for his death or bankruptcy would be entitled to receive notice of the meeting, and no other person shall be entitled to receive notices
of general meetings.

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| | |
|:---|:---|
| **44** | **Winding Up** |

---

44.1 If the Company shall be wound up the liquidator shall apply the assets of the Company in satisfaction
of creditors' claims in such manner and order as such liquidator thinks fit. Subject to the rights attaching to any Shares, in a winding
up:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the assets available for distribution amongst the Members shall be insufficient
to repay the whole of the Company's issued share capital, such assets shall be distributed so that, as nearly as may be, the losses shall
be borne by the Members in proportion to the par value of the Shares held by them; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the assets available for distribution amongst the Members shall be more than
sufficient to repay the whole of the Company's issued share capital at the commencement of the winding up, the surplus shall
be distributed amongst the Members 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 the Company for unpaid calls or otherwise.

 

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44.2 If the Company shall be wound up the liquidator may, subject to the rights attaching to any Shares and
with the sanction of a Special Resolution of the Company and any other sanction required by the Companies Act, divide amongst the Members
in kind the whole or any part of the assets of the Company (whether such assets shall consist of property of the same kind or not) and
may for that purpose value any assets and determine how the division shall be carried out as between the Members or different classes
of Members. The liquidator may, with the like sanction, vest the whole or any part of such assets in trustees upon such trusts for the
benefit of the Members as the liquidator, with the like sanction, shall think fit, but so that no Member shall be compelled to accept
any asset upon which there is a liability.

---

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|:---|:---|
| **45** | **Indemnity and Insurance** |

---

45.1 Every Director and officer of the Company (which for the avoidance of doubt, shall not include auditors
of the Company), together with every former Director and former officer of the Company (each an "**Indemnified Person**") shall be indemnified out of the assets of the Company against any liability, action, proceeding, claim, demand,
costs, damages or expenses, including legal expenses, whatsoever which they or any of them may incur as a result of any act or failure
to act in carrying out their functions other than such liability (if any) that they may incur by reason of their own actual fraud or wilful
default. No Indemnified Person shall be liable to the Company for any loss or damage incurred by the Company as a result (whether direct
or indirect) of the carrying out of their functions unless that liability arises through the actual fraud or wilful default of such Indemnified
Person. No person shall be found to have committed actual fraud or wilful default under this Article unless or until a court of competent
jurisdiction shall have made a finding to that effect.

45.2 The Company shall advance to each Indemnified Person reasonable attorneys' fees
and other costs and expenses incurred in connection with the defence of any action, suit, proceeding or investigation involving such Indemnified
Person for which indemnity will or could be sought. In connection with any advance of any expenses hereunder, the Indemnified Person shall
execute an undertaking to repay the advanced amount to the Company if it shall be determined by final judgment or other final adjudication
that such Indemnified Person was not entitled to indemnification pursuant to this Article. If it shall be determined by a final judgment
or other final adjudication that such Indemnified Person was not entitled to indemnification with respect to such judgment, costs or
expenses, then such party shall not be indemnified with respect to such judgment, costs or expenses and any advancement shall be returned
to the Company (without interest) by the Indemnified Person.

 

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45.3 The Directors, on behalf of the Company, may purchase and maintain insurance for the benefit of any Director
or other officer of the Company against any liability which, by virtue of any rule of law, would otherwise attach to such person in respect
of any negligence, default, breach of duty or breach of trust of which such person may be guilty in relation to the Company.

---

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|:---|:---|
| **46** | **Financial Year** |

---

Unless the Directors otherwise prescribe, the financial year of the Company shall end on 31st December in each year and, following the year of incorporation, shall begin on 1st January in each year.

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| | |
|:---|:---|
| **47** | **Transfer by Way of Continuation** |

---

If the Company is exempted as defined in the Companies Act, it shall, subject to the provisions of the Companies Act and with the approval of a Special Resolution, have the power to register by way of continuation as a body corporate under the laws of any jurisdiction outside the Cayman Islands and to be deregistered in the Cayman Islands.

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| | |
|:---|:---|
| **48** | **Mergers and Consolidations** |

---

The Company shall, with the approval of a Special Resolution, have the power to merge or consolidate with one or more constituent companies (as defined in the Companies Act), upon such terms as the Directors may determine.

---

| | |
|:---|:---|
| **49** | **Cayman Islands Data Protection** |

---

49.1 The Company is a "data controller" for the purposes of the Data Protection
Act, 2017 (as amended) of the Cayman Islands (the **DPA**). By virtue
of subscribing for and holding Shares in the Company, Members provide the Company with certain information (**Personal Data**) that constitutes "personal data" under the DPA. Personal Data includes, without limitation, the following information
relating to a Member and/or any natural person(s) connected with a Member (such as a Member's individual directors, members and/or beneficial
owner(s)): name, residential address, email address, corporate contact information, other contact information, date of birth, place of
birth, passport or other national identifier details, national insurance or social security number, tax identification,
bank account details and information regarding assets, income, employment and source of funds.

 

31 <br> *Auth Code: D50065900846* <br> *www.verify.gov.ky*

![](ex3-1_002.jpg)

49.2 The Company processes such Personal Data for the purposes of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) performing contractual rights and obligations (including under the constitutional
documents of the Company);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) complying with legal or regulatory obligations (including those relating to anti-money laundering and
counter-terrorist financing, preventing and detecting fraud, sanctions, automatic exchange of tax information, requests from governmental,
regulatory, tax and law enforcement authorities, beneficial ownership and maintaining statutory registers); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the legitimate interests pursued by the Company or third parties to whom Personal Data may be transferred,
including to manage and administer the Company, to send updates, information and notices to Members or otherwise correspond with Members
regarding the Company, to seek professional advice, including legal advice, to meet accounting, tax reporting and audit obligations, to
manage risk and operations and to maintain internal records.

49.3 The Company transfers Personal Data to certain third parties who process the Personal Data on the Company's
behalf, including third party service providers that it appoints or engages to assist with the Company's management, operation, administration
and legal, governance and regulatory compliance. In certain circumstances, the Company may be required by law or regulation to transfer
Personal Data and other information with respect to one or more Member(s) to governmental, regulatory, tax and law enforcement authorities.
They may, in turn, exchange this information with other governmental, regulatory, tax and law enforcement authorities (including in jurisdictions
other than the Cayman Islands).

 

32 <br> *Auth Code: D50065900846* <br> *www.verify.gov.ky*

![](ex3-1_002.jpg)

Dated this 7th day of March, 2025.

McGrath Tonner Corporate Services Limited

Genesis Building, 5<sup>th</sup> Floor

Genesis Close, PO Box 446

Cayman Islands, KY1-1106

---

| |
|:---|
| acting by: |
| /s/ Brian Shum |
| Brian Shum |
| /s/ Benjamin Tonner |
| Benjamin Tonner |
| Witness to the above signature |

---

33 <br> *Auth Code: D50065900846* <br> *www.verify.gov.ky*

## Exhibit 3.2

**Exhibit 3.2**

**THE COMPANIES ACT (AS REVISED)**

**OF THE CAYMAN ISLANDS**

**COMPANY LIMITED BY SHARES**

**AMENDED AND RESTATED MEMORANDUM AND**

**ARTICLES OF ASSOCIATION OF**

**Agencia Comercial Spirits Ltd**

(Adopted by a special resolution dated 21st May, 2025)

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**THE COMPANIES ACT (AS REVISED)**

**OF THE CAYMAN ISLANDS**

**COMPANY LIMITED BY SHARES**

**AMENDED AND RESTATED**

**MEMORANDUM OF ASSOCIATION**

**OF**

**Agencia Comercial Spirits Ltd**

(Adopted by a special resolution dated 21st May, 2025)

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| | |
|:---|:---|
| 1 | The name of the Company is **Agencia Comercial Spirits Ltd**. |

---

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| | |
|:---|:---|
| 2 | The registered office of the Company shall be situated at the offices of McGrath Tonner Corporate Services Limited, Genesis Building, 5<sup>th</sup> Floor, Genesis Close, PO Box 446, Cayman Islands, KY1-1106 or at such other place in the Cayman Islands as the Directors may from time to time decide. |

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3 The objects for which the Company is established are unrestricted and the Company shall have full power and authority to carry out any object not prohibited by the laws of the Cayman Islands.

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| | |
|:---|:---|
| 4 | The liability of each Member is limited to the amount unpaid on such Member's shares. |

---

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|:---|:---|
| 5 | The share capital of the Company is US$50,000.00 divided into 50,000 shares of a par value of US$1.00 each, comprising(i)25,000 Class A ordinary shares of a par value of US$1.00 each(the "Class A Ordinary Shares") and (ii) 25,000 Class B ordinary shares of a par value of US$1.00 each(the "Class B Ordinary Shares"). |

---

6 The Company has power to register by way of continuation as a body corporate limited by shares under the laws of any jurisdiction outside the Cayman Islands and to be deregistered in the Cayman Islands.

7 Capitalised terms that are not defined in this Memorandum of Association bear the respective meanings given to them in the Articles of Association of the Company.

---

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**THE COMPANIES ACT (AS REVISED)**

**OF THE CAYMAN ISLANDS**

**COMPANY LIMITED BY SHARES**

**AMENDED AND RESTATED ARTICLES OF ASSOCIATION**

**OF**

**Agencia Comercial Spirits Ltd**

(Adopted by a special resolution dated 21st May, 2025)

1 Interpretation

1.1 In the Articles Table A in the First Schedule to the Companies
Act does not apply and, unless there is something in the subject or context inconsistent therewith:

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| | |
|:---|:---|
| "**Articles**" | means these articles of association of the Company. |
| "**Auditor**" | means the person for the time being performing the duties of auditor of the Company (if any). |
| "**Companies Act**" | means the Companies Act of the Cayman Islands and any amendment or other statutory modification thereof and, where in these Articles any provision of the Companies Act is referred to, the reference is to that provision as modified by any law for the time being in force. |
| "**Company**" | means the above named company. |
| "**Directors**" | means the directors for the time being of the Company. |
| "**Dividend**" | means any dividend (whether interim or final) resolved to be paid on Shares pursuant to the Articles. |
| "**Electronic Record**" | has the same meaning as in the Electronic Transactions Act. |
| "**Electronic Transactions Act**" | means the Electronic Transactions Act (2003 Revision) of the Cayman Islands. |
| "**Member**" | has the same meaning as in the Companies Act. |

---

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| | |
|:---|:---|
| "**Memorandum**" | means the memorandum of association of the Company. |
| "**Ordinary Resolution**" | means a resolution passed by a simple majority of the Members as, being entitled to do so, vote in person or, where proxies are allowed, by proxy at a general meeting, and includes a unanimous written resolution. In computing the majority when a poll is demanded regard shall be had to the number of votes to which each Member is entitled by the Articles. |
| "**Register of Members**" | means the register of Members maintained in accordance with the Companies Act and includes (except where otherwise stated) any branch or duplicate register of Members. |
| "**Registered Office**" | means the registered office for the time being of the Company. |
| "**Seal**" | means the common seal of the Company and includes every duplicate seal. |
| "**Share**" | means a share or shares in the capital of the Company issued subject to and in accordance with the provisions of the Companies Act and these Articles, and having the rights and being subject to the restrictions as provided for under these Articles with respect to such Share. All references to "Shares" herein shall be deemed to be Shares of any or all classes or series as the context may require and shall include a fraction of a share. Subject to any rights or restrictions attached to any shares, all shares so allotted and issued rank pari-passu in all respects. |
| "**Class A Ordinary Share**" | means a class A ordinary share of a par value of US$1.00 in the capital of the Company and having the rights provided for in these Articles. Each Class A Ordinary Share have one (1) vote on all matters subject to vote at general meetings of the Company. |
| "**Class B Ordinary Share:** | means a class B ordinary share of a par par value of US$1.00 in the capital of the Company and having the rights provided for in these Articles. Each Class B ordinary share have ten (10) votes on all matters subject to vote at general meeting of the Company. Class B ordinary share have no dividend distribution rights. |
| "**Special Resolution**" | has the same meaning as in the Companies Act, and includes a unanimous written resolution. |
| "**Subscriber**" | means the subscriber to the Memorandum. |
| "**Treasury Share**" | means a Share held in the name of the Company as a treasury share in accordance with the Companies Act. |

---

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1.2 In the Articles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) words importing the singular number include the plural number
and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) words importing the masculine gender include the feminine gender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) words importing persons include corporations as well as any
other legal or natural person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "written" and "in writing" include all modes
of representing or reproducing words in visible form, including in the form of an Electronic Record;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "shall" shall be construed as imperative and "may"
shall be construed as permissive;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) references to provisions of any law, act or regulation shall
be construed as references to those provisions as amended, modified, re-enacted or replaced;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any phrase introduced by the terms "including", "include",
"in particular" or any similar expression shall be construed as illustrative and shall not limit the sense of the words preceding
those terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the term "and/or" is used herein to mean both "and"
as well as "or." The use of "and/or" in certain contexts in no respects qualifies or modifies the use of the terms
"and" or "or" in others. The term "or" shall not be interpreted to be exclusive and the term "and"
shall not be interpreted to require the conjunctive (in each case, unless the context otherwise requires);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) headings are inserted for reference only and shall be ignored
in construing the Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) sections 8 and 19(3) of the Electronic Transactions Act shall
not apply;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the term "clear days" in relation to the period of
a notice means that period excluding the day when the notice is received or deemed to be received and the day for which it is given or
on which it is to take effect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) the term "holder" in relation to a Share means a person
whose name is entered in the Register of Members as the holder of such Share.

---

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2 Commencement of Business

2.1 The business of the Company may be commenced as soon after incorporation
of the Company as the Directors shall see fit.

2.2 The Directors may pay, out of the capital or any other monies
of the Company, all expenses incurred in or about the formation and establishment of the Company, including the expenses of registration.

3 Issue of Shares

3.1 Subject to the provisions, if any, in the Memorandum (and to
any direction that may be given by the Company in general meeting) and without prejudice to any rights attached to any existing Shares,
the Directors may allot, issue, grant options over or otherwise dispose of Shares (including fractions of a Share) with or without preferred,
deferred or other rights or restrictions, whether in regard to Dividend or other distribution, voting, return of capital or otherwise
and to such persons, at such times and on such other terms as they think proper, and may also (subject to the Companies Act and the Articles)
vary such rights. Notwithstanding the foregoing, the Subscriber shall have the power to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) issue one Share to itself;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) transfer that Share by an instrument of transfer to any person;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) update the Register of Members in respect of the issue and transfer
of that Share.

3.2 The Company shall not issue Shares to bearer.

4 Register of Members

4.1 The Company shall maintain or cause to be maintained the Register
of Members in accordance with the Companies Act.

4.2 The Directors may determine that the Company shall maintain
one or more branch registers of Members in accordance with the Companies Act. The Directors may also determine which register of Members
shall constitute the principal register and which shall constitute the branch register or registers, and to vary such determination from
time to time.

5 Closing Register of Members or Fixing Record Date

5.1 For the purpose of determining Members entitled to notice of,
or to vote at any meeting of Members or any adjournment thereof, or Members entitled to receive payment of any Dividend or other distribution,
or in order to make a determination of Members for any other purpose, the Directors may provide that the Register of Members shall be
closed for transfers for a stated period which shall not in any case exceed forty days.

5.2 In lieu of, or apart from, closing the Register of Members,
the Directors may fix in advance or arrears a date as the record date for any such determination of Members entitled to notice of, or
to vote at any meeting of the Members or any adjournment thereof, or for the purpose of determining the Members entitled to receive payment
of any Dividend or other distribution, or in order to make a determination of Members for any other purpose.

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5.3 If the Register of Members is not so closed and no record date
is fixed for the determination of Members entitled to notice of, or to vote at, a meeting of Members or Members entitled to receive payment
of a Dividend or other distribution, the date on which notice of the meeting is sent or the date on which the resolution of the Directors
resolving to pay such Dividend or other distribution is passed, as the case may be, shall be the record date for such determination of
Members. When a determination of Members entitled to vote at any meeting of Members has been made as provided in this Article, such determination
shall apply to any adjournment thereof.

6 Certificates for Shares

6.1 A Member shall only be entitled to a share certificate if the
Directors resolve that share certificates shall be issued. Share certificates representing Shares, if any, shall be in such form as the
Directors may determine. Share certificates shall be signed by one or more Directors or other person authorised by the Directors. The
Directors may authorise certificates to be issued with the authorised signature(s) affixed by mechanical process. All certificates for
Shares shall be consecutively numbered or otherwise identified and shall specify the Shares to which they relate. All certificates surrendered
to the Company for transfer shall be cancelled and subject to the Articles no new certificate shall be issued until the former certificate
representing a like number of relevant Shares shall have been surrendered and cancelled.

6.2 The Company shall not be bound to issue more than one certificate
for Shares held jointly by more than one person and delivery of a certificate to one joint holder shall be a sufficient delivery to all
of them.

6.3 If a share certificate is defaced, worn out, lost or destroyed,
it may be renewed on such terms (if any) as to evidence and indemnity and on the payment of such expenses reasonably incurred by the
Company in investigating evidence, as the Directors may prescribe, and (in the case of defacement or wearing out) upon delivery of the
old certificate.

6.4 Every share certificate sent in accordance with the Articles
will be sent at the risk of the Member or other person entitled to the certificate. The Company will not be responsible for any share
certificate lost or delayed in the course of delivery.

7 Transfer of Shares

7.1 Subject to Article 3.1, Shares are transferable subject to the
consent of the Directors who may, in their absolute discretion, decline to register any transfer of Shares without giving any reason.
If the Directors refuse to register a transfer they shall notify the transferee within two months of such refusal.

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7.2 The instrument of transfer of any Share shall be in writing
and shall be executed by or on behalf of the transferor (and if the Directors so require, signed by or on behalf of the transferee).
The transferor shall be deemed to remain the holder of a Share until the name of the transferee is entered in the Register of Members.

8 Redemption, Repurchase and Surrender of Shares

8.1 Subject to the provisions of the Companies Act the Company may
issue Shares that are to be redeemed or are liable to be redeemed at the option of the Member or the Company. The redemption of such
Shares shall be effected in such manner and upon such other terms as the Company may, by Special Resolution, determine before the issue
of the Shares.

8.2 Subject to the provisions of the Companies Act, the Company
may purchase its own Shares (including any redeemable Shares) in such manner and on such other terms as the Directors may agree with
the relevant Member.

8.3 The Company may make a payment in respect of the redemption
or purchase of its own Shares in any manner permitted by the Companies Act, including out of capital.

8.4 The Directors may accept the surrender for no consideration
of any fully paid Share.

9 Treasury Shares

9.1 The Directors may, prior to the purchase, redemption or surrender
of any Share, determine that such Share shall be held as a Treasury Share.

9.2 The Directors may determine to cancel a Treasury Share or transfer
a Treasury Share on such terms as they think proper (including, without limitation, for nil consideration).

10 Variation of Rights of Shares

10.1 If at any time the share capital of the Company is divided into
different classes of Shares, all or any of the rights attached to any class (unless otherwise provided by the terms of issue of the Shares
of that class) may, whether or not the Company is being wound up, be varied without the consent of the holders of the issued Shares of
that class where such variation is considered by the Directors not to have a material adverse effect upon such rights; otherwise, any
such variation shall be made only with the consent in writing of the holders of not less than two thirds of the issued Shares of that
class, or with the sanction of a resolution passed by a majority of not less than two thirds of the votes cast at a separate meeting
of the holders of the Shares of that class. For the avoidance of doubt, the Directors reserve the right, notwithstanding that any such
variation may not have a material adverse effect, to obtain consent from the holders of Shares of the relevant class. To any such meeting
all the provisions of the Articles relating to general meetings shall apply *mutatis mutandis*, except that the necessary quorum shall be one person holding or representing by proxy at least one third of the
issued Shares of the class and that any holder of Shares of the class present in person or by proxy may demand a poll.

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10.2 For the purposes of a separate class meeting, the Directors
may treat two or more or all the classes of Shares as forming one class of Shares if the Directors consider that such class of Shares
would be affected in the same way by the proposals under consideration, but in any other case shall treat them as separate classes of
Shares.

10.3 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 or issue of further Shares ranking pari passu therewith.

11 Commission on Sale of Shares

&nbsp;&nbsp;&nbsp;&nbsp;The Company may, in so far as the Companies Act permits, pay a commission to any person in consideration of his subscribing or agreeing to subscribe (whether absolutely or conditionally) or procuring or agreeing to procure subscriptions (whether absolutely or conditionally) for any Shares. Such commissions may be satisfied by the payment of cash and/or the issue of fully or partly paid-up Shares. The Company may also on any issue of Shares pay such brokerage as may be lawful.

12 Non Recognition of Trusts

&nbsp;&nbsp;&nbsp;&nbsp;The Company shall not be bound by or compelled to recognise in any way (even when notified) any equitable, contingent, future or partial interest in any Share, or (except only as is otherwise provided by the Articles or the Companies Act) any other rights in respect of any Share other than an absolute right to the entirety thereof in the holder.

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13 Lien on Shares

13.1 The Company shall have a first and paramount lien on all Shares
(whether fully paid-up or not) registered in the name of a Member (whether solely or jointly with others) for all debts, liabilities
or engagements to or with the Company (whether presently payable or not) by such Member or his estate, either alone or jointly with any
other person, whether a Member or not, but the Directors may at any time declare any Share to be wholly or in part exempt from the provisions
of this Article. The registration of a transfer of any such Share shall operate as a waiver of the Company's lien thereon. The Company's
lien on a Share shall also extend to any amount payable in respect of that Share.

13.2 The Company may sell, in such manner as the Directors think
fit, any Shares on which the Company has a lien, if a sum in respect of which the lien exists is presently payable, and is not paid within
fourteen clear days after notice has been received or deemed to have been received by the holder of the Shares, or to the person entitled
to it in consequence of the death or bankruptcy of the holder, demanding payment and stating that if the notice is not complied with
the Shares may be sold.

13.3 To give effect to any such sale the Directors may authorise
any person to execute an instrument of transfer of the Shares sold to, or in accordance with the directions of, the purchaser. The purchaser
or his nominee shall be registered as the holder of the Shares comprised in any such transfer, 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 sale or the
exercise of the Company's power of sale under the Articles.

13.4 The net proceeds of such sale after payment of costs, shall
be applied in payment of such part of the amount in respect of which the lien exists as is presently payable and any balance shall (subject
to a like lien for sums not presently payable as existed upon the Shares before the sale) be paid to the person entitled to the Shares
at the date of the sale.

14 Call on Shares

14.1 Subject to the terms of the allotment and issue of any Shares,
the Directors may make calls upon the Members in respect of any monies unpaid on their Shares (whether in respect of par value or premium),
and each Member shall (subject to receiving at least fourteen clear days' notice specifying the time or times of payment) pay to the
Company at the time or times so specified the amount called on the Shares. A call may be revoked or postponed, in whole or in part, as
the Directors may determine. A call may be required to be paid by instalments. 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.

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14.2 A call shall be deemed to have been made at the time when the
resolution of the Directors authorising such call was passed.

14.3 The joint holders of a Share shall be jointly and severally
liable to pay all calls in respect thereof.

14.4 If a call remains unpaid after it has become due and payable,
the person from whom it is due shall pay interest on the amount unpaid from the day it became due and payable until it is paid at such
rate as the Directors may determine (and in addition all expenses that have been incurred by the Company by reason of such non-payment),
but the Directors may waive payment of the interest or expenses wholly or in part.

14.5 An amount payable in respect of a Share on issue or allotment
or at any fixed date, whether on account of the par value of the Share or premium or otherwise, shall be deemed to be a call and if it
is not paid all the provisions of the Articles shall apply as if that amount had become due and payable by virtue of a call.

14.6 The Directors may issue Shares with different terms as to the
amount and times of payment of calls, or the interest to be paid.

14.7 The Directors may, if they think fit, receive an amount from
any Member willing to advance all or any part of the monies uncalled and unpaid upon any Shares held by him, and may (until the amount
would otherwise become payable) pay interest at such rate as may be agreed upon between the Directors and the Member paying such amount
in advance.

14.8 No such amount paid in advance of calls shall entitle the Member
paying such amount to any portion of a Dividend or other distribution payable in respect of any period prior to the date upon which such
amount would, but for such payment, become payable.

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15 Forfeiture of Shares

15.1 If a call or instalment of a call remains unpaid after it has
become due and payable the Directors may give to the person from whom it is due not less than fourteen clear days' notice requiring payment
of the amount unpaid together with any interest which may have accrued and any expenses incurred by the Company by reason of such non-payment. The notice shall specify where payment is to be made and shall state that if the notice is not complied with the Shares in respect
of which the call was made will be liable to be forfeited.

15.2 If the notice is not complied with, any Share in respect of
which it was given may, before the payment required by the notice has been made, be forfeited by a resolution of the Directors. Such
forfeiture shall include all Dividends, other distributions or other monies payable in respect of the forfeited Share and not paid before
the forfeiture.

15.3 A forfeited Share may be sold, re-allotted or otherwise disposed
of on such terms and in such manner as the Directors think fit and at any time before a sale, re-allotment or disposition the forfeiture
may be cancelled on such terms as the Directors think fit. Where for the purposes of its disposal a forfeited Share is to be transferred
to any person the Directors may authorise some person to execute an instrument of transfer of the Share in favour of that person.

15.4 A person any of whose Shares have been forfeited shall cease
to be a Member in respect of them and shall surrender to the Company for cancellation the certificate for the Shares forfeited and shall
remain liable to pay to the Company all monies which at the date of forfeiture were payable by him to the Company in respect of those
Shares together with interest at such rate as the Directors may determine, but his liability shall cease if and when the Company shall
have received payment in full of all monies due and payable by him in respect of those Shares.

15.5 A certificate in writing under the hand of one Director or officer
of the Company that a Share has been forfeited on a specified date shall be conclusive evidence of the facts stated in it as against
all persons claiming to be entitled to the Share. The certificate shall (subject to the execution of an instrument of transfer) constitute
a good title to the Share and the person to whom the Share is sold or otherwise disposed of shall not be bound to see to the application
of the purchase money, if any, nor shall his title to the Share be affected by any irregularity or invalidity in the proceedings in reference
to the forfeiture, sale or disposal of the Share.

15.6 The provisions of the 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 par value of the Share or by way of premium as if it had been payable by virtue of a call duly made and notified.

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16 Transmission of Shares

16.1 If a Member dies the survivor or survivors (where he was a joint
holder) or his legal personal representatives (where he was a sole holder), shall be the only persons recognised by the Company as having
any title to his Shares. The estate of a deceased Member is not thereby released from any liability in respect of any Share, for which
he was a joint or sole holder.

16.2 Any person becoming entitled to a Share in consequence of the
death or bankruptcy or liquidation or dissolution of a Member (or in any other way than by transfer) may, upon such evidence being produced
as may be required by the Directors, elect, by a notice in writing sent by him to the Company, either to become the holder of such Share
or to have some person nominated by him registered as the holder of such Share. If he elects to have another person registered as the
holder of such Share he shall sign an instrument of transfer of that Share to that person. The Directors shall, in either case, have
the same right to decline or suspend registration as they would have had in the case of a transfer of the Share by the relevant Member
before his death or bankruptcy or liquidation or dissolution, as the case may be.

16.3 A person becoming entitled to a Share by reason of the death
or bankruptcy or liquidation or dissolution of a Member (or in any other case than by transfer) shall be entitled to the same Dividends,
other distributions and other advantages to which he would be entitled if he were the holder of such Share. However, he shall not, before
becoming a Member in respect of a Share, be entitled in respect of it to exercise any right conferred by membership in relation to general
meetings of the Company and the Directors may at any time give notice requiring any such person to elect either to be registered himself
or to have some person nominated by him be registered as the holder of the Share (but the Directors shall, in either case, have the same
right to decline or suspend registration as they would have had in the case of a transfer of the Share by the relevant Member before
his death or bankruptcy or liquidation or dissolution or any other case than by transfer, as the case may be). If the notice is not complied
with within ninety days of being received or deemed to be received (as determined pursuant to the Articles) the Directors may thereafter
withhold payment of all Dividends, other distributions, bonuses or other monies payable in respect of the Share until the requirements
of the notice have been complied with.

17 Amendments of Memorandum and Articles of Association and Alteration of Capital

17.1 The Company may by Ordinary Resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) increase its share capital by such sum as the Ordinary Resolution
shall prescribe and with such rights, priorities and privileges annexed thereto, as the Company in general meeting may determine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) consolidate and divide all or any of its share capital into
Shares of larger amount than its existing Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) convert all or any of its paid-up Shares into stock, and reconvert
that stock into paid-up Shares of any denomination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) by subdivision of its existing Shares or any of them divide
the whole or any part of its share capital into Shares of smaller amount than is fixed by the Memorandum or into Shares without par value;
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) cancel any Shares that at the date of the passing of the Ordinary
Resolution have not been taken or agreed to be taken by any person and diminish the amount of its share capital by the amount of the
Shares so cancelled.

17.2 All new Shares created in accordance with the provisions of
the preceding Article shall be subject to the same provisions of the Articles with reference to the payment of calls, liens, transfer,
transmission, forfeiture and otherwise as the Shares in the original share capital.

17.3 Subject to the provisions of the Companies Act and the provisions
of the Articles as regards the matters to be dealt with by Ordinary Resolution, the Company may by Special Resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) change its name;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) alter or add to the Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) alter or add to the Memorandum with respect to any objects,
powers or other matters specified therein; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) reduce its share capital or any capital redemption reserve fund.

18 Offices and Places of Business

Subject to the provisions of the Companies Act, the Company may by resolution of the Directors change the location of its Registered Office. The Company may, in addition to its Registered Office, maintain such other offices or places of business as the Directors determine.

19 General Meetings

19.1 All general meetings other than annual general meetings shall
be called extraordinary general meetings.

19.2 The Company may, but shall not (unless required by the Companies
Act) be obliged to, in each year hold a general meeting as its annual general meeting, and shall specify the meeting as such in the notices
calling it. Any annual general meeting shall be held at such time and place as the Directors shall appoint and if no other time and place
is prescribed by them, it shall be held at the Registered Office on the second Wednesday in December of each year at ten o'clock in the
morning. At these meetings the report of the Directors (if any) shall be presented.

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19.3 The Directors may call general meetings, and they shall on a
Members' requisition forthwith proceed to convene an extraordinary general meeting of the Company.

19.4 A Members' requisition is a requisition of Members holding at
the date of deposit of the requisition not less than ten per cent. in par value of the issued Shares which as at that date carry the
right to vote at general meetings of the Company.

19.5 The Members' requisition must state the objects of the meeting
and must be signed by the requisitionists and deposited at the Registered Office, and may consist of several documents in like form each
signed by one or more requisitionists.

19.6 If there are no Directors as at the date of the deposit of the
Members' requisition or if the Directors do not within twenty-one days from the date of the deposit of the Members' requisition duly
proceed to convene a general meeting to be held within a further twenty-one days, the requisitionists, or any of them representing more
than one-half of the total voting rights of all of the requisitionists, may themselves convene a general meeting, but any meeting so
convened shall be held no later than the day which falls three months after the expiration of the said twenty-one day period.

19.7 A general meeting convened as aforesaid by requisitionists shall
be convened in the same manner as nearly as possible as that in which general meetings are to be convened by Directors.

20 Notice of General Meetings

20.1 At least five clear days' notice shall be given of any general
meeting. Every notice shall specify the place, the day and the hour of the meeting and the general nature of the business to be conducted
at the general meeting and shall be given in the manner hereinafter mentioned or in such other manner if any as may be prescribed by
the Company, provided that a general meeting of the Company shall, whether or not the notice specified in this Article has been given
and whether or not the provisions of the Articles regarding general meetings have been complied with, be deemed to have been duly convened
if it is so agreed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of an annual general meeting, by all of the Members
entitled to attend and vote thereat; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of an extraordinary general meeting, by a majority
in number of the Members having a right to attend and vote at the meeting, together holding not less than ninety five per cent. in par
value of the Shares giving that right.

20.2 The accidental omission to give notice of a general meeting
to, or the non-receipt of notice of a general meeting by, any person entitled to receive such notice shall not invalidate the proceedings
of that general meeting.

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21 Proceedings at General Meetings

21.1 No business shall be transacted at any general meeting unless
a quorum is present. Two Members being individuals present in person or by proxy or if a corporation or other non-natural person by its
duly authorised representative or proxy shall be a quorum unless the Company has only one Member entitled to vote at such general meeting
in which case the quorum shall be that one Member present in person or by proxy or (in the case of a corporation or other non-natural
person) by its duly authorised representative or proxy.

21.2 A person may participate at a general meeting by conference
telephone or other communications equipment by means of which all the persons participating in the meeting can communicate with each
other. Participation by a person in a general meeting in this manner is treated as presence in person at that meeting.

21.3 A resolution (including a Special Resolution) in writing (in
one or more counterparts) signed by or on behalf of all of the Members for the time being entitled to receive notice of and to attend
and vote at general meetings (or, being corporations or other non-natural persons, signed by their duly authorised representatives) shall
be as valid and effective as if the resolution had been passed at a general meeting of the Company duly convened and held.

21.4 If a quorum is not present within half an hour from the time
appointed for the meeting to commence or if during such a meeting a quorum ceases to be present, the meeting, if convened upon a Members'
requisition, shall be dissolved and in any other case it shall stand adjourned to the same day in the next week at the same time and/or
place or to such other day, time and/or place as the Directors may determine, and if at the adjourned meeting a quorum is not present
within half an hour from the time appointed for the meeting to commence, the Members present shall be a quorum.

21.5 The Directors may, at any time prior to the time appointed for
the meeting to commence, appoint any person to act as chairman of a general meeting of the Company or, if the Directors do not make any
such appointment, the chairman, if any, of the board of Directors shall preside as chairman at such general meeting. If there is no such
chairman, or if he shall not be present within fifteen minutes after the time appointed for the meeting to commence, or is unwilling
to act, the Directors present shall elect one of their number to be chairman of the meeting.

21.6 If no Director is willing to act as chairman or if no Director
is present within fifteen minutes after the time appointed for the meeting to commence, the Members present shall choose one of their
number to be chairman of the meeting.

21.7 The chairman may, with the consent of a meeting at which a quorum
is present (and shall if so directed by the meeting) adjourn the meeting from time to time and from place to place, but no business shall
be transacted at any adjourned meeting other than the business left unfinished at the meeting from which the adjournment took place.

21.8 When a general meeting is adjourned for thirty days or more,
notice of the adjourned meeting shall be given as in the case of an original meeting. Otherwise it shall not be necessary to give any
such notice of an adjourned meeting.

21.9 At any general meeting a resolution put to the vote of the meeting
shall be decided by a poll.

21.10 A poll shall be taken in such manner as the chairman of the
meeting directs.

21.11 The result of the poll shall be deemed to be the resolution
of the general meeting.

21.12 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 at such date, time and place as the chairman
of the general meeting directs, and any business other than that upon which a poll has been demanded or is contingent thereon may proceed
pending the taking of the poll.

21.13 In the case of an equality of votes, the chairman shall be entitled
to a second or casting vote.

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| 22 | Votes of Members |

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22.1 At any general meeting a resolution put to the vote of the meeting
shall be decided by a poll and on a poll every Member present in any such manner shall have one(1) vote for every Class A Ordinary share
and ten(10) votes for every Class B ordinary Share of which he is the holder.

22.2 In the case of joint holders the vote of the senior holder who
tenders a vote, whether in person or by proxy (or, in the case of a corporation or other non-natural person, by its duly authorised representative
or proxy), shall be accepted to the exclusion of the votes of the other joint holders, and seniority shall be determined by the order
in which the names of the holders stand in the Register of Members.

22.3 A Member of unsound mind, or in respect of whom an order has
been made by any court, having jurisdiction in lunacy, may vote, whether on a show of hands or on a poll, by his committee, receiver,
curator bonis, or other person on such Member's behalf appointed by that court, and any such committee, receiver, curator bonis or other
person may vote by proxy.

22.4 No person shall be entitled to vote at any general meeting unless
he is registered as a Member on the record date for such meeting nor unless all calls or other monies then payable by him in respect
of Shares have been paid.

22.5 No objection shall be raised as to the qualification of any
voter except at the general meeting or adjourned general meeting at which the vote objected to is given or tendered and every vote not
disallowed at the meeting shall be valid. Any objection made in due time in accordance with this Article shall be referred to the chairman
whose decision shall be final and conclusive.

22.6 On a poll votes may be cast either personally or by proxy (or
in the case of a corporation or other non-natural person by its duly authorised representative or proxy). A Member may appoint more than
one proxy or the same proxy under one or more instruments to attend and vote at a meeting. Where a Member appoints more than one proxy
the instrument of proxy shall specify the number of Shares in respect of which each proxy is entitled to exercise the related votes.

22.7 On a poll, a Member holding more than one Share need not cast
the votes in respect of his Shares in the same way on any resolution and therefore may vote a Share or some or all such Shares either
for or against a resolution and/or abstain from voting a Share or some or all of the Shares and, subject to the terms of the instrument
appointing him, a proxy appointed under one or more instruments may vote a Share or some or all of the Shares in respect of which he
is appointed either for or against a resolution and/or abstain from voting a Share or some or all of the Shares in respect of which he
is appointed.

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| 23 | Proxies |

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23.1 The instrument appointing a proxy shall be in writing and shall
be executed under the hand of the appointor or of his attorney duly authorised in writing, or, if the appointor is a corporation or other
non-natural person, under the hand of its duly authorised representative. A proxy need not be a Member.

23.2 The Directors may, in the notice convening any meeting or adjourned
meeting, or in an instrument of proxy sent out by the Company, specify the manner by which the instrument appointing a proxy shall be
deposited and the place and the time (being not later than the time appointed for the commencement of the meeting or adjourned meeting
to which the proxy relates) at which the instrument appointing a proxy shall be deposited. In the absence of any such direction from
the Directors in the notice convening any meeting or adjourned meeting or in an instrument of proxy sent out by the Company, the instrument
appointing a proxy shall be deposited physically at the Registered Office not less than 48 hours before the time appointed for the meeting
or adjourned meeting to commence at which the person named in the instrument proposes to vote.

The chairman may in any event at his discretion declare that an instrument of proxy shall be deemed to have been duly deposited. An instrument of proxy that is not deposited in the manner permitted, or which has not been declared to have been duly deposited by the chairman, shall be invalid.

23.3 The instrument appointing a proxy may be in any usual or common
form (or such other form as the Directors may approve) and may be expressed to be for a particular meeting or any adjournment thereof
or generally until revoked. An instrument appointing a proxy shall be deemed to include the power to demand or join or concur in demanding
a poll.

23.4 Votes 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 proxy or of the authority under
which the proxy was executed, or the transfer of the Share in respect of which the proxy is given unless notice in writing of such death,
insanity, revocation or transfer was received by the Company at the Registered Office before the commencement of the general meeting,
or adjourned meeting at which it is sought to use the proxy.

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24 Corporate Members

Any corporation or other non-natural person which is a Member may in accordance with its constitutional documents, or in the absence of such provision 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 of any class of Members, and the person so authorised shall be entitled to exercise the same powers on behalf of the corporation which he represents as the corporation could exercise if it were an individual Member.

