# EDGAR Filing Document

**Accession Number:** 0002083034
**File Stem:** 0001185185-26-000300
**Filing Date:** 2026-1
**Character Count:** 1247129
**Document Hash:** 01da6a37a6cdaa009490977c460c33a7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001185185-26-000300.hdr.sgml**: 20260127

**ACCESSION NUMBER**: 0001185185-26-000300

**CONFORMED SUBMISSION TYPE**: F-1

**PUBLIC DOCUMENT COUNT**: 56

**FILED AS OF DATE**: 20260127

**DATE AS OF CHANGE**: 20260127

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JOYBYTE HOLDINGS Ltd
- **CENTRAL INDEX KEY:** 0002083034
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-PREPACKAGED SOFTWARE [7372]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 000000000
- **STATE OF INCORPORATION:** K3
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** F-1
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-292978
- **FILM NUMBER:** 26563458

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** UNIT 1211 12/F ONE MIDTOWN
- **STREET 2:** 11 HOI SHING ROAD TSUEN WAN
- **CITY:** HONG KONG
- **PROVINCE COUNTRY:** K3
- **ZIP:** 00000
- **BUSINESS PHONE:** 852 2117 0848

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** UNIT 1211 12/F ONE MIDTOWN
- **STREET 2:** 11 HOI SHING ROAD TSUEN WAN
- **CITY:** HONG KONG
- **PROVINCE COUNTRY:** K3
- **ZIP:** 00000

**As filed with the U.S. Securities and Exchange Commission on January 27, 2026.**

**Registration No. 333-** 

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION** **Washington**, **D**.**C**. **20549**

**Form F-1** **REGISTRATION STATEMENT *UNDER THE SECURITIES ACT OF 1933***

**<u>JOYBYTE HOLDINGS LIMITED</u>**

(**Exact Name of Registrant as Specified in its Charter**)

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| | | |
|:---|:---|:---|
| **Cayman Islands** | **7372** | **Not Applicable** |
| **(State or Other Jurisdiction of**<br> **Incorporation or Organization)** | **(Primary Standard Industrial**<br> **Classification Code Number)** | **(I.R.S. Employer**<br> **Identification No.)** |

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**Unit 1211, 12/F, One Midtown 11 Hoi Shing Road, Tsuen Wan, Hong Kong <u>+852-2117-0848</u>**

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

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

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

***Copies to:***

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| | | |
|:---|:---|:---|
| **Henry Yin, Esq.**<br> **Loeb & Loeb LLP**<br> **2206-19 Jardine House**<br> **1 Connaught Place**<br> **Central, Hong Kong SAR**<br> **852-3923-1111** | **Hermione Krumm, Esq.**<br> **Loeb & Loeb LLP**<br> **345 Park Avenue**<br> **New York, NY 10154**<br> **(212) 407-4000** | **Anthony N. DeMint, Esq.**<br> **DeMint Law, PLLC**<br> **3753 Howard Hughes Pkwy, #200-314**<br> **Las Vegas, NV 89169**<br> **(702) 714-0889** |

---

**Approximate date of commencement of proposed sale to the public:** As soon as practicable after effectiveness 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 or until the registration statement shall become effective on such date as the Securities and Exchange Commission acting pursuant to said Section 8**(**a**), **may determine**.

**The information in this prospectus is not complete and may be changed. We may not sell the 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 any offer to buy these securities in any jurisdiction where such offer or sale is not permitted.**

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| | |
|:---|:---|
| **PRELIMINARY PROSPECTUS** | **SUBJECT TO COMPLETION DATED JANUARY 27, 2026** |

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**JOYBYTE HOLDINGS LIMITED**

**[●] ORDINARY SHARES**

This is the initial public offering of the ordinary shares, par value US$0.00001 per share ("Shares" or "Ordinary Shares") of JoyByte Holdings Limited ("JoyByte Cayman") (this "Offering"). We are offering [●] Ordinary Shares of JoyByte Cayman, on a firm commitment basis through the underwriters identified herein. No public market currently exists for our Ordinary Shares. The initial public offering price is expected to be between US$[●] and US$[●] per Ordinary Share. The number of Shares offered hereby is based upon an assumed offering price of US$[●] per Ordinary Share, the midpoint of such estimated price range. The actual initial public offering price of the Ordinary Shares will be determined between the underwriters and us at the time of pricing, considering, among others, our historical performance, prevailing market conditions, and overall assessment of our business. Therefore, the assumed initial public offering price per Ordinary Share used throughout this prospectus may not be indicative of the actual initial public offering price for the Ordinary Shares. See "Determination of Offering Price" for additional information.