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| 25 | Shares that May Not be Voted |

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Shares in the Company that are beneficially owned by the Company shall not be voted, directly or indirectly, at any meeting and shall not be counted in determining the total number of outstanding Shares at any given time.

26 Directors

There shall be a board of Directors consisting of not less than one person (exclusive of alternate Directors) provided however that the Company may by Ordinary Resolution increase or reduce the limits in the number of Directors. The first Directors of the Company shall be determined in writing by, or appointed by a resolution of, the Subscriber.

27 Powers of Directors

27.1 Subject to the provisions of the Companies Act, the Memorandum
and the Articles and to any directions given by Special Resolution, the business of the Company shall be managed by the Directors who
may exercise all the powers of the Company. No alteration of the Memorandum or Articles and no such direction shall invalidate any prior
act of the Directors which would have been valid if that alteration had not been made or that direction had not been given. A duly convened
meeting of Directors at which a quorum is present may exercise all powers exercisable by the Directors.

27.2 All cheques, promissory notes, drafts, bills of exchange and
other negotiable or transferable instruments and all receipts for monies paid to the Company shall be signed, drawn, accepted, endorsed
or otherwise executed as the case may be in such manner as the Directors shall determine by resolution.

27.3 The Directors on behalf of the Company may pay a gratuity or
pension or allowance on retirement to any Director who has held any other salaried office or place of profit with the Company or to his
widow or dependants and may make contributions to any fund and pay premiums for the purchase or provision of any such gratuity, pension
or allowance.

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27.4 The Directors may exercise all the powers of the Company to
borrow money and to mortgage or charge its undertaking, property and assets (present and future) and uncalled capital or any part thereof
and to issue debentures, debenture stock, mortgages, bonds and other such securities whether outright or as security for any debt, liability
or obligation of the Company or of any third party.

28 Appointment and Removal of Directors

28.1 The Company may by Ordinary Resolution appoint any person to
be a Director or may by Ordinary Resolution remove any Director.

28.2 The Directors may appoint any person to be a Director, either
to fill a vacancy or as an additional Director provided that the appointment does not cause the number of Directors to exceed any number
fixed by or in accordance with the Articles as the maximum number of Directors.

29 Vacation of Office of Director

The office of a Director shall be vacated if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Director gives notice in writing to the Company that he
resigns the office of Director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Director absents himself (for the avoidance of doubt,
without being represented by proxy or an alternate Director appointed by him) from three consecutive meetings of the board of Directors
without special leave of absence from the Directors, and the Directors pass a resolution that he has by reason of such absence vacated
office; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Director dies, becomes bankrupt or makes any arrangement
or composition with his creditors generally; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Director is found to be or becomes of unsound mind; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) all of the other Directors (being not less than two in number)
determine that he should be removed as a Director, either by a resolution passed by all of the other Directors at a meeting of the Directors
duly convened and held in accordance with the Articles or by a resolution in writing signed by all of the other Directors.

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30 Proceedings of Directors

30.1 The quorum for the transaction of the business of the Directors
may be fixed by the Directors, and unless so fixed shall be two if there are two or more Directors, and shall be one if there is only
one Director. A person who holds office as an alternate Director shall, if his appointor is not present, be counted in the quorum. A
Director who also acts as an alternate Director shall, if his appointor is not present, count twice towards the quorum.

30.2 Subject to the provisions of the Articles, the Directors may
regulate their proceedings as they think fit. Questions arising at any meeting shall be decided by a majority of votes. In the case of
an equality of votes, the chairman shall have a second or casting vote. A Director who is also an alternate Director shall be entitled
in the absence of his appointor to a separate vote on behalf of his appointor in addition to his own vote.

30.3 A person may participate in a meeting of the Directors or committee
of Directors by conference telephone or other communications equipment by means of which all the persons participating in the meeting
can communicate with each other at the same time. Participation by a person in a meeting in this manner is treated as presence in person
at that meeting. Unless otherwise determined by the Directors the meeting shall be deemed to be held at the place where the chairman
is located at the start of the meeting.

30.4 A resolution in writing (in one or more counterparts) signed
by all the Directors or all the members of a committee of the Directors or, in the case of a resolution in writing relating to the removal
of any Director or the vacation of office by any Director, all of the Directors other than the Director who is the subject of such resolution
(an alternate Director being entitled to sign such a resolution on behalf of his appointor and if such alternate Director is also a Director,
being entitled to sign such resolution both on behalf of his appointer and in his capacity as a Director) shall be as valid and effectual
as if it had been passed at a meeting of the Directors, or committee of Directors as the case may be, duly convened and held.

30.5 A Director or alternate Director may, or other officer of the
Company on the direction of a Director or alternate Director shall, call a meeting of the Directors by at least two days' notice in writing
to every Director and alternate Director which notice shall set forth the general nature of the business to be considered unless notice
is waived by all the Directors (or their alternates) either at, before or after the meeting is held. To any such notice of a meeting
of the Directors all the provisions of the Articles relating to the giving of notices by the Company to the Members shall apply *mutatis mutandis.* 

 

30.6 The continuing Directors (or a sole continuing Director, as
the case may be) may act notwithstanding any vacancy in their body, but if and so long as their number is reduced below the number fixed
by or pursuant to the Articles as the necessary quorum of Directors the continuing Directors or Director may act for the purpose of increasing
the number of Directors to be equal to such fixed number, or of summoning a general meeting of the Company, but for no other purpose.

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30.7 The Directors may elect a chairman of their board and determine
the period for which he is to hold office; but if no such chairman is elected, or if at any meeting the chairman is not present within
five minutes after the time appointed for the meeting to commence, the Directors present may choose one of their number to be chairman
of the meeting.

30.8 All acts done by any meeting of the Directors or of a committee
of the Directors (including any person acting as an alternate Director) shall, notwithstanding that it is afterwards discovered that
there was some defect in the appointment of any Director or alternate Director, and/or that they or any of them were disqualified, and/or
had vacated their office and/or were not entitled to vote, be as valid as if every such person had been duly appointed and/or not disqualified
to be a Director or alternate Director and/or had not vacated their office and/or had been entitled to vote, as the case may be.

30.9 A Director but not an alternate Director may be represented
at any meetings of the board of Directors by a proxy appointed in writing by him. The proxy shall count towards the quorum and the vote
of the proxy shall for all purposes be deemed to be that of the appointing Director.

31 Presumption of Assent

A Director or alternate Director who is present at a meeting of the board of Directors at which action on any Company matter is taken shall be presumed to have assented to the action taken unless his dissent shall be entered in the minutes of the meeting or unless he shall file his written dissent from such action with the person acting as the chairman or secretary of the meeting before the adjournment thereof or shall forward such dissent by registered post to such person immediately after the adjournment of the meeting. Such right to dissent shall not apply to a Director or alternate Director who voted in favour of such action.

32 Directors' Interests

32.1 A Director or alternate Director may hold any other office or
place of profit under the Company (other than the office of Auditor) in conjunction with his office of Director for such period and on
such terms as to remuneration and otherwise as the Directors may determine.

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32.2 A Director or alternate Director may act by himself or by, through
or on behalf of his firm in a professional capacity for the Company and he or his firm shall be entitled to remuneration for professional
services as if he were not a Director or alternate Director.

32.3 A Director or alternate Director may be or become a director
or other officer of or otherwise interested in any company promoted by the Company or in which the Company may be interested as a shareholder,
a contracting party or otherwise, and no such Director or alternate Director shall be accountable to the Company for any remuneration
or other benefits received by him as a director or officer of, or from his interest in, such other company.

32.4 No person shall be disqualified from the office of Director
or alternate Director or prevented by such office from contracting with the Company, either as vendor, purchaser or otherwise, nor shall
any such contract or any contract or transaction entered into by or on behalf of the Company in which any Director or alternate Director
shall be in any way interested be or be liable to be avoided, nor shall any Director or alternate Director so contracting or being so
interested be liable to account to the Company for any profit realised by or arising in connection with any such contract or transaction
by reason of such Director or alternate Director holding office or of the fiduciary relationship thereby established. A Director (or
his alternate Director in his absence) shall be at liberty to vote in respect of any contract or transaction in which he is interested
provided that the nature of the interest of any Director or alternate Director in any such contract or transaction shall be disclosed
by him at or prior to its consideration and any vote thereon.

32.5 A general notice that a Director or alternate Director is a
shareholder, director, officer or employee of any specified firm or company and is to be regarded as interested in any transaction with
such firm or company shall be sufficient disclosure for the purposes of voting on a resolution in respect of a contract or transaction
in which he has an interest, and after such general notice it shall not be necessary to give special notice relating to any particular
transaction.

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| 33 | Minutes |

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The Directors shall cause minutes to be made in books kept for the purpose of all appointments of officers made by the Directors, all proceedings at meetings of the Company or the holders of any class of Shares and of the Directors, and of committees of the Directors, including the names of the Directors or alternate Directors present at each meeting.

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34 Delegation of Directors' Powers

34.1 The Directors may delegate any of their powers, authorities
and discretions, including the power to sub-delegate, to any committee consisting of one or more Directors. They may also delegate to
any managing director or any Director holding any other executive office such of their powers, authorities and discretions as they consider
desirable to be exercised by him provided that an alternate Director may not act as managing director and the appointment of a managing
director shall be revoked forthwith if he ceases to be a Director. Any such delegation may be made subject to any conditions the Directors
may impose and either collaterally with or to the exclusion of their own powers and any such delegation may be revoked or altered by
the Directors. Subject to any such conditions, the proceedings of a committee of Directors shall be governed by the Articles regulating
the proceedings of Directors, so far as they are capable of applying.

34.2 The Directors may establish any committees, local boards or
agencies or appoint any person to be a manager or agent for managing the affairs of the Company and may appoint any person to be a member
of such committees, local boards or agencies. Any such appointment may be made subject to any conditions the Directors may impose, and
either collaterally with or to the exclusion of their own powers and any such appointment may be revoked or altered by the Directors.
Subject to any such conditions, the proceedings of any such committee, local board or agency shall be governed by the Articles regulating
the proceedings of Directors, so far as they are capable of applying.

34.3 The Directors may by power of attorney or otherwise appoint
any person to be the agent of the Company on such conditions as the Directors may determine, provided that the delegation is not to the
exclusion of their own powers and may be revoked by the Directors at any time.

34.4 The Directors may by power of attorney or otherwise appoint
any company, firm, person or body of persons, whether nominated directly or indirectly by the Directors, to be the attorney or authorised
signatory of the Company for such purpose and with such powers, authorities and discretions (not exceeding those vested in or exercisable
by the Directors under the Articles) and for such period and subject to such conditions as they may think fit, and any such powers of
attorney or other appointment may contain such provisions for the protection and convenience of persons dealing with any such attorneys
or authorised signatories as the Directors may think fit and may also authorise any such attorney or authorised signatory to delegate
all or any of the powers, authorities and discretions vested in him.

34.5 The Directors may appoint such officers of the Company (including,
for the avoidance of doubt and without limitation, any secretary) as they consider necessary on such terms, at such remuneration and
to perform such duties, and subject to such provisions as to disqualification and removal as the Directors may think fit. Unless otherwise
specified in the terms of his appointment an officer of the Company may be removed by resolution of the Directors or Members. An officer
of the Company may vacate his office at any time if he gives notice in writing to the Company that he resigns his office.

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35 Alternate Directors

35.1 Any Director (but not an alternate Director) may by writing
appoint any other Director, or any other person willing to act, to be an alternate Director and by writing may remove from office an
alternate Director so appointed by him.

35.2 An alternate Director shall be entitled to receive notice of
all meetings of Directors and of all meetings of committees of Directors of which his appointor is a member, to attend and vote at every
such meeting at which the Director appointing him is not personally present, to sign any written resolution of the Directors, and generally
to perform all the functions of his appointor as a Director in his absence.

35.3 An alternate Director shall cease to be an alternate Director
if his appointor ceases to be a Director.

35.4 Any appointment or removal of an alternate Director shall be
by notice to the Company signed by the Director making or revoking the appointment or in any other manner approved by the Directors.

35.5 Subject to the provisions of the Articles, an alternate Director
shall be deemed for all purposes to be a Director and shall alone be responsible for his own acts and defaults and shall not be deemed
to be the agent of the Director appointing him.

36 No Minimum Shareholding

The Company in general meeting may fix a minimum shareholding required to be held by a Director, but unless and until such a shareholding qualification is fixed a Director is not required to hold Shares.

37 Remuneration of Directors

37.1 The remuneration to be paid to the Directors, if any, shall
be such remuneration as the Directors shall determine. The Directors shall also be entitled to be paid all travelling, hotel and other
expenses properly incurred by them in connection with their attendance at meetings of Directors or committees of Directors, or general
meetings of the Company, or separate meetings of the holders of any class of Shares or debentures of the Company, or otherwise in connection
with the business of the Company or the discharge of their duties as a Director, or to receive a fixed allowance in respect thereof as
may be determined by the Directors, or a combination partly of one such method and partly the other.

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37.2 The Directors may by resolution approve additional remuneration
to any Director for any services which in the opinion of the Directors go beyond his ordinary routine work as a Director. Any fees paid
to a Director who is also counsel, attorney or solicitor to the Company, or otherwise serves it in a professional capacity shall be in
addition to his remuneration as a Director.

---

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|:---|:---|
| 38 | Seal |

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38.1 The Company may, if the Directors so determine, have a Seal.
The Seal shall only be used by the authority of the Directors or of a committee of the Directors authorised by the Directors. Every instrument
to which the Seal has been affixed shall be signed by at least one person who shall be either a Director or some officer of the Company
or other person appointed by the Directors for the purpose.

38.2 The Company may have for use in any place or places outside
the Cayman Islands a duplicate Seal or Seals each of which shall be a facsimile of the common Seal of the Company and, if the Directors
so determine, with the addition on its face of the name of every place where it is to be used.

38.3 A Director or officer, representative or attorney of the Company
may without further authority of the Directors affix the Seal over his signature alone to any document of the Company required to be
authenticated by him under seal or to be filed with the Registrar of Companies in the Cayman Islands or elsewhere wheresoever.

39 Dividends, Distributions and Reserve

39.1 Subject to the Companies Act and this Article and except as
otherwise provided by the rights attached to any Shares, the Directors may resolve to pay Dividends and other distributions on Shares
in issue and authorise payment of the Dividends or other distributions out of the funds of the Company lawfully available therefor. A
Dividend shall be deemed to be an interim Dividend unless the terms of the resolution pursuant to which the Directors resolve to pay
such Dividend specifically state that such Dividend shall be a final Dividend. No Dividend or other distribution shall be paid except
out of the realised or unrealised profits of the Company, out of the share premium account or as otherwise permitted by the Companies
Act.

---

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39.2 Except as otherwise provided by the rights attached to any Shares,
all Dividends and other distributions shall be paid according to the par value of the Shares that a Member holds. If any Share is issued
on terms providing that it shall rank for Dividend as from a particular date, that Share shall rank for Dividend accordingly.

39.3 The Directors may deduct from any Dividend or other distribution
payable to any Member all sums of money (if any) then payable by him to the Company on account of calls or otherwise.

39.4 The Directors may resolve that any Dividend or other distribution
be paid wholly or partly by the distribution of specific assets and in particular (but without limitation) by the distribution of shares,
debentures, or securities of any other company or in any one or more of such ways and where any difficulty arises in regard to such distribution,
the Directors may settle the same as they think expedient and in particular may issue fractional Shares 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 Members and may vest any such specific assets in trustees in such manner as may seem expedient
to the Directors.

39.5 Except as otherwise provided by the rights attached to any Shares,
Dividends and other distributions may be paid in any currency. The Directors may determine the basis of conversion for any currency conversions
that may be required and how any costs involved are to be met.

39.6 The Directors may, before resolving to pay any Dividend or other
distribution, set aside such sums as they think proper as a reserve or reserves which shall, at the discretion of the Directors, be applicable
for any purpose of the Company and pending such application may, at the discretion of the Directors, be employed in the business of the
Company.

39.7 Any Dividend, other distribution, interest or other monies payable
in cash in respect of Shares may be paid by wire transfer to the holder or by cheque or warrant sent through the post directed to the
registered address of the holder or, in the case of joint holders, to the registered address of the holder who is first named on the
Register of Members or to such person and to such address as such holder or joint holders may in writing direct. Every such cheque or
warrant shall be made payable to the order of the person to whom it is sent. Any one of two or more joint holders may give effectual
receipts for any Dividends, other distributions, bonuses, or other monies payable in respect of the Share held by them as joint holders.

39.8 No Dividend or other distribution shall bear interest against
the Company.

39.9 Any Dividend or other distribution which cannot be paid to a
Member and/or which remains unclaimed after six months from the date on which such Dividend or other distribution becomes payable may,
in the discretion of the Directors, be paid into a separate account in the Company's name, provided that the Company shall not be constituted
as a trustee in respect of that account and the Dividend or other distribution shall remain as a debt due to the Member. Any Dividend
or other distribution which remains unclaimed after a period of six years from the date on which such Dividend or other distribution
becomes payable shall be forfeited and shall revert to the Company.

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40 Capitalisation

The Directors may at any time capitalise any sum standing to the credit of any of the Company's reserve accounts or funds (including the share premium account and capital redemption reserve fund) or any sum standing to the credit of the profit and loss account or otherwise available for distribution; appropriate such sum to Members in the proportions in which such sum would have been divisible amongst such Members had the same been a distribution of profits by way of Dividend or other distribution; and apply such sum on their behalf in paying up in full unissued Shares for allotment and distribution credited as fully paid-up to and amongst them in the proportion aforesaid. In such event the Directors shall do all acts and things required to give effect to such capitalisation, with full power given to the Directors to make such provisions as they think fit in the case of Shares becoming distributable in fractions (including provisions whereby the benefit of fractional entitlements accrue to the Company rather than to the Members concerned). The Directors may authorise any person to enter on behalf of all of the Members interested into an agreement with the Company providing for such capitalisation and matters incidental or relating thereto and any agreement made under such authority shall be effective and binding on all such Members and the Company.

41 Books of Account

41.1 The Directors shall cause proper books of account (including,
where applicable, material underlying documentation including contracts and invoices) to be kept with respect to all sums of money received
and expended by the Company and the matters in respect of which the receipt or expenditure takes place, all sales and purchases of goods
by the Company and the assets and liabilities of the Company. Such books of account must be retained for a minimum period of five years
from the date on which they are prepared. Proper books shall not be deemed to be kept if there are not kept such books of account as
are necessary to give a true and fair view of the state of the Company's affairs and to explain its transactions.

41.2 The Directors shall determine whether and to what extent and
at what times and places and under what conditions or regulations the accounts and books of the Company or any of them shall be open
to the inspection of Members not being Directors and no Member (not being a Director) shall have any right of inspecting any account
or book or document of the Company except as conferred by Companies Act or authorised by the Directors or by the Company in general meeting.

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41.3 The Directors may cause to be prepared and to be laid before
the Company in general meeting profit and loss accounts, balance sheets, group accounts (if any) and such other reports and accounts
as may be required by law.

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| | |
|:---|:---|
| 42 | Audit |

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42.1 The Directors may appoint an Auditor of the Company who shall
hold office on such terms as the Directors determine.

42.2 Every Auditor of the Company shall have a right of access at
all times to the books and accounts and vouchers of the Company and shall be entitled to require from the Directors and officers of the
Company such information and explanation as may be necessary for the performance of the duties of the Auditor.

42.3 Auditors shall, if so required by the Directors, make a report
on the accounts of the Company during their tenure of office at the next annual general meeting following their appointment in the case
of a company which is registered with the Registrar of Companies as an ordinary company, and at the next extraordinary general meeting
following their appointment in the case of a company which is registered with the Registrar of Companies as an exempted company, and
at any other time during their term of office, upon request of the Directors or any general meeting of the Members.

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| 43 | Notices |

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43.1 Notices shall be in writing and may be given by the Company
to any Member either personally or by sending it by courier, post, cable, telex, fax or e-mail to him or to his address as shown in the
Register of Members (or where the notice is given by e-mail by sending it to the e-mail address provided by such Member). Any notice,
if posted from one country to another, is to be sent by airmail.

43.2 Where a notice is sent by courier, service of the notice shall
be deemed to be effected by delivery of the notice to a courier company, and shall be deemed to have been received on the third day (not
including Saturdays or Sundays or public holidays) following the day on which the notice was delivered to the courier. Where a notice
is sent by post, service of the notice shall be deemed to be effected by properly addressing, pre paying and posting a letter containing
the notice, and shall be deemed to have been received on the fifth day (not including Saturdays or Sundays or public holidays in the
Cayman Islands) following the day on which the notice was posted. Where a notice is sent by cable, telex or fax, service of the notice
shall be deemed to be effected by properly addressing and sending such notice and shall be deemed to have been received on the same day
that it was transmitted. Where a notice is given by e-mail service shall be deemed to be effected by transmitting the e-mail to the e-mail address provided by the intended recipient and shall be deemed to have been received on the same day that it was sent, and it shall
not be necessary for the receipt of the e-mail to be acknowledged by the recipient.

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43.3 A notice may be given by the Company to the person or persons
which the Company has been advised are entitled to a Share or Shares in consequence of the death or bankruptcy of a Member in the same
manner as other notices which are required to be given under the Articles and shall be addressed to them by name, or by the title of
representatives of the deceased, or trustee of the bankrupt, or by any like description at the address supplied for that purpose by the
persons claiming to be so entitled, or at the option of the Company by giving the notice in any manner in which the same might have been
given if the death or bankruptcy had not occurred.

43.4 Notice of every general meeting shall be given in any manner
authorised by the Articles to every holder of Shares carrying an entitlement to receive such notice on the record date for such meeting
except that in the case of joint holders the notice shall be sufficient if given to the joint holder first named in the Register of Members
and every person upon whom the ownership of a Share devolves by reason of his being a legal personal representative or a trustee in bankruptcy
of a Member where the Member but for his death or bankruptcy would be entitled to receive notice of the meeting, and no other person
shall be entitled to receive notices of general meetings.

44 Winding Up

44.1 If the Company shall be wound up the liquidator shall apply
the assets of the Company in satisfaction of creditors' claims in such manner and order as such liquidator thinks fit.

44.2 If the Company is wound up the Members may, subject to the Articles
and any other sanction required by the Companies Act, pass a Special Resolution allowing the liquidator to do either or both of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to divide in specie among the holders of the Class A Ordinary
Shares the whole or any part of the assets of the Company and, for that purpose, to value any assets and to determine how the division
shall be carried out as among the holders of the Class A Ordinary Shares; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to vest the whole or any part of the assets in trustees for
the benefit of the holders of the Class A Ordinary Shares and those liable to contribute to the winding up.

44.3 No distribution (whether in cash or otherwise) of the Company's
assets on a winding up may be made to a holder of a Class B Ordinary Share.

45 Indemnity and Insurance

45.1 Every Director and officer of the Company (which for the avoidance
of doubt, shall not include auditors of the Company), together with every former Director and former officer of the Company (each an
" **Indemnified Person**") shall be indemnified out of the
assets of the Company against any liability, action, proceeding, claim, demand, costs, damages or expenses, including legal expenses,
whatsoever which they or any of them may incur as a result of any act or failure to act in carrying out their functions other than such
liability (if any) that they may incur by reason of their own actual fraud or wilful default. No Indemnified Person shall be liable to
the Company for any loss or damage incurred by the Company as a result (whether direct or indirect) of the carrying out of their functions
unless that liability arises through the actual fraud or wilful default of such Indemnified Person. No person shall be found to have
committed actual fraud or wilful default under this Article unless or until a court of competent jurisdiction shall have made a finding
to that effect.

45.2 The Company shall advance to each Indemnified Person reasonable
attorneys' fees and other costs and expenses incurred in connection with the defence of any action, suit, proceeding or investigation
involving such Indemnified Person for which indemnity will or could be sought. In connection with any advance of any expenses hereunder,
the Indemnified Person shall execute an undertaking to repay the advanced amount to the Company if it shall be determined by final judgment
or other final adjudication that such Indemnified Person was not entitled to indemnification pursuant to this Article. If it shall be
determined by a final judgment or other final adjudication that such Indemnified Person was not entitled to indemnification with respect
to such judgment, costs or expenses, then such party shall not be indemnified with respect to such judgment, costs or expenses and any
advancement shall be returned to the Company (without interest) by the Indemnified Person.

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45.3 The Directors, on behalf of the Company, may purchase and maintain
insurance for the benefit of any Director or other officer of the Company against any liability which, by virtue of any rule of law,
would otherwise attach to such person in respect of any negligence, default, breach of duty or breach of trust of which such person may
be guilty in relation to the Company.

46 Financial Year

Unless the Directors otherwise prescribe, the financial year of the Company shall end on 31st December in each year and, following the year of incorporation, shall begin on 1st January in each year.

47 Transfer by Way of Continuation

If the Company is exempted as defined in the Companies Act, it shall, subject to the provisions of the Companies Act and with the approval of a Special Resolution, have the power to register by way of continuation as a body corporate under the laws of any jurisdiction outside the Cayman Islands and to be deregistered in the Cayman Islands.

48 Mergers and Consolidations

The Company shall, with the approval of a Special Resolution, have the power to merge or consolidate with one or more constituent companies (as defined in the Companies Act), upon such terms as the Directors may determine.

49 Cayman Islands Data Protection

49.1 The Company is a "data controller" for the purposes
of the Data Protection Act, 2017 (as amended) of the Cayman Islands (the **DPA**).
By virtue of subscribing for and holding Shares in the Company, Members provide the Company with certain information (**Personal Data**) that constitutes "personal data" under the DPA. Personal Data includes, without limitation, the following
information relating to a Member and/or any natural person(s) connected with a Member (such as a Member's individual directors, members
and/or beneficial owner(s)): name, residential address, email address, corporate contact information, other contact information, date
of birth, place of birth, passport or other national identifier details, national insurance or social security number, tax identification,
bank account details and information regarding assets, income, employment and source of funds.

49.2 The Company processes such Personal Data for the purposes of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) performing contractual rights and obligations (including under
the constitutional documents of the Company);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) complying with legal or regulatory obligations (including those
relating to anti-money laundering and counter-terrorist financing, preventing and detecting fraud, sanctions, automatic exchange of tax
information, requests from governmental, regulatory, tax and law enforcement authorities, beneficial ownership and maintaining statutory
registers); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the legitimate interests pursued by the Company or third parties
to whom Personal Data may be transferred, including to manage and administer the Company, to send updates, information and notices to
Members or otherwise correspond with Members regarding the Company, to seek professional advice, including legal advice, to meet accounting,
tax reporting and audit obligations, to manage risk and operations and to maintain internal records.

49.3 The Company transfers Personal Data to certain third parties
who process the Personal Data on the Company's behalf, including third party service providers that it appoints or engages to assist
with the Company's management, operation, administration and legal, governance and regulatory compliance. In certain circumstances, the
Company may be required by law or regulation to transfer Personal Data and other information with respect to one or more Member(s) to
governmental, regulatory, tax and law enforcement authorities. They may, in turn, exchange this information with other governmental,
regulatory, tax and law enforcement authorities (including in jurisdictions other than the Cayman Islands).

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## Exhibit 3.3

**Exhibit 3.3**

**THE COMPANIES ACT (AS REVISED)**

**OF THE CAYMAN ISLANDS**

**COMPANY LIMITED BY SHARES**

**AMENDED AND RESTATED MEMORANDUM AND**

**ARTICLES OF ASSOCIATION OF**

**Agencia Comercial Spirits Ltd**

(Adopted by a special resolution dated 24th June, 2025)

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**THE COMPANIES ACT (AS REVISED)**

**OF THE CAYMAN ISLANDS**

**COMPANY LIMITED BY SHARES**

**AMENDED AND RESTATED MEMORANDUM OF ASSOCIATION**

**OF**

**Agencia Comercial Spirits Ltd**

(Adopted by a special resolution dated 24th June, 2025)

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| | |
|:---|:---|
| 1 | The name of the Company is **Agencia Comercial Spirits Ltd**. |

---

2 The registered office of the Company shall be situated at the offices of McGrath Tonner Corporate Services Limited, Genesis Building, 5th Floor, Genesis Close, PO Box 446, Cayman Islands, KY1-1106 or at such other place in the Cayman Islands as the Directors may from time to time decide.

3 The objects for which the Company is established are unrestricted and the Company shall have full power and authority to carry out any object not prohibited by the laws of the Cayman Islands.

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| | |
|:---|:---|
| 4 | The liability of each Member is limited to the amount unpaid on such Member's shares. |

---

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| | |
|:---|:---|
| 5 | The share capital of the Company is US$50,000.00 divided into 1,250,000,000 shares of a par value of US$0.00004 each, comprising (i) 625,000,000 Class A ordinary shares of a par value of US$0.00004 each (the "Class A Ordinary Shares") and (ii) 625,000,000 Class B ordinary shares of a par value of US$0.00004 each (the "Class B Ordinary Shares"). |

---

6 The Company has power to register by way of continuation as a body corporate limited by shares under the laws of any jurisdiction outside the Cayman Islands and to be deregistered in the Cayman Islands.

7 Capitalised terms that are not defined in this Memorandum of Association bear the respective meanings given to them in the Articles of Association of the Company.

---

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**THE COMPANIES ACT (AS REVISED)**

**OF THE CAYMAN ISLANDS**

**COMPANY LIMITED BY SHARES**

**AMENDED AND RESTATED ARTICLES OF ASSOCIATION**

**OF**

**Agencia Comercial Spirits Ltd**

(Adopted by a special resolution dated 24th June, 2025)

1 Interpretation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 In the Articles Table A in the First Schedule to the Companies Act does not apply and, unless there is
something in the subject or context inconsistent therewith:

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| | |
|:---|:---|
| "**Articles**" | means these articles of association of the Company. |
| "**Auditor**" | means the person for the time being performing the duties of auditor of the Company (if any). |
| "**Companies Act**" | means the Companies Act of the Cayman Islands and any amendment or other statutory modification thereof and, where in these Articles any provision of the Companies Act is referred to, the reference is to that provision as modified by any law for the time being in force. |
| "**Company**" | means the above named company. |
| "**Directors**" | means the directors for the time being of the Company. |
| "**Dividend**" | means any dividend (whether interim or final) resolved to be paid on Shares pursuant to the Articles. |
| "**Electronic Record**" | has the same meaning as in the Electronic Transactions Act. |
| "**Electronic Transactions Act**" | means the Electronic Transactions Act (2003 Revision) of the Cayman Islands. |
| "**Member**" | has the same meaning as in the Companies Act. |

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| | |
|:---|:---|
| "**Memorandum**" | means the memorandum of association of the Company. |
| "**Ordinary Resolution**" | means a resolution passed by a simple majority of the Members as, being entitled to do so, vote in person or, where proxies are allowed, by proxy at a general meeting, and includes a unanimous written resolution. In computing the majority when a poll is demanded regard shall be had to the number of votes to which each Member is entitled by the Articles. |
| "**Register of Members**" | means the register of Members maintained in accordance with the Companies Act and includes (except where otherwise stated) any branch or duplicate register of Members. |
| "**Registered Office**" | means the registered office for the time being of the Company. |
| "**Seal**" | means the common seal of the Company and includes every duplicate seal. |
| "**Share**" | means a share or shares in the capital of the Company issued subject to and in accordance with the provisions of the Companies Act and these Articles, and having the rights and being subject to the restrictions as provided for under these Articles with respect to such Share. All references to "Shares" herein shall be deemed to be Shares of any or all classes or series as the context may require and shall include a fraction of a share. Subject to any rights or restrictions attached to any shares, all shares so allotted and issued rank pari- passu in all respects. |
| **"Class A Ordinary Share"** | means a class A ordinary share of a par value of US$1.00 in the capital of the Company and having the rights provided for in these Articles. Each Class A Ordinary Share have one (1) vote on all matters subject to vote at general meetings of the Company. |
| **"Class B Ordinary Share:** | means a class B ordinary share of a par par value of US$1.00 in the capital of the Company and having the rights provided for in these Articles. Each Class B ordinary share have ten (10) votes on all matters subject to vote at general meeting of the Company. Class B ordinary share have no dividend distribution rights. |

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| | |
|:---|:---|
| **"Special Resolution"** | has the same meaning as in the Companies Act, and includes a unanimous written resolution. |
| "**Subscriber**" | means the subscriber to the Memorandum. |
| "**Treasury Share**" | means a Share held in the name of the Company as a treasury share in accordance with the Companies Act. |

---

1.2 In the Articles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) words importing the singular number include the plural number and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) words importing the masculine gender include the feminine gender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) words importing persons include corporations as well as any other legal or natural person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "written" and "in writing" include all modes of representing or reproducing words
in visible form, including in the form of an Electronic Record;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "shall" shall be construed as imperative and "may" shall be construed as permissive;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) references to provisions of any law, act or regulation shall be construed as references to those provisions
as amended, modified, re-enacted or replaced;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any phrase introduced by the terms "including", "include", "in particular"
or any similar expression shall be construed as illustrative and shall not limit the sense of the words preceding those terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the term "and/or" is used herein to mean both "and" as well as "or." The
use of "and/or" in certain contexts in no respects qualifies or modifies the use of the terms "and" or "or"
in others. The term "or" shall not be interpreted to be exclusive and the term "and" shall not be interpreted to require
the conjunctive (in each case, unless the context otherwise requires);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) headings are inserted for reference only and shall be ignored in construing the Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) sections 8 and 19(3) of the Electronic Transactions Act shall not apply;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the term "clear days" in relation to the period of a notice means that period excluding the
day when the notice is received or deemed to be received and the day for which it is given or on which it is to take effect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) the term "holder" in relation to a Share means a person whose name is entered in the Register
of Members as the holder of such Share.

2 Commencement of Business

2.1 The business of the Company may be commenced as soon after incorporation of the Company as the Directors
shall see fit.

2.2 The Directors may pay, out of the capital or any other monies of the Company, all expenses incurred in
or about the formation and establishment of the Company, including the expenses of registration.

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3 Issue of Shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 Subject to the provisions, if any, in the Memorandum (and to any direction that may be given by the Company
in general meeting) and without prejudice to any rights attached
to any existing Shares, the Directors may allot, issue, grant options over or otherwise dispose of Shares (including fractions of a Share)
with or without preferred, deferred or other rights or restrictions, whether in regard to Dividend or other distribution, voting, return
of capital or otherwise and to such persons, at such times and on such other terms as they think proper, and may also (subject to the
Companies Act and the Articles) vary such rights. Notwithstanding the foregoing, the Subscriber shall have the power to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) issue one Share to itself;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) transfer that Share by an instrument of transfer to any person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) update the Register of Members in respect of the issue and transfer of that Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 The Company shall not issue Shares to bearer.

4 Register of Members

4.1 The Company shall maintain or cause to be maintained the Register of Members in accordance with the Companies
Act.

4.2 The Directors may determine that the Company shall maintain one or more branch registers of Members in
accordance with the Companies Act. The Directors may also determine which register of Members shall constitute the principal register
and which shall constitute the branch register or registers, and to vary such determination from time to time.

5 Closing Register of Members or Fixing Record Date

5.1 For the purpose of determining Members entitled to notice of, or to vote at any meeting of Members or
any adjournment thereof, or Members entitled to receive payment of any Dividend or other distribution, or in order to make a determination
of Members for any other purpose, the Directors may provide that the Register of Members shall be closed for transfers for a stated period
which shall not in any case exceed forty days.

5.2 In lieu of, or apart from, closing the Register of Members, the Directors may fix in advance or arrears
a date as the record date for any such determination of Members entitled to notice of, or to vote at any meeting of the Members or any
adjournment thereof, or for the purpose of determining the Members entitled to receive payment of any Dividend or other distribution,
or in order to make a determination of Members for any other purpose.

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5.3 If the Register of Members is not so closed and no record date is fixed for the determination of Members
entitled to notice of, or to vote at, a meeting of Members or Members entitled to receive payment of a Dividend or other distribution,
the date on which notice of the meeting is sent or the date on which the resolution of the Directors resolving to pay such Dividend or
other distribution is passed, as the case may be, shall be the record date for such determination of Members. When a determination of
Members entitled to vote at any meeting of Members has been made as provided in this Article, such determination shall apply to any adjournment
thereof.

6 Certificates for Shares

6.1 A Member shall only be entitled to a share certificate if the Directors resolve that share certificates
shall be issued. Share certificates representing Shares, if any, shall be in such form as the Directors may determine. Share certificates
shall be signed by one or more Directors or other person authorised by the Directors. The Directors may authorise certificates to be issued
with the authorised signature(s) affixed by mechanical process. All certificates for Shares shall be consecutively numbered or otherwise
identified and shall specify the Shares to which they relate. All certificates surrendered to the Company for transfer shall be cancelled
and subject to the Articles no new certificate shall be issued until the former certificate representing a like number of relevant Shares
shall have been surrendered and cancelled.

6.2 The Company shall not be bound to issue more than one certificate for Shares held jointly by more than
one person and delivery of a certificate to one joint holder shall be a sufficient delivery to all of them.

6.3 If a share certificate is defaced, worn out, lost or destroyed, it may be renewed on such terms (if any)
as to evidence and indemnity and on the payment of such expenses reasonably incurred by the Company in investigating evidence, as the
Directors may prescribe, and (in the case of defacement or wearing out) upon delivery of the old certificate.

6.4 Every share certificate sent in accordance with the Articles will be sent at the risk of the Member or
other person entitled to the certificate. The Company will not be responsible for any share certificate lost or delayed in the course
of delivery.

7 Transfer of Shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 Subject to Article 3.1, Shares are transferable subject to the consent of the Directors who may, in their
absolute discretion, decline to register any transfer of Shares without giving any reason. If the Directors refuse to register a transfer they shall notify
the transferee within two months of such refusal.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 The instrument of transfer of any Share shall be in writing and shall be executed by or on behalf of the
transferor (and if the Directors so require, signed by or on behalf of the transferee). The transferor shall be deemed to remain the holder
of a Share until the name of the transferee is entered in the Register of Members.

8 Redemption, Repurchase and Surrender of Shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 Subject to the provisions of the Companies Act the Company may issue Shares that are to be redeemed or
are liable to be redeemed at the option of the Member or the Company. The redemption of such Shares shall be effected in such manner and
upon such other terms as the Company may, by Special Resolution, determine before the issue of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 Subject to the provisions of the Companies Act, the Company may purchase its own Shares (including any
redeemable Shares) in such manner and on such other terms as the Directors may agree with the relevant Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 The Company may make a payment in respect of the redemption or purchase of its own Shares in any manner
permitted by the Companies Act, including out of capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 The Directors may accept the surrender for no consideration of any fully paid Share.

9 Treasury Shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 The Directors may, prior to the purchase, redemption or surrender of any Share, determine that such Share
shall be held as a Treasury Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 The Directors may determine to cancel a Treasury Share or transfer a Treasury Share on such terms as they
think proper (including, without limitation, for nil consideration).

10 Variation of Rights of Shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 If at any time the share capital of the Company is divided into different classes of Shares, all or any
of the rights attached to any class (unless otherwise provided by the terms of issue of the Shares of that class) may, whether or not
the Company is being wound up, be varied without the consent of the holders of the issued Shares of that class where such variation is considered
by the Directors not to have a material adverse effect upon such rights; otherwise, any such variation shall be made only with the consent
in writing of the holders of not less than two thirds of the issued Shares of that class, or with the sanction of a resolution passed
by a majority of not less than two thirds of the votes cast at a separate meeting of the holders of the Shares of that class. For the
avoidance of doubt, the Directors reserve the right, notwithstanding that any such variation may not have a material adverse effect, to
obtain consent from the holders of Shares of the relevant class. To any such meeting all the provisions of the Articles relating to general
meetings shall apply *mutatis mutandis*, except that the necessary
quorum shall be one person holding or representing by proxy at least one third of the issued Shares of the class and that any holder of
Shares of the class present in person or by proxy may demand a poll.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 For the purposes of a separate class meeting, the Directors may treat two or more or all the classes of
Shares as forming one class of Shares if the Directors consider that such class of Shares would be affected in the same way by the proposals
under consideration, but in any other case shall treat them as separate classes of Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 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
or issue of further Shares ranking pari passu therewith.

11 Commission on Sale of Shares

The Company may, in so far as the Companies Act permits, pay a commission to any person in consideration of his subscribing or agreeing to subscribe (whether absolutely or conditionally) or procuring or agreeing to procure subscriptions (whether absolutely or conditionally) for any Shares. Such commissions may be satisfied by the payment of cash and/or the issue of fully or partly paid-up Shares. The Company may also on any issue of Shares pay such brokerage as may be lawful.

12 Non Recognition of Trusts

The Company shall not be bound by or compelled to recognise in any way (even when notified) any equitable, contingent, future or partial interest in any Share, or (except only as is otherwise provided by the Articles or the Companies Act) any other rights in respect of any Share other than an absolute right to the entirety thereof in the holder.

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13 Lien on Shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1 The Company shall have a first and paramount lien on all Shares (whether fully paid-up or not) registered
in the name of a Member (whether solely or jointly with others) for all debts, liabilities or engagements to or with the Company (whether
presently payable or not) by such Member or his estate, either alone or jointly with any other person, whether a Member or not, but the
Directors may at any time declare any Share to be wholly or in part exempt from the provisions of this Article. The registration of a
transfer of any such Share shall operate as a waiver of the Company's lien thereon. The Company's lien on a Share shall also extend to
any amount payable in respect of that Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2 The Company may sell, in such manner as the Directors think fit, any Shares on which the Company has a
lien, if a sum in respect of which the lien exists is presently payable, and is not paid within fourteen clear days after notice has been
received or deemed to have been received by the holder of the Shares, or to the person entitled to it in consequence of the death or bankruptcy
of the holder, demanding payment and stating that if the notice is not complied with the Shares may be sold.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3 To give effect to any such sale the Directors may authorise any person to execute an instrument of transfer
of the Shares sold to, or in accordance with the directions of, the purchaser. The purchaser or his nominee shall be registered as the
holder of the Shares comprised in any such transfer, 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 sale or the exercise of the Company's power of sale under
the Articles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4 The net proceeds of such sale after payment of costs, shall be applied in payment of such part of the
amount in respect of which the lien exists as is presently payable and any balance shall (subject to a like lien for sums not presently
payable as existed upon the Shares before the sale) be paid to the person entitled to the Shares at the date of the sale.

14 Call on Shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1 Subject to the terms of the allotment and issue of any Shares, the Directors may make calls upon the Members
in respect of any monies unpaid on their Shares (whether in respect of par value or premium), and each Member shall (subject to receiving
at least fourteen clear days' notice specifying the time or times of payment) pay to the Company at the time or times so specified the
amount called on the Shares. A call may be revoked or postponed, in whole or in part, as the Directors may determine. A call may be required
to be paid by instalments. 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.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2 A call shall be deemed to have been made at the time when the resolution of the Directors authorising
such call was passed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3 The joint holders of a Share shall be jointly and severally liable to pay all calls in respect thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.4 If a call remains unpaid after it has become due and payable, the person from whom it is due shall pay
interest on the amount unpaid from the day it became due and payable until it is paid at such rate as the Directors may determine (and
in addition all expenses that have been incurred by the Company by reason of such non- payment), but the Directors may waive payment of
the interest or expenses wholly or in part.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.5 An amount payable in respect of a Share on issue or allotment or at any fixed date, whether on account
of the par value of the Share or premium or otherwise, shall be deemed to be a call and if it is not paid all the provisions of the Articles
shall apply as if that amount had become due and payable by virtue of a call.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.6 The Directors may issue Shares with different terms as to the amount and times of payment of calls, or
the interest to be paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.7 The Directors may, if they think fit, receive an amount from any Member willing to advance all or any
part of the monies uncalled and unpaid upon any Shares held by him, and may (until the amount would otherwise become payable) pay interest
at such rate as may be agreed upon between the Directors and the Member paying such amount in advance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.8 No such amount paid in advance of calls shall entitle the Member paying such amount to any portion of
a Dividend or other distribution payable in respect of any period prior to the date upon which such amount would, but for such payment,
become payable.

15 Forfeiture of Shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1 If a call or instalment of a call remains unpaid after it has become due and payable the Directors may
give to the person from whom it is due not less than fourteen clear days' notice requiring payment of the amount unpaid together with
any interest which may have accrued and any expenses incurred by the Company by reason of such non- payment. The notice shall specify
where payment is to be made and shall state that if the notice is not complied with the Shares in respect of which the call was made will
be liable to be forfeited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2 If the notice is not complied with, any Share in respect of which it was given may, before the payment
required by the notice has been made, be forfeited by a resolution
of the Directors. Such forfeiture shall include all Dividends, other distributions or other monies payable in respect of the forfeited
Share and not paid before the forfeiture.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.3 A forfeited Share may be sold, re-allotted or otherwise disposed of on such terms and in such manner as
the Directors think fit and at any time before a sale, re-allotment or disposition the forfeiture may be cancelled on such terms as the
Directors think fit. Where for the purposes of its disposal a forfeited Share is to be transferred to any person the Directors may authorise
some person to execute an instrument of transfer of the Share in favour of that person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.4 A person any of whose Shares have been forfeited shall cease to be a Member in respect of them and shall
surrender to the Company for cancellation the certificate for the Shares forfeited and shall remain liable to pay to the Company all monies
which at the date of forfeiture were payable by him to the Company in respect of those Shares together with interest at such rate as the
Directors may determine, but his liability shall cease if and when the Company shall have received payment in full of all monies due and
payable by him in respect of those Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.5 A certificate in writing under the hand of one Director or officer of the Company that a Share has been
forfeited on a specified date shall be conclusive evidence of the facts stated in it as against all persons claiming to be entitled to
the Share. The certificate shall (subject to the execution of an instrument of transfer) constitute a good title to the Share and the
person to whom the Share is sold or otherwise disposed of shall not be bound to see to the application of the purchase money, if any,
nor shall his title to the Share be affected by any irregularity or invalidity in the proceedings in reference to the forfeiture, sale
or disposal of the Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.6 The provisions of the 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 par value of the Share or by way of premium
as if it had been payable by virtue of a call duly made and notified.

16 Transmission of Shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1 If a Member dies the survivor or survivors (where he was a joint holder) or his legal personal representatives
(where he was a sole holder), shall be the only persons recognised by the Company as having any title to his Shares. The estate of a deceased
Member is not thereby released from any liability in respect of any Share, for which he was a joint or sole holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2 Any person becoming entitled to a Share in consequence of the death or bankruptcy or liquidation or dissolution
of a Member (or in any other way than by transfer) may, upon
such evidence being produced as may be required by the Directors, elect, by a notice in writing sent by him to the Company, either to
become the holder of such Share or to have some person nominated by him registered as the holder of such Share. If he elects to have another
person registered as the holder of such Share he shall sign an instrument of transfer of that Share to that person. The Directors shall,
in either case, have the same right to decline or suspend registration as they would have had in the case of a transfer of the Share by
the relevant Member before his death or bankruptcy or liquidation or dissolution, as the case may be.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.3 A person becoming entitled to a Share by reason of the death or bankruptcy or liquidation or dissolution
of a Member (or in any other case than by transfer) shall be entitled to the same Dividends, other distributions and other advantages
to which he would be entitled if he were the holder of such Share. However, he shall not, before becoming a Member in respect of a Share,
be entitled in respect of it to exercise any right conferred by membership in relation to general meetings of the Company and the Directors
may at any time give notice requiring any such person to elect either to be registered himself or to have some person nominated by him
be registered as the holder of the Share (but the Directors shall, in either case, have the same right to decline or suspend registration
as they would have had in the case of a transfer of the Share by the relevant Member before his death or bankruptcy or liquidation or
dissolution or any other case than by transfer, as the case may be). If the notice is not complied with within ninety days of being received
or deemed to be received (as determined pursuant to the Articles) the Directors may thereafter withhold payment of all Dividends, other
distributions, bonuses or other monies payable in respect of the Share until the requirements of the notice have been complied with.

17 Amendments of Memorandum and Articles of Association and Alteration of Capital

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1 The Company may by Ordinary Resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) increase its share capital by such sum as the Ordinary Resolution shall prescribe and with such rights,
priorities and privileges annexed thereto, as the Company in general meeting may determine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) consolidate and divide all or any of its share capital into Shares of larger amount than its existing
Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) convert all or any of its paid-up Shares into stock, and reconvert that stock into paid-up Shares of any
denomination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) by subdivision of its existing Shares or any of them divide the whole or any part of its share capital
into Shares of smaller amount than is fixed by the Memorandum or into Shares without
par value; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) cancel any Shares that at the date of the passing of the Ordinary Resolution have not been taken or agreed
to be taken by any person and diminish the amount of its share capital by the amount of the Shares so cancelled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.2 All new Shares created in accordance with the provisions of the preceding Article shall be subject to
the same provisions of the Articles with reference to the payment of calls, liens, transfer, transmission, forfeiture and otherwise as
the Shares in the original share capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.3 Subject to the provisions of the Companies Act and the provisions of the Articles as regards the matters
to be dealt with by Ordinary Resolution, the Company may by Special Resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) change its name;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) alter or add to the Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) alter or add to the Memorandum with respect to any objects, powers or other matters specified therein;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) reduce its share capital or any capital redemption reserve fund.

18 Offices and Places of Business

Subject to the provisions of the Companies Act, the Company may by resolution of the Directors change the location of its Registered Office. The Company may, in addition to its Registered Office, maintain such other offices or places of business as the Directors determine.

19 General Meetings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.1 All general meetings other than annual general meetings shall be called extraordinary general meetings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2 The Company may, but shall not (unless required by the Companies Act) be obliged to, in each year hold
a general meeting as its annual general meeting, and shall specify the meeting as such in the notices calling it. Any annual general meeting
shall be held at such time and place as the Directors shall appoint and if no other time and place is prescribed by them, it shall be
held at the Registered Office on the second Wednesday in December of each year at ten o'clock in the morning. At these meetings the report
of the Directors (if any) shall be presented.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.3 The Directors may call general meetings, and they shall on a Members' requisition forthwith proceed to
convene an extraordinary general meeting of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.4 A Members' requisition is a requisition of Members holding at the date of deposit of the requisition not
less than ten per cent. in par value of the issued Shares which as at that date carry the right to vote at general meetings of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.5 The Members' requisition must state the objects of the meeting and must be signed by the requisitionists
and deposited at the Registered Office, and may consist of several documents in like form each signed by one or more requisitionists.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.6 If there are no Directors as at the date of the deposit of the Members' requisition or if the Directors
do not within twenty-one days from the date of the deposit of the Members' requisition duly proceed to convene a general meeting to be
held within a further twenty-one days, the requisitionists, or any of them representing more than one- half of the total voting rights
of all of the requisitionists, may themselves convene a general meeting, but any meeting so convened shall be held no later than the day
which falls three months after the expiration of the said twenty-one day period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.7 A general meeting convened as aforesaid by requisitionists shall be convened in the same manner as nearly
as possible as that in which general meetings are to be convened by Directors.

20 Notice of General Meetings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1 At least five clear days' notice shall be given of any general meeting. Every notice shall specify the
place, the day and the hour of the meeting and the general nature of the business to be conducted at the general meeting and shall be
given in the manner hereinafter mentioned or in such other manner if any as may be prescribed by the Company, provided that a general
meeting of the Company shall, whether or not the notice specified in this Article has been given and whether or not the provisions of
the Articles regarding general meetings have been complied with, be deemed to have been duly convened if it is so agreed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of an annual general meeting, by all of the Members entitled to attend and vote thereat; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of an extraordinary general meeting, by a majority in number of the Members having a right
to attend and vote at the meeting, together holding not less than ninety five per cent. in par value of the Shares giving that right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.2 The accidental omission to give notice of a general meeting to, or the non-receipt of notice of a general
meeting by, any person entitled to receive such notice shall not invalidate the proceedings of that general meeting.

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21 Proceedings at General Meetings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.1 No business shall be transacted at any general meeting unless a quorum is present. Two Members being individuals
present in person or by proxy or if a corporation or other non-natural person by its duly authorised representative or proxy shall be
a quorum unless the Company has only one Member entitled to vote at such general meeting in which case the quorum shall be that one Member
present in person or by proxy or (in the case of a corporation or other non- natural person) by its duly authorised representative or
proxy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.2 A person may participate at a general meeting by conference telephone or other communications equipment
by means of which all the persons participating in the meeting can communicate with each other. Participation by a person in a general
meeting in this manner is treated as presence in person at that meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.3 A resolution (including a Special Resolution) in writing (in one or more counterparts) signed by or on
behalf of all of the Members for the time being entitled to receive notice of and to attend and vote at general meetings (or, being corporations
or other non-natural persons, signed by their duly authorised representatives) shall be as valid and effective as if the resolution had
been passed at a general meeting of the Company duly convened and held.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.4 If a quorum is not present within half an hour from the time appointed for the meeting to commence or
if during such a meeting a quorum ceases to be present, the meeting, if convened upon a Members' requisition, shall be dissolved and in
any other case it shall stand adjourned to the same day in the next week at the same time and/or place or to such other day, time and/or
place as the Directors may determine, and if at the adjourned meeting a quorum is not present within half an hour from the time appointed
for the meeting to commence, the Members present shall be a quorum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.5 The Directors may, at any time prior to the time appointed for the meeting to commence, appoint any person
to act as chairman of a general meeting of the Company or, if the Directors do not make any such appointment, the chairman, if any, of
the board of Directors shall preside as chairman at such general meeting. If there is no such chairman, or if he shall not be present
within fifteen minutes after the time appointed for the meeting to commence, or is unwilling to act, the Directors present shall elect
one of their number to be chairman of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.6 If no Director is willing to act as chairman or if no Director is present within fifteen minutes after
the time appointed for the meeting to commence, the Members present shall choose one of their
number to be chairman of the meeting.

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21.7 The chairman may, with the consent of a meeting at which a quorum is present (and shall if so directed
by the meeting) adjourn the meeting from time to time and from place to place, but no business shall be transacted at any adjourned meeting
other than the business left unfinished at the meeting from which the adjournment took place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.8 When a general meeting is adjourned for thirty days or more, notice of the adjourned meeting shall be
given as in the case of an original meeting. Otherwise it shall not be necessary to give any such notice of an adjourned meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.9 At any general meeting a resolution put to the vote of the meeting shall be decided by a poll.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.10 A poll shall be taken in such manner as the chairman of the meeting directs.

21.11 The result of the poll shall be deemed to be the resolution of the general meeting.

21.12 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 at such date, time and place as the chairman of the general meeting directs, and
any business other than that upon which a poll has been demanded or is contingent thereon may proceed pending the taking of the poll.

21.13 In the case of an equality of votes, the chairman shall be entitled to a second or casting vote.

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| 22 | Votes of Members |

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22.1 At any general meeting a resolution put to the vote of the meeting shall be decided by a poll and on a
poll every Member present in any such manner shall have one(1) vote for every Class A Ordinary share and ten(10) votes for every Class
B ordinary Share of which he is the holder.

22.2 In the case of joint holders the vote of the senior holder who tenders a vote, whether in person or by
proxy (or, in the case of a corporation or other non-natural person, by its duly authorised representative or proxy), shall be accepted
to the exclusion of the votes of the other joint holders, and seniority shall be determined by the order in which the names of the holders
stand in the Register of Members.

22.3 A Member of unsound mind, or in respect of whom an order has been made by any court, having jurisdiction
in lunacy, may vote, whether on a show of hands or on a poll, by his committee, receiver, curator bonis, or other person on such Member's
behalf appointed by that court, and any such committee, receiver, curator bonis or other person may vote by proxy.

22.4 No person shall be entitled to vote at any general meeting unless he is registered as a Member on the
record date for such meeting nor unless all calls or other monies then payable by him in respect of Shares have been paid.

22.5 No objection shall be raised as to the qualification of any voter except at the general meeting or adjourned
general meeting at which the vote objected to is given or tendered and every vote not disallowed at the meeting shall be valid. Any objection
made in due time in accordance with this Article shall be referred to the chairman whose decision shall be final and conclusive.

22.6 On a poll votes may be cast either personally or by proxy (or in the case of a corporation or other non-natural
person by its duly authorised representative or proxy). A Member may appoint more than one proxy or the same proxy under one or more instruments
to attend and vote at a meeting. Where a Member appoints more than one proxy the instrument of proxy shall specify the number of Shares
in respect of which each proxy is entitled to exercise the related votes.

22.7 On a poll, a Member holding more than one Share need not
cast the votes in respect of his Shares in the same way on any resolution and therefore may vote a Share or some or all such Shares either
for or against a resolution and/or abstain from voting a Share or some or all of the Shares and, subject to the terms of the instrument
appointing him, a proxy appointed under one or more instruments may vote a Share or some or all of the Shares in respect of which he
is appointed either for or against a resolution and/or abstain from voting a Share or some or all of the Shares in respect of which he
is appointed.

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| 23 | Proxies |

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23.1 The instrument appointing a proxy shall be in writing and shall be executed under the hand of the appointor
or of his attorney duly authorised in writing, or, if the appointor is a corporation or other non- natural person, under the hand of its
duly authorised representative. A proxy need not be a Member.

23.2 The Directors may, in the notice convening any meeting or adjourned meeting, or in an instrument of proxy
sent out by the Company, specify the manner by which the instrument appointing a proxy shall be deposited and the place and the time (being
not later than the time appointed for the commencement of the meeting or adjourned meeting to which the proxy relates) at which the instrument
appointing a proxy shall be deposited. In the absence of any such direction from the Directors in the notice convening any meeting or
adjourned meeting or in an instrument of proxy sent out by the Company, the instrument appointing a proxy shall be deposited physically
at the Registered Office not less than 48 hours before the time appointed for the meeting or adjourned meeting to commence at which the
person named in the instrument proposes to vote.

The chairman may in any event at his discretion declare that an instrument of proxy shall be deemed to have been duly deposited. An instrument of proxy that is not deposited in the manner permitted, or which has not been declared to have been duly deposited by the chairman, shall be invalid.

23.3 The instrument appointing a proxy may be in any usual or common form (or such other form as the Directors
may approve) and may be expressed to be for a particular meeting or any adjournment thereof or generally until revoked. An instrument
appointing a proxy shall be deemed to include the power to demand or join or concur in demanding a poll.

23.4 Votes 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 proxy or of the authority under which the proxy was executed, or the
transfer of the Share in respect of which the proxy is given unless notice in writing of such death, insanity, revocation or transfer
was received by the Company at the Registered Office before the commencement of the general meeting, or adjourned meeting at which it
is sought to use the proxy.

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24 Corporate Members

Any corporation or other non-natural person which is a Member may in accordance with its constitutional documents, or in the absence of such provision 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 of any class of Members, and the person so authorised shall be entitled to exercise the same powers on behalf of the corporation which he represents as the corporation could exercise if it were an individual Member.

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| 25 | Shares that May Not be Voted |

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Shares in the Company that are beneficially owned by the Company shall not be voted, directly or indirectly, at any meeting and shall not be counted in determining the total number of outstanding Shares at any given time.

26 Directors

There shall be a board of Directors consisting of not less than one person (exclusive of alternate Directors) provided however that the Company may by Ordinary Resolution increase or reduce the limits in the number of Directors. The first Directors of the Company shall be determined in writing by, or appointed by a resolution of, the Subscriber.

27 Powers of Directors

27.1 Subject to the provisions of the Companies Act, the Memorandum and the Articles and to any directions
given by Special Resolution, the business of the Company shall be managed by the Directors who may exercise all the powers of the Company.
No alteration of the Memorandum or Articles and no such direction shall invalidate any prior act of the Directors which would have been
valid if that alteration had not been made or that direction had not been given. A duly convened meeting of Directors at which a quorum
is present may exercise all powers exercisable by the Directors.

27.2 All cheques, promissory notes, drafts, bills of exchange and other negotiable or transferable instruments
and all receipts for monies paid to the Company shall be signed, drawn, accepted, endorsed or otherwise executed as the case may be in
such manner as the Directors shall determine by resolution.

27.3 The Directors on behalf of the Company may pay a gratuity
or pension or allowance on retirement to any Director who has held any other salaried office or place of profit with the Company or to
his widow or dependants and may make contributions to any fund and pay premiums for the purchase or provision of any such gratuity, pension
or allowance.

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27.4 The Directors may exercise all the powers of the Company to borrow money and to mortgage or charge its
undertaking, property and assets (present and future) and uncalled capital or any part thereof and to issue debentures, debenture stock,
mortgages, bonds and other such securities whether outright or as security for any debt, liability or obligation of the Company or of
any third party.

28 Appointment and Removal of Directors

28.1 The Company may by Ordinary Resolution appoint any person to be a Director or may by Ordinary Resolution
remove any Director.

28.2 The Directors may appoint any person to be a Director, either to fill a vacancy or as an additional Director
provided that the appointment does not cause the number of Directors to exceed any number fixed by or in accordance with the Articles
as the maximum number of Directors.

29 Vacation of Office of Director

The office of a Director shall be vacated if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Director gives notice in writing to the Company that he resigns the office of Director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Director absents himself (for the avoidance of doubt, without being represented by proxy or an alternate
Director appointed by him) from three consecutive meetings of the board of Directors without special leave of absence from the Directors,
and the Directors pass a resolution that he has by reason of such absence vacated office; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Director dies, becomes bankrupt or makes any arrangement or composition with his creditors generally;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Director is found to be or becomes of unsound mind; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) all of the other Directors (being not less than two in number) determine that he should be removed as
a Director, either by a resolution passed by all of the other Directors at a meeting of the Directors duly convened and held in accordance
with the Articles or by a resolution in writing signed by all of the other Directors.

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30 Proceedings of Directors

30.1 The quorum for the transaction of the business of the Directors may be fixed by the Directors, and unless
so fixed shall be two if there are two or more Directors, and shall be one if there is only one Director. A person who holds office as
an alternate Director shall, if his appointor is not present, be counted in the quorum. A Director who also acts as an alternate Director
shall, if his appointor is not present, count twice towards the quorum.

30.2 Subject to the provisions of the Articles, the Directors may regulate their proceedings as they think
fit. Questions arising at any meeting shall be decided by a majority of votes. In the case of an equality of votes, the chairman shall
have a second or casting vote. A Director who is also an alternate Director shall be entitled in the absence of his appointor to a separate
vote on behalf of his appointor in addition to his own vote.

30.3 A person may participate in a meeting of the Directors or committee of Directors by conference telephone
or other communications equipment by means of which all the persons participating in the meeting can communicate with each other at the
same time. Participation by a person in a meeting in this manner is treated as presence in person at that meeting. Unless otherwise determined
by the Directors the meeting shall be deemed to be held at the place where the chairman is located at the start of the meeting.

30.4 A resolution in writing (in one or more counterparts) signed by all the Directors or all the members of
a committee of the Directors or, in the case of a resolution in writing relating to the removal of any Director or the vacation of office
by any Director, all of the Directors other than the Director who is the subject of such resolution (an alternate Director being entitled
to sign such a resolution on behalf of his appointor and if such alternate Director is also a Director, being entitled to sign such resolution
both on behalf of his appointer and in his capacity as a Director) shall be as valid and effectual as if it had been passed at a meeting
of the Directors, or committee of Directors as the case may be, duly convened and held.

30.5 A Director or alternate Director may, or other officer of the Company on the direction of a Director or
alternate Director shall, call a meeting of the Directors by at least two days' notice in writing to every Director and alternate Director
which notice shall set forth the general nature of the business to be considered unless notice is waived by all the Directors (or their
alternates) either at, before or after the meeting is held. To any such notice of a meeting of the Directors all the provisions of the
Articles relating to the giving of notices by the Company to the Members shall apply *mutatis mutandis.* 

 

30.6 The continuing Directors (or a sole continuing Director,
as the case may be) may act notwithstanding any vacancy in their body, but if and so long as their number is reduced below the number
fixed by or pursuant to the Articles as the necessary quorum of Directors the continuing Directors or Director may act for the purpose
of increasing the number of Directors to be equal to such fixed number, or of summoning a general meeting of the Company, but for no
other purpose.

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30.7 The Directors may elect a chairman of their board and determine the period for which he is to hold office;
but if no such chairman is elected, or if at any meeting the chairman is not present within five minutes after the time appointed for
the meeting to commence, the Directors present may choose one of their number to be chairman of the meeting.

30.8 All acts done by any meeting of the Directors or of a committee of the Directors (including any person
acting as an alternate Director) shall, notwithstanding that it is afterwards discovered that there was some defect in the appointment
of any Director or alternate Director, and/or that they or any of them were disqualified, and/or had vacated their office and/or were
not entitled to vote, be as valid as if every such person had been duly appointed and/or not disqualified to be a Director or alternate
Director and/or had not vacated their office and/or had been entitled to vote, as the case may be.

30.9 A Director but not an alternate Director may be represented at any meetings of the board of Directors
by a proxy appointed in writing by him. The proxy shall count towards the quorum and the vote of the proxy shall for all purposes be deemed
to be that of the appointing Director.

31 Presumption of Assent

A Director or alternate Director who is present at a meeting of the board of Directors at which action on any Company matter is taken shall be presumed to have assented to the action taken unless his dissent shall be entered in the minutes of the meeting or unless he shall file his written dissent from such action with the person acting as the chairman or secretary of the meeting before the adjournment thereof or shall forward such dissent by registered post to such person immediately after the adjournment of the meeting. Such right to dissent shall not apply to a Director or alternate Director who voted in favour of such action.

32 Directors' Interests

32.1 A Director or alternate Director may hold any other office or place of profit under the Company (other
than the office of Auditor) in conjunction with his office of Director for such period and on such terms as to remuneration and otherwise
as the Directors may determine.

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32.2 A Director or alternate Director may act by himself or by, through or on behalf of his firm in a professional
capacity for the Company and he or his firm shall be entitled to remuneration for professional services as if he were not a Director or
alternate Director.

32.3 A Director or alternate Director may be or become a director or other officer of or otherwise interested
in any company promoted by the Company or in which the Company may be interested as a shareholder, a contracting party or otherwise, and
no such Director or alternate Director shall be accountable to the Company for any remuneration or other benefits received by him as a
director or officer of, or from his interest in, such other company.

32.4 No person shall be disqualified from the office of Director or alternate Director or prevented by such
office from contracting with the Company, either as vendor, purchaser or otherwise, nor shall any such contract or any contract or transaction
entered into by or on behalf of the Company in which any Director or alternate Director shall be in any way interested be or be liable
to be avoided, nor shall any Director or alternate Director so contracting or being so interested be liable to account to the Company
for any profit realised by or arising in connection with any such contract or transaction by reason of such Director or alternate Director
holding office or of the fiduciary relationship thereby established. A Director (or his alternate Director in his absence) shall be at
liberty to vote in respect of any contract or transaction in which he is interested provided that the nature of the interest of any Director
or alternate Director in any such contract or transaction shall be disclosed by him at or prior to its consideration and any vote thereon.

32.5 A general notice that a Director or alternate Director is a shareholder, director, officer or employee
of any specified firm or company and is to be regarded as interested in any transaction with such firm or company shall be sufficient
disclosure for the purposes of voting on a resolution in respect of a contract or transaction in which he has an interest, and after such
general notice it shall not be necessary to give special notice relating to any particular transaction.

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| 33 | Minutes |

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The Directors shall cause minutes to be made in books kept for the purpose of all appointments of officers made by the Directors, all proceedings at meetings of the Company or the holders of any class of Shares and of the Directors, and of committees of the Directors, including the names of the Directors or alternate Directors present at each meeting.

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34 Delegation of Directors' Powers

34.1 The Directors may delegate any of their powers, authorities and discretions, including the power to sub-delegate,
to any committee consisting of one or more Directors. They may also delegate to any managing director or any Director holding any other
executive office such of their powers, authorities and discretions as they consider desirable to be exercised by him provided that an
alternate Director may not act as managing director and the appointment of a managing director shall be revoked forthwith if he ceases
to be a Director. Any such delegation may be made subject to any conditions the Directors may impose and either collaterally with or to
the exclusion of their own powers and any such delegation may be revoked or altered by the Directors. Subject to any such conditions,
the proceedings of a committee of Directors shall be governed by the Articles regulating the proceedings of Directors, so far as they
are capable of applying.

34.2 The Directors may establish any committees, local boards or agencies or appoint any person to be a manager
or agent for managing the affairs of the Company and may appoint any person to be a member of such committees, local boards or agencies.
Any such appointment may be made subject to any conditions the Directors may impose, and either collaterally with or to the exclusion
of their own powers and any such appointment may be revoked or altered by the Directors. Subject to any such conditions, the proceedings
of any such committee, local board or agency shall be governed by the Articles regulating the proceedings of Directors, so far as they
are capable of applying.

34.3 The Directors may by power of attorney or otherwise appoint any person to be the agent of the Company
on such conditions as the Directors may determine, provided that the delegation is not to the exclusion of their own powers and may be
revoked by the Directors at any time.

34.4 The Directors may by power of attorney or otherwise appoint any company, firm, person or body of persons,
whether nominated directly or indirectly by the Directors, to be the attorney or authorised signatory of the Company for such purpose
and with such powers, authorities and discretions (not exceeding those vested in or exercisable by the Directors under the Articles) and
for such period and subject to such conditions as they may think fit, and any such powers of attorney or other appointment may contain
such provisions for the protection and convenience of persons dealing with any such attorneys or authorised signatories as the Directors
may think fit and may also authorise any such attorney or authorised signatory to delegate all or any of the powers, authorities and discretions
vested in him.

34.5 The Directors may appoint such officers of the Company (including,
for the avoidance of doubt and without limitation, any secretary) as they consider necessary on such terms, at such remuneration and
to perform such duties, and subject to such provisions as to disqualification and removal as the Directors may think fit. Unless otherwise
specified in the terms of his appointment an officer of the Company may be removed by resolution of the Directors or Members. An officer
of the Company may vacate his office at any time if he gives notice in writing to the Company that he resigns his office.

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35 Alternate Directors

35.1 Any Director (but not an alternate Director) may by writing appoint any other Director, or any other person
willing to act, to be an alternate Director and by writing may remove from office an alternate Director so appointed by him.

35.2 An alternate Director shall be entitled to receive notice of all meetings of Directors and of all meetings
of committees of Directors of which his appointor is a member, to attend and vote at every such meeting at which the Director appointing
him is not personally present, to sign any written resolution of the Directors, and generally to perform all the functions of his appointor
as a Director in his absence.

35.3 An alternate Director shall cease to be an alternate Director if his appointor ceases to be a Director.

35.4 Any appointment or removal of an alternate Director shall be by notice to the Company signed by the Director
making or revoking the appointment or in any other manner approved by the Directors.

35.5 Subject to the provisions of the Articles, an alternate Director shall be deemed for all purposes to be
a Director and shall alone be responsible for his own acts and defaults and shall not be deemed to be the agent of the Director appointing
him.

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| **36** | **No Minimum Shareholding** |

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The Company in general meeting may fix a minimum shareholding required to be held by a Director, but unless and until such a shareholding qualification is fixed a Director is not required to hold Shares.

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| **37** | **Remuneration of Directors** |

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37.1 The remuneration to be paid to the Directors, if any, shall
be such remuneration as the Directors shall determine. The Directors shall also be entitled to be paid all travelling, hotel and other
expenses properly incurred by them in connection with their attendance at meetings of Directors or committees of Directors, or general
meetings of the Company, or separate meetings of the holders of any class of Shares or debentures of the Company, or otherwise in connection
with the business of the Company or the discharge of their duties as a Director, or to receive a fixed allowance in respect thereof as
may be determined by the Directors, or a combination partly of one such method and partly the other.

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37.2 The Directors may by resolution approve additional remuneration to any Director for any services which
in the opinion of the Directors go beyond his ordinary routine work as a Director. Any fees paid to a Director who is also counsel, attorney
or solicitor to the Company, or otherwise serves it in a professional capacity shall be in addition to his remuneration as a Director.

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| 38 | Seal |

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38.1 The Company may, if the Directors so determine, have a Seal. The Seal shall only be used by the authority
of the Directors or of a committee of the Directors authorised by the Directors. Every instrument to which the Seal has been affixed shall
be signed by at least one person who shall be either a Director or some officer of the Company or other person appointed by the Directors
for the purpose.

38.2 The Company may have for use in any place or places outside the Cayman Islands a duplicate Seal or Seals
each of which shall be a facsimile of the common Seal of the Company and, if the Directors so determine, with the addition on its face
of the name of every place where it is to be used.

38.3 A Director or officer, representative or attorney of the Company may without further authority of the
Directors affix the Seal over his signature alone to any document of the Company required to be authenticated by him under seal or to
be filed with the Registrar of Companies in the Cayman Islands or elsewhere wheresoever.

39 Dividends, Distributions and Reserve

39.1 Subject to the Companies Act and this Article and except as otherwise provided by the rights attached
to any Shares, the Directors may resolve to pay Dividends and other distributions on Shares in issue and authorise payment of the Dividends
or other distributions out of the funds of the Company lawfully available therefor. A Dividend shall be deemed to be an interim Dividend
unless the terms of the resolution pursuant to which the Directors resolve to pay such Dividend specifically state that such Dividend
shall be a final Dividend. No Dividend or other distribution shall be paid except out of the realised or unrealised profits of the Company,
out of the share premium account or as otherwise permitted by the Companies Act.

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39.2 Except as otherwise provided by the rights attached to any Shares, all Dividends and other distributions
shall be paid according to the par value of the Shares that a Member holds. If any Share is issued on terms providing that it shall rank
for Dividend as from a particular date, that Share shall rank for Dividend accordingly.

39.3 The Directors may deduct from any Dividend or other distribution payable to any Member all sums of money
(if any) then payable by him to the Company on account of calls or otherwise.

39.4 The Directors may resolve that any Dividend or other distribution be paid wholly or partly by the distribution
of specific assets and in particular (but without limitation) by the distribution of shares, debentures, or securities of any other company
or in any one or more of such ways and where any difficulty arises in regard to such distribution, the Directors may settle the same as
they think expedient and in particular may issue fractional Shares 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 Members and may vest any such specific assets in trustees in such manner as may seem expedient to the Directors.

39.5 Except as otherwise provided by the rights attached to any Shares, Dividends and other distributions may
be paid in any currency. The Directors may determine the basis of conversion for any currency conversions that may be required and how
any costs involved are to be met.

39.6 The Directors may, before resolving to pay any Dividend or other distribution, set aside such sums as
they think proper as a reserve or reserves which shall, at the discretion of the Directors, be applicable for any purpose of the Company
and pending such application may, at the discretion of the Directors, be employed in the business of the Company.

39.7 Any Dividend, other distribution, interest or other monies payable in cash in respect of Shares may be
paid by wire transfer to the holder or by cheque or warrant sent through the post directed to the registered address of the holder or,
in the case of joint holders, to the registered address of the holder who is first named on the Register of Members or to such person
and to such address as such holder or joint holders may in writing direct. Every such cheque or warrant shall be made payable to the order
of the person to whom it is sent. Any one of two or more joint holders may give effectual receipts for any Dividends, other distributions,
bonuses, or other monies payable in respect of the Share held by them as joint holders.

39.8 No Dividend or other distribution shall bear interest against the Company.

39.9 Any Dividend or other distribution which cannot be paid to
a Member and/or which remains unclaimed after six months from the date on which such Dividend or other distribution becomes payable may,
in the discretion of the Directors, be paid into a separate account in the Company's name, provided that the Company shall not be constituted
as a trustee in respect of that account and the Dividend or other distribution shall remain as a debt due to the Member. Any Dividend
or other distribution which remains unclaimed after a period of six years from the date on which such Dividend or other distribution
becomes payable shall be forfeited and shall revert to the Company.

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40 Capitalisation

The Directors may at any time capitalise any sum standing to the credit of any of the Company's reserve accounts or funds (including the share premium account and capital redemption reserve fund) or any sum standing to the credit of the profit and loss account or otherwise available for distribution; appropriate such sum to Members in the proportions in which such sum would have been divisible amongst such Members had the same been a distribution of profits by way of Dividend or other distribution; and apply such sum on their behalf in paying up in full unissued Shares for allotment and distribution credited as fully paid-up to and amongst them in the proportion aforesaid. In such event the Directors shall do all acts and things required to give effect to such capitalisation, with full power given to the Directors to make such provisions as they think fit in the case of Shares becoming distributable in fractions (including provisions whereby the benefit of fractional entitlements accrue to the Company rather than to the Members concerned). The Directors may authorise any person to enter on behalf of all of the Members interested into an agreement with the Company providing for such capitalisation and matters incidental or relating thereto and any agreement made under such authority shall be effective and binding on all such Members and the Company.

41 Books of Account

41.1 The Directors shall cause proper books of account (including, where applicable, material underlying documentation
including contracts and invoices) to be kept with respect to all sums of money received and expended by the Company and the matters in
respect of which the receipt or expenditure takes place, all sales and purchases of goods by the Company and the assets and liabilities
of the Company. Such books of account must be retained for a minimum period of five years from the date on which they are prepared. Proper
books shall not be deemed to be kept if there are not kept such books of account as are necessary to give a true and fair view of the
state of the Company's affairs and to explain its transactions.

41.2 The Directors shall determine whether and to what extent and at what times and places and under what
 conditions or regulations the accounts and books of the Company or any of them shall be open to the inspection of Members not being
 Directors and no Member (not being a Director) shall have any right of inspecting any account or book or document of the Company
 except as conferred by Companies Act or authorised by the Directors or by the Company in general meeting.

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41.3 The Directors may cause to be prepared and to be laid before the Company in general meeting profit and
loss accounts, balance sheets, group accounts (if any) and such other reports and accounts as may be required by law.

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| | |
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| 42 | Audit |

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42.1 The Directors may appoint an Auditor of the Company who shall hold office on such terms as the Directors
determine.

42.2 Every Auditor of the Company shall have a right of access at all times to the books and accounts and vouchers
of the Company and shall be entitled to require from the Directors and officers of the Company such information and explanation as may
be necessary for the performance of the duties of the Auditor.