We have applied to list our Ordinary Shares on the Nasdaq Capital Market tier of the Nasdaq Stock Market ("Nasdaq") under the symbol "[●]". At this time, Nasdaq has not yet approved our application to list our Ordinary Shares. The closing of this Offering is conditioned upon Nasdaq's final approval of our listing application. However, there is no assurance that this Offering will be closed and our Ordinary Shares will be trading on the Nasdaq Capital Market. If Nasdaq does not approve our listing application, this initial public offering will be terminated.

We are an "emerging growth company," as defined in the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act") and will be subject to reduced public company reporting requirements. See "Prospectus Summary — Implications of Being an Emerging Growth Company and a Foreign Private Issuer" and "Risk Factors" on pages 10 and 14, respectively.

As of the date of this prospectus, the beneficial owner of the Company, Champion Wave Holdings Limited (our "Controlling Shareholder") which is controlled by Ms. Yujie Chen, holds an aggregate of [5,550] Ordinary Shares, which represents an aggregate of [55.50]% of the total voting power. Upon completion of this Offering, our issued and outstanding shares will consist of [●] Ordinary Shares, assuming the underwriters do not exercise their over-allotment option to purchase additional Shares, or [●] Ordinary Shares, assuming the over-allotment option is exercised in full. Upon completion of this Offering, our Controlling Shareholder will be the beneficial owners of an aggregate of [5,550] Ordinary Shares, which will represent an aggregate of [●]% of the total voting power, assuming that the underwriters do not exercise their over-allotment option, or an aggregate of [●]% of the total voting power, assuming that the over-allotment option is exercised in full. As a result, we will be a "controlled company" as defined under the Nasdaq Listing Rules and, therefore, eligible for certain exemptions from the corporate governance requirements of the Nasdaq Listing Rules. If we cease to be a foreign private issuer, we intend to rely on these exemptions for so long as we are a controlled company under that definition. Furthermore, our Controlling Shareholder will be able to exert significant control over our management and affairs, including approval of significant corporate transactions. For additional information, see "Risk Factors — Risks Related to Our Business and Industry — Our significant shareholder has considerable influence over our corporate matters." on page 27 for further details.

**We are not a Hong Kong operating company, but an offshore holding company incorporated in the Cayman Islands. As a holding company with no material operations of our own, we conduct our operations through our operating company in Hong Kong, HongKong Grand Universe Technology Limited ("Grand Universe", also "Operating Subsidiary"). This is an offering of the Ordinary Shares of JoyByte Holdings Limited, the holding company in the Cayman Islands, and not the shares of Grand Universe. References to the "Company", "we", "us", and "our" in this prospectus are to JoyByte Cayman, the Cayman Islands entity that will issue the Ordinary Shares being offered. References to Grand Universe in this prospectus is to the Hong Kong entity operating the business and generating all of the revenue and profit stated in the consolidated financial statements of the Company. Grand Universe is a wholly-owned subsidiary of Success Wave Holdings Limited ("Success Wave"), a company incorporated in the British Virgin Islands (the "BVI"), which is in turn wholly-owned by JoyByte Cayman. Investors purchasing our Ordinary Shares should be aware that they may never hold equity interests in Grand Universe directly. Investors are purchasing equity solely in JoyByte Cayman, the Cayman Islands holding company, which indirectly owns equity interests in Grand Universe. Because of our corporate structure, we as well as our investors are subject to unique risks due to uncertainty of the interpretation and the application of PRC laws and regulations, to the extent that they are made applicable to Grand Universe and its operations. We are also subject to the risks of uncertainty about any future actions of the PRC government in this regard. We may also be subject to sanctions imposed by PRC regulatory agencies, including the China Securities Regulatory Commission ("CSRC"), if we fail to comply with their rules and regulations. PRC regulatory authorities could disallow our operating structure in the future, and this would likely result in a material change in our operations in Hong Kong and/or the value of our securities, which could cause the value of such securities to significantly decline or become worthless. See "Risk Factors" beginning on page 14 of this prospectus for a discussion of risks facing the Company and this Offering as a result of this structure.**

**There are legal and operational risks associated with being based in and having all of our operations in Hong Kong. The PRC government may exercise significant oversight and discretion over the conduct of our business and may intervene or influence our operations at any time. Such government actions could result in a material change in our operations and/or the value of the securities we are registering for sale, significantly limit or completely hinder our ability to continue our operations, significantly limit or completely hinder our ability to offer or continue to offer our securities to investors, and may cause the value of our securities to significantly decline or be worthless. See "Risk Factors — Risks Related to Doing Business in Hong Kong — The PRC government may intervene or influence our operations at any time, which could result in a material change in our operations and/or the value of the securities we are registering for sale" on page 16 for further details.**

**We are aware that, in recent years, the PRC government initiated a series of regulatory actions and made a number of public statements on the regulation of business operations in certain areas in China with little advance notice, including cracking down on illegal activities in the securities market, enhancing supervision over China-based companies listed overseas using variable interest entity ("VIE") structure, adopting new measures to extend the scope of cybersecurity reviews, and expanding the efforts in anti-monopoly enforcement. We do not believe that we are directly subject to these regulatory actions or statements, as we do not operate in mainland China, do not have a VIE structure, and our business does not implicate cybersecurity, or involve any other type of restricted industry. Since these statements and regulatory actions are new, it is highly uncertain how soon the legislative or administrative regulation making bodies will respond and what existing or new laws or regulations or detailed implementations and interpretations will be modified or promulgated, if any, or the potential impact such modified or new laws and regulations will have on our daily business operations or our ability to accept foreign investments and list on a U.S. exchange. Any change in foreign investment regulations, and other policies in China or related enforcement actions by the PRC government could result in a material change in our operations and/or the value of the securities we are registering for sale and could significantly limit or completely hinder our ability to offer or continue to offer our securities to investors or cause the value of our securities to significantly decline or be worthless. See "Risk Factors — Risks Related to Doing Business in Hong Kong — Uncertainties with respect to the PRC legal system, including risks and uncertainties regarding the enforcement of laws, and sudden or unexpected changes in laws and regulations in the PRC with little advance notice could result in a material change in our operations and/or the value of the securities we are registering for sale" and "Risk Factors — Risks Related to Doing Business in Hong Kong — Any actions by the PRC government to exert more oversight and control over offerings that are conducted overseas and/or foreign investment in China-based issuers, such actions could significantly limit or completely hinder our ability to offer or continue to offer securities to investors and cause the value of such securities to significantly decline or become worthless" on page 16 and 17, respectively, for further details.**