42.3 Auditors shall, if so required by the Directors, make a report on the accounts of the Company during their
tenure of office at the next annual general meeting following their appointment in the case of a company which is registered with the
Registrar of Companies as an ordinary company, and at the next extraordinary general meeting following their appointment in the case of
a company which is registered with the Registrar of Companies as an exempted company, and at any other time during their term of office,
upon request of the Directors or any general meeting of the Members.

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| | |
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| **43** | **Notices** |

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43.1 Notices shall be in writing and may be given by the Company to any Member either personally or by sending
it by courier, post, cable, telex, fax or e-mail to him or to his address as shown in the Register of Members (or where the notice is
given by e-mail by sending it to the e-mail address provided by such Member). Any notice, if posted from one country to another, is to
be sent by airmail.

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43.2 Where a notice is sent by courier, service of the notice shall be deemed to be effected by delivery of
the notice to a courier company, and shall be deemed to have been received on the third day (not including Saturdays or Sundays or public
holidays) following the day on which the notice was delivered to the courier. Where a notice is sent by post, service of the notice shall
be deemed to be effected by properly addressing, pre paying and posting a letter containing the notice, and shall be deemed to have been
received on the fifth day (not including Saturdays or Sundays or public holidays in the Cayman Islands) following the day on which the notice was posted. Where
a notice is sent by cable, telex or fax, service of the notice shall be deemed to be effected by properly addressing and sending such
notice and shall be deemed to have been received on the same day that it was transmitted. Where a notice is given by e-mail service shall
be deemed to be effected by transmitting the e-mail to the e- mail address provided by the intended recipient and shall be deemed to have
been received on the same day that it was sent, and it shall not be necessary for the receipt of the e-mail to be acknowledged by the
recipient.

43.3 A notice may be given by the Company to the person or persons which the Company has been advised are entitled
to a Share or Shares in consequence of the death or bankruptcy of a Member in the same manner as other notices which are required to be
given under the Articles and shall be addressed to them by name, or by the title of representatives of the deceased, or trustee of the
bankrupt, or by any like description at the address supplied for that purpose by the persons claiming to be so entitled, or at the option
of the Company by giving the notice in any manner in which the same might have been given if the death or bankruptcy had not occurred.

43.4 Notice of every general meeting shall be given in any manner authorised by the Articles to every holder
of Shares carrying an entitlement to receive such notice on the record date for such meeting except that in the case of joint holders
the notice shall be sufficient if given to the joint holder first named in the Register of Members and every person upon whom the ownership
of a Share devolves by reason of his being a legal personal representative or a trustee in bankruptcy of a Member where the Member but
for his death or bankruptcy would be entitled to receive notice of the meeting, and no other person shall be entitled to receive notices
of general meetings.

44 Winding Up

44.1 If the Company shall be wound up the liquidator shall apply the assets of the Company in satisfaction
of creditors' claims in such manner and order as such liquidator thinks fit.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.2 If the Company is wound up the Members may, subject to the Articles and any other sanction required by
the Companies Act, pass a Special Resolution allowing the liquidator to do either or both of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to divide in specie among the holders of the Class A Ordinary Shares the whole or any part of the assets
of the Company and, for that purpose, to value any assets and to determine how the division shall be carried out as among the holders
of the Class A Ordinary Shares; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to vest the whole or any part of the assets in trustees for the benefit of the holders of the Class A
Ordinary Shares and those liable to contribute to the winding up.

44.3 No distribution (whether in cash or otherwise) of the Company's assets on a winding up may be made to
a holder of a Class B Ordinary Share.

45 Indemnity and Insurance

45.1 Every Director and officer of the Company (which for the avoidance of doubt, shall not include auditors
of the Company), together with every former Director and former officer of the Company (each an "**Indemnified Person**") shall be indemnified out of the assets of the Company against any liability, action, proceeding, claim, demand,
costs, damages or expenses, including legal expenses, whatsoever which they or any of them may incur as a result of any act or failure
to act in carrying out their functions other than such liability (if any) that they may incur by reason of their own actual fraud or wilful
default. No Indemnified Person shall be liable to the Company for any loss or damage incurred by the Company as a result (whether direct
or indirect) of the carrying out of their functions unless that liability arises through the actual fraud or wilful default of such Indemnified
Person. No person shall be found to have committed actual fraud or wilful default under this Article unless or until a court of competent
jurisdiction shall have made a finding to that effect.

45.2 The Company shall advance to each Indemnified Person reasonable
attorneys' fees and other costs and expenses incurred in connection with the defence of any action, suit, proceeding or investigation
involving such Indemnified Person for which indemnity will or could be sought. In connection with any advance of any expenses hereunder,
the Indemnified Person shall execute an undertaking to repay the advanced amount to the Company if it shall be determined by final judgment
or other final adjudication that such Indemnified Person was not entitled to indemnification pursuant to this Article. If it shall be
determined by a final judgment or other final adjudication that such Indemnified Person was not entitled to indemnification with respect
to such judgment, costs or expenses, then such party shall not be indemnified with respect to such judgment, costs or expenses and any
advancement shall be returned to the Company (without interest) by the Indemnified Person.

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45.3 The Directors, on behalf of the Company, may purchase and maintain insurance for the benefit of any Director
or other officer of the Company against any liability which, by virtue of any rule of law, would otherwise attach to such person in respect
of any negligence, default, breach of duty or breach of trust of which such person may be guilty in relation to the Company.

46 Financial Year

Unless the Directors otherwise prescribe, the financial year of the Company shall end on 31st December in each year and, following the year of incorporation, shall begin on 1st January in each year.

47 Transfer by Way of Continuation

If the Company is exempted as defined in the Companies Act, it shall, subject to the provisions of the Companies Act and with the approval of a Special Resolution, have the power to register by way of continuation as a body corporate under the laws of any jurisdiction outside the Cayman Islands and to be deregistered in the Cayman Islands.

48 Mergers and Consolidations

The Company shall, with the approval of a Special Resolution, have the power to merge or consolidate with one or more constituent companies (as defined in the Companies Act), upon such terms as the Directors may determine.

49 Cayman Islands Data Protection

49.1 The Company is a "data controller" for the purposes
of the Data Protection Act, 2017 (as amended) of the Cayman Islands (the **DPA**).
By virtue of subscribing for and holding Shares in the Company, Members provide the Company with certain information (**Personal Data**) that constitutes "personal data" under the DPA. Personal Data includes, without limitation, the following
information relating to a Member and/or any natural person(s) connected with a Member (such as a Member's individual directors, members
and/or beneficial owner(s)): name, residential address, email address, corporate contact information, other contact information, date
of birth, place of birth, passport or other national identifier details, national insurance or social security number, tax identification,
bank account details and information regarding assets, income, employment and source of funds.

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49.2 The Company processes such Personal Data for the purposes of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) performing contractual rights and obligations (including under the constitutional documents of the Company);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) complying with legal or regulatory obligations (including those relating to anti-money laundering and
counter-terrorist financing, preventing and detecting fraud, sanctions, automatic exchange of tax information, requests from governmental,
regulatory, tax and law enforcement authorities, beneficial ownership and maintaining statutory registers); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the legitimate interests pursued by the Company or third parties to whom Personal Data may be transferred,
including to manage and administer the Company, to send updates, information and notices to Members or otherwise correspond with Members
regarding the Company, to seek professional advice, including legal advice, to meet accounting, tax reporting and audit obligations, to
manage risk and operations and to maintain internal records.

49.3 The Company transfers Personal Data to certain third parties who process the Personal Data on the Company's
behalf, including third party service providers that it appoints or engages to assist with the Company's management, operation, administration
and legal, governance and regulatory compliance. In certain circumstances, the Company may be required by law or regulation to transfer
Personal Data and other information with respect to one or more Member(s) to governmental, regulatory, tax and law enforcement authorities.
They may, in turn, exchange this information with other governmental, regulatory, tax and law enforcement authorities (including in jurisdictions
other than the Cayman Islands).

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## Exhibit 3.4

**Exhibit 3.4**

**THE COMPANIES ACT (AS REVISED)**

**OF THE CAYMAN ISLANDS**

**COMPANY LIMITED BY SHARES**

**AMENDED AND RESTATED<br> MEMORANDUM OF ASSOCIATION**

**OF**

**Agencia Comercial Spirits Ltd**

(adopted by a Special Resolution passed on [●] and effective immediately prior to the completion of the initial public offering of the Company's Class A Ordinary Shares)

1. The name of the Company is Agencia Comercial Spirits Ltd.

2. The Registered Office of the Company will be situated at the offices of McGrath Tonner Corporate Services
Limited, Genesis Building, 5<sup>th</sup> Floor, Genesis Close, PO Box 446, Cayman Islands, KY1-1106 or at such other location within
the Cayman Islands as the Directors may from time to time determine.

3. The objects for which the Company is established are unrestricted and the Company shall have full power
and authority to carry out any object not prohibited by the Companies Act or any other law of the Cayman Islands.

4. 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 the Companies Act.

5. The Company will 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 section 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.

6. The liability of each Shareholder is limited to the amount, if any, unpaid on the Shares held by such
Shareholder.

7. The authorised share capital of the Company is US$50,000 divided into 1,250,000,000 ordinary shares of
par value of US$0.00004 each, comprising (a) 625,000,000 Class A Ordinary Shares of par value of US$0.00004 each and (b) 625,000,000 Class
B Ordinary Shares of par value of US$0.00004 each. Subject to the Companies Act and the Articles, the Company shall have power to redeem
or purchase any of its Shares and to increase or reduce its authorised share capital and to sub-divide or consolidate the said Shares
or any of them and to issue all or any part of its capital whether original, redeemed, increased or reduced with or without any preference,
priority, special privilege or other rights or subject to any postponement of rights or to any conditions or restrictions whatsoever and
so that unless the conditions of issue shall otherwise expressly provide every issue of shares whether stated to be ordinary, preference
or otherwise shall be subject to the powers on the part of the Company hereinbefore provided.

8. The Company has the power contained in the Companies Act to deregister in the Cayman Islands and be registered
by way of continuation in some other jurisdiction.

9. Capitalised terms that are not defined in this Memorandum of Association bear the same meanings as those
given in the Articles of Association of the Company.

**THE COMPANIES ACT (AS REVISED)**

**OF THE CAYMAN ISLANDS**

**COMPANY LIMITED BY SHARES**

**AMENDED AND RESTATED**

**ARTICLES OF ASSOCIATION**

**OF**

**Agencia Comercial Spirits Ltd**

(adopted by a Special Resolution passed on [●] and effective immediately prior to the completion of the initial public offering of the Company's Class A Ordinary Shares)

**TABLE A**

The regulations contained or incorporated in Table A in the First Schedule of the Companies Act shall not apply to the Company and the following Articles shall comprise the Articles of Association of the Company.

1. In these Articles the following defined terms will have the meanings ascribed to them, if not inconsistent
with the subject or context:

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| | |
|:---|:---|
| **"Affiliate"** | means in respect of a Person, any other Person that, directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with, such Person, and (i) in the case of a natural person, shall include, without limitation, such person's spouse, parents, children, siblings, mother-in-law, father-in-law, brothers-in-law and sisters-in-law, whether by blood, marriage or adoption, a trust for the benefit of any of the foregoing, and a corporation, partnership or any other entity wholly or jointly owned by any of the foregoing, and (ii) in the case of an entity, shall include a partnership, a corporation or any other entity or any natural person which directly, or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with, such entity. The term "control" shall mean the ownership, directly or indirectly, of shares possessing more than fifty per cent (50%) of the voting power of the corporation, partnership or other entity (other than, in the case of a corporation, securities having such power only by reason of the happening of a contingency), or having the power to control the management or elect a majority of members to the board of directors or equivalent decision-making body of such corporation, partnership or other entity; |
| **"Articles"** | means these articles of association of the Company, as amended, restated and/or substituted from time to time; |
| **"Board"** and **"Board of Directors"** and **"Directors"** | means the directors of the Company for the time being, or as the case may be, the directors assembled as a board or as a committee thereof; |

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| | |
|:---|:---|
| **"Chairman"** | means the chairman of the Board of Directors; |
| **"Class" or "Classes"** | means any class or classes of Shares as may from time to time be issued by the Company; |
| **"Class A Ordinary Share"** | means an ordinary share of a par value of US$0.00004 in the capital of the Company, designated as a Class A Ordinary Shares and having the rights provided for in these Articles; |
| **"Class B Ordinary Share"** | means an ordinary share of a par value of US$0.00004 in the capital of the Company, designated as a Class B Ordinary Share and having the rights provided for in these Articles; |
| **"Commission"** | means the Securities and Exchange Commission of the United States of America or any other federal agency for the time being administering the Securities Act; |
| **"Communication Facilities"** | means video, video-conferencing, internet or online conferencing applications, telephone or tele-conferencing and/or any other video-communications, internet or online conferencing application or telecommunications facilities by means of which all Persons participating in a meeting are capable of hearing and being heard by each other; |
| **"Company"** | means Agencia Comercial Spirits Ltd, a Cayman Islands exempted company; |
| **"Companies Act"** | means the Companies Act (As Revised) of the Cayman Islands and any statutory amendment or re-enactment thereof; |
| **"Company's Website"** | means the main corporate/investor relations website of the Company, the address or domain name of which has been disclosed in any registration statement filed by the Company with the Commission in connection with its initial public offering of the Class A Ordinary Shares, or which has otherwise been notified to Shareholders; |
| **"Designated Person"** | means [●], the founder of the Company. |
| **"Designated Stock Exchange"** | means the stock exchange in the United States on which any Shares are listed for trading; |
| **"Designated Stock Exchange Rules"** | means the relevant code, rules and regulations, as amended, from time to time, applicable as a result of the original and continued listing of any Shares on the Designated Stock Exchange; |
| **"electronic"** | has the meaning given to it in the Electronic Transactions Act and any amendment thereto or re-enactments thereof for the time being in force and includes every other law incorporated therewith or substituted therefor; |
| **"electronic communication"** | means a communication sent by electronic means, including electronic posting to the Company's Website, transmission to any number, address or internet website (including the website of the Commission) or other electronic delivery methods as otherwise decided and approved by not less than a majority of the vote of the Board; |

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| | |
|:---|:---|
| **"electronic record"** | has the meaning given to it in the Electronic Transactions Act and any amendment thereto or re-enactments thereof for the time being in force and includes every other law incorporated therewith or substituted therefor; |
| **"Electronic Transactions Act"** | means the Electronic Transactions Act (As Revised) of the Cayman Islands and any statutory amendment or re-enactment thereof; |

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| | |
|:---|:---|
| **"Memorandum of Association"** | means the memorandum of association of the Company, as amended or substituted from time to time; |
| **"Ordinary Resolution"** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; means a resolution:<br>(a) passed by a simple majority of the votes cast by such Shareholders as, being entitled to do so, vote in person or, where proxies are allowed, by proxy or, in the case of corporations, by their duly authorised representatives, at a general meeting of the Company held in accordance with these Articles (in computing the majority regard shall be had to the number of votes to which each Shareholder is entitled by these Articles); or<br>(b) approved in writing by all of the Shareholders entitled to vote at a general meeting of the Company in one or more instruments each signed by one or more of the Shareholders and the effective date of the resolution so adopted shall be the date on which the instrument, or the last of such instruments, if more than one, is executed; |

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| | |
|:---|:---|
| **"Ordinary Share"** | means a Class A Ordinary Share or a Class B Ordinary Share; |
| **"paid up"** | means paid up as to the par value in respect of the issue of any Shares and includes credited as paid up; |
| **"Person"** | means any natural person, firm, company, joint venture, partnership, corporation, association or other entity (whether or not having a separate legal personality) or any of them as the context so requires; |
| **"Present"** | means, in respect of any Person, such Person's presence at a general meeting of Shareholders (or any meeting of the holders of any Class of Shares), which may be satisfied by means of such Person or, if a corporation or other non-natural Person, its duly authorised representative (or, in the case of any Shareholder, a proxy which has been validly appointed by such Shareholder in accordance with these Articles), being: (a) physically present at the meeting; or (b) in the case of any meeting at which Communication Facilities are permitted in accordance with these Articles, including any Virtual Meeting, connected by means of the use of such Communication Facilities; |
| **"Register"** | means the register of members of the Company maintained in accordance with the Companies Act; |
| **"Registered Office"** | means the registered office of the Company as required by the Companies Act; |
| **"Seal"** | means the common seal of the Company (if adopted) including any facsimile thereof; |

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| | |
|:---|:---|
| **"Secretary"** | means any Person appointed by the Directors to perform any of the duties of the secretary of the Company; |
| **"Securities Act"** | means the Securities Act of 1933 of the United States of America, as amended, or any similar federal statute and the rules and regulations of the Commission thereunder, all as the same shall be in effect at the time; |
| **"Share"** | means a share in the capital of the Company. All references to "Shares" herein shall be deemed to be Shares of any or all Classes as the context may require. For the avoidance of doubt in these Articles the expression "Share" shall include a fraction of a Share; |
| **"Shareholder"** | means a Person who is registered as the holder of one or more Shares in the Register; |
| **"Share Premium Account"** | means the share premium account established in accordance with these Articles and the Companies Act; |
| **"signed"** | means bearing a signature or representation of a signature affixed by mechanical means or an electronic symbol or process attached to or logically associated with an electronic communication and executed or adopted by a Person with the intent to sign the electronic communication; |
| **"Special Resolution"** | means a special resolution of the Company passed in accordance with the Companies Act, being a resolution: |

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| | |
|:---|:---|
|  | (a) passed by not less than two-thirds of the votes cast by such Shareholders as, being entitled to do so, vote in person or, where proxies are allowed, by proxy or, in the case of corporations, by their duly authorised representatives, at a general meeting of the Company of which notice specifying the intention to propose the resolution as a special resolution has been duly given; or<br>(b) approved in writing by all of the Shareholders entitled to vote at a general meeting of the Company in one or more instruments each signed by one or more of the Shareholders and the effective date of the special resolution so adopted shall be the date on which the instrument or the last of such instruments, if more than one, is executed; |
| **"Treasury Share"** | means a Share held in the name of the Company as a treasury share in accordance with the Companies Act; |
| **"United States"** | means the United States of America, its territories, its possessions and all areas subject to its jurisdiction; and |
| **"Virtual Meeting"** | means any general meeting of the Shareholders (or any meeting of the holders of any Class of Shares) at which the Shareholders (and any other permitted participants of such meeting, including without limitation the chairman of the meeting and any Directors) are permitted to attend and participate solely by means of Communication Facilities. |

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2. In these Articles, save where the context requires otherwise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) words importing the singular number shall include the plural number and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) words importing the masculine gender only shall include the feminine gender and any Person as the context
may require;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the word "may" shall be construed as permissive and the word "shall" shall be
construed as imperative;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) reference to a dollar or dollars (or US$) and to a cent or cents is reference to dollars and cents of
the United States of America;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) reference to a statutory enactment shall include reference to any amendment or re-enactment thereof for
the time being in force;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) reference to any determination by the Directors shall be construed as a determination by the Directors
in their sole and absolute discretion and shall be applicable either generally or in any particular case;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any phrase introduced by the terms "including", "include" or "in particular"
or similar expression shall be construed as illustrative and shall not limit the sense of the words preceding those terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) reference to "in writing" shall be construed as written or represented by any means reproducible
in writing, including any form of print, lithograph, email, facsimile, photograph or telex or represented by any other substitute or format
for storage or transmission for writing including in the form of an electronic record or partly one and partly another;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any requirements as to delivery under the Articles include delivery in the form of an electronic record
or an electronic communication;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any requirements as to execution or signature under the Articles, including the execution of the Articles
themselves, can be satisfied in the form of an electronic signature as defined in the Electronic Transactions Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Sections 8 and 19(3) of the Electronic Transactions Act shall not apply.

3. Subject to the last two preceding Articles, any words defined in the Companies Act shall, if not inconsistent
with the subject or context, bear the same meaning in these Articles.

**PRELIMINARY**

4. The business of the Company may be conducted as the Directors see fit.

5. The Registered Office shall be at such address in the Cayman Islands as the Directors may from time to
time determine. The Company may in addition establish and maintain such other offices and places of business and agencies in such places
as the Directors may from time to time determine.

6. The expenses incurred in the formation of the Company and in connection with the offer for subscription
and issue of Shares shall be paid by the Company. Such expenses may be amortised over such period as the Directors may determine and the
amount so paid shall be charged against income and/or capital in the accounts of the Company as the Directors shall determine.

7. The Directors shall keep, or cause to be kept, the Register at such place as the Directors may from time
to time determine and, in the absence of any such determination, the Register shall be kept at the Registered Office.

**SHARES**

8. Subject to these Articles and where applicable the Designated Stock Exchange Rules, all Shares for the
time being unissued shall be under the control of the Directors who may, in their absolute discretion and without the approval of the
Shareholders, cause the Company to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) issue, allot, or otherwise dispose of Shares (including, without limitation, preferred shares) (whether
in certificated form or non-certificated form) to such Persons, in such manner, at such times and on such terms and having such rights
and being subject to such restrictions as they may from time to time determine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) grant rights over Shares or other securities to be issued in one or more classes or series as they deem
necessary or appropriate and determine the designations, powers, preferences, privileges and other rights attaching to such Shares or
securities, including dividend rights, voting rights, conversion rights, terms of redemption and liquidation preferences, any or all of
which may be greater than the powers, preferences, privileges and rights associated with the then issued and outstanding Shares, at such
times and on such other terms as they think proper; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) grant options with respect to Shares and issue warrants or similar instruments with respect thereto, at
such times and on such terms and having such rights and being subject to such restrictions as they may from time to time determine.

9. The Directors may authorise the division of Shares into any number of Classes and the different Classes
shall be authorised, established and designated (or re-designated as the case may be) and the variations in the relative rights (including,
without limitation, voting, dividend and redemption rights), restrictions, preferences, privileges and payment obligations as between
the different Classes (if any) may be fixed and determined by the Directors or by an Ordinary Resolution. The Directors may issue Shares
with such preferred or other rights, all or any of which may be greater than the rights of Ordinary Shares, at such time and on such terms
as they may think appropriate. Notwithstanding Article 17, the Directors may issue from time to time, out of the authorised share
capital of the Company, series of preferred shares in their absolute discretion and without approval of the Shareholders; provided, however,
before any preferred shares of any such series are issued, the Directors may by resolution of Directors determine, with respect to any
series of preferred shares, the terms and rights of that series, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the designation of such series, the number of preferred shares to constitute such series and the subscription
price thereof if different from the par value thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) whether the preferred shares of such series shall have voting rights, in addition to any voting rights
provided by law, and, if so, the terms of such voting rights, which may be general or limited;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the dividends, if any, payable on such series, whether any such dividends shall be cumulative, and, if
so, from what dates, the conditions and dates upon which such dividends shall be payable, and the preference or relation which such dividends
shall bear to the dividends payable on any shares of any other class or any other series of shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) whether the preferred shares of such series shall be subject to redemption by the Company, and, if so,
the times, prices and other conditions of such redemption;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) whether the preferred shares of such series shall have any rights to receive any part of the assets available
for distribution amongst the Shareholders upon the liquidation of the Company, and, if so, the terms of such liquidation preference, and
the relation which such liquidation preference shall bear to the entitlements of the holders of shares of any other class or any other
series of shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) whether the preferred shares of such series shall be subject to the operation of a retirement or sinking
fund and, if so, the extent to and manner in which any such retirement or sinking fund shall be applied to the purchase or redemption
of the preferred shares of such series for retirement or other corporate purposes and the terms and provisions relative to the operation
thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) whether the preferred shares of such series shall be convertible into, or exchangeable for, shares of
any other class or any other series of preferred shares or any other securities and, if so, the price or prices or the rate or rates of
conversion or exchange and the method, if any, of adjusting the same, and any other terms and conditions of conversion or exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the limitations and restrictions, if any, to be effective while any preferred shares of such series are
outstanding upon the payment of dividends or the making of other distributions on, and upon the purchase, redemption or other acquisition
by the Company of, the existing shares or shares of any other class of shares or any other series of preferred shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the conditions or restrictions, if any, upon the creation of indebtedness of the Company or upon the issue
of any additional shares, including additional shares of such series or of any other class of shares or any other series of preferred
shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any other powers, preferences and relative, participating, optional and other special rights, and any
qualifications, limitations and restrictions thereof; and, for such purposes, the Directors may reserve an appropriate number of Shares
for the time being unissued. The Company shall not issue Shares to bearer.

10. The Company may insofar as may be permitted by law, pay a commission to any Person in consideration of
his subscribing or agreeing to subscribe whether absolutely or conditionally for any Shares. Such commissions may be satisfied by the
payment of cash or the lodgment of fully or partly paid-up Shares or partly in one way and partly in the other. The Company may also pay
such brokerage as may be lawful on any issue of Shares.

11. The Directors may refuse to accept any application for Shares, and may accept any application in whole
or in part, for any reason or for no reason.

**CLASS A ORDINARY SHARES AND CLASS B ORDINARY SHARES**

12. Holders of Class A Ordinary Shares and Class B Ordinary Shares shall at all times vote together
as one class on all resolutions submitted to a vote by the Shareholders. Each Class A Ordinary Share shall entitle the holder thereof
to one (1) vote on all matters subject to vote at general meetings of the Company, and each Class B Ordinary Share shall entitle
the holder thereof to ten (10) votes on all matters subject to vote at general meetings of the Company.

13. Each Class B Ordinary Share is convertible into one (1) Class A Ordinary Share at any time
at the option of the holder thereof. The right to convert shall be exercisable by the holder of the Class B Ordinary Share delivering
a written notice to the Company that such holder elects to convert a specified number of Class B Ordinary Shares into Class A
Ordinary Shares. In no event shall Class A Ordinary Shares be convertible into Class B Ordinary Shares.

14. Any conversion of Class B Ordinary Shares into Class A Ordinary Shares pursuant to these Articles
shall be effected by means of the re-designation of each relevant Class B Ordinary Share as a Class A Ordinary Share. Such conversion
shall become effective (i) in the case of any conversion effected pursuant to Article 13, forthwith upon the receipt by the
Company of the written notice delivered to the Company as described in Article 13 (or at such later date as may be specified in such
notice), or (ii) in the case of any automatic conversion effected pursuant to Article 15, forthwith upon occurrence of the event
specified in Article 15 which triggers such automatic conversion, and the Company shall make entries in the Register to record the
re-designation of the relevant Class B Ordinary Shares as Class A Ordinary Shares.

15. Upon any sale, transfer, assignment or disposition of any Class B Ordinary Share by a Shareholder
to any person who is not the Designated Person or an Affiliate of the Designated Person, or upon a change of ultimate beneficial ownership
of any Class B Ordinary Share to any Person who is not the Designated Person or an Affiliate of the Designated Person, such Class B
Ordinary Share shall be automatically and immediately converted into the same number of Class A Ordinary Share. For the avoidance
of doubt, (i) where a sale, transfer, assignment or disposition involves a change to the legal title to Class B Ordinary Shares,
it shall be effective upon the Company's registration of such sale, transfer, assignment or disposition in its Register, and where
a sale, transfer, assignment or disposition involves a change to the ultimate beneficial ownership or there is otherwise no change to
the legal title to Class B Ordinary Shares, it shall be deemed effective at the time of the change, as determined in good faith by the
Directors in their sole discretion; and (ii) the creation of any pledge, charge, encumbrance or other third party right of whatever
description on any Class B Ordinary Shares to secure a holder's contractual or legal obligations shall not be deemed as a sale,
transfer, assignment or disposition, or a change of ultimate beneficial ownership, 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 relevant 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. For the purposes of this Article 15, beneficial ownership shall have the meaning set forth in Rule 13d-3 under the United
States Securities Exchange Act of 1934, as amended.

16. Save and except for voting rights and conversion rights as set out in Articles 12 to 15 (inclusive), the
Class A Ordinary Shares and the Class B Ordinary Shares shall rank *pari passu* with one another and shall have
the same rights, preferences, privileges and restrictions.

**MODIFICATION OF RIGHTS**

17. Whenever the capital of the 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 materially and adversely varied
with the consent in writing of the holders of two-thirds of the issued Shares of that Class or with the sanction of a Special Resolution
passed at a separate meeting of the holders of the Shares of that Class. To every such separate meeting all the provisions of these Articles
relating to general meetings of the Company or to the proceedings thereat shall, *mutatis mutandis*, apply, except that the
necessary quorum shall be one or more Persons holding or representing by proxy at least one-third in nominal or par value amount of the
issued Shares of the relevant Class (but so that if at any adjourned meeting of such holders a quorum as above defined is not Present,
those Shareholders who are Present shall form a quorum) and that, subject to any rights or restrictions for the time being attached to
the Shares of that Class, every Shareholder of the Class shall have one vote for each Share of the Class held by him. For the
purposes of this Article the Directors may treat all the Classes or any two or more Classes as forming one Class if they consider
that all such Classes would be affected in the same way by the proposals under consideration, but in any other case shall treat them as
separate Classes.

18. The rights conferred upon the holders of the Shares of any Class issued with preferred or other rights
shall not, subject to any rights or restrictions for the time being attached to the Shares of that Class, be deemed to be materially and
adversely varied by, inter alia, the creation, allotment or issue of further Shares ranking *pari passu* with or subsequent
to them or the redemption or purchase of any Shares of any Class by the Company. The rights of the holders of Shares shall not be
deemed to be materially and adversely varied by the creation or issue of Shares with preferred or other rights including, without limitation,
the creation of Shares with enhanced or weighted voting rights.

**CERTIFICATES**

19. A Shareholder may only be entitled to a share certificate if the Directors resolve that share certificates
shall be issued. Share certificates representing Shares, if any, shall be in such form as the Directors may determine. Share certificates
shall be signed by one or more Directors or other person authorised by the Directors. The Directors may authorise certificates to be issued
with the authorised signature(s) affixed by mechanical process. All certificates for Shares shall be numbered or otherwise identified
and shall specify the Shares to which they relate. All certificates surrendered to the Company for transfer shall be cancelled and, subject
to these Articles, no new certificate shall be issued until the former certificate representing a like number of relevant Shares shall
have been surrendered and cancelled.

20. Every share certificate of the Company shall bear such legends as may be required under applicable laws,
including the Securities Act.

21. No certificate shall be issued representing shares of more than one class.

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 Shareholder upon request, subject to delivery up of the old
certificate or (if alleged to have been lost, stolen or destroyed) compliance with such conditions as to evidence and indemnity and the
payment of out-of-pocket expenses of the Company in connection with the request as the Directors may think fit.

23. The Company shall not be bound to issue more than one certificate for Shares held jointly by more than
one person. In the event that Shares are held jointly by several Persons, any request may be made by any one of the joint holders and
if so made shall be binding on all of the joint holders.

**FRACTIONAL SHARES**

24. The Directors may issue fractions of a Share and, if so issued, a fraction of a Share shall be subject
to and carry the corresponding fraction of liabilities (whether with respect to nominal or par value, premium, contributions, calls or
otherwise), limitations, preferences, privileges, qualifications, restrictions, rights (including, without prejudice to the generality
of the foregoing, voting and participation rights) and other attributes of a whole Share. If more than one fraction of a Share of the
same Class is issued to or acquired by the same Shareholder such fractions shall be accumulated.

**LIEN**

25. The Company has a first and paramount lien on every Share (whether or not fully paid) for all amounts
(whether presently payable or not) payable at a fixed time or called in respect of that Share. The Company also has a first and paramount
lien on every Share registered in the name of a Person indebted or under liability to the Company (whether he is the sole registered holder
of a Share or one of two or more joint holders) for all amounts owing by him or his estate to the Company (whether or not presently payable).
The Directors may at any time declare a Share to be wholly or in part exempt from the provisions of this Article. The Company's
lien on a Share extends to any amount payable in respect of it, including but not limited to dividends.

26. The Company may sell, in such manner as the Directors in their absolute discretion think fit, any Share
on which the Company has a lien, but no sale shall be made unless an amount in respect of which the lien exists is presently payable nor
until the expiration of fourteen calendar days after a notice in writing, demanding payment of such part of the amount in respect of which
the lien exists as is presently payable, has been given to the registered holder for the time being of the Share, or the Persons entitled
thereto by reason of his death or bankruptcy.

27. For giving effect to any such sale the Directors may authorise a Person to transfer the Shares sold to
the purchaser thereof. The purchaser shall be registered as the holder of the Shares comprised in any such transfer 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 in reference to the sale.

28. The proceeds of the sale after deduction of expenses, fees and commissions incurred by the Company shall
be received by the Company and applied in payment of such part of the amount in respect of which the lien exists as is presently payable,
and the residue shall (subject to a like lien for sums not presently payable as existed upon the Shares prior to the sale) be paid to
the Person entitled to the Shares immediately prior to the sale.

**CALLS ON SHARES**

29. Subject to the terms of the allotment, the Directors may from time to time make calls upon the Shareholders
in respect of any moneys unpaid on their Shares, and each Shareholder shall (subject to receiving at least fourteen calendar days'
notice specifying the time or times of payment) pay to the Company at the time or times so specified the amount called on such Shares.
A call shall be deemed to have been made at the time when the resolution of the Directors authorising such call was passed.

30. The joint holders of a Share shall be jointly and severally liable to pay calls in respect thereof.

31. 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 upon the sum at the rate of eight percent per annum from the day appointed for
the payment thereof to the time of the actual payment, but the Directors shall be at liberty to waive payment of that interest wholly
or in part.

32. The provisions of these Articles as to the liability of joint holders and as to payment of interest 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 amount of the Share, or by way of premium, as if the same had become payable by virtue of a call duly made and notified.

33. The Directors may make arrangements with respect to the issue of partly paid Shares for a difference between
the Shareholders, or the particular Shares, in the amount of calls to be paid and in the times of payment.

34. The Directors may, if they think fit, receive from any Shareholder willing to advance the same all or
any part of the moneys uncalled and unpaid upon any partly paid Shares held by him, and upon all or any of the moneys so advanced may
(until the same would, but for such advance, become presently payable) pay interest at such rate (not exceeding without the sanction of
an Ordinary Resolution, eight percent per annum) as may be agreed upon between the Shareholder paying the sum in advance and the Directors.
No such sum paid in advance of calls shall entitle the Shareholder paying such sum to any portion of a dividend declared in respect of
any period prior to the date upon which such sum would, but for such payment, become presently payable.

**FORFEITURE OF SHARES**

35. If a Shareholder fails to pay any call or instalment of a call in respect of partly paid Shares on the
day appointed for payment, the Directors may, at any time thereafter during such time as any part of such call or instalment remains unpaid,
serve a notice on him requiring payment of so much of the call or instalment as is unpaid, together with any interest which may have accrued.

36. The notice shall name a further day (not earlier than the expiration of fourteen calendar days from the
date of the notice) on or before which the payment required by the notice is to be made, and shall state that in the event of non-payment
at or before the time appointed, the Shares in respect of which the call was made will be liable to be forfeited.

37. If the requirements of any such notice as aforesaid are not complied with, any Share in respect of which
the notice has been given may at any time thereafter, before the payment required by notice has been made, be forfeited by a resolution
of the Directors to that effect.

38. A forfeited Share may be sold or otherwise disposed of on such terms and in such manner as the Directors
think fit, and at any time before a sale or disposition the forfeiture may be cancelled on such terms as the Directors think fit.

39. A Person whose Shares have been forfeited shall cease to be a Shareholder in respect of the forfeited
Shares, but shall, notwithstanding, remain liable to pay to the Company all moneys which at the date of forfeiture were payable by him
to the Company in respect of the Shares forfeited, but his liability shall cease if and when the Company receives payment in full of the
amount unpaid on the Shares forfeited.

40. A certificate in writing under the hand of a Director that a Share has been duly forfeited on a date stated
in the certificate shall be conclusive evidence of the facts in the declaration as against all Persons claiming to be entitled to the
Share.

41. The Company may receive the consideration, if any, given for a Share on any sale or disposition thereof
pursuant to the provisions of these Articles as to forfeiture and may execute a transfer of the Share in favour of the Person to whom
the Share is sold or disposed of and that Person shall be registered as the holder of the Share and shall not be bound to see to the application
of the purchase money, if any, nor shall his title to the Shares be affected by any irregularity or invalidity in the proceedings in reference
to the disposition or sale.

42. 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 due and payable, whether on account of the amount of the Share, or by way of premium, as if the
same had been payable by virtue of a call duly made and notified.

**TRANSFER OF SHARES**

43. The instrument of transfer of any Share shall be in writing and in any usual or common form or such other
form as the Directors may, in their absolute discretion, approve and be executed by or on behalf of the transferor and if in respect of
a nil or partly paid up Share, or if so required by the Directors, shall also be executed on behalf of the transferee and shall be accompanied
by the certificate (if any) of the Shares to which it relates and such other evidence as the Directors may reasonably require to show
the right of the transferor to make the transfer. The transferor shall be deemed to remain a Shareholder until the name of the transferee
is entered in the Register in respect of the relevant Shares. Subject to these Articles, any Shareholder 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;(a) The Directors may in their absolute discretion decline to register any transfer of Shares which is not
fully paid up or on which the Company has a lien.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Directors may also decline to register any transfer of any Share unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the instrument of transfer is lodged with the Company, accompanied by the certificate for the Shares to
which it relates and such other evidence as the Board may reasonably require to show the right of the transferor to make the transfer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the instrument of transfer is in respect of only one Class of Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the instrument of transfer is properly stamped, if required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) in the case of a transfer to joint holders, the number of joint holders to whom the Share is to be transferred
does not exceed four; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) a fee of such maximum sum as the Designated Stock Exchange may determine to be payable, or such lesser
sum as the Board of Directors may from time to time require, is paid to the Company in respect thereof.

45. The registration of transfers may, after compliance with any notice required by the Designated Stock Exchange
Rules, be suspended and the Register closed at such times and for such periods as the Directors may, in their absolute discretion, from
time to time determine, provided always that such registration of transfer shall not be suspended nor the Register closed for more than
thirty calendar days in any calendar year.

46. All instruments of transfer that are registered shall be retained by the Company. If the Directors refuse
to register a transfer of any Shares, they shall within two calendar months after the date on which the transfer was lodged with the Company
send notice of the refusal to each of the transferor and the transferee.

**TRANSMISSION OF SHARES**

47. The legal personal representative of a deceased sole holder of a Share shall be the only Person recognised
by the Company as having any title to the Share. In the case of a Share registered in the name of two or more holders, the survivors or
survivor, or the legal personal representatives of the deceased survivor, shall be the only Person recognised by the Company as having
any title to the Share.

48. Any Person becoming entitled to a Share in consequence of the death or bankruptcy of a Shareholder shall,
upon such evidence being produced as may from time to time be required by the Directors, have the right either to be registered as a Shareholder
in respect of the Share or, instead of being registered himself, to make such transfer of the Share as the deceased or bankrupt Person
could have made; but the Directors shall, in either case, have the same right to decline or suspend registration as they would have had
in the case of a transfer of the Share by the deceased or bankrupt Person before the death or bankruptcy.