**Our Ordinary Shares may be prohibited from being trading on a national securities exchange or in the over-the-counter market in the United States if the Public Company Accounting Oversight Board ("PCAOB") is unable to inspect our auditors for two consecutive years. The Holding Foreign Companies Accountable Act (the "HFCA Act") was enacted on December 18, 2020. Pursuant to the HFCA Act, if the SEC determines that we have filed audit reports issued by a registered public accounting firm that has not been subject to inspection by the PCAOB, for three consecutive years beginning in 2021, the SEC may prohibit our Ordinary Shares from being traded on a national securities exchange or in the over-the-counter market in the United States. On December 23, 2022, the Accelerating Holding Foreign Companies Accountable Act (the "AHFCA Act") was enacted, which amended the HFCA Act by requiring the SEC to prohibit an issuer's securities from trading on a national securities exchange or in the over-the-counter market in the United States if its auditor is not subject to PCAOB inspections for two consecutive years instead of three. On December 29, 2022, a legislation entitled "Consolidated Appropriations Act, 2023" (the "Consolidated Appropriations Act") was signed into law by the former President of the U.S., Mr. Joe Biden, which contained, among other things, an identical provision to the AHFCA Act and amended the HFCA Act by requiring the SEC to prohibit an issuer's securities from trading on a national securities exchange or in the over-the-counter market in the United States if its auditor is not subject to PCAOB inspections for two consecutive years instead of three years. On December 16, 2021, the PCAOB issued a report on its determinations that it was unable to inspect or investigate completely PCAOB-registered public accounting firms headquartered in mainland China and in Hong Kong, because of positions taken by PRC authorities in those jurisdictions. The PCAOB made its determinations pursuant to PCAOB Rule 6100, which provides a framework for how the PCAOB fulfils its responsibilities under the HFCA. The report further listed in its Appendix A and Appendix B, Registered Public Accounting Firms Subject to the mainland China Determination and Registered Public Accounting Firms Subject to the Hong Kong Determination, respectively. Our auditor, WWC, P.C., is located at San Mateo, California, registered with the PCAOB, and has been inspected by the PCAOB on a regular basis, with the last inspection in 2023. Our auditor is subject to laws in the United States pursuant to which the PCAOB conducts regular inspections to assess our auditor's compliance with the applicable professional standards. In addition, our auditors did not appear as part of the PCAOB's report of determinations under the lists in Appendix A or Appendix B of the report issued by the PCAOB on December 16, 2021. On August 26, 2022, the CSRC, the Ministry of Finance of the PRC, and the PCAOB signed a Statement of Protocol, or the Protocol, governing inspections and investigations of audit firms based in China and Hong Kong and taking the first step toward opening access for the PCAOB to inspect and investigate registered public accounting firms headquartered in mainland China and Hong Kong. Pursuant to the Protocol, the PCAOB shall have independent discretion to select any issuer audits for inspection or investigation and has the unfettered ability to transfer information to the SEC. On December 15, 2022, the PCAOB announced that it was able to secure complete access to inspect and investigate PCAOB-registered public accounting firms headquartered in mainland China and Hong Kong in 2022, and the PCAOB Board vacated its previous determinations that the PCAOB was unable to inspect or investigate completely registered public accounting firms headquartered in mainland China and Hong Kong. However, whether the PCAOB will continue to be able to satisfactorily conduct inspections of PCAOB-registered public accounting firms headquartered in mainland China and Hong Kong is subject to uncertainty and depends on a number of factors out of our, and our auditor's, control. The PCAOB continues to demand complete access in mainland China and Hong Kong moving forward and has resumed regular inspections since March 2023. The PCAOB is continuingly pursuing ongoing investigations and may initiate new investigations as needed. The PCAOB has indicated that it will act immediately to consider the need to issue new determinations with the HFCA Act if needed. As a result, the time period before the Company's securities may be prohibited from trading or delisted has been decreased accordingly. Notwithstanding the foregoing, in the event it is later determined that the PCAOB is unable to inspect or investigate completely our auditor, then such lack of inspection could cause our securities to be delisted from the stock exchange. The delisting of our Ordinary Shares, or the threat of their being delisted, may materially and adversely affect the value of your investment. See "Risk Factors — Although the audit report included in this prospectus is prepared by U.S. auditors who are currently inspectable by the PCAOB, there is no guarantee that future audit reports will be issued by auditors inspectable by the PCAOB, and, as such, in the future, investors may be deprived of the benefits of the PCAOB inspection program. Furthermore, trading in our securities may be prohibited under the HFCA Act if the SEC subsequently determines our audit work is performed by auditors that the PCAOB is unable to inspect or investigate completely, and as a result, U.S. national securities exchanges, such as Nasdaq, may determine to delist our securities. Furthermore, on December 29, 2022, the AHFCA Act was enacted, which amended the HFCA Act 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 and, thus, reduced the time before our Ordinary Shares may be prohibited from trading or delisted." on page 14.**