49. A Person becoming entitled to a Share by reason of the death or bankruptcy of a Shareholder shall be entitled
to the same dividends and other advantages to which he would be entitled if he were the registered Shareholder, except that he shall not,
before being registered as a Shareholder in respect of the Share, be entitled in respect of it to exercise any right conferred by membership
in relation to meetings of the Company, provided however, that the Directors may at any time give notice requiring any such Person to
elect either to be registered himself or to transfer the Share, and if the notice is not complied with within ninety calendar days, the
Directors may thereafter withhold payment of all dividends, bonuses or other monies payable in respect of the Share until the requirements
of the notice have been complied with.

**REGISTRATION OF EMPOWERING INSTRUMENTS**

50. The Company shall be entitled to charge a fee not exceeding one dollar (US$1.00) on the registration of
every probate, letters of administration, certificate of death or marriage, power of attorney, notice in lieu of distringas, or other
instrument.

**ALTERATION OF SHARE CAPITAL**

51. The Company may from time to time by Ordinary Resolution increase the share capital by such sum, to be
divided into Shares of such Classes and amount, as the resolution shall prescribe and with such rights, priorities and privileges annexed
thereto, as the Company in general meeting may determine.

52. The Company may by Ordinary Resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) increase its share capital by new Shares of such amount as it thinks appropriate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) consolidate and divide all or any of its share capital into Shares of a larger amount than its existing
Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 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 authorised 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) subdivide its Shares, or any of them, into Shares of an amount smaller than that fixed by the Memorandum,
provided that in the subdivision the proportion between the amount paid and the amount, if any, unpaid on each reduced Share shall be
the same as it was in case of the Share from which the reduced Share is derived; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) cancel any Shares that, 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 share capital by the amount of the Shares so cancelled.

53. All new Shares created in accordance with the provisions of the preceding Article shall be subject to
the same provisions of the Articles with reference to the payment of calls, Liens, transfer, transmission, forfeiture and otherwise as
the Shares in the original share capital. The Board may settle as it considers expedient any difficulty which arises in relation to any
consolidation and division under the preceding Article and in particular but without prejudice to the generality of the foregoing may
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 Shareholders who would have been entitled to the fractions, and for this purpose the Board
may authorise some 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.

54. The Company may by Special Resolution reduce its share capital and any capital redemption reserve in any
manner authorised by the Companies Act.

**REDEMPTION, PURCHASE AND SURRENDER OF SHARES**

55. Subject to the provisions of the Companies Act and these Articles, the Company may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) issue Shares that are to be redeemed or are liable to be redeemed at the option of the Shareholder or
the Company. The redemption of Shares shall be effected in such manner and upon such terms as may be determined, before the issue of such
Shares, by the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) purchase its own Shares (including any redeemable Shares) on such terms and in such manner and terms as
have been approved by the Board, or are otherwise authorised by these Articles; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) make a payment in respect of the redemption or purchase of its own Shares in any manner permitted by the
Companies Act, including out of capital.

56. 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.

57. The holder of the Shares being purchased shall be bound to deliver up to the Company the certificate(s) (if
any) thereof for cancellation and thereupon the Company shall pay to him the purchase or redemption monies or consideration in respect
thereof.

58. The Directors may accept the surrender for no consideration of any fully paid Share.

**TREASURY SHARES**

59. The Directors may, prior to the purchase, redemption or surrender of any Share, determine that such Share
shall be held as a Treasury Share.

60. The Directors may determine to cancel a Treasury Share or transfer a Treasury Share on such terms as they
think proper (including, without limitation, for nil consideration).

**GENERAL MEETINGS**

61. All general meetings other than annual general meetings shall be called extraordinary general meetings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company may (but shall not be obliged to) in each calendar year hold a general meeting as its annual general meeting and shall
specify the meeting as such in the notices calling it. The annual general meeting shall be held at such time and place as may be determined
by the Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At these meetings the report of the Directors (if any) shall be presented.

63. The Chairman or a majority of the Directors (acting by a resolution of the Board) may call general meetings.

**NOTICE OF GENERAL MEETINGS**

64. At least ten (10) clear days' notice shall be given for any general meeting. Every notice shall
be exclusive of the day on which it is given or deemed to be given and of the day for which it is given and shall specify the place, the
day and the hour of the meeting and the general nature of the business and shall be given in the manner hereinafter mentioned or in such
other manner if any as may be prescribed by the Company, provided that a general meeting of the Company shall, whether or not the notice
specified in this Article has been given and whether or not the provisions of these Articles regarding general meetings have been
complied with, be deemed to have been duly convened if it is so agreed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of an annual general meeting, by all the Shareholders (or their proxies) entitled to attend
and vote thereat; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of an extraordinary general meeting, by holders of two-thirds of the Shareholders having a
right to attend and vote at the meeting Present or, in the case of a corporation or other non-natural person, represented by its duly
authorised representative or proxy.

65. The accidental omission to give notice of a meeting to or the non-receipt of a notice of a meeting by
any Shareholder shall not invalidate the proceedings at any meeting.

**PROCEEDINGS AT GENERAL MEETINGS**

66. No business except for the appointment of a chairman for the meeting shall be transacted at any general
meeting unless a quorum of Shareholders is Present at the time when the meeting proceeds to business. Two Shareholders holding Shares
which carry in aggregate (or representing by proxy) not less than one-third of all votes attaching to all Shares in issue and entitled
to vote at such general meeting Present shall be a quorum for all purposes.

67. If within half an hour from the time appointed for the meeting a quorum is not Present, the meeting shall
be dissolved.

68. If the Directors wish to make this facility available for a specific general meeting or all general meetings
of the Company, attendance and participation in any general meeting of the Company may be by means of Communication Facilities. Without
limiting the generality of the foregoing, the Directors may determine that any general meeting may be held as a Virtual Meeting. The
notice of any general meeting at which Communication Facilities will be utilised (including any Virtual Meeting) must disclose the Communication
Facilities that will be used, including the procedures to be followed by any Shareholder or other participant of the meeting who wishes
to utilise such Communication Facilities for the purposes of attending and participating in such meeting, including attending and casting
any vote thereat.

69. The Chairman, if any, shall preside as chairman at every general meeting of the Company. If there is no
such Chairman, or if at any general meeting he is not Present within fifteen minutes after the time appointed for holding the meeting
or is unwilling to act as chairman of the meeting, any Director or Person nominated by the Directors shall preside as chairman of that
meeting, failing which the Shareholders Present shall choose any Person Present to be chairman of that meeting.

70. The chairman of any general meeting shall be entitled to attend and participate at any such general meeting
by means of Communication Facilities, and to act as the chairman of such general meeting, in which event the following provisions shall
apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The chairman of the meeting shall be deemed to be Present at the meeting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Communication Facilities are interrupted or fail for any reason to enable the chairman of the meeting
to hear and be heard by all other Persons participating in the meeting, then the other Directors Present at the meeting shall choose another
Director Present to act as chairman of the meeting for the remainder of the meeting; provided that if no other Director is Present at
the meeting, or if all the Directors Present decline to take the chair, then the meeting shall be automatically adjourned to the same
day in the next week and at such time and place as shall be decided by the Board of Directors.

71. The chairman of any general meeting at which a quorum is Present may with the consent of the meeting (and
shall if so directed by the meeting) adjourn the meeting from time to time and from place to place, but no business shall be transacted
at any adjourned meeting other than the business left unfinished at the meeting from which the adjournment took place. When a meeting,
or adjourned meeting, is adjourned for fourteen calendar days or more, notice of the adjourned meeting shall be given as in the case of
an original meeting. Save as aforesaid it shall not be necessary to give any notice of an adjournment or of the business to be transacted
at an adjourned meeting.

72. The Directors may cancel or postpone any duly convened general meeting at any time prior to such meeting,
except for general meetings requisitioned by the Shareholders in accordance with these Articles, for any reason or for no reason, upon
notice in writing to Shareholders. A postponement may be for a stated period of any length or indefinitely as the Directors may determine.

73. At any general meeting a resolution put to the vote of the meeting shall be decided by poll.

74. The result of the poll shall be deemed to be the resolution of the meeting.

75. All questions submitted to a meeting shall be decided by an Ordinary Resolution except where a greater
majority is required by these Articles or by the Companies Act. In the case of an equality of votes, the chairman of the meeting shall
be entitled to a second or casting vote.

**VOTES OF SHAREHOLDERS**

76. Subject to any rights and restrictions for the time being attached to any Share, every Shareholder Present
in person or represented by its duly authorised representative or proxy shall have one (1) vote for each Class A Ordinary Share
and ten (10) votes for each Class B Ordinary Share of which such Shareholder is the holder.

77. In the case of joint holders the vote of the senior who tenders a vote whether in person or by proxy (or,
if a corporation or other non-natural person, by its duly authorised representative or 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.

78. Shares carrying the right to vote that are held by a Shareholder of unsound mind, or in respect of whom
an order has been made by any court having jurisdiction in lunacy, may be voted by his committee, or other Person in the nature of a committee
appointed by that court, and any such committee or other Person may vote in respect of such Shares by proxy.

79. No Shareholder shall be entitled to vote at any general meeting of the Company unless all calls, if any,
or other sums presently payable by him in respect of Shares carrying the right to vote held by him have been paid.

80. Votes may be given either personally or by proxy.

81. Each Shareholder, other than a recognised clearing house (or its nominee(s)) or depositary (or its nominee(s)),
may only appoint one proxy. The instrument appointing a proxy shall be in writing under the hand of the appointor or of his attorney duly
authorised in writing or, if the appointor is a corporation, either under Seal or under the hand of an officer or attorney duly authorised.
A proxy need not be a Shareholder.

82. An instrument appointing a proxy may be in any usual or common form or such other form as the Directors
may approve.

83. The instrument appointing a proxy shall be deposited at the Registered Office or at such other place as
is specified for that purpose in the notice convening the meeting, or in any instrument of proxy sent out by the Company not less than
48 hours before the time for holding the meeting or adjourned meeting at which the person named in the instrument proposes to vote, provided
that the Directors may in the notice convening the meeting, or in an instrument of proxy sent out by the Company, direct that the instrument
appointing a proxy may be deposited at such other time (no later than the time for holding the meeting or adjourned meeting) at the Registered
Office or at such other place as is specified for that purpose in the notice convening the meeting, or in any instrument of proxy sent
out by the Company. The chairman of the meeting may in any event at his discretion direct that an instrument of proxy shall be deemed
to have been duly deposited. An instrument of proxy that is not deposited in the manner permitted shall be invalid.

84. A resolution in writing signed by all the Shareholders for the time being entitled to receive notice of
and to attend and vote at general meetings of the Company (or being corporations by their duly authorised representatives) shall be as
valid and effective as if the same had been passed at a general meeting of the Company duly convened and held.

**CORPORATIONS ACTING BY REPRESENTATIVES AT MEETINGS**

85. Any corporation which is a Shareholder or a Director 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 of any meeting of holders of
a Class or of the Directors or of a committee of Directors, and the Person so authorised shall be entitled to exercise the same powers
on behalf of the corporation which he represents as that corporation could exercise if it were an individual Shareholder or Director.

**DEPOSITARY AND CLEARING HOUSES**

86. If a recognised clearing house (or its nominee(s)) or depositary (or its nominee(s)) is a Shareholder
of the Company it may, by resolution of its directors or other governing body or by power of attorney, authorise such Person(s) as
it thinks fit to act as its representative(s) at any general meeting of the Company or of any Class of Shareholders provided
that, if more than one Person is so authorised, the authorisation shall specify the number and Class of Shares in respect of which
each such Person is so authorised. A Person so authorised pursuant to this Article shall be entitled to exercise the same powers
on behalf of the recognised clearing house (or its nominee(s)) or depositary (or its nominee(s)) which he represents as that recognised
clearing house (or its nominee(s)) or depositary (or its nominee(s)) could exercise if it were an individual Shareholder holding the number
and Class of Shares specified in such authorisation, including the right to vote individually.

**DIRECTORS**

87. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless otherwise determined by the Company in general meeting, the number of Directors shall not be less
than two (2) Directors, the exact number of Directors to be determined from time to time by the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Board of Directors shall elect and appoint a Chairman by a majority of the Directors then in office.
The period for which the Chairman will hold office will also be determined by a majority of all of the Directors then in office. The Chairman
shall preside as chairman at every meeting of the Board of Directors. To the extent the Chairman is not present at a meeting of the Board
of Directors within fifteen minutes after the time appointed for holding the same, the attending Directors may choose one of their number
to be the chairman of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company may by Ordinary Resolution appoint any person to be a Director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Board may, by the affirmative vote of a simple majority of the remaining Directors present and voting
at a Board meeting, appoint any person as a Director, to fill a casual vacancy on the Board or as an addition to the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) 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. Any Director whose term of office expires shall be eligible for re-election at a meeting of the Shareholders or re-appointment
by the Board.

88. A Director may be removed from office by an Ordinary Resolution, notwithstanding anything in these Articles
or in any agreement between the Company and such Director (but without prejudice to any claim for damages under such agreement). A vacancy

vote of a simple majority of the remaining Directors present and voting at a Board meeting. The notice of any meeting at which a resolution
to remove a Director shall be proposed or voted upon must contain a statement of the intention to remove that Director and such notice
must be served on that Director not less than ten (10) calendar days before the meeting. Such Director is entitled to attend the
meeting and be heard on the motion for his removal.

89. The Board may, from time to time, and except as required by applicable law or Designated Stock Exchange
Rules, adopt, institute, amend, modify or revoke the corporate governance policies or initiatives of the Company and determine on various
corporate governance related matters of the Company as the Board shall determine by resolution of Directors from time to time.

90. A Director shall not be required to hold any Shares in the Company by way of qualification. A Director
who is not a Shareholder of the Company shall nevertheless be entitled to attend and speak at general meetings.

91. The remuneration of the Directors may be determined by the Directors or by Ordinary Resolution.

92. The Directors shall be entitled to be paid for their travelling, hotel and other expenses properly incurred
by them in going to, attending and returning from meetings of the Directors, or any committee of the Directors, or general meetings of
the Company, or otherwise in connection with the business of the Company, or to receive such fixed allowance in respect thereof as may
be determined by the Directors from time to time, or a combination partly of one such method and partly the other.

**ALTERNATE DIRECTOR OR PROXY**

93. Any Director may in writing appoint another Person to be his alternate and, save to the extent provided
otherwise in the form of appointment, such alternate shall have authority to sign written resolutions on behalf of the appointing Director,
but shall not be required to sign such written resolutions where they have been signed by the appointing director, and to act in such
Director's place at any meeting of the Directors at which the appointing Director is unable to be present. Every such alternate
shall be entitled to attend and vote at meetings of the Directors as a Director when the Director appointing him is not personally present
and where he is a Director to have a separate vote on behalf of the Director he is representing in addition to his own vote. A Director
may at any time in writing revoke the appointment of an alternate appointed by him. Such alternate shall be deemed for all purposes to
be a Director and shall not be deemed to be the agent of the Director appointing him. The remuneration of such alternate shall be payable
out of the remuneration of the Director appointing him and the proportion thereof shall be agreed between them.

94. Any Director may appoint any Person, whether or not a Director, to be the proxy of that Director to attend
and vote on his behalf, in accordance with instructions given by that Director, or in the absence of such instructions at the discretion
of the proxy, at a meeting or meetings of the Directors which that Director is unable to attend personally. The instrument appointing
the proxy shall be in writing under the hand of the appointing Director and shall be in any usual or common form or such other form as
the Directors may approve, and must be lodged with the chairman of the meeting of the Directors at which such proxy is to be used, or
first used, prior to the commencement of the meeting.

**POWERS AND DUTIES OF DIRECTORS**

95. Subject to the Companies Act, these Articles and any resolutions passed in a general meeting, the business
of the Company shall be managed by the Directors, who may pay all expenses incurred in setting up and registering the Company and may
exercise all powers of the Company. No resolution passed by the Company in general meeting shall invalidate any prior act of the Directors
that would have been valid if that resolution had not been passed.

96. Subject to these Articles, the Directors may from time to time appoint any natural person or corporation,
whether or not a Director to hold such office in the Company as the Directors may think necessary for the administration of the Company,
including but not limited to, chief executive officer, one or more other executive officers, president, one or more vice presidents, treasurer,
assistant treasurer, manager or controller, and for such term and at such remuneration (whether by way of salary or commission or participation
in profits or partly in one way and partly in another), and with such powers and duties as the Directors may think fit. Any natural person
or corporation so appointed by the Directors may be removed by the Directors. The Directors may also appoint one or more of their number
to the office of managing director upon like terms, but any such appointment shall ipso facto terminate if any managing director ceases
for any cause to be a Director, or if the Company by Ordinary Resolution resolves that his tenure of office be terminated.

97. The Directors may appoint any natural person or corporation to be a Secretary (and if need be an assistant
Secretary or assistant Secretaries) who shall hold office for such term, at such remuneration and upon such conditions and with such powers
as they think fit. Any Secretary or assistant Secretary so appointed by the Directors may be removed by the Directors or by the Company
by Ordinary Resolution.

98. The Directors may delegate any of their powers to committees consisting of such member or members of their
body as they think fit; any committee so formed shall in the exercise of the powers so delegated conform to any regulations that may be
imposed on it by the Directors.

99. The Directors may from time to time and at any time by power of attorney (whether under Seal or under
hand) or otherwise appoint any company, firm or Person or body of Persons, whether nominated directly or indirectly by the Directors,
to be the attorney or attorneys or authorised signatory (any such Person being an "Attorney" or "Authorised Signatory",
respectively) of the Company for such purposes and with such powers, authorities and discretion (not exceeding those vested in or exercisable
by the Directors under these Articles) and for such period and subject to such conditions as they may think fit, and any such power of
attorney or other appointment may contain such provisions for the protection and convenience of Persons dealing with any such Attorney
or Authorised Signatory as the Directors may think fit, and may also authorise any such Attorney or Authorised Signatory to delegate all
or any of the powers, authorities and discretion vested in him.

100. The Directors may from time to time provide for the management of the affairs of the Company in such manner
as they shall think fit and the provisions contained in the three next following Articles shall not limit the general powers conferred
by this Article.

101. The Directors from time to time and at any time may establish any committees, local boards or agencies
for managing any of the affairs of the Company and may appoint any natural person or corporation to be a member of such committees or
local boards and may appoint any managers or agents of the Company and may fix the remuneration of any such natural person or corporation.

102. The Directors from time to time and at any time may delegate to any such committee, local board, manager
or agent any of the powers, authorities and discretions for the time being vested in the Directors and may authorise the members for the
time being of any such local board, or any of them to fill any vacancies therein and to act notwithstanding vacancies and any such appointment
or delegation may be made on such terms and subject to such conditions as the Directors may think fit and the Directors may at any time
remove any natural person or corporation so appointed and may annul or vary any such delegation, but no Person dealing in good faith and
without notice of any such annulment or variation shall be affected thereby.

103. Any such delegates as aforesaid may be authorised by the Directors to sub-delegate all or any of the powers,
authorities, and discretion for the time being vested in them.

**BORROWING POWERS OF DIRECTORS**

104. The Directors may from time to time at their discretion exercise all the powers of the Company to raise
or borrow money and to mortgage or charge its undertaking, property and assets (present and future) and uncalled capital or any part thereof,
to issue debentures, debenture stock, bonds and other securities, whether outright or as collateral security for any debt, liability or
obligation of the Company or of any third party.

**THE SEAL**

105. The Seal shall not be affixed to any instrument except by the authority of a resolution of the Directors
provided always that such authority may be given prior to or after the affixing of the Seal and if given after may be in general form
confirming a number of affixing of the Seal. The Seal shall be affixed in the presence of a Director or a Secretary (or an assistant Secretary)
or in the presence of any one or more Persons as the Directors may appoint for the purpose and every Person as aforesaid shall sign every
instrument to which the Seal is so affixed in their presence.

106. The Company may maintain a facsimile of the Seal in such countries or places as the Directors may appoint
and such facsimile Seal shall not be affixed to any instrument except by the authority of a resolution of the Directors provided always
that such authority may be given prior to or after the affixing of such facsimile Seal and if given after may be in general form confirming
a number of affixing of such facsimile Seal. The facsimile Seal shall be affixed in the presence of such Person or Persons as the Directors
shall for this purpose appoint and such Person or Persons as aforesaid shall sign every instrument to which the facsimile Seal is so affixed
in their presence and such affixing of the facsimile Seal and signing as aforesaid shall have the same meaning and effect as if the Seal
had been affixed in the presence of and the instrument signed by a Director or a Secretary (or an assistant Secretary) or in the presence
of any one or more Persons as the Directors may appoint for the purpose.

107. Notwithstanding the foregoing, a Secretary or any assistant Secretary shall have the authority to affix
the Seal, or the facsimile Seal, to any instrument for the purposes of attesting authenticity of the matter contained therein but which
does not create any obligation binding on the Company.

**DISQUALIFICATION OF DIRECTORS**

108. The office of Director shall be vacated, if the Director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) becomes bankrupt or makes any arrangement or composition with his creditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) dies or is found to be or becomes of unsound mind;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) resigns his office by notice in writing to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) 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;(e) is prohibited by law from being a director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) is removed from office pursuant to any other provision of these Articles.

**PROCEEDINGS OF DIRECTORS**

109. The Directors may meet together (either within or outside the Cayman Islands) for the despatch of business,
adjourn, and otherwise regulate their meetings and proceedings as they think fit. Questions arising at any meeting shall be decided by
a majority of votes. At any meeting of the Directors, each Director present in person or represented by his proxy or alternate shall be
entitled to one vote. In case of an equality of votes the chairman of the meeting shall have a second or casting vote. A Director may,
and a Secretary or assistant Secretary on the requisition of a Director shall, at any time summon a meeting of the Directors.

110. A Director may participate in any meeting of the Directors, or of any committee appointed by the Directors
of which such Director is a member, by means of telephone or similar communication equipment by way of which all Persons participating
in such meeting can communicate with each other and such participation shall be deemed to constitute presence in person at the meeting.

111. The quorum necessary for the transaction of the business of the Board may be fixed by the Directors, and
unless so fixed the presence of two (2) Directors then in office shall constitute a quorum. A Director represented by proxy or by an alternate
Director at any meeting shall be deemed to be present for the purposes of determining whether or not a quorum is present.

112. A Director who is in any way, whether directly or indirectly, interested in a contract or transaction
or proposed contract or transaction with the Company shall declare the nature of his interest at a meeting of the Directors. A general
notice given to the Directors by any Director to the effect that he is a member of any specified company or firm and is to be regarded
as interested in any contract or transaction which may thereafter be made with that company or firm shall be deemed a sufficient declaration
of interest in regard to any contract so made or transaction so consummated. Subject to the Designated Stock Exchange Rules and disqualification
by the chairman of the relevant Board meeting, a Director may vote in respect of any contract or transaction or proposed contract or transaction
notwithstanding that he may be interested therein and if he does so his vote shall be counted and he may be counted in the quorum at any
meeting of the Directors at which any such contract or transaction or proposed contract or transaction shall come before the meeting for
consideration.

113. A Director may hold any other office or place of profit under the Company (other than the office of auditor)
in conjunction with his office of Director for such period and on such terms (as to remuneration and otherwise) as the Directors may determine
and no Director or intending Director shall be disqualified by his office from contracting with the Company either with regard to his
tenure of any such other office or place of profit or as vendor, purchaser or otherwise, nor shall any such contract or arrangement entered
into by or on behalf of the Company 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 for any profit realised by any such contract or arrangement by
reason of such Director holding that office or of the fiduciary relation thereby established. A Director, notwithstanding his interest,
may be counted in the quorum present at any meeting of the Directors whereat he or any other Director is appointed to hold any such office
or place of profit under the Company or whereat the terms of any such appointment are arranged and he may vote on any such appointment
or arrangement.

114. Any Director may act by himself or through his firm in a professional capacity for the Company, and he
or his firm shall be entitled to remuneration for professional services as if he were not a Director; provided that nothing herein contained
shall authorise a Director or his firm to act as auditor to the Company.

115. The Directors shall cause minutes to be made for the purpose of recording:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all appointments of officers made by the Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the names of the Directors present at each meeting of the Directors and of any committee of the Directors;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all resolutions and proceedings at all meetings of the Company, and of the Directors and of committees
of Directors.

116. When the chairman of a meeting of the Directors signs the minutes of such meeting the same shall be deemed
to have been duly held notwithstanding that all the Directors have not actually come together or that there may have been a technical
defect in the proceedings.

117. A resolution in writing signed by all the Directors or all the members of a committee of Directors entitled
to receive notice of a meeting of Directors or committee of Directors, as the case may be (an alternate Director, subject as provided
otherwise in the terms of appointment of the alternate Director, being entitled to sign such a resolution on behalf of his appointer),
shall be as valid and effectual as if it had been passed at a duly called and constituted meeting of Directors or committee of Directors,
as the case may be. When signed a resolution may consist of several documents each signed by one or more of the Directors or his duly
appointed alternate.

118. The continuing Directors may act notwithstanding any vacancy in their body but if and for so long as their
number is reduced below the number fixed by or pursuant to these Articles as the necessary quorum of Directors, the continuing Directors
may act for the purpose of increasing the number, or of summoning a general meeting of the Company, but for no other purpose.

119. Subject to any regulations imposed on it by the Directors, a committee appointed by the Directors may
elect a chairman of its meetings. If no such chairman is elected, or if at any meeting the chairman is not present within fifteen minutes
after the time appointed for holding the meeting, the committee members present may choose one of their number to be chairman of the meeting.

120. A committee appointed by the Directors may meet and adjourn as it thinks proper. Subject to any regulations
imposed on it by the Directors, questions arising at any meeting shall be determined by a majority of votes of the committee members present
and in case of an equality of votes the chairman shall have a second or casting vote.

121. All acts done by any meeting of the Directors or of a committee of Directors, or by any Person acting
as a Director, shall notwithstanding that it be afterwards discovered that there was some defect in the appointment of any such Director
or Person acting as aforesaid, or that they or any of them were disqualified, be as valid as if every such Person had been duly appointed
and was qualified to be a Director.

**PRESUMPTION OF ASSENT**

122. A Director who is present at a meeting of the Board of Directors at which an action on any Company matter
is taken shall be presumed to have assented to the action taken unless his dissent shall be entered in the minutes of the meeting or unless
he shall file his written dissent from such action with the person acting as the chairman or secretary of the meeting before the adjournment
thereof or shall forward such dissent by registered post to such person immediately after the adjournment of the meeting. Such right to
dissent shall not apply to a Director who voted in favour of such action.

**DIVIDENDS**

123. Subject to any rights and restrictions for the time being attached to any Shares, the Directors may from
time to time declare dividends (including interim dividends) and other distributions on Shares in issue and authorise payment of the same
out of the funds of the Company lawfully available therefor.

124. Subject to any rights and restrictions for the time being attached to any Shares, the Company by Ordinary
Resolution may declare dividends, but no dividend shall exceed the amount recommended by the Directors.

125. The Directors may, before recommending or declaring any dividend, set aside out of the funds legally available
for distribution such sums as they think proper as a reserve or reserves which shall, in the absolute discretion of the Directors, be
applicable for meeting contingencies or for equalising dividends or for any other purpose to which those funds may be properly applied,
and pending such application may in the absolute discretion of the Directors, either be employed in the business of the Company or be
invested in such investments (other than Shares of the Company) as the Directors may from time to time think fit.

126. Any dividend payable in cash to the holder of Shares may be paid in any manner determined by the Directors.
If paid by cheque it will be sent by mail addressed to the holder at his address in the Register, or addressed to such person and at such
addresses as the holder may 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.

127. The Directors may determine that a dividend shall be paid wholly or partly by the distribution of specific
assets (which may consist of the shares or securities of any other company) and may settle all questions concerning such distribution.
Without limiting the generality of the foregoing, the Directors may fix the value of such specific assets, may determine that cash payment
shall be made to some Shareholders in lieu of specific assets and may vest any such specific assets in trustees on such terms as the Directors
think fit.

128. Subject to any rights and restrictions for the time being attached to any Shares, all dividends shall
be declared and paid according to the amounts paid up on the Shares, but if and for so long as nothing is paid up on any of the Shares
dividends may be declared and paid according to the par value of the Shares. No amount paid on a Share in advance of calls shall, while
carrying interest, be treated for the purposes of this Article as paid on the Share.

129. If several Persons are registered as joint holders of any Share, any of them may give effective receipts
for any dividend or other moneys payable on or in respect of the Share.

130. No dividend shall bear interest against the Company.

131. Any dividend unclaimed after a period of six calendar years from the date of declaration of such dividend
may be forfeited by the Board of Directors and, if so forfeited, shall revert to the Company.

**ACCOUNTS, AUDIT AND ANNUAL RETURN AND DECLARATION**

132. The books of account relating to the Company's affairs shall be kept in such manner as may be determined
from time to time by the Directors.

133. The books of account shall be kept at the Registered Office, or at such other place or places as the Directors
think fit, and shall always be open to the inspection of the Directors.

134. The Directors may from time to time determine whether and to what extent and at what times and places
and under what conditions or regulations the accounts and books of the Company or any of them shall be open to the inspection of Shareholders
not being Directors, and no Shareholder (not being a Director) shall have any right to inspect any account or book or document of the
Company except as conferred by law or authorised by the Directors, provided that the Shareholders shall receive the annual audited financial
statements of the Company.

135. The accounts relating to the Company's affairs shall be audited in such manner and with such financial
year end as may be determined from time to time by the Directors or failing any determination as aforesaid shall not be audited.

136. The Directors may appoint an auditor of the Company who shall hold office until removed from office by
a resolution of the Directors and may fix his or their remuneration.

137. Every auditor of the Company shall have a right of access at all times to the books and accounts and vouchers
of the Company and shall be entitled to require from the Directors and officers of the Company such information and explanation as may
be necessary for the performance of the duties of the auditors.

138. The auditors shall, if so required by the Directors, make a report on the accounts of the Company during
their tenure of office at the next annual general meeting following their appointment, and at any time during their term of office, upon
request of the Directors or any general meeting of the Shareholders.

139. The Directors in each calendar year shall prepare, or cause to be prepared, an annual return and declaration
setting forth the particulars required by the Companies Act and deliver a copy thereof to the Registrar of Companies in the Cayman Islands.

**CAPITALISATION OF RESERVES**

140. Subject to the Companies Act, the Directors may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) resolve to capitalise an amount standing to the credit of reserves (including a Share Premium Account,
capital redemption reserve and profit and loss account), which is available for distribution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) appropriate the sum resolved to be capitalised to the Shareholders in proportion to the nominal amount
of Shares (whether or not fully paid) held by them respectively and apply that sum on their behalf in or towards:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) paying up the amounts (if any) for the time being unpaid on Shares held by them respectively, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) paying up in full unissued Shares or debentures of a nominal amount equal to that sum,

and allot the Shares or debentures, credited as fully paid, to the Shareholders (or as they may direct) in those proportions, or partly in one way and partly in the other, but the Share Premium Account, the capital redemption reserve and profits which are not available for distribution may, for the purposes of this Article, only be applied in paying up unissued Shares to be allotted to Shareholders credited as fully paid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) make any arrangements they think fit to resolve a difficulty arising in the distribution of a capitalised
reserve and in particular, without limitation, where Shares or debentures become distributable in fractions the Directors may deal with
the fractions as they think fit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) authorise a Person to enter (on behalf of all the Shareholders concerned) into an agreement with the Company
providing for either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the allotment to the Shareholders respectively, credited as fully paid, of Shares or debentures to which
they may be entitled on the capitalisation, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the payment by the Company on behalf of the Shareholders (by the application of their respective proportions
of the reserves resolved to be capitalised) of the amounts or part of the amounts remaining unpaid on their existing Shares,

and any such agreement made under this authority being effective and binding on all those Shareholders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) generally do all acts and things required to give effect to the resolution.

141. Notwithstanding any provisions in these Articles and subject to the Companies Act, the Directors may resolve
to capitalise an amount standing to the credit of reserves (including the share premium account, capital redemption reserve and profit
and loss account) or otherwise available for distribution by applying such sum in paying up in full unissued Shares to be allotted and
issued to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) employees (including Directors) or service providers of the Company or its Affiliates upon exercise or
vesting of any options or awards granted under any share incentive scheme or employee benefit scheme or other arrangement which relates
to such persons that has been adopted or approved by the Directors or the Shareholders; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any trustee of any trust or administrator of any share incentive scheme or employee benefit scheme to
whom shares are to be allotted and issued by the Company in connection with the operation of any share incentive scheme or employee benefit
scheme or other arrangement which relates to such persons that has been adopted or approved by the Directors or Shareholders.

**SHARE PREMIUM ACCOUNT**

142. The Directors shall in accordance with the Companies Act establish a 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.

143. There shall be debited to any Share Premium Account on the redemption or purchase of a Share the difference
between the nominal value of such Share and the redemption or purchase price provided always that at the discretion of the Directors such
sum may be paid out of the profits of the Company or, if permitted by the Companies Act, out of capital.

**NOTICES**

144. Except as otherwise provided in these Articles, any notice or document may be served by the Company or
by the Person entitled to give notice to any Shareholder either personally, or by posting it by airmail or a recognised courier service
in a prepaid letter addressed to such Shareholder at his address as appearing in the Register, or by electronic mail to any electronic
mail address such Shareholder may have specified in writing for the purpose of such service of notices, or by facsimile to any facsimile
number such Shareholder may have specified in writing for the purpose of such service of notices, or by placing it on the Company's
Website should the Directors deem it appropriate. 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 in respect of the joint holding, and notice so given shall be sufficient notice
to all the joint holders.

145. Notices sent from one country to another shall be sent or forwarded by prepaid airmail or a recognised
courier service.

146. Any Shareholder Present at any meeting of the Company shall for all purposes be deemed to have received
due notice of such meeting and, where requisite, of the purposes for which such meeting was convened.

147. Any notice or other document, if served by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) post, shall be deemed to have been served five calendar days after the time when the letter containing
the same is posted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) facsimile, shall be deemed to have been served upon production by the transmitting facsimile machine of
a report confirming transmission of the facsimile in full to the facsimile number of the recipient;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) recognised courier service, shall be deemed to have been served 48 hours after the time when the letter
containing the same is delivered to the courier service; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) electronic means, shall be deemed to have been served immediately (i) upon the time of the transmission
to the electronic mail address supplied by the Shareholder to the Company or (ii) upon the time of its placement on the Company's
Website.

In proving service by post or courier service it shall be sufficient to prove that the letter containing the notice or documents was properly addressed and duly posted or delivered to the courier service.

148. Any notice or document delivered or sent by post to or left at the registered address of any Shareholder
in accordance with the terms of these Articles shall notwithstanding that such Shareholder be then dead or bankrupt, and whether or not
the Company has notice of his death or bankruptcy, be deemed to have been duly served in respect of any Share registered in the name of
such Shareholder as sole or joint holder, unless his name shall at the time of the service of the notice or document have been removed
from the Register as the holder of the Share, and such service shall for all purposes be deemed a sufficient service of such notice or
document on all Persons interested (whether jointly with or as claiming through or under him) in the Share.

149. Notice of every general meeting of the Company shall be given to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all Shareholders holding Shares with the right to receive notice and who have supplied to the Company
an address for the giving of notices to them; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) every Person entitled to a Share in consequence of the death or bankruptcy of a Shareholder, who but for
his death or bankruptcy would be entitled to receive notice of the meeting.

No other Person shall be entitled to receive notices of general meetings.

**INFORMATION**

150. Subject to the relevant laws, rules and regulations applicable to the Company, no Shareholder shall
be entitled to require discovery of any information in respect of any detail of the Company's trading or any information 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 Board would not be in the interests of the Shareholders of the Company to communicate to the public.

151. Subject to due compliance with the relevant laws, rules and regulations applicable to the Company,
the Board shall be entitled to release or disclose any information in its possession, custody or control regarding the Company or its
affairs to any of its Shareholders including, without limitation, information contained in the Register and transfer books of the Company.

**INDEMNITY**

152. Every Director (including for the purposes of this Article any alternate Director appointed pursuant
to the provisions of these Articles), Secretary, assistant Secretary, or other officer for the time being and from time to time of the
Company (but not including the Company's auditors) and the personal representatives of the same (each an "Indemnified Person")
shall be indemnified and secured harmless against all actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred
or sustained by such Indemnified Person, other than by reason of such Indemnified Person's own dishonesty, willful default or fraud,
in or about the conduct of the Company's business or affairs (including as a result of any mistake of judgment) or in the execution
or discharge of his duties, powers, authorities or discretions, including without prejudice to the generality of the foregoing, any costs,
expenses, losses or liabilities incurred by such Indemnified Person in defending (whether successfully or otherwise) any civil proceedings
concerning the Company or its affairs in any court whether in the Cayman Islands or elsewhere. To the extent permissible under applicable
laws, the Shareholders waive any claim or right of action that they may have, both individually and on the Company's behalf, against
any Director in relation to any action or failure to take action by such Director in the performance of his or her duties with or for
the Company, except in respect of any dishonesty, willful default or fraud of such Director.

153. No Indemnified Person shall be liable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for the acts, receipts, neglects, defaults or omissions of any other Director or officer or agent of the
Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for any loss on account of defect of title to any property of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) on account of the insufficiency of any security in or upon which any money of the Company shall be invested;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) for any loss incurred through any bank, broker or other similar Person; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) for any loss occasioned by any negligence, default, breach of duty, breach of trust, error of judgement
or oversight on such Indemnified Person's part; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) for any loss, damage or misfortune whatsoever which may happen in or arise from the execution or discharge
of the duties, powers, authorities, or discretions of such Indemnified Person's office or in relation thereto;

unless the same shall happen through such Indemnified Person's own dishonesty, willful default or fraud.

**FINANCIAL YEAR**

154. Unless the Directors otherwise prescribe, the financial year of the Company shall end on 31 December in
each calendar year and shall begin on 1 January in each calendar year.

**NON-RECOGNITION OF TRUSTS**

155. No Person shall be recognised by the Company as holding any Share upon any trust and the Company shall
not, unless required by law, be bound by or be compelled in any way to recognise (even when having notice thereof) any equitable, contingent,
future or partial interest in any Share or (except only as otherwise provided by these Articles or as the Companies Act requires) any
other right in respect of any Share except an absolute right to the entirety thereof in each Shareholder registered in the Register.

**WINDING UP**

156. If the Company shall be wound up the liquidator may, with the sanction of a Special Resolution of the
Company and any other sanction required by the Companies Act, divide amongst the Shareholders in species 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 that purpose value any assets
and determine how the division shall be carried out as between the Shareholders or different classes of Shareholders. The liquidator may,
with the like sanction, vest the whole or any part of such assets in trustees upon such trusts for the benefit of the Shareholders as
the liquidator, with the like sanction, shall think fit, but so that no Shareholder shall be compelled to accept any asset upon which
there is a liability.

157. If the Company shall be wound up, and the assets available for distribution amongst the Shareholders shall
be insufficient to repay the whole of the share capital, such assets shall be distributed so that, as nearly as may be, the losses shall
be borne by the Shareholders in proportion to the par value of the Shares held by them. If in a winding up the assets available for distribution
amongst the 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 amongst the 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 the Company
for unpaid calls or otherwise. This Article is without prejudice to the rights of the holders of Shares issued upon special terms
and conditions.

**AMENDMENT OF ARTICLES OF ASSOCIATION**

158. Subject to the Companies Act, the Company may at any time and from time to time by Special Resolution
alter or amend these Articles in whole or in part.

**CLOSING OF REGISTER OR FIXING RECORD DATE**

159. For the purpose of determining those Shareholders that are entitled to receive notice of, attend or vote
at any meeting of Shareholders or any adjournment thereof, or those Shareholders that are entitled to receive payment of any dividend,
or in order to make a determination as to who is a Shareholder for any other purpose, the Directors may provide that the Register shall
be closed for transfers for a stated period which shall not exceed in any case thirty calendar days in any calendar year.

160. In lieu of or apart from closing the Register, the Directors may fix in advance a date as the record date
for any such determination of those Shareholders that are entitled to receive notice of, attend or vote at a meeting of the Shareholders
and for the purpose of determining those Shareholders that are entitled to receive payment of any dividend the Directors may, at or within
ninety calendar days prior to the date of declaration of such dividend, fix a subsequent date as the record date for such determination.

161. If the Register is not so closed and no record date is fixed for the determination of those Shareholders
entitled to receive notice of, attend or vote at a meeting of Shareholders or those Shareholders that are entitled to receive payment
of a dividend, the date on which notice of the meeting is posted or the date on which the resolution of the Directors declaring such dividend
is adopted, as the case may be, shall be the record date for such determination of Shareholders. When a determination of those Shareholders
that are entitled to receive notice of, attend or vote at a meeting of Shareholders has been made as provided in this Article, such determination
shall apply to any adjournment thereof.

**REGISTRATION BY WAY OF CONTINUATION**

162. The Company may by Special Resolution resolve to be registered by way of continuation in a jurisdiction
outside the Cayman Islands or such other jurisdiction in which it is for the time being incorporated, registered or existing. In furtherance
of a resolution adopted pursuant to this Article, the Directors may cause an application to be made to the Registrar of Companies to deregister
the Company in the Cayman Islands or such other jurisdiction in which it is for the time being incorporated, registered or existing and
may cause all such further steps as they consider appropriate to be taken to effect the transfer by way of continuation of the Company.

**DISCLOSURE**

163. The Directors, or any service providers (including the officers, the Secretary and the registered office
provider of the Company) specifically authorised by the Directors, shall be entitled to disclose to any regulatory or judicial authority
any information regarding the affairs of the Company including without limitation information contained in the Register and books of the
Company.

## Exhibit 4.1

**Exhibit 4.1**

![](ex4-1_001.jpg)

## Exhibit 5.1

**Exhibit 5.1**

Harney Westwood & Riegels 3501 The Center 99 Queen's Road Central Hong Kong Tel: +852 5806 7800 Fax: +852 5806 7810

[date]

**DRAFT**

raymond.ng@harneys.com

+852 5806 7883

065990-0001-RLN

Agencia Comercial Spirits Ltd

Genesis Building, 5<sup>th</sup> Floor

Genesis Close, PO Box 446

Cayman Islands, KY1-1106

Dear Sir or Madam

**Agencia Comercial Spirits Ltd (the *Company*)**

We are attorneys-at-law qualified to practise in the Cayman Islands and have acted as Cayman Islands legal advisers to the Company in connection with the Company's registration statement on Form F-1 (the ***Registration Statement***), including all amendments or supplements thereto, and accompanying prospectus filed with the Securities and Exchange Commission (the ***Commission***) under the United States Securities Act of 1933, as amended (the ***Securities Act***), relating to the public offering of the ordinary shares of the Company (the ***Offering***) of [1,750,000] class A ordinary shares of par value US$0.00004 each, including an option to issue up to aggregate of additional [262,500] class A ordinary shares of par value of US$0.00004 each or 15% of the total number of the total number of class A ordinary shares to be offered by the Company pursuant to the Offering to cover the over-allotment option to be granted to the underwriters (collectively, the ***IPO Shares***).

We are furnishing this opinion as Exhibits 5.1, 8.1 and 23.1 to the Registration Statement.

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

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

---

| | |
|:---|:---|
| The British Virgin Islands is Harneys Hong Kong office's main jurisdiction of practice.<br> Jersey legal services are provided through a referral arrangement with Harneys (Jersey) which is <br> an independently owned and controlled Jersey law firm.<br> Resident Partners: M Chu \| JP Engwirda \| Y Fan \| S Gray \| P Kay \| MW Kwok \| IN Mann<br> R Ng \| ATC Ridgers \| PJ Sephton<br> 613668911.2 | Anguilla \| Bermuda \| British Virgin Islands<br> Cayman Islands \| Cyprus \| Hong Kong \| Jersey<br> London \| Luxembourg \| Shanghai \| Singapore<br> harneys.com |

---

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

---

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

---

---

| | |
|:---|:---|
| 2 | **Authorised Share Capital**. Based on our review of the M&A (as defined in Schedule 1), the authorised share capital of the Company is US$[50,000] divided into [1,250,000,000] shares of par value US$0.00004 each, comprising (1) [625,000,000] class A ordinary shares of par value US$0.00004 each and (ii) [625,000,000] class B ordinary shares of par value US$0.00004 each. |

---

---

| | |
|:---|:---|
| 3 | **Valid Issuance of IPO Shares.** The allotment and issue of the IPO Shares as contemplated by the Registration Statement have been duly authorised and the IPO Shares will, when allotted, issued and fully paid for in accordance with the Registration Statement, and when the names of the shareholders are entered in the register of members of the Company, be validly issued, fully paid and non-assessable. |

---

---

| | |
|:---|:---|
| 4 | **Cayman Islands Law**. The statements under the headings "Taxation – Cayman Islands Taxation", "Enforcement of Civil Liabilities – Cayman Islands", and "Description of Share Capital" in the prospectus forming part of the Registration Statement, to the extent that they constitute statements of Cayman Islands law, are accurate in all material respects as at the date of this opinion and such statements constitute our opinion. |

---

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

In connection with the above opinion, we hereby consent to the filing of this opinion as an exhibit to the Registration Statement and to the reference made to this firm in the Registration Statement under the headings "Enforcement of Civil Liabilities – Cayman Islands", "Taxation – Cayman Islands Taxation" and "Legal Matters" and elsewhere in the prospectus included in the Registration Statement. In giving such consent, we do not thereby admit that we come within the category of persons whose consent is required under section 7 of the Securities Act or the Rules and Regulations of the Commission thereunder.

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

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

---

| |
|:---|
| Yours faithfully |
| **Harney Westwood & Riegels** |

---

**Schedule 1** 

List of Documents Examined

1 A copy of the certificate of incorporation of the Company dated 7 March 2025.

---

| | |
|:---|:---|
| 2 | A copy of the amended and restated memorandum and articles of association of the Company [to be adopted] by a special resolution of the Company [dated [-]] (the ***M&A***). |

---

3 A copy of the register of directors and officers and register of members of the Company provided to us on [-].

---

| | |
|:---|:---|
| 4 | a copy of the written resolutions of the directors of the Company dated [-] (the ***Resolutions***). |

---

5 A copy of the certificate of good standing in respect of the Company issued by the Registrar of Companies dated [-].

---

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

---

7 A copy of the Registration Statement filed with the Commission on [-] 2025.

(1 to 5 above are the ***Corporate Documents***, and 1 to 7 above are the ***Documents***).

**Schedule 2**

Assumptions

---

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

---

---

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

---

---

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

---

---

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

---

---

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

---

---

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

---

**Schedule 3** 

Qualifications

---

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

---

---

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

---

---

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

---

---

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

---

**Annex**

**Director's Certificate**

## Exhibit 5.2

**Exhibit 5.2**

![](ex5-2_001.jpg)

July 28, 2025

**Agencia Comercial Spirits Ltd** <br> Genesis Building, 5<sup>th</sup> Floor <br> Genesis Close, PO Box 446 <br> Cayman Islands, KY1-1106

Dear Sirs or Madams,

KPMG Law Firm ("**us**" or "**we**") are qualified lawyers of Taiwan, the Republic of China ("**Taiwan**") and as such are qualified to issue this opinion ("**Opinion**") on Taiwan Laws, as defined below.

We have acted as the Taiwan counsel to Agencia Comercial Spirits Ltd, a corporation organized under the laws of the Cayman Islands (the "**Company**") in connection with (i) the proposed initial public offering (the "**Offering**") of a certain number of class A ordinary shares (the "**Shares**"), par value US$0.00004 per Share (the "**Ordinary Shares**"), as set forth in the Company's registration statement on Form F-1, including all amendments or supplements thereto (the "**Registration Statement**"), filed by the Company with the Securities and Exchange Commission under the U.S. Securities Act of 1933 (as amended) in relation to the Offering, and (ii) the Company's proposed listing of the Shares on the Nasdaq Capital Market.

We are furnishing this Opinion as Exhibit 5.2 and Exhibit 23.4 to the Registration Statement.

In rendering this Opinion, we have reviewed or examined copies of the Registration Statement and other documents as we have considered necessary or advisable for the purpose of rendering this Opinion, including but not limited to originals or copies of the due diligence documents provided to us by the Company and the Taiwan Company (as defined below) and such other documents, corporate records and certificates issued by the Governmental Agencies (as defined below) (collectively the "**Documents**"). Where certain facts were not independently established and verified by us, we have relied upon certificates or statements issued or made by competent Governmental Agencies or appropriate representatives of the Company or the Taiwan Company.

In rendering this Opinion, we have assumed without independent investigation that (the "**Assumptions**"):

&nbsp;&nbsp;&nbsp;&nbsp;(i) that each of the Documents is legal, valid, binding and enforceable in accordance with their respective governing laws (other than
Taiwan Laws) in any and all respects;

(ii) that the Documents that were presented to us up to the date of this legal Opinion remain in full force and effect on the date of this
Opinion and have not been revoked, amended or supplemented, and no amendments, revisions, supplements, modifications or other
changes have been made, and no revocation or termination has occurred, with respect to any of the Documents after they were submitted
to us for the purposes of this legal Opinion;© 2025 KPMG Law Firm, a Taiwan licensed law firm and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.

&nbsp;&nbsp;&nbsp;&nbsp;(iii) that all Documents submitted to us as originals are authentic and that all Documents submitted to us as
copies conform to their authentic originals;

(iv) that all Documents have been validly authorized, executed and delivered by all of the parties thereto
(other than the Taiwan Company) and such parties to the Documents have full power and authority to enter into, and have duly executed
and delivered such Documents to which it is a party in accordance with the laws of its jurisdiction of organization or incorporation or
the laws to which it/she/he is subject;

(v) that the signatures, seals and chops on the Documents submitted to us are genuine, and each signature
on behalf of a party thereto is that of a person duly authorized by such party to execute the same;

(vi) that each of the parties (other than the Taiwan Company) to the Documents is duly organized and validly
existing under the laws of its jurisdiction of organization and/or incorporation, and has been duly approved and authorized where applicable
by the competent Governmental Agencies of the relevant jurisdiction to carry on its business and to perform its obligations under the
Documents to which it is a party;

(vii) that all factual information provided to us is correct, complete and accurate and that all factual matters
in each of the covenants, representations and warranties in the representation letter or other similar documents are and remain accurate
and true in all respects;

(viii) that the laws of jurisdictions other than the Taiwan which may be applicable to the execution, delivery,
performance or enforcement of the Documents are complied with.

Our Opinion is limited to the Taiwan Laws of general application on the date hereof. We do not purport to be experts on and do not purport to be generally familiar with or qualified to express legal Opinions on any laws other than the laws of the Taiwan and accordingly express no legal Opinion herein on any laws of any jurisdiction other than the Taiwan.

If any evidence comes to light that would indicate any of the Documents or materials referred to is incomplete, inaccurate or defective or if any of the assumptions upon which this Opinion are based prove to be incorrect, we reserve the right to revise any relevant expression or conclusion contained in this Opinion and/or issue a supplementary legal Opinion, interpretation or revision to this Opinion according to further certified facts as of that date.

A. Definitions

In addition to the terms defined in the context of this Opinion, the following capitalized terms used in this Opinion shall have the meanings ascribed to them as follows.

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| | |
|:---|:---|
| **"Governmental Agency"** | means any national, provincial or local governmental, regulatory or administrative authority, agency or commission in the Taiwan, or any court or arbitral body in the Taiwan. |
| **"Taiwan Company"** | means Agencia Comercial Co., Ltd. |
| **"Taiwan Laws"** | means all applicable national, provincial and local laws, regulations, rules, notices, orders, decrees and judicial interpretations of the Taiwan currently in effect and publicly available on the date of this Opinion. |

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| | |
|:---|:---|
| ![](ex5-2_002.jpg) |© 2025 KPMG Law Firm, a Taiwan licensed law firm and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization.<sub>2</sub> |

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B. Opinions

Based on our review of the Documents and subject to the Assumptions and the Qualifications (as defined below), we are of the Opinion that:

&nbsp;&nbsp;&nbsp;&nbsp;1. *<u>Company Organization</u>* . Based on our understanding
of the current Taiwan Laws and to the best of our knowledge after due inquiry, the Taiwan Company is a company limited by shares that
has been duly incorporated, formed or organized, and is validly existing under the Taiwan Laws, and has the requisite corporate power
and authority to own, lease or operate all of its properties and assets and to conduct its business as it is now being conducted.

&nbsp;&nbsp;&nbsp;&nbsp;2. *<u>Capitalization</u>* . All of the issued and outstanding
shares of the Taiwan Company have been duly authorized and validly issued, are fully paid and nonassessable and, to our knowledge, were
not issued in violation of preemptive rights of any past or present shareholder of the Taiwan Company. To our knowledge, the Taiwan Company
have not granted any options, warrants or other rights to purchase shares of, or acquire rights in, the Taiwan Company to any person.

&nbsp;&nbsp;&nbsp;&nbsp;3. *<u>Licenses and Permits</u>* . Based on our understanding
of the current Taiwan Laws and to the best of our knowledge after due inquiry, the Taiwan Company has obtained the licenses, permits
and registrations from the relevant Government Agencies in Taiwan necessary for their respective business operations in the Taiwan as
described in the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;4. *<u>Compliance with Laws and Regulations (excluding tax laws)</u>* . Based on our understanding of the current Taiwan Laws and to the best of our knowledge after due inquiry, the Taiwan Company
are not currently in material non-compliance with the applicable Taiwan Laws; provided however that we do not express or purport to express
any Opinion herewith regarding compliance with tax laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;5. *<u>Legal or Governmental Proceedings or Disputes</u>* .
To the best of our knowledge after due inquiry, the Taiwan Company is not currently implicated in any other legal proceedings or disputes
with any Governmental Agency or third parties in Taiwan.

&nbsp;&nbsp;&nbsp;&nbsp;6. *<u>Immunity</u>* . Based on our understanding of the
current Taiwan Laws and to the best of our knowledge after due inquiry, the Taiwan Company can sue and be sued in their own names in
Taiwan courts, and are not currently entitled at law to any form of legal immunity that would exempt them from legal liability or criminal
prosecution.

&nbsp;&nbsp;&nbsp;&nbsp;7. *<u>Enforceability of Judgments</u>* . Any United States
judgments obtained against the Taiwan Company will be enforced by courts in Taiwan without further review of the merits only if the court
of Taiwan in which enforcement is sought is satisfied with the following:

● the court rendering the judgment has jurisdiction over the subject matter according to the laws of Taiwan;

● if the judgment was rendered by default by the court rendering the judgment, (i) we were duly served within a reasonable period of time within the jurisdiction of such court in accordance with the laws and regulations of such jurisdiction, or (ii) process was served on us with judicial assistance of Taiwan;

● the judgment and the court procedures resulting in the judgment are not contrary to the public order or good morals of Taiwan; and

● judgments of the courts of Taiwan are recognized in the jurisdiction of the court rendering the judgment on a reciprocal basis.

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| | |
|:---|:---|
| ![](ex5-2_002.jpg) |© 2025 KPMG Law Firm, a Taiwan licensed law firm and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization.<sub>3</sub> |

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&nbsp;&nbsp;&nbsp;&nbsp;8. *<u>Bankruptcy, insolvency, or winding-up proceedings</u>* . Based on our understanding of the current
Taiwan Laws and to the best of our knowledge after due inquiry, the Taiwan Company are not currently involved in any bankruptcy, insolvency,
or winding-up proceedings in Taiwan.

&nbsp;&nbsp;&nbsp;&nbsp;9. *<u>Approvals from the Taiwan government in connection with the Offering</u>* . Based on our understanding
of the current Taiwan Laws and to the best of our knowledge after due inquiry, no specific approvals are required from any Governmental
Agency in Taiwan in order for the Company to engage in this Offering.

&nbsp;&nbsp;&nbsp;&nbsp;10. *<u>Taiwan Laws.</u>* The statements
in the Registration Statement, under the sections entitled "Prospectus Summary", "Risk Factors — Risks Related
to our Business and Industry", "Enforcement of Civil Liabilities", "Management's Discussion and Analysis
of Financial Condition and Results of Operations", "Business—Importation and Storage of Whisky", "Business—Regulatory
Matters", "Business—Intellectual Property", "Business—Legal Proceedings", and "Regulation—Taiwan
Regulation", to the extent that they describe or summarize matters of Taiwan Laws, are true and accurate in all material respects,
and fairly present or fairly summarize in all material respects the Taiwan legal and regulatory matters referred to therein.

Our Opinion expressed above is subject to the following qualifications (the "**Qualifications**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Our Opinion is limited to the Taiwan laws of general application
on the date hereof. We have made no investigation of, and do not express or imply any views on, the laws of any jurisdiction other than
the Taiwan. We disclaim any obligation to update this Opinion letter for events occurring or coming to our attention after the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Taiwan Laws referred to herein are laws and regulations
publicly available and currently in force on the date hereof and there is no guarantee that any of such laws and regulations, or the
interpretation or enforcement thereof, will not be changed, amended or revoked in the future with or without retrospective effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Our Opinion is subject to the effects of (i) certain legal
or statutory principles under Taiwan laws affecting the enforceability of contractual rights generally under the concepts of public interest,
social ethics, national security, good faith, fair dealing, and applicable statutes of limitation, (ii) any circumstance in connection
with formulation, execution or performance of any legal documents that would be deemed materially mistaken, clearly unconscionable, fraudulent,
coercionary or concealing illegal intentions with a lawful form, (iii) judicial discretion with respect to the availability of specific
performance, injunctive relief, remedies or defenses, or calculation of damages, and (iv) the discretion of any competent Taiwan legislative,
administrative or judicial bodies in exercising their authority in the Taiwan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This Opinion is issued based on our understanding of the current
Taiwan Laws. For matters not explicitly provided under the current Taiwan Laws, the interpretation, implementation and application of
the specific requirements under Taiwan Laws are subject to the final discretion of competent Taiwan legislative, administrative and judicial
authorities, and there can be no assurance that the Government Agencies will ultimately take a view that is not contrary to our Opinion
stated above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) We may rely, as to matters of fact (but not as to legal conclusions),
to the extent we deem proper, on certificates and confirmations of responsible officers of the Taiwan Company and Taiwan government officials.
We have assumed the genuineness of all signatures, the authenticity of all documents submitted to us as originals, the conformity to
the originals of all documents submitted to us as copies and the authenticity of the originals of all such latter documents. We have
also assumed the accuracy of the factual matters contained in the documents we have examined.

---

| | |
|:---|:---|
| ![](ex5-2_002.jpg) |© 2025 KPMG Law Firm, a Taiwan licensed law firm and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization.<sub>4</sub> |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) As used in this Opinion, the expression "to the best
of our knowledge after due inquiry" or similar language with reference to matters of fact refers to the current actual knowledge
of the attorneys of this firm who have worked on matters for the Company in connection with the Offering and the transactions contemplated
thereby after reasonable investigation and inquiry. We may rely, as to matters of fact (but not as to legal conclusions), to the extent
we deem proper, on certificates and confirmations of responsible officers of the Taiwan Company and Governmental Agencies.

This Opinion is intended to be used in the context which is specifically referred to herein and each paragraph should be looked at as a whole and no part should be extracted and referred to independently.

We hereby consent to the use of this Opinion in, and the filing hereof as an exhibit to, the Registration Statement, and to the reference to our name in such Registration Statement. In giving such consent, we do not thereby admit that we come within the category of persons whose consent is required under Section 7 of the U.S. Securities Act of 1933, as amended, or the regulations promulgated thereunder.

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| |
|:---|
| Yours faithfully, |
| /s/ KPMG LAW FIRM |
| KPMG LAW FIRM |

---

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| | |
|:---|:---|
| ![](ex5-2_002.jpg) |© 2025 KPMG Law Firm, a Taiwan licensed law firm and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization.<sub>5</sub> |

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## Exhibit 10.1

**Exhibit 10.1**

**EMPLOYMENT AGREEMENT**

This EMPLOYMENT AGREEMENT (the "**Agreement**"), is entered into as of [DATE], by and between Agencia Comercial Spirits Ltd, a company incorporated and existing under the laws of Cayman Islands (the "**Company**"), and [ ], an individual (the "**Executive**"). The term "Company" as used herein with respect to all obligations of the Executive hereunder shall be deemed to include the Company and all of its direct or indirect parent companies, subsidiaries, affiliates, or subsidiaries or affiliates of its parent companies (collectively, the "**Group**").

**RECITALS**

The Company desires to employ the Executive and to assure itself of the services of the Executive during the term of Employment (as defined below).

The Executive desires to be employed by the Company during the term of Employment and upon the terms and conditions of this Agreement.

**AGREEMENT**

The parties hereto agree as follows:

1. POSITION

The Executive hereby accepts a position of [ ] of the Company (the "**Employment**").

2. TERM

Subject to the terms and conditions of this Agreement, the initial term of the Employment shall be [ ] years, commencing on [ ] (the "**Effective Date**"), unless terminated earlier pursuant to the terms of this Agreement. Upon expiration of the [ ]-year term, the Employment shall be automatically extended for successive 1-year terms unless either party gives the other party hereto a 1-month prior written notice to terminate the Employment prior to the expiration of the then current term or unless terminated earlier pursuant to the terms of this Agreement.

3. PROBATION

There is no probationary period.

4. DUTIES AND RESPONSIBILITIES

The Executive's duties at the Company will include all jobs assigned by the Company's board of directors (the "**Board**").

The Executive shall devote all of his/her working time, attention and skills to the performance of his/her duties at the Company and shall faithfully and diligently serve the Company in accordance with this Agreement, the Memorandum and Articles of Association of the Company, as may be amended from time to time (the "**Articles of Association**"), and the guidelines, policies and procedures of the Company approved from time to time by the Board.

5. NO BREACH OF CONTRACT

The Executive shall use his/her best efforts to perform his/her duties hereunder. The Executive shall not, without prior consent of the Board, become an employee of any entity other than the Company and any subsidiary or affiliate of the Company, and shall not be concerned or interested in any business or entity that directly or indirectly competes with the Group (any such business or entity, a "**Competitor**"), provided that nothing in this clause shall preclude the Executive from holding shares or other securities of any Competitor that is listed on any securities exchange or recognized securities market anywhere, provided however, that the Executive shall notify the Company in writing prior to his/her obtaining a proposed interest in such shares or securities in a timely manner and with such details and particulars as the Company may reasonably require. The Company shall have the right to require the Executive to resign from any board or similar body which he/she may then serve if the Board reasonably determines, and notifies the Executive in writing that the Executive's service on such board or body interferes with the effective discharge of the Executive's duties and responsibilities to the Company or that any business related to such service is then in competition with any business of the Company or any of its subsidiaries or affiliates.

The Executive hereby represents to the Company that: (i) the execution and delivery of this Agreement by the Executive and the performance by the Executive of the Executive's duties hereunder shall not constitute a breach of, or otherwise contravene, the terms of any other agreement or policy to which the Executive is a party or otherwise bound, except for agreements that are required to be entered into by and between the Executive and any member of the Group pursuant to applicable law of the jurisdiction where the Executive is based, if any; (ii) the Executive has no information (including, without limitation, confidential information and trade secrets) relating to any other person or entity which would prevent, or be violated by, the Executive entering into this Agreement or carrying out his/her duties hereunder; and (iii) the Executive is not bound by any confidentiality, trade secret or similar agreement (other than this) with any other person or entity except for other member(s) of the Group, as the case may be.

6. LOCATION

The Executive will be based in [ ], until both parties hereto agree to change otherwise. The Executive acknowledges that he/she may be required to travel from time to time in the course of performing his/her duties for the Company.

7. COMPENSATION AND BENEFITS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Compensation</u>. The Executive's cash compensation (inclusive of any statutory social welfare
reserves that the Company may be required to set aside for the Executive under applicable law) shall be provided by the Company in a separate
schedule A attached hereto ()"**Schedule A**") or as specified in a separate agreement between the Executive and the Company's
designated subsidiary or affiliated entity, subject to annual review and adjustment by the Company or the compensation committee of the
Board. The cash compensation may be paid by the Company, a subsidiary or affiliated entity or a combination thereof, as designated by
the Company from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Equity Incentives</u>. To the extent the Company adopts and maintains a share incentive plan, the Executive
will be eligible to participate in such plan pursuant to the terms thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Benefits</u>. The Executive is eligible for participation in any standard employee benefit plan of
the Company that currently exists or may be adopted by the Company in the future, including, but not limited to, any retirement plan,
life insurance plan, health insurance plan and travel/holiday plan.

8. TERMINATION OF THE AGREEMENT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>By the Company.</u> The Company may
 terminate the Employment for cause, at any time, without notice or remuneration, if the Executive
 (1) commits any serious or persistent breach or non-observance of the terms and conditions
 of the Employment; (2) is convicted of a criminal offence other than one which, in the opinion
 of the Board, does not affect the Executive's position as an employee of the Company,
 bearing in mind the nature of the Executive's duties and the capacity in which the
 Executive is employed; (3) willfully disobeys a lawful and reasonable order; (4) misconducts
 himself/herself and such conduct is inconsistent with the due and faithful discharge of the
 Executive's material duties hereunder; (5) is guilty of fraud or dishonesty; or (6)
 is habitually neglectful in his/her duties. The Company may terminate the Employment without
 cause at any time with a 1-month prior written notice to the Executive or by payment of 1
 month's salary in lieu of notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>By the Executive.</u> The Executive
 may terminate the Employment at any time with a 1-month prior written notice to the Company.
 In addition, the Executive may resign prior to the expiration of the Agreement if such resignation
 or an alternative arrangement with respect to the Employment is approved by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Notice of Termination.</u> Any termination of the Executive's Employment under this Agreement
shall be communicated by written notice of termination from the terminating party to the other party in accordance with the provisions
of Section 20 below. The notice of termination shall indicate the specific provision(s) of this Agreement relied upon in effecting the
termination.

9. CONFIDENTIALITY AND NONDISCLOSURE

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Confidentiality and Non-disclosure.</u> The Executive hereby agrees at all times during the term of his/her Employment and after
 termination of the Executive's Employment under this Agreement, to hold in the strictest
 confidence, and not to use, except for the benefit of the Group, or to disclose to any person,
 corporation or other entity without written consent of the Company, any Confidential Information.
 The Executive understands that "**Confidential Information**" means any proprietary
 or confidential information of the Group, its affiliates, their clients, customers or partners,
 and the Group's licensors, including, without limitation, technical data, trade secrets,
 research and development information, product plans, services, customer lists and customers
 (including, but not limited to, customers of the Group on whom the Executive called or with
 whom the Executive became acquainted during the term of his/her Employment), supplier lists
 and suppliers, software, developments, inventions, processes, formulas, technology, designs,
 drawings, engineering, hardware configuration information, personnel information, marketing,
 finances, information about the suppliers, joint ventures, licensors, licensees, distributors,
 and other persons with whom the Group does business, information regarding the skills and
 compensation of other employees of the Group or other business information disclosed to the
 Executive by or obtained by the Executive from the Group, its affiliates, or their clients,
 customers, or partners, either directly or indirectly, in writing, orally or by drawings
 or observation of parts or equipment, if specifically indicated to be confidential or reasonably
 expected to be confidential. Notwithstanding the foregoing, Confidential Information shall
 not include information that is generally available and known to the public through no fault
 of the Executive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Company Property</u>. The Executive understands that all documents (including computer records, facsimile
and e- mail) and materials created, received or transmitted in connection with his/her work or using the facilities of the Group are property
of the Group and subject to inspection by the Group, at any time. Upon termination of the Executive's Employment with the Company
(or at any other time when requested by the Company), the Executive will promptly deliver to the Company all documents and materials of
any nature pertaining to his/her work with the Company and will provide prompt written certification of his compliance with this Agreement.
Under no circumstances will the Executive have, following his/her termination, in his/her possession any property of the Group, or any
documents or materials or copies thereof containing any Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Former Employer Information</u>. The Executive agrees that he/she has not and will not, during the
term of his/her employment, (i) improperly use or disclose any proprietary information or trade secrets of any former employer or other
person or entity with which the Executive has an agreement or duty to keep in confidence, or (ii) bring into the premises of the Group
any document or confidential or proprietary information belonging to such former employer, person or entity unless consented to in writing
by such former employer, person or entity. The Executive will indemnify the Group and hold it harmless from and against all claims, liabilities,
damages and expenses, including reasonable attorneys' fees and costs of suit, arising out of or in connection with any violation
of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Third Party Information.</u> The Executive
 recognizes that the Group may have received, and in the future may receive, from third parties
 their confidential or proprietary information subject to a duty on the Group's part
 to maintain the confidentiality of such information and to use it only for certain limited
 purposes. The Executive agrees that the Executive owes the Group and such third parties,
 during the Executive's Employment by the Company and thereafter, a duty to hold all
 such confidential or proprietary information in the strictest confidence and not to disclose
 it to any person or firm and to use it in a manner consistent with, and for the limited purposes
 permitted by, the Group's agreement with such third party.

This Section 9 shall survive the termination of this Agreement for any reason. In the event the Executive breaches this Section 9, the Company shall have right to seek remedies permissible under applicable law.

10. WITHHOLDING TAXES

Notwithstanding anything else herein to the contrary, the Company may withhold (or cause there to be withheld, as the case may be) from any amounts otherwise due or payable under or pursuant to this Agreement such national, provincial, local or any other income, employment, or other taxes as may be required to be withheld pursuant to any applicable law or regulation.

11. NOTIFICATION OF NEW EMPLOYER

In the event that the Executive leaves the employ of the Company, the Executive hereby grants consent to notification by the Company to his/her new employer about his/her rights and obligations under this Agreement.

12. ASSIGNMENT

This Agreement is personal in its nature and neither of the parties hereto shall, without the consent of the other, assign or transfer this Agreement or any rights or obligations hereunder; provided, however, that (i) the Company may assign or transfer this Agreement or any rights or obligations hereunder to any member of the Group without such consent, and (ii) in the event of a merger, consolidation, or transfer or sale of all or substantially all of the assets of the Company with or to any other individual(s) or entity, this Agreement shall, subject to the provisions hereof, be binding upon and inure to the benefit of such successor and such successor shall discharge and perform all the promises, covenants, duties, and obligations of the Company hereunder.

13. SEVERABILITY

If any provision of this Agreement or the application thereof is held invalid, the invalidity shall not affect other provisions or applications of this Agreement which can be given effect without the invalid provisions or applications and to this end the provisions of this Agreement are declared to be severable.

14. ENTIRE AGREEMENT

This Agreement constitutes the entire agreement and understanding between the Executive and the Company regarding the terms of the Employment and supersedes all prior or contemporaneous oral or written agreements concerning such subject matter, other than any such agreement under any employment agreement entered into with a subsidiary of the Company at the request of the Company to the extent such agreement does not conflict with any of the provisions herein. The Executive acknowledges that he/she has not entered into this Agreement in reliance upon any representation, warranty or undertaking which is not set forth in this Agreement.

15. REPRESENTATIONS

The Executive hereby agrees to execute any proper oath or verify any proper document required to carry out the terms of this Agreement. The Executive hereby represents that the Executive's performance of all the terms of this Agreement will not breach any agreement to keep in confidence proprietary information acquired by the Executive in confidence or in trust prior to his/her Employment by the Company. The Executive has not entered into, and hereby agrees that he/she will not enter into, any oral or written agreement in conflict with this Section 15. The Executive represents that the Executive will consult his/her own consultants for tax advice and is not relying on the Company for any tax advice with respect to this Agreement or any provisions hereunder.

16. GOVERNING LAW

This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without regard to principles of conflict of laws.

17. ARBITRATION

Any dispute or controversy arising under or in connection with this Agreement shall be settled exclusively by arbitration, conducted before a panel of three arbitrators in New York, New York, in accordance with the rules of the American Arbitration Association then in effect. Judgment may be entered on the arbitrator's award in any court having jurisdiction. Each party to this agreement agrees that it will not challenge the jurisdiction or venue provisions as provided in this Section 17.

18. AMENDMENT

This Agreement may not be amended, modified or changed (in whole or in part), except by a formal, definitive written agreement expressly referring to this Agreement, which agreement is executed by both of the parties hereto.

19. WAIVER

Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall be effective unless it is in writing and is signed by the party asserted to have granted such waiver.

20. NOTICES

All notices, requests, demands and other communications required or permitted under this Agreement shall be in writing and shall be deemed to have been duly given and made if (i) sent by facsimile or email (provided confirmation of transmission is mechanically or electronically generated and kept on file by the sending party), (ii) delivered by hand, (iii) otherwise delivered against receipt therefor, or (iv) sent by a recognized courier with next-day or second-day delivery to the last known address of the other party.

21. COUNTERPARTS

This Agreement may be executed in any number of counterparts, each of which shall be deemed an original as against any party whose signature appears thereon, and all of which together shall constitute one and the same instrument. This Agreement shall become binding when one or more counterparts hereof, individually or taken together, shall bear the signatures of all of the parties reflected hereon as the signatories. Photographic copies of such signed counterparts may be used in lieu of the originals for any purpose.

22. NO INTERPRETATION AGAINST DRAFTER

Each party recognizes that this Agreement is a legally binding contract and acknowledges that such party has had the opportunity to consult with legal counsel of choice. In any construction of the terms of this Agreement, the same shall not be construed against either party on the basis of that party being the drafter of such terms. The Executive agrees and acknowledges that he/she has read and understands this Agreement, is entering into it freely and voluntarily, and has been advised to seek counsel prior to entering into this Agreement and has had ample opportunity to do so.

*[Remainder of this page has been intentionally left blank.]*

 

 

IN WITNESS WHEREOF, this Agreement has been executed as of the date first written above.

---

| |
|:---|
| **Agencia Comercial Spirits Ltd** |
| By: |
| Name: |
| Title: |
| **Executive** |
| Signature: |
| Name: |

---

*[Signature Page to Employment Agreement]*

 

 

**Schedule A**

Annual compensation is US$[ ].

## Exhibit 10.2

**Exhibit 10.2**

**AGENCIA COMERCIAL SPIRITS LTD**

**No. 65, Ln. 114, Xishi Rd., Xi'an Vil., <br> Fengyuan Dist.<br> Taichung City 42061, Taiwan (R.O.C.)**

**[Date]**

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| | |
|:---|:---|
| **Re:** | **Director Offer Letter** – **[Director Name]** |

---

Dear [Director Name]:

AGENCIA COMERCIAL SPIRITS LTD a Cayman Islands limited liability company (the "**Company**" or "**we**"), is pleased to offer you a position as director of the Company. We believe your background and experience will be a significant asset to the Company and we look forward to your participation as a Director in the Company. Should you choose to accept this position as a member of Board of Director, this letter agreement (the "**Agreement**") shall constitute an agreement between you and the Company and contains all the terms and conditions relating to the services you agree to provide to the Company. Your appointment shall also be subject to the approval of Company's Board of Directors and/or Nomination and Compensation Committees and shall begin upon Company's listing on the Nasdaq Capital Market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. <u>Term</u>.** This Agreement is effective upon Company's listing on the Nasdaq Capital Market for a term of one year. Your term as a Director shall continue subject to the provisions in Section 9 below or until your successor is duly elected and qualified. The position shall be up for re-appointment every year by the board of the Directors of the Company (the "**Board**") and upon re appointment, 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 customary services as Director (hereinafter, your "**Duties**"). During the term of this Agreement, you may attend and participate at each meeting regarding the business and operation issues of the Company as regularly or specially called, via teleconference, video conference or in person. You shall consult with the members of the Board and committee (if any) regularly and as necessary via telephone, electronic mail or other forms of correspondence.

&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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. <u>Com</u>p<u>ensation</u>.** As compensation for your services to the Company, you will receive upon execution of this Agreement a compensation of $[ ] for each calendar year of service under this Agreement on a pro-rated basis, payable on a quarterly basis.

You shall be reimbursed for reasonable expenses incurred by you in connection with the performance of your Duties (including travel expenses for in-person meetings).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. <u>D&O Insurance Polic</u>y.** During the term under this Agreement, the Company shall include you as an insured under its officers and directors insurance policy, if available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. <u>No Assi</u>g<u>nment</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 certain Confidential Information (as defined below) 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;**a. <u>Definition</u>.** For purposes of this Agreement the term "**Confidential Information**" means: (i) any information which the Company possesses that has been created, discovered or developed by or for the Company, and which has or could have commercial value or utility in the business in which the Company is engaged; (ii) any information which is related to the business of the Company and is generally not known by non-Company personnel; and (iii) Confidential Information includes, without limitation, 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;**b. <u>Exclusions</u>.** Notwithstanding the foregoing, the term Confidential Information shall not include: (i) any information which becomes generally available or is readily 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; (ii) information received from a third party in rightful possession of such information who is not restricted from disclosing such information; (iii) information known by you prior to receipt of such information from the Company, which prior knowledge can be documented and (iv) information you are required to disclose pursuant to any applicable law, regulation, judicial or administrative order or decree, or request by other regulatory organization having authority pursuant to the law; provided, however, that you shall first have given prior written notice to the Company and made a reasonable effort to obtain a protective order requiring that the Confidential Information not be disclosed.