**We conduct all of our operations in Hong Kong through our Operating Subsidiary. Our Operating Subsidiary is our only operating subsidiary located in Hong Kong, while Success Wave is an intermediate holding company with no operations. However, cash may be transmitted between our Operating Subsidiary and Success Wave. For more details, refer to "Prospectus Summary - Transfers of Cash To and From Our Subsidiaries." As of the date of this prospectus, our subsidiaries have not experienced any difficulties or limitations on their ability to transfer cash between each other; they do not maintain cash management policies or procedures dictating the amount of such funding or how funds are transferred. However, there can be no assurance that the PRC government will not intervene or impose restrictions to prevent the cash maintained in Hong Kong from being transferred out or restrict the deployment of the cash into our business or for the payment of dividends. See "Risk Factors — We are a holding company whose principal source of operating cash is the income received from our Operating Subsidiary" on page 27, "Risk Factors - To the extent cash or assets in the business are in Hong Kong or a Hong Kong entity, the funds or assets may not be available to fund operations or for other use outside of the Hong Kong, due to interventions in or the imposition of restrictions and limitations on the ability of our Company or our subsidiaries by the PRC government to transfer cash or assets" on page 27, "Dividend Policy", and "Consolidated Statements of Change in Shareholders' Equity" in the Report of Independent Registered Public Accounting Firm for further details.**

**Cash may be transferred through our organization in the following manner: (i) funds are transferred to Operating Subsidiary from JoyByte Cayman through Success Wave in the form of capital contributions or shareholder loans, as the case may be; and (ii) dividends or other distributions may be paid by Operating Subsidiary to JoyByte Cayman through Success Wave.**

**During the years ended June 30, 2025 and 2024 and up to the date of this prospectus, no transfers, dividends or distributions have been made by JoyByte Cayman, Success Wave and Grand Universe. We intend to retain all available funds and future earnings, if any, for operation and business development, however, we may pay dividends on our Ordinary Shares in the foreseeable future. As we are a holding company, our ability to make dividend payments, if any, would be contingent upon our receipt of funds from our Operating Subsidiary through an intermediate holding company.**

**Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.**

**Investing in our Ordinary Shares involves a high degree of risk, including the risk of losing your entire investment. See "Risk Factors" beginning on page 14 of this prospectus to read about factors you should consider before buying our Ordinary Shares.**

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| | | |
|:---|:---|:---|
|  | **Per <br> Ordinary Share** | **Total** |
| Initial public offering price<sup>(1)</sup> | US$ | US$ |
| Underwriting discounts<sup>(2)</sup> | US$ | US$ |
| Proceeds to us (before expenses)<sup>(3)</sup> | US$ | US$ |

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(1) Determined based on the proposed minimum offering price per Ordinary Share. Assumes that the underwriters do not exercise their over-allotment option. See "*Underwriting*" for additional information regarding underwriting compensation.

(2) We have agreed to pay the underwriters a discount equal to seven percent (7.0%) of the gross proceeds of this offering. We have also agreed to pay the representative of the underwriters, American Trust Investment Services, Inc. ("ATIS" or the "Representative"), a non-accountable expense allowance equal to one percent (1.0%) of the gross proceeds raised and to reimburse the underwriters for certain expenses incurred relating to this offering. These payments will further reduce proceeds available to us before expenses. For a description of compensation and other items of value payable to the underwriters, see "*Underwriting*."

(3) If the underwriters exercise the option in full, and assuming an offering price of US$[●] per Ordinary Share, which is the midpoint of the estimated initial public offering price range set forth on the cover page of this prospectus, we expect our total cash expenses for this Offering (including cash expenses payable to the underwriter for their out-of-pocket expenses) to be approximately US$[●], exclusive of the above discounts and commissions. These payments will further reduce proceeds available to us before expenses. See "Underwriting."

This Offering is being conducted on a firm commitment basis. The underwriters are obligated to take and pay for all of the Ordinary Shares if any such Ordinary Shares are taken. We have granted the underwriter an option for a period of [●] days after the closing of this Offering to purchase up to [●]% of the total number of our Ordinary Shares to be offered by us pursuant to this Offering (excluding shares subject to this option), solely for the purpose of covering over-allotments, at the initial public offering price less the underwriting discounts and commissions. If the underwriters exercise the option in full, the total underwriting discounts payable will be US$[\*] and the total proceeds to us, before expenses, will be US$[\*]. If we complete this Offering, net proceeds will be delivered to us on the closing date.

The underwriter expects to deliver the Ordinary Shares to purchasers against payment in U.S. Dollars to purchasers on or about [\*], 2026.

 **

***Sole Book-Running Manager***

 **

![](image_011.jpg) ****

 ****

American Trust Investment Services, Inc.