&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. <u>Documents</u>.** You agree that, without the express 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 which in any manner contain or constitute Confidential Information, nor will you make reproductions or copies of same. 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 9 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;**d. <u>Confidentialit</u>y.** 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 may be 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 paragraph (d) shall survive termination of this Agreement. Notwithstanding the foregoing, you may disclose Confidential Information to your legal counsel and accounting advisors who have a need to know such information for accounting or tax purposes and who agree to be bound by the provisions of this paragraph (d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**e. <u>Ownershi</u>p.** You agree that the Company shall own all right, title and interest (including patent rights, copyrights, trade secret rights, mask work rights, trademark rights, and all other intellectual and industrial property rights of any sort throughout the world) relating to any and all inventions (whether or not patentable), works of authorship, mask works, designations, designs, know how, ideas and information made or conceived or reduced to practice, in whole or in part, by you during the term of this Agreement and that arise out of your Duties (collectively, **"Inventions")** and you will promptly disclose and provide all Inventions to the Company. You agree to assist the Company, at its expense, to further evidence, record and perfect such assignments, and to perfect, obtain, maintain, enforce, and defend any rights assigned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. <u>Non-Solicitation</u>.** During the term of your appointment, you shall not solicit for employment any employee of the Company with whom you have had contact due to your appointment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. <u>Termination and Resi</u>g<u>nation</u>.** Your services as a Director may be terminated for any or no reason by the determination of the Board. You may also terminate your services as a Director for any or no reason by delivering your written notice of resignation to the Company ("**Resignation**"), and such Resignation shall be effective upon the time specified therein or, if no time is specified, upon receipt of the notice of resignation by the Company. 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 compensation 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. <u>Governin</u>g <u>Law; Arbitration</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 law of the State of New York. All disputes with respect to this Agreement, including the existence, validity, interpretation, performance, breach or termination thereof or any dispute regarding non-contractual obligations arising out of or relating to it shall be referred to and finally resolved by arbitration administered by the American Arbitration Association at its New York office in force when the Notice of Arbitration is submitted. The law of this arbitration clause shall be New York law. The seat of arbitration shall be in New York. The number of arbitrators shall be one. The arbitration proceedings shall be conducted in English.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. <u>Entire A</u>g<u>reement; Amendment; Waiver; Counter</u>p<u>arts</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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12. <u>Indemnification</u>.** The Company shall, to the maximum extent provided under applicable law, indemnify and hold you harmless from and against any expenses, including reasonable attorney's fees, judgments, fines, settlements and other legally permissible amounts ("**Losses**"), incurred in connection with any proceeding arising out of, or related to, your performance of your Duties, other than any such Losses incurred as a result of your gross negligence or willful misconduct. The Company shall advance to you any expenses, including reasonable attorneys' fees and costs of settlement, incurred in defending any such proceeding to the maximum extent permitted by applicable law. Such costs and expenses incurred by you in defense of any such proceeding shall be paid by the Company in advance of the final disposition of such proceeding promptly upon receipt by the Company of (a) written request for payment; (b) appropriate documentation evidencing the incurrence, amount and nature of the costs and expenses for which payment is being sought; and (c) an undertaking adequate under applicable law made by or on your behalf to repay the amounts so advanced if it shall ultimately be determined pursuant to any non-appealable judgment or settlement that you are not entitled to be indemnified by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13. <u>Acknowled</u>g<u>ement</u>.** You accept this Agreement subject to all the terms and provisions of this Agreement. You agree to accept as binding, conclusive, and final all decisions or interpretations of the Board of Directors of the Company of any questions arising under this Agreement.

The Agreement has been executed and delivered by the undersigned and is made effective as of the date set first set forth above.

---

| | |
|:---|:---|
| Sincerely, | Sincerely, |
| **AGENCIA COMERCIAL SPIRITS LTD** | **AGENCIA COMERCIAL SPIRITS LTD** |
| By: |  |
|  | [Name in print] |
|  | [Title] |

---

---

| | |
|:---|:---|
| **AGREED AND ACCEPTED:** | **AGREED AND ACCEPTED:** |
| By: |  |
|  | [Director Name] |

---

## Exhibit 10.3

**Exhibit 10.3**

**INDEMNIFICATION AGREEMENT**

This Indemnification Agreement (this "**Agreement**") is entered into as of [DATE] by and between Agencia Comercial Spirits Ltd, a Cayman Islands company (the "**Company**"), and the undersigned, a director and/or an officer of the Company ("**Indemnitee**"), as applicable.

**RECITALS**

The Board of Directors of the Company (the "**Board of Directors**") has determined that the inability to attract and retain highly competent persons to serve the Company is detrimental to the best interests of the Company and its shareholders and that it is reasonable and necessary for the Company to provide adequate protection to such persons against risks of claims and actions against them arising out of their services to the corporation.

**AGREEMENT**

In consideration of the premises and the covenants contained herein, the Company and Indemnitee do hereby covenant and agree as follows:

A. DEFINITIONS

The following terms shall have the meanings defined below:

***Expenses*** shall include, without limitation, damages, judgments, fines, penalties, settlements and costs, attorneys' fees and disbursements and costs of attachment or similar bond, investigations, and any other expenses paid or incurred in connection with investigating, defending, being a witness in, participating in (including on appeal), or preparing for any of the foregoing in, any Proceeding.

***Indemnifiable Event*** means any event or occurrence that takes place either before or after the execution of this Agreement, related to the fact that Indemnitee is or was a director or an officer of the Company, or is or was serving at the request of the Company as a director or officer of another corporation, partnership, joint venture or other entity, or related to anything done or not done by Indemnitee in any such capacity, including, but not limited to neglect, breach of duty, error, misstatement, misleading statement or omission.

***Participant*** means a person who is a party to, or witness or participant (including on appeal) in, a Proceeding.

***Proceeding*** means any threatened, pending, or completed action, suit, arbitration or proceeding, or any inquiry, hearing or investigation, whether civil, criminal, administrative, investigative or other, including appeal, in which Indemnitee may be or may have been involved as a party or otherwise by reason of an Indemnifiable Event.

B. AGREEMENT TO INDEMNIFY

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>General Agreement</u>. In the event Indemnitee was, is, or becomes a Participant in, or is threatened to be made a Participant in, a Proceeding, the Company shall indemnify Indemnitee from and against any and all Expenses which Indemnitee incurs or becomes obligated to incur in connection with such Proceeding, to the fullest extent permitted by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Indemnification of Expenses of Successful Party</u>. Notwithstanding any other provision of this Agreement, to the extent that Indemnitee has been successful on the merits in defense of any Proceeding or in defense of any claim, issue or matter in such Proceeding, the Company shall indemnify Indemnitee against all Expenses incurred in connection with such Proceeding or such claim, issue or matter, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Partial Indemnification</u>. If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for a portion of Expenses, but not for the total amount of Expenses, the Company shall indemnify Indemnitee for the portion of such Expenses to which Indemnitee is entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>No Employment Rights</u>. Nothing in this Agreement is intended to create in Indemnitee any right to continued employment with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Contribution</u>. If the indemnification provided in this Agreement is unavailable and may not be paid to Indemnitee for any reason other than those set forth in Section B.4, then the Company shall contribute to the amount of Expenses paid in settlement actually and reasonably incurred and paid or payable by Indemnitee in such proportion as is appropriate to reflect (i) the relative benefits received by the Company on the one hand and by Indemnitee on the other hand from the transaction or events from which such Proceeding arose, and (ii) the relative fault of the Company on the one hand and of Indemnitee on the other hand in connection with the events which resulted in such Expenses, as well as any other relevant equitable considerations. The relative fault of the Company on the one hand and of Indemnitee on the other hand shall be determined by reference to, among other things, the parties' relative intent, knowledge, access to information and opportunity to correct or prevent the circumstances resulting in such Expenses, judgments, fines or settlement amounts. The Company agrees that it would not be just and equitable if contribution pursuant to this Section B.5 were determined by pro rata allocation or any other method of allocation which does not take account of the foregoing equitable considerations.

C. INDEMNIFICATION PROCESS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Notice and Cooperation by</u> Indemnitee. Indemnitee shall, as a condition precedent to their right to be indemnified under this Agreement, give the Company notice in writing as soon as practicable of any claim made against Indemnitee for which indemnification will or could be sought under this Agreement, provided that the delay of Indemnitee to give notice hereunder shall not prejudice any of Indemnitee's rights hereunder, unless such delay results in the Company's forfeiture of substantive rights or defenses. Notice to the Company shall be given in accordance with Section F.7 below. If, at the time of receipt of such notice, the Company has directors' and officers' liability insurance policies in effect, the Company shall give prompt notice to its insurers of the Proceeding relating to the notice. The Company shall thereafter take all necessary and desirable actions to cause such insurers to pay, on behalf of Indemnitee, all Expenses payable as a result of such Proceeding. In addition, Indemnitee shall give the Company such information and cooperation as the Company may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2. <u>Indemnification Payment</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Advancement of Expenses.* Indemnitee may submit a written request with reasonable particulars to the Company requesting that the Company advance to Indemnitee all Expenses that may be reasonably incurred in advance by Indemnitee in connection with a Proceeding. The Company shall, within 10 business days of receiving such a written request by Indemnitee, advance all requested Expenses to Indemnitee. Any excess of the advanced Expenses over the actual Expenses will be repaid to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Reimbursement of Expenses.* To the extent Indemnitee has not requested any advanced payment of Expenses from the Company, Indemnitee shall be entitled to receive reimbursement for the Expenses incurred in connection with a Proceeding from the Company immediately after Indemnitee makes a written request to the Company for reimbursement unless the Company refers the indemnification request to the Reviewing Party in compliance with Section C.2(c) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Determination by the Reviewing Party.* If the Company reasonably believes that it is not obligated under this Agreement to indemnify Indemnitee, the Company shall, within 10 days after Indemnitee's written request for an advancement or reimbursement of Expenses, notify Indemnitee that the request for advancement of Expenses or reimbursement of Expenses will be submitted to the Reviewing Party (as hereinafter defined). The Reviewing Party shall make a determination on the request within 30 days after Indemnitee's written request for an advancement or reimbursement of Expenses. Notwithstanding anything foregoing to the contrary, in the event the Reviewing Party informs the Company that Indemnitee is not entitled to indemnification in connection with a Proceeding under this Agreement or applicable law, the Company shall be entitled to be reimbursed by Indemnitee for all the Expenses previously advanced or otherwise paid to Indemnitee in connection with such Proceeding; provided, however, that Indemnitee may bring a suit to enforce their indemnification right in accordance with Section C.3 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Suit to Enforce Rights</u>. Regardless of any action by the Reviewing Party, if Indemnitee has not received full indemnification within 30 days after making a written demand in accordance with Section C.2 above or 50 days if the Company submits a request for advancement or reimbursement to the Reviewing Party under Section C.2(c) above, Indemnitee shall have the right to enforce its indemnification rights under this Agreement by commencing litigation in any court of competent jurisdiction seeking a determination by the court or challenging any determination by the Reviewing Party or any aspect of this Agreement. Any determination by the Reviewing Party not challenged by Indemnitee and any judgment entered by the court shall be binding on the Company and Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Assumption of Defense</u>. In the event the Company is obligated under this Agreement to advance or bear any Expenses for any Proceeding against Indemnitee, the Company shall be entitled to assume the defense of such Proceeding, with counsel approved by Indemnitee, upon delivery to Indemnitee of written notice of its election to do so. After delivery of such notice, approval of such counsel by Indemnitee and the retention of such counsel by the Company, the Company will not be liable to Indemnitee under this Agreement for any fees of counsel subsequently incurred by Indemnitee with respect to the same Proceeding, unless (i) the employment of counsel by Indemnitee has been previously authorized by the Company, (ii) Indemnitee shall have reasonably concluded, based on written advice of counsel, that there may be a conflict of interest of such counsel retained by the Company between the Company and Indemnitee in the conduct of any such defense, or (iii) the Company ceases or terminates the employment of such counsel with respect to the defense of such Proceeding, in any of which events the fees and expenses of Indemnitee's counsel shall be at the expense of the Company. At all times, Indemnitee shall have the right to employ counsel in any Proceeding at Indemnitee's expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Defense to Indemnification</u>, Burden of Proof and Presumptions. It shall be a defense to any action brought by Indemnitee against the Company to enforce this Agreement that it is not permissible under this Agreement or applicable law for the Company to indemnify Indemnitee for the amount claimed. In connection with any such action or any determination by the Reviewing Party or otherwise as to whether Indemnitee is entitled to be indemnified under this Agreement, the burden of proving such a defense or determination shall be on the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>No Settlement without Consent</u>. Neither party to this Agreement shall settle any Proceeding in any manner that would impose any damage, loss, penalty or limitation on Indemnitee without the other party's written consent. Neither the Company nor Indemnitee shall unreasonably withhold its consent to any proposed settlement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Company Participation</u>. Subject to Section B.5, the Company shall not be liable to indemnify Indemnitee under this Agreement with regard to any judicial action if the Company was not given a reasonable and timely opportunity, at its expense, to participate in the defense, conduct and/or settlement of such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8. <u>Reviewing Party</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For purposes of this Agreement, the Reviewing Party with respect to each indemnification request of Indemnitee that is referred by the Company pursuant to Section C.2(c) above shall be (A) the Board of Directors by a majority vote of a quorum consisting of Disinterested Directors (as hereinafter defined), or (B) if a quorum of the Board of Directors consisting of Disinterested Directors is not obtainable or, even if obtainable, said Disinterested Directors so direct, by Independent Counsel in a written opinion to the Board of Directors, a copy of which shall be delivered to Indemnitee. If the Reviewing Party determines that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within 10 days after such determination. Indemnitee shall cooperate with the person, persons or entity making such determination with respect to Indemnitee's entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination. Any Independent Counsel or member of the Board of Directors shall act reasonably and in good faith in making a determination under this Agreement of Indemnitee's entitlement to indemnification. Any reasonable costs or expenses (including reasonable attorneys' fees and disbursements) incurred by Indemnitee in so cooperating with the person, persons or entity making such determination shall be borne by the Company (irrespective of the determination as to Indemnitee's entitlement to indemnification) and the Company hereby indemnifies and agrees to hold Indemnitee harmless therefrom. "**Disinterested Director**" means a director of the Company who is not and was not a party to the Proceeding in respect of which indemnification is sought by Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the determination of entitlement to indemnification is to be made by Independent Counsel, the Independent Counsel shall be selected as provided in this Section C.8(b). The Independent Counsel shall be selected by Indemnitee (unless Indemnitee shall request that such selection be made by the Board of Directors, in which event the proceeding sentence shall apply), and Indemnitee shall give written notice to the Company advising it of the identity of the Independent Counsel so selected. In either event, Indemnitee or the Company, as the case may be, may, within 10 days after such written notice of selection shall have been given, deliver to the Company or to Indemnitee, as the case may be, a written objection to such selection; *provided, however,* that such objection may be asserted only on the ground that the Independent Counsel so selected does not meet the requirements of "**Independent Counsel**" as defined in Section C.8(d) of this Agreement, and the objection shall set forth with particularity the factual basis of such assertion. Absent a proper and timely objection, the person so selected shall act as Independent Counsel. If a written objection is made and substantiated, the Independent Counsel selected may not serve as Independent Counsel unless and until such objection is withdrawn or a court has determined that such objection is without merit. If, within 20 days after submission by Indemnitee of a written request for indemnification, no Independent Counsel shall have been selected and not objected to, either the Company or Indemnitee may petition a court of competent jurisdiction for resolution of any objection which shall have been made by the Company or Indemnitee to the other's selection of Independent Counsel and/or for the appointment as Independent Counsel of a person selected by the court or by such other person as the court shall designate, and the person with respect to whom all objections are so resolved or the person so appointed shall act as Independent Counsel. The Company shall pay any and all reasonable fees and expenses of Independent Counsel incurred by such Independent Counsel in connection with acting under this Agreement, and the Company shall pay all reasonable fees and expenses incident to the procedures of this Section C.8(b), regardless of the manner in which such Independent Counsel was selected or appointed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In making a determination with respect to entitlement to indemnification hereunder, the Reviewing Party shall presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance with this Agreement, and the Company shall have the burden of proof to overcome that presumption in connection with the making by any person, persons or entity of any determination contrary to that presumption. The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement (with or without court approval), conviction, or upon a plea of *nolo contendere* or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and in a manner which Indemnitee reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding, that Indemnitee had reasonable cause to believe that Indemnitee's conduct was unlawful. For purposes of any determination of good faith, Indemnitee shall be deemed to have acted in good faith if Indemnitee's action is based on the records or books of account of the Company and any other corporation, partnership, joint venture or other entity of which Indemnitee is or was serving at the written request of the Company as a director, officer, employee, agent or fiduciary, including financial statements, or on information supplied to Indemnitee by the officers and directors of the Company or such other corporation, partnership, joint venture or other entity in the course of their duties, or on the advice of legal counsel for the Company or such other corporation, partnership, joint venture or other entity or on information or records given or reports made to the Company or such other corporation, partnership, joint venture or other entity by an independent certified public accountant or by an appraiser or other expert selected with reasonable care by the Company or such other corporation, partnership, joint venture or other entity. In addition, the knowledge and/or actions, or failure to act, of any director, officer, agent or employee of the Company or such other corporation, partnership, joint venture or other entity shall not be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement. The provisions of this Section C.8(c) shall not be deemed to be exclusive or to limit in any way the other circumstances in which Indemnitee may be deemed to have met the applicable standard of conduct set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**Independent Counsel**" means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither presently is, nor in the past five years has been, retained to represent (i) the Company or Indemnitee in any matter material to either such party (other than with respect to matters concerning Indemnitee under this Agreement, or of other indemnitees under similar indemnification agreements), or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term "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 Indemnitee in an action to determine Indemnitee's rights under this Agreement. The Company agrees to pay the reasonable fees of the Independent Counsel referred to above and to fully indemnify such counsel against any and all Expenses, claims, liabilities and damages arising out of or relating to this Agreement or its engagement pursuant hereto.

D. DIRECTOR AND OFFICER LIABILITY INSURANCE

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Good Faith Determination</u>. The Company shall from time to time make the good faith determination whether or not it is practicable for the Company to obtain and maintain a policy or policies of insurance with reputable insurance companies providing the officers and directors of the Company with coverage for losses incurred in connection with their services to the Company or to ensure the Company's performance of its indemnification obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Coverage of Indemnitee</u>. To the extent the Company maintains an insurance policy or policies providing directors' and officers' liability insurance, 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 of the Company's directors or officers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>No Obligation</u>. Notwithstanding the foregoing, the Company shall have no obligation to obtain or maintain any director and officer insurance policy if the Company determines in good faith that such insurance is not reasonably available in the case that (i) premium costs for such insurance are disproportionate to the amount of coverage provided, or (ii) the coverage provided by such insurance is limited by exclusions so as to provide an insufficient benefit.

E. NON-EXCLUSIVITY; U.S. FEDERAL PREEMPTION; TERM

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Non-Exclusivity</u>. The indemnification provided by this Agreement shall not be deemed exclusive of any rights to which Indemnitee may be entitled under the Company's current memorandum and articles of association, as may be amended from time to time, applicable law or any written agreement between Indemnitee and the Company (including its subsidiaries and affiliates). The indemnification provided under this Agreement shall continue to be available to Indemnitee for any action taken or not taken while serving in an indemnified capacity even though Indemnitee may have ceased to serve in any such capacity at the time of any Proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>U.S. Federal Preemption</u>. Notwithstanding the foregoing, both the Company and Indemnitee acknowledge that in certain instances, U.S. federal law or public policy may override applicable law and prohibit the Company from indemnifying its directors and officers under this Agreement or otherwise. Such instances include, but are not limited to, the prohibition by the U.S. Securities and Exchange Commission (the "**SEC**") on indemnification for liabilities arising under certain U.S. federal securities laws. Indemnitee understands and acknowledges that the Company has undertaken or may be required in the future to undertake with the SEC an obligation to submit the question of indemnification to a court in certain circumstances for a determination of the Company's right under public policy to indemnify Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Duration of Agreement</u>. All agreements and obligations of the Company contained herein shall continue during the period Indemnitee is an officer and/or a director of the Company (or is or was serving at the request of the Company as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise) and shall continue thereafter so long as Indemnitee shall be subject to any Proceeding by reason of Indemnitee's former or current capacity at the Company, whether or not Indemnitee is acting or serving in any such capacity at the time any Expense is incurred for which indemnification can be provided under this Agreement. This Agreement shall continue in effect regardless of whether Indemnitee continues to serve as an officer and/or a director of the Company or any other enterprise at the Company's request.

F. MISCELLANEOUS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Amendment of this Agreement</u>. No supplement, modification, or amendment of this Agreement shall be binding unless executed in writing by the parties hereto. No waiver of any of the provisions of this Agreement shall operate as a waiver of any other provisions (whether or not similar), nor shall such waiver constitute a continuing waiver. Except as specifically provided in this Agreement, no failure to exercise or any delay in exercising any right or remedy shall constitute a waiver.

&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Subrogation</u>. In the event of payment to Indemnitee by the Company under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of 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 to bring suit to enforce such rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Assignment</u>; Binding Effect. Neither this Agreement nor any of the rights or obligations hereunder may be assigned by either party hereto without the prior written consent of the other party; except that the Company may, without such consent, assign all such rights and obligations to a successor in interest to the Company which assumes all obligations of the Company under this Agreement. Notwithstanding the foregoing, this Agreement shall be binding upon and inure to the benefit of and be enforceable by and against the parties hereto and the Company's successors (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) and assigns, as well as Indemnitee's spouses, heirs, and personal and legal representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Severability and Construction</u>. Nothing in this Agreement is intended to require or shall be construed as requiring the Company to do or fail to do any act in violation of applicable law. The Company's inability, pursuant to a court order, to perform its obligations under this Agreement shall not constitute a breach of this Agreement. In addition, if any portion of this Agreement shall be held by a court of competent jurisdiction to be invalid, void, or otherwise unenforceable, the remaining provisions shall remain enforceable to the fullest extent permitted by applicable law. The parties hereto acknowledge that they each have opportunities to have their respective counsels review this Agreement. Accordingly, this Agreement shall be deemed to be the product of both of the parties hereto, and no ambiguity shall be construed in favor of or against either of the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Counterparts</u>. This Agreement may be executed in two counterparts, both of which taken together shall constitute one instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Governing Law</u>. This agreement and all acts and transactions pursuant hereto and the rights and obligations of the parties hereto shall be governed, construed and interpreted in accordance with the laws of the State of New York, without giving effect to conflicts of law provisions thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Notices</u>. All notices, demands, and other communications required or permitted under this Agreement shall be made in writing and shall be deemed to have been duly given if delivered by hand, against receipt, or mailed via postage prepaid, certified or registered mail, return receipt requested, and addressed to the Company at:

**Agencia Comercial Spirits Ltd** 

Attention: **Chief Executive Officer**

and to Indemnitee at their address last known to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Entire Agreement</u>. This Agreement constitutes the entire agreement and supersedes all prior agreements and understandings, both written and oral, between the parties with respect to the subject matter hereof.

(Signature page follows)

IN WITNESS WHEREOF, the parties hereto execute this Agreement as of the date first written above.

---

| |
|:---|
| **Agencia Comercial Spirits Ltd** |
| By: |
| Name: |
| Title: |
| **Indemnitee** |
| Signature: |
| Name: |

---

[Signature Page to Indemnification Agreement]

## Exhibit 21.1

**Exhibit 21.1**

**List of Significant Subsidiaries of the Registrant**

---

| | |
|:---|:---|
| **Significant Subsidiaries** | **Place of Incorporation** |
| Ping Shiang Holding Ltd | British Virgin Islands |
| Agencia Comercial Co., Ltd | Taiwan (R.O.C.) |

---

## Exhibit 23.1

**Exhibit 23.1**

![](ex23-1_001.jpg)

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the reference to our firm under the caption "Experts" and to the use of our report dated June 3, 2025 except for Note 11, Note 12 and Note 14 as to which the date is July 10, 2025, with respect to the consolidated financial statements of Agencia Comercial Spirits Ltd, as of and for the financial years ended December 31, 2024 and 2023 in this Registration Statement on Form F-1 and the related Prospectus of Agencia Comercial Spirits Ltd filed with the Securities and Exchange Commission.

![](ex23-1_002.jpg)

Singapore, Singapore<br> July 10, 2025

Enrome LLP 143 Cecil Street #19-03/04 admin@enrome-group.com <br> GB Building Singapore 069542 www.enrome-group.com

## Exhibit 99.1

**Exhibit 99.1**

**AGENCIA COMERCIAL SPIRITS LTD**

**CODE OF BUSINESS CONDUCT AND ETHICS** 

**I. PURPOSES** 

The Board of Directors (the "Board") of Agencia Comercial Spirits Ltd (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" mean Agencia Comercial Spirits Ltd, 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.

## Exhibit 99.2

**Exhibit 99.2**

![](ex99-2_001.jpg)

![](ex99-2_002.jpg)

Date: July 29, 2025

The Board of Management

**Agencia Comercial Spirits Ltd**

No. 65, Ln. 114, Xishi Rd., Xi'an Vil., Fengyuan Dist.

Taichung City 42061, Taiwan (R.O.C.)

**<u>Re: Agencia Comercial Spirits Ltd</u>**

Ladies and Gentlemen,

We understand that Agencia Comercial Spirits Ltd (the "Company") plans to file a registration statement on Form F-1 (the "Registration Statement") with the United States Securities and Exchange Commission (the "SEC") in connection with its proposed 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 (collectively, the "Reports"), and any subsequent amendments to the Reports, as well as the citation of our research reports and amendments thereto, in the Registration Statement and any amendments thereto, in any other future filings with the SEC by the Company, including, without limitation, filings on Form 20-F or Form 6-K or other SEC filings (collectively, the "SEC Filings"), on the websites of the Company and its subsidiaries and affiliates, 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.

Yours faithfully,

For and on behalf of

Migo Corporation Limited

---

| |
|:---|
| /s/Juliana Lai |
| Juliana Lai |
| Director of Project |

---

## Exhibit 99.3

**Exhibit 99.3**

CONSENT OF WONG MAN UE, NICK

Agencia Comercial Spirits Ltd (the "Company") intends to file a Registration Statement on Form F-1 (together with any amendments or supplements thereto, the "Registration Statement") registering securities for issuance in its initial public offering. As required by Rule 438 under the Securities Act of 1933, as amended, the undersigned hereby consents to being named in the Registration Statement as a Director Nominee.

---

| | |
|:---|:---|
| Dated: | July 22, 2025 |
| By: | */s/ Wong Man Ue, Nick* |
|  | Wong Man Ue, Nick |

---

## Exhibit 99.4

**Exhibit 99.4**

CONSENT OF JOHN ROBERT FIORE

Agencia Comercial Spirits Ltd (the "Company") intends to file a Registration Statement on Form F-1 (together with any amendments or supplements thereto, the "Registration Statement") registering securities for issuance in its initial public offering. As required by Rule 438 under the Securities Act of 1933, as amended, the undersigned hereby consents to being named in the Registration Statement as an Independent Director Nominee.

---

| | |
|:---|:---|
| Dated: | July 22, 2025 |
| By: | */s/ John Robert Fiore* |
|  | John Robert Fiore |

---

## Exhibit 99.5

**Exhibit 99.5**

CONSENT OF PATRICK MAN SHUN WONG

Agencia Comercial Spirits Ltd (the "Company") intends to file a Registration Statement on Form F-1 (together with any amendments or supplements thereto, the "Registration Statement") registering securities for issuance in its initial public offering. As required by Rule 438 under the Securities Act of 1933, as amended, the undersigned hereby consents to being named in the Registration Statement as an Independent Director Nominee.

---

| | |
|:---|:---|
| Dated: | July 22, 2025 |
| By: | */s/ Patrick Man Shun Wong* |
|  | Patrick Man Shun Wong |

---

## Exhibit 99.6

**Exhibit 99.6**

CONSENT OF LEE SU-JUNG

Agencia Comercial Spirits Ltd (the "Company") intends to file a Registration Statement on Form F-1 (together with any amendments or supplements thereto, the "Registration Statement") registering securities for issuance in its initial public offering. As required by Rule 438 under the Securities Act of 1933, as amended, the undersigned hereby consents to being named in the Registration Statement as an Independent Director Nominee.

---

| | |
|:---|:---|
| Dated: | July 23, 2025 |
| By: | */s/ Lee Su-Jung* |
|  | Lee Su-Jung |

---

## Exhibit 99.7

**Exhibit 99.7**

**AUDIT COMMITTEE CHARTER** 

**OF** 

**AGENCIA COMERCIAL SPIRITS LTD**

 **I. PURPOSE** 

The purpose of the Audit Committee (the "Audit Committee") of the Board of Directors (the "Board") of Agencia Comercial Spirits Ltd (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 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 (ii) any advisors employed by the Audit Committee.

The Audit Committee shall:

<u>Financial Statement and Disclosure Matters</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Company's critical accounting policies and practices;

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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;&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;&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;&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;&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;&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;&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;&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;&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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;15. Review and approve all related-party transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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 regarding accounting, internal accounting
controls or reports which raise material issues regarding the Company's financial statements or accounting policies. 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;&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 or accounting policies.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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.

**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.

## Exhibit 99.8

**Exhibit 99.8**

**COMPENSATION COMMITTEE CHARTER** 

**OF** 

**AGENCIA COMERCIAL SPIRITS LTD**

**I.** **PURPOSE** 

The Compensation Committee of the Board of Directors ("the Board") of Agencia Comercial Spirits Ltd (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;&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;&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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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. 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.

6. 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.

7. 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.

8. 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.

9. 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.

10. Authorizing the repurchase of shares from terminated employees pursuant to applicable law.

**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, and copies of the written minutes of its meetings.

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 99.9

**Exhibit 99.9**

**NOMINATION COMMITTEE CHARTER** 

**OF** 

**AGENCIA COMERCIAL SPIRITS LTD**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **PURPOSE:** 

The purpose of the Nomination Committee (the "Nomination Committee") of the Board of Directors (the "Board") of Agencia Comercial Spirits Ltd (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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III.** **RESPONSIBILITIES:** 

The responsibilities and duties of the Nomination Committee shall include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Composition of the Board of Directors, Evaluation, and Nomination Activities** 

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;2. Conducting an annual evaluation of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;7. Selection of New Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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;&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;&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;&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;&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;&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;&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;&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;&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;&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;&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;&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;&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;&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;&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;&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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Committees of the Board of Directors** 

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Conflicts of Interest** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Reviewing and monitoring compliance with the Company's Code of Business Conduct and Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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 99.10

**Exhibit 99.10**

**AGENCIA COMERCIAL SPIRITS LTD**

**(the "Company")**

**COMPENSATION RECOVERY POLICY**

**<u>Introduction</u>**

The Board of Directors of the Company (the "**Board**") believes that it is in the best interests of the Company and its shareholders to create and maintain a culture that emphasizes integrity and accountability and that reinforces the Company's pay-for-performance compensation philosophy. The Board has therefore adopted this policy which provides for the recoupment of certain executive compensation in the event of an accounting restatement resulting from material noncompliance with financial reporting requirements under the federal securities laws (the "**Policy**"). This Policy is designed to comply with Section 10D of the Securities Exchange Act of 1934 (the "**Exchange Act**").

**<u>Administration</u>**

This Policy shall be administered by the Board or, if so designated by the Board, the Compensation Committee, in which case references herein to the Board shall be deemed references to the Compensation Committee. Any determinations made by the Board shall be final and binding on all affected individuals.

**<u>Covered Executives</u>**

This Policy applies to the Company's current and former executive officers, as determined by the Board in accordance with Section 10D of the Exchange Act and the listing standards of the national securities exchange on which the Company's securities are listed, and such other senior executives/employees who may from time to time be deemed subject to the Policy by the Board ("**Covered Executives**").

**<u>Recoupment; Accounting Restatement</u>**

In the event the Company is required to prepare an accounting restatement of its financial statements due to the Company's material noncompliance with any financial reporting requirement under the securities laws, the Board will require reimbursement or forfeiture of any excess Incentive Compensation received by any Covered Executive during the three completed fiscal years immediately preceding the date on which the Company is required to prepare an accounting restatement.

**<u>Incentive Compensation</u>**

For purposes of this Policy, Incentive Compensation means any of the following; provided that such compensation is granted, earned, or vested based wholly or in part on the attainment of a financial reporting measure:

● Annual cash bonuses and other short- and long-term cash incentives.

● Stock options.

● Stock appreciation rights.

● Restricted stock.

● Restricted stock units.

● Performance shares.

● Performance units.

Financial reporting measures are measures that are determined and presented in accordance with the accounting principles used in preparing the Company's financial statements, and any measures that are derived wholly or in part from such measures, including:

● Company stock price.

● Total shareholder return.

● Revenues.

● Net income.

● Earnings before interest, taxes, depreciation, and amortization (EBITDA).

● Earnings per share.

● "Non-GAAP financial measures" for purposes of Exchange Act Regulation G and 17CFR 229.10.

**<u>Excess Incentive Compensation: Amount Subject to Recovery</u>**

The amount to be recovered will be the excess of the Incentive Compensation paid to the Covered Executive based on the erroneous data over the Incentive Compensation that would have been paid to the Covered Executive had it been based on the restated results, as determined by the Board.

If the Board cannot determine the amount of excess Incentive Compensation received by the Covered Executive directly from the information in the accounting restatement, then it will make its determination based on a reasonable estimate of the effect of the accounting restatement.

**<u>Method of Recoupment</u>**

The Board will determine, in its sole discretion, the method for recouping Incentive Compensation hereunder which may include, without limitation:

● requiring reimbursement of cash Incentive Compensation previously paid;

● seeking recovery of any gain realized on the vesting, exercise, settlement, sale, transfer, or other disposition of any equity- based awards;

● offsetting the recouped amount from any compensation otherwise owed by the Company to the Covered Executive;

● cancelling outstanding vested or unvested equity awards; and

● taking any other remedial and recovery action permitted by law, as determined by the Board.

**<u>No Indemnification</u>**

The Company shall not indemnify any Covered Executives against the loss of any incorrectly awarded Incentive Compensation.

**<u>Interpretation</u>**

The Board is authorized to interpret and construe this Policy and to make all determinations necessary, appropriate, or advisable for the administration of this Policy. It is intended that this Policy be interpreted in a manner that is consistent with the requirements of Section 10D of the Exchange Act and any applicable rules or standards adopted by the Securities and Exchange Commission or any national securities exchange on which the Company's securities are listed.

**<u>Effective Date</u>**

This Policy shall be effective as of the date it is adopted by the Board (the "**Effective Date**") and shall apply to Incentive Compensation that is approved, awarded or granted to Covered Executives on or after that date. This Policy shall apply to any excess Incentive Compensation received by Covered Executives during the three immediately completed fiscal years preceding the date on which a company is required to prepare an accounting restatement.

**<u>Amendment; Termination</u>**

The Board may amend this Policy from time to time in its discretion and shall amend this Policy as it deems necessary to reflect final regulations adopted by the Securities and Exchange Commission under Section 10D of the Exchange Act and to comply with any rules or standards adopted by a national securities exchange on which the Company's securities are listed. The Board may terminate this Policy at any time.

**<u>Other Recoupment Rights</u>**

The Board intends that this Policy will be applied to the fullest extent of the law. The Board may require that any employment agreement, equity award agreement, or similar agreement entered into on or after the Effective Date shall, as a condition to the grant of any benefit thereunder, require a Covered Executive to agree to abide by the terms of this Policy. 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 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.

**<u>Impracticability</u>**

The Board shall recover any excess Incentive Compensation in accordance with this Policy unless such recovery would be impracticable, as determined by the Board in accordance with Rule 10D-1 of the Exchange Act and the listing standards of the national securities exchange on which the Company's securities are listed.

**<u>Successors</u>**

This Policy shall be binding and enforceable against all Covered Executives and their beneficiaries, heirs, executors, administrators or other legal representatives.

## Exhibit 99.11

**Exhibit 99.11**

**INSIDER TRADING POLICY**

**OF** 

**AGENCIA COMERCIAL SPIRITS LTD**

**Introduction**

Engaging in transactions involving the securities of a Company while in possession of material nonpublic information is referred to as insider trading. Material nonpublic information is information that could reasonably be expected to affect the price of a Company's securities, whether it is positive or negative, and is generally not known or has not been made available to the investing public. At AGENCIA COMERCIAL SPIRITS LTD, its subsidiaries and consolidated entities (collectively, the "**Company**"), a variety of roles throughout the organization have access to material nonpublic information, either from time-to-time or on a more continuous basis. It is therefore critical that all officers of the Company, all members of the Company's Board of Directors, all employees and all contractors and consultants of the Company read and understand this policy.

The Company's Insider Trading Policy is designed to help you understand your obligations when it comes to trading in securities of the Company, and securities of the Company's ecosystem partners and customers that in many cases have listed securities (collectively, the "Relevant Entities," and the securities of the Relevant Entities, the "Relevant Securities").

This policy will help you protect yourself and the Company against the potentially serious consequences of insider trading. Directors, officers, employees, contractors and consultants of the Company should always consult the Company's compliance officer [ ] at [ ] with any questions concerning this policy.

**Reporting a breach**

If you believe that there has or might have been a breach of the Company's Insider Trading Policy or any applicable insider trading laws, you should immediately report your concerns to the Company's Compliance Officer at [ ]. Reports are kept confidential and can be made anonymously, where permitted by local law.

The Company takes every concern raised seriously and each report will be assessed fully, promptly, and fairly. The Company actively encourages people to raise concerns in a transparent and open way, so that issues can be resolved quickly and effectively. Reports may be made anonymously where the concern relates to financial accounting or fraud, and where local law and regulations allow. Subject to the requirements of applicable law and to the greatest extent possible, all reports and investigations will be treated as confidential.

**Purpose**

This Insider Trading Policy provides guidelines for transactions involving the Relevant Securities and the handling of material nonpublic information about the Relevant Entities.

The Company's business relies on the safeguarding of proprietary information. The Company has established its reputation for integrity and ethical conduct, and it is critical that the Company maintains this reputation and it conducts its business in accordance with the highest ethical standards.

The Company's Board of Directors has adopted this policy to promote compliance with any laws applicable to transactions involving the Relevant Securities and avoid the appearance of impropriety. All persons subject to this policy must comply globally with all insider trading laws and regulations that apply to them (which may be subject to amendment from time to time), in addition to complying with this policy.

**Consequences of Violations**

It is important that you understand the breadth of activities that constitute illegal insider trading and the consequences of non-compliance, which can be severe. Engaging in transactions involving securities while aware of material nonpublic information relating to such securities is illegal and prohibited by insider trading laws. It is also illegal to pass along material nonpublic information to others who then trade based on that information.

The recipient of the material nonpublic information is referred to as the "tippee" and the person who transmitted the material nonpublic information is referred to as the "tipper." Both the tippee and tipper may be subject to liability for insider trading where the tippee trades, even if the tipper does not.

All persons subject to this policy must comply with all applicable insider trading laws and regulations globally. Law enforcement authorities vigorously pursue parties globally who violate the insider trading laws and punish offenders severely. Punishment for insider trading violations is serious and could include significant fines and imprisonment.

In addition, a person's failure to comply with this policy may subject them to Company-imposed sanctions, including dismissal for cause, whether or not the person's failure to comply results in a violation of law.

**Persons Subject to the Policy**

This policy applies to all officers<sup>1</sup> of the Company, all members of the Company's Board of Directors, all employees and all contractors and consultants of the Company. The Company may also determine that other persons who have access to material nonpublic information should be subject to this policy. The restrictions of this policy also apply to transactions involving the Relevant Securities by any of the following individuals and entities:

● any family members whose transactions involving the Relevant Securities are directed by, or are subject to, your influence or control, as further described under the heading "Transactions by Family Members and Others;"

● anyone who lives in your household, as further described under the heading "Transactions by Family Members and Others;"

● any corporation or other entity controlled or managed by you, as further described under the heading "Transactions by Entities that You Influence or Control;"

● trusts for which you are the trustee or with respect to which you have the ability to vote, transfer or sell Relevant Securities in the trust, as further described under the heading "Transactions by Entities that You Influence or Control;"

● anyone acting as your agent, nominee or person acting at your direction; and

● anyone who execute trades on your behalf.