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

**TABLE OF CONTENTS**

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| | |
|:---|:---|
|  | **Page** |
| [PROSPECTUS SUMMARY](#a_001) | 1 |
| [THE OFFERING](#a_002) | 12 |
| [RISK FACTORS](#a_003) | 14 |
| [SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS](#a_004) | 42 |
| [USE OF PROCEEDS](#a_005) | 44 |
| [DIVIDEND POLICY](#a_006) | 45 |
| [CAPITALIZATION](#a_007) | 46 |
| [DILUTION](#a_008) | 47 |
| [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#a_009) | 48 |
| [OUR CORPORATE HISTORY AND STRUCTURE](#a_010) | 57 |
| [INDUSTRY OVERVIEW](#a_011) | 60 |
| [BUSINESS](#a_012) | 66 |
| [REGULATIONS](#a_013) | 73 |
| [MANAGEMENT](#a_014) | 77 |
| [PRINCIPAL SHAREHOLDERS](#a_015) | 83 |
| [CERTAIN RELATIONSHIPS AND RELATED-PARTY TRANSACTIONS](#a_016) | 84 |
| [DESCRIPTION OF SHARE CAPITAL](#a_017) | 85 |
| [SHARES ELIGIBLE FOR FUTURE SALE](#a_018) | 96 |
| [MATERIAL TAX CONSIDERATIONS](#a_019) | 98 |
| [ENFORCEABILITY OF CIVIL LIABILITIES](#a_020) | 105 |
| [UNDERWRITING](#a_021) | 106 |
| [EXPENSES RELATED TO OFFERING](#a_022) | 115 |
| [LEGAL MATTERS](#a_023) | 116 |
| [EXPERTS](#a_024) | 116 |
| [WHERE YOU CAN FIND ADDITIONAL INFORMATION](#a_025) | 116 |
| [INDEX TO CONSOLIDATED FINANCIAL STATEMENTS](#a_026) | F-1 |

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You should rely only on the information contained in this prospectus and any related free-writing prospectus that we authorize to be distributed to you. We have not authorized any person, including any underwriter, to provide you with information different from that contained in this prospectus or any related free-writing prospectus that we authorize to be distributed to you. This prospectus is not an offer to sell, nor is it seeking an offer to buy, our Ordinary Shares in any state or jurisdiction where such offer or sale is not permitted. The information in this prospectus speaks only as of the date of this prospectus unless the information specifically indicates that another date applies, regardless of the time of delivery of this prospectus or of any sale of the Shares offered hereby. Our business, financial condition, results of operations, and prospects may have changed since that date. We do not take any responsibility for, nor do we provide any assurance as to the reliability of, any information other than the information in this prospectus and any free writing prospectus prepared by us or on our behalf. Neither the delivery of this prospectus nor the sale of our Ordinary Shares means that information contained in this prospectus is correct after the date of this prospectus.

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

Until [\*], 2026 (25 days after the date of this prospectus), all dealers that effect transactions in these securities, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to the dealer's obligation to deliver a prospectus when acting as an underwriter and with respect to their unsold allotments or subscriptions.

**You may lose all of your investment in our Ordinary Shares. If you are uncertain as to our business and operations or you are not prepared to lose all of your investment in our Ordinary Shares, we strongly urge you not to purchase any of our Ordinary Shares. We recommend that you consult legal, financial, tax, and other professional advisors or experts for further guidance before participating in the offering of our Ordinary Shares as further detailed in this prospectus.**

i

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

**We do not recommend that you purchase our Ordinary Shares unless you have prior experience with investments in capital markets, possess basic knowledge of the mobile game industry, and have received independent professional advice.**

**Market and Industry Data**

This prospectus includes statistics, other data and descriptive information relating to markets, market sizes, and other industry data pertaining to our business that we have obtained from industry publications and surveys, government publications and other information available to us. Industry publications and surveys generally state that the information contained therein has been obtained from sources believed to be reliable. We have not independently verified any of the data from third party sources nor have we ascertained the underlying economic assumptions relied upon therein. Market data and statistics are inherently predictive and speculative and are not necessarily reflective of actual market conditions. Such statistics are based on market research, which itself is based on sampling and subjective judgments by both the researchers and the respondents, including judgments about what types of products and transactions should be included in the relevant market. In addition, the value of comparisons of statistics for different markets is limited by many factors, including that (i) the markets are defined differently, (ii) the underlying information was gathered by different methods, and (iii) different assumptions were applied in compiling the data. Accordingly, the market statistics included in this prospectus should be viewed with caution. We believe that information from these industry publications included in this prospectus is reliable.

**Trademarks, Service Marks, and Trade Names**

Solely for convenience, the trademarks, service marks, and trade names referred to in this prospectus are without the <sup>®</sup> and <sup>TM</sup> symbols, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights or the rights of the applicable licensors to these trademarks, service marks and trade names. This prospectus contains additional trademarks, service marks, and trade names of others, which are the property of their respective owners. We do not intend our use or display of other companies' trademarks, service marks, or trade names to imply a relationship with, or endorsement or sponsorship of us by, any other companies.

**Other Pertinent Information**

Unless otherwise indicated or the context requires otherwise, references in this prospectus to:

● "Memorandum and Articles" refers to our memorandum and articles of association of the Company adopted on February 17, 2025 at incorporation;

● "$" OR "US$" or "U.S. dollars" refers to the legal currency of the United States;

● "China" or the "PRC" refers to the People's Republic of China, including the special administrative regions of Hong Kong, Macau and Taiwan. For reference to specific laws and regulations adopted by the PRC, the definition of "China" or the "PRC" refers to the People's Republic of China, excluding Hong Kong, Macau and Taiwan;

● "Ordinary Shares" are to the Ordinary Shares, par value of US$0.00001 per share, of JoyByte Holdings Limited;

● "Companies Act" refers to the Companies Act (as revised) of the Cayman Islands, as amended, supplemented or otherwise modified from time to time;

● "Controlling Shareholder" refer to the ultimate beneficial owner of the Company, Champion Wave Holdings Limited, which is held by Ms. Yujie Chen. See "Management" and "Principal Shareholders" for more information;

● "Migo" refers to Migo Corporation Limited, an independent market research agency, which is an independent third party;

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● "Fiscal Year" or "FY" refers to Financial year ended or, as the case may be, ending June 30;

● "Grand Universe" refers to HongKong Grand Universe Technology Limited, our operating subsidiary, incorporated on February 7, 2023;

● "Group" refers to, collectively, the Company and all of its subsidiaries;

● "HKD," "HK$" or "HK Dollar" refers the legal currency of Hong Kong;

● "Hong Kong laws" refers to all applicable laws, statutes, rules, regulations, ordinances and other pronouncements having the binding effect of law in Hong Kong;

● "Hong Kong" refers to the Hong Kong Special Administrative Region of the People's Republic of China;

● "JoyByte Cayman," the "Company," "we" or "us" refers to JoyByte Holdings Limited, a Cayman Islands company and its wholly-owned and indirect wholly-owned subsidiaries, unless the context otherwise indicates;

● "mainland China" refers to the People's Republic of China (excluding Hong Kong, Macau and Taiwan);

● "Offering" or "IPO" refers to the initial public offering of JoyByte Holdings Limited;

● "Operating Subsidiary" refers to Grand Universe;

● "PRC government" or "PRC authorities", or variations of such words or similar expressions, refer to the central, provincial, and local governments of all levels in mainland China, including regulatory and administrative authorities, agencies and commissions, or any court, tribunal or any other judicial or arbitral body in mainland China;

● "PRC laws" or "PRC regulations," or variations of such words or similar expressions, refers to all applicable laws, statutes, rules, regulations, ordinances and other pronouncements having the binding effect of law in mainland China;

● "shares", "Shares", or "Ordinary Shares" refer to the Ordinary Shares of JoyByte Holdings Limited; and

● "Success Wave" refers to Success Wave Holdings Limited, our British Virgin Islands subsidiary and the direct holding company of Grand Universe.

JoyByte Cayman is an exempted company with limited liability incorporated under the laws of the Cayman Islands as a holding company with operations conducted in Hong Kong through its Operating Subsidiary, Grand Universe. Our Operating Subsidiary's reporting currency is HK$. This prospectus contains translations of certain foreign currency amounts into U.S. dollars for the convenience of the reader. Translation of amounts from HKD into USD has been made at the exchange rate of 1 USD to 7.8 HKD.