These restrictions apply to any Relevant Securities over which you have voting power or power to transfer or sell, as well as Relevant Securities that you own. Regulators and prosecutors may presume that trading by your family members is based on information you supplied and may treat any such transactions as if you had traded yourself.

*<sup>1</sup>* *Each individual who is currently or was previously designated as an "officer" of the Company as defined in Rule 16a-1(f) under the Exchange Act.*

**Transactions Subject to the Policy**

This policy applies to transactions involving the Relevant Securities, including in the Company ordinary shares, options to purchase ordinary shares, or any other type of securities that the Company may issue, as well as derivative securities that are not issued by the Company, such as exchange-traded put or call options or swaps relating to the Company securities. Transactions subject to this policy include purchases, sales and gifts of the Company securities made by the persons subject to this policy.

**Individual Responsibility**

Persons subject to this policy have ethical and legal obligations to maintain the confidentiality of information about the Relevant Entities and to not engage in transactions involving the Relevant Securities while in possession of material nonpublic information. They must not engage in illegal trading and must avoid the appearance of improper trading to preserve the Company's reputation for adhering to the highest standards of conduct. Each person subject to this policy is responsible for ensuring compliance with this policy, and that any family member, household member or entity whose transactions are subject to this policy, as discussed below, also comply with this policy.

In all cases, the responsibility for determining whether a person is in possession of material nonpublic information rests with that person. Any action on the part of the Company, the Compliance Officer, any approval party, any director or any other employee in accordance with this policy does not in any way constitute legal advice or insulate a person from liability under applicable global securities laws.

**Administration of the Policy**

[ ] serves as the Compliance Officer for the purposes of this policy. The Compliance Officer, and in his absence, [ ], or another employee designated by the Compliance Officer or [ ] shall be responsible for administration of this policy and oversight of the pre-clearance process, subject to any reviews, determinations and interpretations by the Compliance Officer. All determinations and interpretations by the Compliance Officer or Sam Kai Mun shall be final and not subject to further review.

**Statement of Policy**

Persons subject to this policy, who are aware of material nonpublic information relating to the Relevant Entities, may not, directly, or indirectly through family members or other persons or entities:

&nbsp;&nbsp;&nbsp;&nbsp;1. Engage in transactions involving the Company securities,
except as otherwise specified in this policy under the headings "Exceptions to Insider Trading Policy and Trading Restrictions"
and "Rule 10b5-1 Plans;"

&nbsp;&nbsp;&nbsp;&nbsp;2. Recommend, encourage or induce another person to engage in
the purchase, sale or gift of any of the Company securities;

&nbsp;&nbsp;&nbsp;&nbsp;3. Disclose (either directly or via an intermediary) material
nonpublic information of the Relevant Entities to persons within the Company whose jobs do not require them to have that information,
or outside of the Company to any other persons, unless any such disclosure is made in accordance with the Company's policies regarding
the protection or authorized external disclosure of information regarding the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;4. Assist anyone engaged in the above activities.

In addition, it is the policy of the Company that no director, officer or other employee of the Company (or any other person designated as subject to this policy) who, in the course of working for the Company, learns of material nonpublic information about another company (1) with which the Company does business, such as the Company's partners, customers, vendors and suppliers, or (2) that is involved in a potential transaction or business relationship with the Company, may engage in transactions involving that other company's securities until the information becomes public or is no longer material.

It is also the policy of the Company that it will not engage in transactions involving its securities while aware of material nonpublic information relating to the Company or Company securities, including share repurchase programs, other than in compliance with applicable law.

There are no exceptions to this policy, except as specifically noted herein. Small transactions or the existence of a personal financial emergency do not excuse you from compliance with this policy and is not a basis for an exception to this policy. Insider trading laws do not recognize any mitigating circumstances, and, in any event, even the appearance of an improper transaction must be avoided to preserve the Company's reputation for adhering to the highest standards of conduct.

**Definition of Material Nonpublic Information**

Insider trading laws define the concept of material nonpublic information in a variety of ways, all of which focus on factors such as the nature of the information, the significance of the information to investors and whether the information has been adequately disseminated to the public. All persons subject to this policy must comply globally with all applicable laws and regulations regarding insider trading and the handling of material nonpublic information.

<u>Material Information</u>

<br> Information is considered "material" if a reasonable investor would consider that information important in making a decision to buy, hold or sell securities. Any information that could reasonably be expected to affect the price of a company's securities, whether it is positive or negative, should be considered material. Information can be considered material even before a specific corporate action is taken by a board of directors or a company's management, depending on the specific circumstances and an evaluation of the likelihood of the occurrence of a specific event, action or development. There is no bright-line standard for assessing materiality; rather, materiality is based on an assessment of all of the facts and circumstances, and is often evaluated by enforcement authorities with the benefit of hindsight.

While it is not possible to define all categories of material information, some examples of information that ordinarily would be regarded as material are:

● Financial forecasts of any kind, industry projections of future earnings or losses, or other earnings guidance;

● A change (or anticipated change) to previously announced earnings guidance, or the decision to suspend earnings guidance;

● Any anticipated or planned restatements of financial results, or material impairments, write-offs or restructurings;

● Unpublished financial or operational reports or projections;

● Significant related party transactions;

● The Company's business plans, budgets, models or strategies, or any changes or anticipated changes thereto;

● Significant developments in research and development of a significant new technology, product, process, service or other intellectual property;

● Information about major contracts, including the gain or loss (or the probable gain or loss) of a significant customer, business partner or supplier;

● The institution of, or developments in, major litigation, investigations, or regulatory actions or proceedings;

● A pending or proposed merger, acquisition, investment, tender offer, changes in control or ownership, divesture, joint venture, restructuring, repurchase, financing transactions, or similar transaction;

● A change (or anticipated change) in dividend policy (if any), the declaration of a share split or subdivision, or the issuance, redemption or repurchase of securities (e.g., share repurchase programs);

● Financing transactions;

● Repurchases of the Company securities;

● A change (or anticipated change) in the Company's pricing or cost structure;

● A change (or anticipated change) in senior management, board of directors or auditors, or notification that the auditor's reports may no longer be relied upon;

● A significant cybersecurity incident or identified significant cybersecurity vulnerability involving the Company or a significant customer or business partner of the Company, such as a data breach, or any other significant disruption in the company's operations or loss, potential loss, breach or unauthorized access of its property or assets, whether at its facilities or through its information technology infrastructure;

● Bankruptcies, receiverships, potential defaults under any credit agreements or indentures, or the existence of material liquidity deficiencies;

● The imposition of an event-specific restriction on trading in the Company securities or the securities of any other Company or the extension or termination of such restriction; or

● News of the sale or acquisition of significant assets or a subsidiary.

This list is for illustrative purposes only and is not an exhaustive list of all types of material information. Investigators and/or relevant law enforcement agencies will scrutinize a questionable trade after the fact with the benefit of hindsight, so if information is not clearly immaterial or already public you should always err on the side of deciding that information is material nonpublic information and not trade. If you have questions regarding specific information or transactions, please contact the Compliance Officer at [ ].

<u>When Information is Considered Public</u>

Information that is generally not known or that has not been made available to the investing public is generally considered to be nonpublic information, even if the information is widely known within the Company. In order to establish that the information has been made available to the investing public, it may be necessary to demonstrate that the information has been widely disseminated. Information generally would be considered widely disseminated if it has been disclosed through a widely disseminated press release distributed through the newswire services, a broadcast on widely-available radio or television programs, or publication in a widely-available newspaper, magazine or news website or public disclosure document filed with, or furnished to, the SEC that is available on the SEC's website.

By contrast, information likely would not be considered widely disseminated if it is available only to the Company's employees, or if it is only available to a select group of analysts, brokers and institutional investors. The circulation of market rumors, even if accurate and reported in the media, does not constitute effective public dissemination; therefore, information should not be considered to be public if it has become known through the circulation of market rumors.

Once information is widely disseminated, it is still necessary to provide the investing public with sufficient time to absorb and evaluate the information. As a general rule, information should not be considered fully absorbed by the marketplace until at least two full trading days have passed following release of the information to the marketplace, where trading days are days on which Nasdaq is open for trading. If, for example, the Company were to make an announcement on a Monday, you should not trade in the Company securities until Thursday. Depending on the particular circumstances, the Company may determine that a longer or shorter period should apply to the release of specific material nonpublic information. Any changes to the time period will be detailed at that time.

**Transactions by Entities that You Influence or Control**

This policy applies to any entities that you influence or control, including any corporations, partnerships, investment funds, retirement plans, trusts, or any other types of entities over which you have the ability to influence or direct management, policies or investment decisions, and other than in compliance with applicable law. Transactions by these controlled entities will be treated for the purposes of this policy and applicable securities laws as if they were made by you for your own account.

**Transactions by Family Members and Others**

This policy applies to your family members who reside with you (including a spouse or domestic partner, a child, a child away at college, stepchildren, grandchildren, parents, stepparents, grandparents, siblings and in-laws), your children or your spouse's children who are financially dependent on you, anyone else who lives in your household, and any family members who do not live in your household but whose transactions involving Relevant Securities are directed by you or are subject to your influence or control, such as individuals who consult with you before they trade in Relevant Securities. You are responsible for the transactions of these other persons and therefore should make them aware of the need to confer with you before they trade in Relevant Securities, and you should treat all such transactions for the purposes of this policy and applicable securities laws as if the transactions were for your own account. This policy does not, however, apply to personal securities transactions of family members where the purchase or sale decision is made by a third party who is not controlled by, influenced by or related to you or your family members.

**Exceptions to Insider Trading Policy and Trading Restrictions**

This policy does not apply in the case of the following transactions, except as specifically noted:

<u>Share Option Exercises</u>

This policy does not apply to the exercise of an employee share option acquired under the Company's plans, or to the exercise of a tax withholding right to which a person has elected to have the Company withhold the Company securities subject to an option to satisfy tax withholding requirements. This policy does apply, however, to any sale of the Company securities as part of a broker-assisted cashless exercise of an option, or any other market sale for the purpose of generating the cash needed to pay the exercise price of an option.

<u>Restricted Share Awards or Restricted Stock Units</u>

This policy does not apply to the vesting of restricted share awards or restricted stock units, or the exercise of a tax withholding right to which you elect to have the Company withhold shares to satisfy tax withholding requirements upon the vesting of any restricted share awards or restricted stock units. The policy does apply, however, to any market sale of restricted shares.

<u>401(k)/Pension Plan, Annual Bonus Plan and All-Employee Plan</u>

This policy does not apply to purchases of the Company securities in the Company's 401(k)/Pension plan or other retirement plans resulting from your periodic contribution of money to the plan, provided that such purchases are the result of a payroll deduction election that you made at a time when you were not aware of material nonpublic information and that was not a restricted trading period, subject to the pre-clearance process. This policy does apply, however, to certain elections you may make under such plans, including: (a) beginning or terminating investing in the Company securities fund of the 401(k) plan; (b) an election to increase or decrease the percentage of your periodic contributions that will be allocated to the Company securities fund; (c) an election to make an intra-plan transfer of an existing account balance into or out of the Company securities fund; (d) an election to borrow money, to the extent otherwise permitted, against your plan accounts if the loan will result in a liquidation of some or all of your the Company securities fund balance; and (e) an election to pre-pay any plan loan if the pre-payment will result in allocation of loan proceeds to the Company securities fund.

It should be noted that sales of the Company securities from a 401(k) account are also subject to Rule 144 under the Securities Act of 1933 (or any other applicable exemption under securities laws), and therefore directors and executive officers may be deemed to be an "affiliate" of the Company, If this is the case, Rule 144 places limits on the number of shares you may be able to sell and provides that certain procedures must be followed before selling the Company securities. Contact the Company's legal team for more information on Rule 144 and when you should ensure that a Form 144 is filed with the SEC.

<u>Employee Share Purchase Plan</u>

This policy does not apply to purchases of the Company securities in an employee share purchase plan resulting from your periodic contribution of money to the plan pursuant to a payroll deduction election that you made at a time when you were not aware of material nonpublic information and that was not a restricted trading period, subject to the pre-clearance process. This policy also does not apply to purchases of the Company securities resulting from lump sum contributions to the employee share purchase plan, if you elected to participate by lump sum payment at the beginning of the applicable enrollment period. This policy does apply, however, to certain elections you may make under such plan, including: (a) your election to participate in the employee share purchase plan for any enrollment period; (b) an election to increase or decrease your level of participation in the plan; and (c) to your sales of the Company securities purchased pursuant to the employee share purchase plan.

<u>Dividend Reinvestment Plan</u>

This policy does not apply to purchases of the Company securities under any Company-sponsored dividend reinvestment plan resulting from an election to reinvest dividends paid on the Company securities that you made when you were not aware of material nonpublic information at the time of the election and that was not a restricted trading period, subject to the pre-clearance process. This policy does apply, however, to any (a) voluntary purchase of the Company securities resulting from additional contributions you choose to make to the dividend reinvestment plan, (b) election to participate in the plan or increase your level of participation in the dividend reinvestment plan, and (c) sale of any the Company securities purchased pursuant to the dividend reinvestment plan.

<u>Other Similar Transactions</u>. Any other purchase of the Company securities directly from the Company or sales of the Company securities directly to the Company are not subject to this policy.

If there is a Regulation BTR blackout (and no Quarterly Trading Restricted Period or Event-Specific Restricted Periods), then the limited exceptions set forth in Regulation BTR will apply. Please be aware that even if a transaction is subject to an exception to this Policy, you will need to separately assess whether the transaction complies with applicable law. Any other Policy exceptions must be approved by the Compliance Officer, in consultation with the Company's board of directors or an independent committee of the board of directors.

**Special and Prohibited Transactions**

The Company has determined that there is a heightened legal risk and/or the appearance of improper or inappropriate conduct if the persons subject to this policy engage in certain types of transactions. It therefore is the Company's policy that any persons covered by this policy, regardless of whether in possession of material nonpublic information, may not engage in any of the following transactions, or should otherwise consider the Company's preferences as described below:

<u>Short-Term Trading</u>. Short-term trading of the Company securities may be distracting to the person and may unduly focus the person on the short-term appreciation in the value of the Company securities rather than the Company's long-term business objectives. For these reasons, pursuant to the Company's policy, any director or officer of the Company who *purchases* the Company securities in the open market may not sell any the Company securities of the same class during the six months following the purchase. Similarly, such persons who *sell* the Company securities in the open market may not purchase any the Company securities of the same class during the six months following the sale.

<u>No Short Sales</u>. Short sales of the Company securities (*i.e.*, the sale of a security that the seller does not own at the time of the transaction), including 'sales against the box' (i.e., the short sale of a security that the seller owns at the time of the transaction) may evidence an expectation on the part of the seller that the securities will decline in value, and therefore have the potential to signal to the market that the seller lacks confidence in the Company's prospects. In particular, short sales create misalignment with the Company and may reduce a seller's incentive (or create a disincentive) to seek to improve the Company's performance. For these reasons, short sales of the Company securities are prohibited under the Company's policy.

<u>Derivative Securities Transactions</u>. Derivative securities, such as call options or put options, which give the holder a right to buy or sell, respectively, a security at a specific price before a set date, are typically transacted over a relatively short time period. As a consequence, transactions involving derivative securities may create the appearance that a director, officer or employee is trading based on material nonpublic information and could focus a director's, officer's or other employee's attention on short-term performance at the expense of the Company's long-term objectives. Accordingly, transactions involving put options, call options or other derivative securities, on an exchange or in any other organized market, are prohibited by this policy.

<u>Hedging Transactions</u>. Hedging or monetization transactions can be accomplished through a number of possible mechanisms, including without limitation through the use of financial instruments such as prepaid variable forwards, equity swaps, collars and exchange funds. Such transactions may permit a person subject to this policy to continue to own the Company securities obtained through employee benefit plans or otherwise, but without the full risks and rewards of ownership. When that occurs, the director, officer or employee may no longer have the same objectives as, or alignment with, the Company's other shareholders. Therefore, directors, officers and employees are prohibited from engaging in any such transactions under this policy.

<u>Margin Accounts and Pledged Securities</u>. Securities held in a margin account as collateral for a margin loan may be sold by the broker without the customer's consent if the customer fails to satisfy a margin call. Similarly, securities pledged (or hypothecated) as collateral for a loan may be sold in foreclosure if the borrower defaults on the loan. Because a margin sale or foreclosure sale may occur at a time when the person is aware of material nonpublic information or otherwise is not permitted to trade in the Company securities, persons subject to this policy are prohibited from holding the Company securities in a margin account or otherwise pledging the Company securities as collateral for a loan, unless all the Company securities held in such account are blocked from being margined.

<u>Standing and Limit Orders</u>. Standing and limit orders (except standing and limit orders under approved Rule 10b5-1 plans, as described below) create heightened risks for insider trading violations. Because there is no control over the timing of purchases or sales that result from standing instructions to a broker, a broker could execute a transaction when a person subject to this policy is in possession of material nonpublic information. The Company therefore discourages placing standing or limit orders on the Company securities. If a person subject to this policy determines that they must use a standing order or limit order, the order should be limited to a period generally no more than five trading days and should otherwise comply with the restrictions and procedures outlined below under the headings "Special Trading Restrictions" and "Pre-Clearance Procedures."

**Special Trading Restrictions**

The Company has established special trading restrictions to assist the Company in the administration of this policy, to facilitate compliance with laws prohibiting insider trading while in possession of material nonpublic information, and to avoid the appearance of any impropriety. These special trading restrictions are applicable to all persons subject to this policy.

<u>Quarterly Trading Restricted Period</u>. All persons subject to this policy, as well as their family members and/or controlled entities, may not conduct any transactions involving the Company securities (other than as specified by this policy), during a restricted period beginning ten trading days prior to the end of each fiscal quarter and ending upon the completion of the second full trading day following the date of the public release of the Company's earnings results for that quarter. For example, if the Company publicly releases its earnings results on a Monday, the first time you can buy or sell the Company securities is the opening of the market on Thursday (assuming you are not aware of other material nonpublic information at that time).

<u>Event-Specific Restricted Periods</u>. Occasionally, an event may occur (or be probable to occur) that is material to the Company and is known by only a limited number of directors, officers, employees, contractors or consultants. So long as the event remains material and nonpublic, the persons designated by the Compliance Officer, as communicated by the compliance team, may not trade the Company securities. In addition, the Company's financial results may be sufficiently material in a particular fiscal quarter that, in the judgment of the Compliance Officer, as communicated by the compliance team, designated persons must refrain from trading in the Company securities during a period that commences even earlier than the commencement of the quarterly trading restricted period or ends even later than the expiration of the quarterly trading restricted period. In that situation, the compliance team may notify these persons by a Special Blackout Notice (substantially in the form of Exhibit C) that they may not trade in the Company securities until the compliance team subsequently notifies such person that the event-specific restricted period has ended, but shall not disclose the reason for the event-specific restriction on trading. The existence of an event-specific restricted period, including the extension of a quarterly trading restricted period, will not be announced to the Company as a whole and should not be communicated to any other person. Even if the Compliance Officer, as communicated by the compliance team, has not designated you as a person who should not trade during an event-specific restricted period, you should not trade while aware of material nonpublic information. Exceptions to this policy will not be granted during an event-specific restricted period.

<u>Exceptions</u>. The quarterly trading restrictions and event-specific trading restrictions do not apply to those transactions to which this policy does not apply, as described above under the heading "Exceptions to Insider Trading Policy and Trading Restrictions." Further, the requirement for pre-clearance, the quarterly trading restrictions and event-specific trading restrictions do not apply to transactions conducted pursuant to pre-approved Rule 10b5-1 plans, described under the heading "Rule 10b5-1 Plans," below.

<u>Regulation BTR Blackouts</u>. The directors and officers of the Company may also be subject to trading blackouts pursuant to Regulation Blackout Trading Restriction, or Regulation BTR, under U.S. federal securities laws. In general, Regulation BTR prohibits any director or officer from engaging in certain transactions involving Company securities during periods when 401(k) plan participants are prevented from purchasing, selling or otherwise acquiring or transferring an interest in certain securities held in individual account plans. Any profits realized from a transaction that violates Regulation BTR are recoverable by the Company, regardless of the intentions of the director or officer effecting the transaction. In addition, individuals who engage in such transactions are subject to sanction by the SEC as well as potential criminal liability. The Company will notify directors and officers if they are subject to a blackout trading restriction under Regulation BTR. Failure to comply with an applicable trading blackout in accordance with Regulation BTR is a violation of law and this Policy.

**Pre-Clearance Procedures**

No person identified in the table below may engage in transactions involving the Company securities without obtaining pre-clearance from the appropriate approval party in accordance with this policy. It is important to note that compliance with these additional procedures, including obtaining pre-clearance, does not insulate such party from insider trading liability. If a person subject to this policy obtains pre-clearance, such party must still make the determination that such person is not in possession of material nonpublic information when the trade is made, that the trade does not have the appearance of impropriety, and that the trade is not in violation of the insider trading and other applicable laws.

<u>Approval Parties.</u> The persons subject to this policy that are identified in the following table may not engage in any transaction in the Company securities without first obtaining pre-clearance of the transaction in accordance with the following:

---

| | |
|:---|:---|
| **Person or Entity Subject to Pre-Clearance** | **Approval Party** |
| Members of the Board (other than the Audit Committee Chairperson) and the Chief Executive Officer | Audit Committee Chairperson |
| Audit Committee Chairperson | Compliance Officer |
| Officers and Executive Committee (other than the Chief Executive Officer) and Employees | Compliance Officer |
| Designated persons on insider lists | Compliance Officer |

---

<u>Request Form</u>. A request for pre-clearance, which shall be submitted in the Company's approved form of pre-clearance request attached to this policy as Exhibit A, including a certification that such person is not in possession of material nonpublic information, should be submitted to the applicable approval party noted above at least 48 hours in advance of the proposed transaction. The applicable approval party is under no obligation to approve a transaction submitted for pre-clearance and may determine not to permit the transaction in the approval party's discretion. If a person that seeks pre-clearance and permission to engage in the transaction is denied, then such person must refrain from initiating any transaction in the Company securities and should not inform any other person of the fact that the pre-clearance request was denied.

<u>Pre-Cleared Transactions</u>. Pre-cleared transactions must be completed within five trading days following receipt of the pre-clearance (unless a specific exception has been granted by the applicable approval party). A pre-cleared transaction, or any portion of a pre-cleared transaction that has not been completed during such period, must be pre-cleared again prior to execution. All pre-cleared transactions will be reported to and overseen by the Compliance Officer.

<u>Other Restrictions</u>. Notwithstanding receipt of pre-clearance, if, before the transaction is completed, the person who received the pre-clearance becomes aware of material nonpublic information or becomes subject to a restricted period described above in "Special Trading Restrictions," then the transaction cannot be completed.

**Rule 10b5-1 Plans**

Rule 10b5-1 under the Securities Exchange Act of 1934 provides a defense from insider trading liability under Rule 10b-5. In order to be eligible to rely on this defense, a person subject to this policy must enter into a Rule 10b5-1 plan for transactions involving the Company securities that meets certain conditions specified in Rule 10b5-1. Transactions involving the Company securities that are effected pursuant to a Rule 10b5-1 plan may occur even when the person who has entered into the plan is aware of material nonpublic information. To comply with this policy, a pre-approved Rule 10b5-1 plan must be approved by the Compliance Officer and satisfy the requirements of Rule 10b5-1 and the Company's "Guidelines for Rule 10b5-1 Plans," attached to this policy as Exhibit B.

**Post-Termination Transactions**

This policy continues to apply to transactions involving the Company securities even after termination of service to, or a relationship with the Company. If a person is in possession of material nonpublic information when such person's service or relationship terminates, that person may not trade in the Company securities until that information has become public or is no longer material. If a person subject to a quarterly trading restricted period or an event-specific restricted period leaves the Company during that restricted period, they will continue to be subject to the applicable restricted period for the remainder of that restricted period.

**Company Assistance**

Any person who has a question about this policy or its application to any proposed transaction may obtain additional guidance from the compliance team.

If you have any questions, please send them by email to [ ].

**Certification**

All persons subject to this policy must certify their understanding of, and intent to comply with, this policy.

**<u>CERTIFICATION</u>**

I certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have read and understand the Company Insider Trading Policy. I understand that the Compliance Team is available to answer any questions I have regarding the policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Since [ ], 202[ ], or such shorter period of time that I have been an officer, director, employee, contractor, or consultant of the Company, I have complied with the policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. I will continue to comply with the policy for as long as I am subject to the policy.

Print name:   <br> Signature:   <br> Date:  

**<u>Exhibit A - Form of Pre-Clearance Request and Certification</u>**

 

*The pre-clearance approval process normally takes two trading days, although individual circumstances may require additional time and you may not receive approval to trade at the time or price that you wanted. the Company will not indemnify you for any changes in the stock price as a result of the timing of your pre-clearance. If your trade is pre-cleared, the pre-clearance approval will be valid for five trading days. If you do not execute your trade within that five trading-day window, you will have to obtain a new pre-clearance approval prior to execution.*

AGENCIA COMERCIAL SPIRITS LTD

PRE-CLEARANCE REQUEST AND CERTIFICATION FORM

---

| |
|:---|
| PLEASE COMPLETE THE FOLLOWING INFORMATION: |
| NAME |
| EMPLOYEE ID (if applicable) |
| NATURE OF TRANSACTION [INDICATE PURCHASE OR SALE] |
| NUMBER OF SHARES OR DOLLAR AMOUNT IN THIS TRANSACTION |
| IF THIS IS A SALE: WHAT DATE(S) WERE THESE SHARES ACQUIRED? HAVE YOU PURCHASED ANY RELEVANT SECURITIES WITHIN THE PAST SIX MONTHS? |
| IF THIS IS A PURCHASE: HAVE YOU SOLD ANY RELEVANT SECURITIES? |
| ESTIMATED NUMBER OF SHARE HOLDINGS AFTER THIS TRANSACTION |

---

BY E-SIGNING THIS FORM, I AM CONFIRMING:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I AM NOT IN POSSESSION OF MATERIAL NON-PUBLIC INFORMATION AT THIS TIME.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. I WILL NOT ENTER INTO THE TRANSACTION DESCRIBED ABOVE IF I COME INTO POSSESSION OF MATERIAL NON-PUBLIC INFORMATION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. THE INFORMATION SET FORTH ABOVE IS TRUE AND CORRECT AS OF THE DATE HEREOF.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. I ACKNOWLEDGE THAT ANY PRE-CLEARANCE GIVEN WILL BE VALID FOR FIVE (5) TRADING DAYS ONLY, AND I WILL NEED TO SUBMIT A NEW PRE-CLEARANCE REQUEST AND CERTIFICATION PRIOR TO EXECUTING THE TRADE IF I DO NOT TRADE WITHIN THE FIVE (5) TRADING-DAY PERIOD.

Print name:   <br> Signature:   <br> Date:  

ONCE YOU SUBMIT THIS REQUEST, IT WILL BE ROUTED TO THE OFFICE OF ETHICS AND COMPLIANCE FOR REVIEW AND FORWARDED TO ANY FURTHER APPROVING PARTIES REQUIRED BY THIS POLICY. PLEASE EXPECT TO RECEIVE A RESPONSE WITHIN TWO (2) TRADING DAYS. IF YOU HAVE ANY QUESTIONS REGARDING THIS REQUEST AND WOULD LIKE TO SPEAK WITH SOMEONE FIRST, PLEASE REACH OUT TO [ ].

**<u>Exhibit B - Guidelines for Rule 10b5-1 Plans</u>**

**Introduction**

Rule 10b5-1(c) under the Securities Exchange Act of 1934, as amended, provides for an affirmative defense against insider trading liability if a trade occurs pursuant to a pre-arranged "trading plan" that meets specified conditions. Specifically, if a purchase or sale is made pursuant to a trading plan that complies with the conditions in Rule 10b5-1(c), as described below, the trade will not be deemed to be made on the basis of material nonpublic information, and therefore will not violate insider trading laws. Trading plans can be established for a single trade or a series of trades. Because Rule 10b5-1(c) is complex, the Company recommends that you work with a broker and fully understand the limitations and conditions of the rule before establishing a plan.

The Company has adopted a written Insider Trading Policy, to which these guidelines for Rule 10b5-1 plans are an attachment, containing certain basic principles and policies concerning the trading by officers, directors and employees of the Company in the securities of the Company. These guidelines set forth the Company's policy concerning Rule 10b5-1 pre-planned trading programs by its directors, officers and employees. All capitalized terms used but not defined in these guidelines have the same meanings provided for in the Insider Trading Policy.

As specified in the Insider Trading Policy, a Rule 10b5-1 plan must be approved by the Compliance Officer and meet the requirements of Rule 10b5-1 and these guidelines. Any Rule 10b5-1 plan (or the modification or termination of any existing Rule 10b5-1 plan) must be well documented and submitted for approval ten trading days prior to the entry into the Rule 10b5-1 plan. the Company reserves the right not to approve any proposed Rule 10b5-1 plan (or the modification of any existing Rule 10b5-1 plan) unless it meets the requirements of Rule 10b5-1 and these guidelines, as well as such additional terms and conditions as the Company may require from time to time. No further pre-approval of transactions conducted pursuant to the Rule 10b5-1 plan will be required.

The following guidelines apply to all Rule 10b5-1 plans:

● You may not enter into, modify or terminate a Rule 10b5-1 plan during a restricted period or otherwise while you are aware of material nonpublic information.

● All Rule 10b5-1 plans must: (1) specify the amount, price and date of the transactions; (2) include a written formula, algorithm or computer program for determining amounts, prices and dates for the transactions; or (3) not permit the person to exercise any subsequent influence over how, when or whether to make purchases or sales (and any other person exercising such influence under the Rule 10b5-1 plan must not be aware of material nonpublic information when doing so).

● For officers and directors, no transaction may take place under a Rule 10b5-1 plan until the later of (a) 90 days after adoption or modification of the Rule 10b5-1 plan or (b) two trading days following the disclosure of the Company's financial results in a current report for the fiscal quarter (or annual report on Form 20-F for the fourth fiscal quarter) in which the Rule 10b5-1 plan was adopted or modified (but in any event, the required cooling-off period is subject to a maximum of 120 days after adoption or modification of the Rule 10b5-1 plan). For persons other than officers and directors, no transaction may take place under a Rule 10b5-1 plan until 30 days following the adoption or modification of a Rule 10b5-1 plan.

● Subject to certain limited exceptions specified in Rule 10b5-1, you may not enter into more than one Rule 10b5-1 plan at the same time.

● Subject to certain limited exceptions specified in Rule 10b5-1, you are limited to only one Rule 10b5-1 plan designed to effect an open market purchase or sale of the total amount of securities subject to the Rule 10b5-1 plan as a single transaction in any 12-month period.

● You must act in good faith with respect to a Rule 10b5-1 plan. A Rule 10b5-1 plan cannot be entered into as part of a plan or scheme to evade the prohibition of Rule 10b-5. Therefore, although modifications to an existing Rule 10b5-1 plan are not prohibited, a Rule 10b5-1 plan should be adopted with the intention that it will not be amended or terminated prior to its expiration.

● Officers and directors must include a representation in the Rule 10b5-1 plan certifying that, on the date of adoption or modification of the plan (i) the person is not aware of material nonpublic information about the Company or its securities and (ii) the person is adopting the trading plan in good faith and not as part of plan or scheme to evade the prohibitions of Rule 10b-5.

The Company and its officers and directors must make certain disclosures in SEC filings concerning Rule 10b5-1 plans and certain material terms. Officers and directors of the Company must undertake to provide any information requested by the Company regarding Rule 10b5-1 plans for the purpose of providing the required disclosures or any other disclosures that the Company deems to be appropriate under the circumstances.

If any questions arise, such person should consult with their own counsel in implementing a Rule 10b5-1 plan.

**EXHIBIT C - FORM OF SPECIAL BLACKOUT NOTICE**

<u>AGENCIA COMERCIAL SPIRITS LTD</u>

*[Date]*

**<u>CONFIDENTIAL COMMUNICATION</u>**

*[Insert company address]*

*Dear [Insert Name]:*

AGENCIA COMERCIAL SPIRITS LTD (the "**Company**") has imposed a special blackout period in accordance with the terms of the Company's Insider Trading Policy (the "**Policy**"). Pursuant to the Policy, and subject to the exceptions stated in the Policy, you may not engage in any transaction involving the securities of the Company until you receive official notice that the special blackout period is no longer in effect.

You may not disclose to others the fact that a special blackout period has been imposed. In addition, you should take care to handle any confidential information in your possession in accordance with the Company's policies.

If you have any questions at all, please contact me at [ ].

Sincerely,

Compliance Officer

## Exhibit 99.12

**Exhibit 99.12**

**WHISTLEBLOWER POLICY OF AGENCIA COMERCIAL SPIRITS LTD**

This Whistleblower Policy (this "**Policy**") has been adopted by the board of directors (the "**Board**") of AGENCIA COMERCIAL SPIRITS LTD (the "**Company**") to govern the receipt, retention, and treatment of complaints regarding the Company's accounting, internal accounting controls, or auditing matters, and to protect the confidential, anonymous reporting of employees concerns regarding questionable financial and commercial practices.

I. POLICY

It is the policy of the Company to treat complaints about accounting, internal accounting controls, auditing matters, or questionable financial and commercial practices ("**Complaints**") seriously and expeditiously.

Employees will be given the opportunity to submit for review by the Company confidential and anonymous Complaints, including without limitation, the following:

● fraud against investors, securities fraud, mail or wire fraud, bank fraud, or fraudulent statements to the U.S. Securities and Exchange Commission (the "**SEC**") or members of the investing public;

● violations of SEC rules and regulations applicable to the Company and related to accounting, internal accounting controls and auditing matters;

● intentional error or fraud in the preparation, review or audit of any financial statement of the Company;

● significant deficiencies in or intentional non-compliance with the Company's internal accounting controls;

● corruption or bribery in any form, including the offering or payment of bribes, kickbacks or any other improper benefits to actual or potential customers, agents, contractors, suppliers, government officials, employees of these entities or any other party;

● retaliation against an employee who submits a complaint – examples include statements, conduct or actions involving discharging, demoting, suspending, threatening, harassing or in any other manner discriminating against an employee who submits a complaints in good faith in accordance with this policy; and

● any other conduct that is in violation of the Company's Code of Business Conduct And Ethics.

If requested by the employee, the Company will protect the confidentiality and anonymity of the employee to the fullest extent possible, consistent with the need to conduct an adequate review. Vendors, customers, business partners and other parties external to the Company will also be given the opportunity to submit Complaints; however, the Company is not obligated to keep Complaints from non-employees confidential or to maintain the anonymity of non-employees.

Complaints will be reviewed by the Audit Committee of the Board (the "**Audit Committee**") or such other persons as the Audit Committee determines to be appropriate.

The Company will abide by all laws that prohibit retaliation against employees who lawfully submit complaints under this Policy. However, anyone filing a Complaint concerning a violation or suspected violation must be acting in good faith and have reasonable grounds for believing the information disclosed indicated a violation. Any allegations that prove not to be substantiated and which prove to have been made maliciously or knowingly to be false will be viewed as a serious disciplinary offense.

In the event that the Company contracts with a third party to handle Complaints or any part of the complaint process, the third party will comply with this Policy.

II. PROCEDURES

**Receipt of Written Complaints**

Any person may submit a Complaint by contacting the Audit Committee or the Compliance Officer (as defined below) in person, in writing, by email or by telephone. Employees submitting this information need not provide their name or other personal information and reasonable efforts will be used to conduct the investigation that follows from a Complaint from an employee in a manner that protects the confidentiality and anonymity of the employee submitting the Complaint.

If an employee feels uncomfortable about a situation or has any doubts about whether it is consistent with the Company's ethical standards, seek help. The Company encourages employees to contact their supervisors for help first. If a supervisor cannot answer the question or if employees do not feel comfortable contacting their supervisors, they should contact the Compliance Officer or the Audit Committee.

**Treatment of Complaints**

&nbsp;&nbsp;&nbsp;&nbsp;1. Unless otherwise directed by the Audit Committee, a Complaint made under this Policy shall be directed
to the Compliance Officer of the Company (the "**Compliance Officer** "), who shall report directly to the Audit Committee
on such matters. The Company has appointed [ ], as the Compliance Officer. The Compliance Officer can be reached by e-mail at [ ].

&nbsp;&nbsp;&nbsp;&nbsp;2. The Compliance Officer shall review the Complaint, and may investigate it himself/herself or may assign
another employee, outside counsel, advisor, expert (including internal auditing staff) or third-party service provider (including the
external auditor) to investigate, or assist in investigating the Complaint. The Compliance Officer may direct that any individual assigned
to investigate Complaint work at the direction of or in conjunction with the Compliance Officer or any other attorney in the course of
the investigation.

&nbsp;&nbsp;&nbsp;&nbsp;3. Unless otherwise directed by the Compliance Officer, the person assigned to investigate will conduct an
investigation of the Complaint and report his or her findings or recommendations to the Compliance Officer. If the investigator is in
a position to recommend appropriate disciplinary or corrective action, the investigator also may recommend disciplinary or corrective
action.

&nbsp;&nbsp;&nbsp;&nbsp;4. If determined to be necessary by the Compliance Officer or the Audit Committee, the Company shall provide
for appropriate funding, as determined by the Compliance Officer or the Audit Committee, to obtain and pay for additional resources that
may be necessary to conduct the investigation, including , but not limited to, retaining outside counsel and/or other advisor(s); provided
that funding in excess of US$100,000 with respect to the investigation of any individual Complaint must be approved by the Audit Committee.

&nbsp;&nbsp;&nbsp;&nbsp;5. At least once per calendar quarter and whenever deemed necessary by the Compliance Officer, the Compliance
Officer shall submit to the Audit Committee, and to any other member of Company management designated by the Audit Committee, a report
that summarizes each Complaint made within the last 12 months and shows specifically: (a) the complainant (unless anonymous, in which
case the report will so indicate), (b) a description of the substance of the Complaint, (c) the status of the investigation, (d) any conclusions
reached by the investigator, and (e) findings and recommendations.

&nbsp;&nbsp;&nbsp;&nbsp;6. At any time with regard to any Complaint, the Compliance Officer, after obtaining approval from the Audit
Committee, may specify a different procedure for investigating and treating such a Complaint.

**Access to Reports and Records and Disclosure of Investigation Results**

All reports and records associated with Complaints are considered confidential information and access will be restricted to members of the Audit Committee and the Board, employees of the Company or outside counsel involved in investigating a Complaint as contemplated by this Policy. Access to reports and records may be granted to other parties at the discretion of the Audit Committee.

Complaints and any resulting investigations, reports or resulting actions will generally not be disclosed to the public except as required by any legal requirements or regulations or by any corporate policy in place at the time.

**Retention of Records**

All Complaints and documents relating to such Complaints made through this Policy shall be retained for at least five years from the date of the complaint, after which the information may be destroyed unless the information may be relevant to any pending or potential litigation, inquiry, or investigation, in which case the information may not be destroyed and must be retained for the duration of that litigation, inquiry, or investigation and thereafter as necessary.