No representation is made that the HK$ amounts could have been, or could be, converted, realized or settled into US$ at such rate, or at any other rate.

iii

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**PROSPECTUS SUMMARY**

 

*This summary highlights selected information contained elsewhere in this prospectus. Because it is only a summary, it does not contain all of the information you should consider before making your investment decision. Before investing in our Ordinary Shares, you should carefully read this entire prospectus, including our financial statements and the related notes thereto and the information set forth under "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations," and "Business." Unless the context otherwise requires, all references to "JoyByte Cayman", "we", "us", "our", the "Company" and similar designations refer to JoyByte Holdings Limited, a Cayman Islands company, and its wholly-owned and indirect wholly-owned subsidiaries.*

**Overview**

We are an exempted company with limited liability incorporated under the laws of the Cayman Islands on February 17, 2025, as a holding company. We operate our business primarily through our indirectly wholly-owned Operating Subsidiary, Grand Universe. Grand Universe distributes casual and social mobile games globally (except the PRC).

Grand Universe was founded in February 2023. With a short operating history, Grand Universe has successfully reached a broad and active player base and achieve success in distributing casual and social mobile games. As of June 30, 2025, Grand Universe's game portfolio includes 16 mobile games, including Annie's Pursuit and Wasteland Billionaire. Our games are generally played in multiple short sessions and offer challenges for players to overcome during the gameplay. As of June 30, 2025, Grand Universe's mobile games had over 25 million cumulative registered users. For the month ended June 30, 2025, Grand Universe's average monthly active user ("MAU") was over 720,000.

Grand Universe generally adopts a free-to-play model for its games. Users can generally play the games for free but the games offer the option to watch in-game advertisements or purchase virtual items in games to enhance their gameplay experience. We generally generate our revenue from users watching the in-game advertisements and the sales of in-game virtual items.

Grand Universe focuses on marketing and monetization of games and generally licenses games from third-party developers. Grand Universe carefully select games from various developers based on evolving market trends and users' reviews. Grand Universe enters into exclusive license agreement with game developers for distribution of the games globally (except the PRC). Grand Universe generally pay the third-party developers fees amounting to a prescribed percentage of the gross billings.

We typically receive payment from third-party distribution channels and advertisers and/or their agents. We consider the game developer as our customer and regard ourselves as the agent of the game developer in dealing with the player of the game product. Pursuant to the service agreements between the Company and the third-party game developers, we charge the game developer a service fee based on certain percentage of the amounts remitted by distribution channels (e.g., Apple App Store, Google Play) from player purchases. For the fiscal year ended June 30, 2025 and 2024, the Company generated all of its revenues from three and one customers, among which customers located in the PRC accounted for approximately 60.3% and 100% of our annual revenue, respectively.

We, through our Operating Subsidiary, have achieved tremendous growth in our business. For each of the fiscal year ended June 30, 2025 and 2024, our total revenue derived from distributing mobile games was approximately US$2.9 million and US$1.1 million, respectively. Grand Universe has a strong game pipeline and plans to launch 4 new games in 2026.

According to Migo, the global online gaming industry continues its strong upward trajectory in 2025, propelled by advances in internet infrastructure, widespread smartphone adoption, and the surging popularity of esports and game streaming. The global games market is forecast to reach USD$335 billion in revenue by 2030, with online and mobile games comprising the majority of this figure. The number of global gamers is projected to exceed 2.66 billion by the close of 2025, underscoring the industry's vast and inclusive reach. Driven by (i) high internet, mobile penetration and advancements in cloud gaming; (ii) diverse and affluent consumer base; (iii) supportive regulatory environment; and (iv) active gaming communities and influencers, it is expected that the Hong Kong online gaming industry will continue to grow.

**Competitive Strengths**

We believe that the following strengths have contributed to our success and differentiate us from our peers:

● Strong monetization capability and captivating game experience

● Strong distribution and marketing expertise

● Experienced and committed management team

**Our Strategy**

Our principal growth strategies include further strengthening our market position and increasing our market share in the mobile game industry. We intend on achieving this growth by actively seeking new opportunities from our existing client base as well as new potential clients. To achieve these goals, we plan on implementing the following strategies:

● Enrich our game portfolio and content offerings

● Strengthen our distributing and operation team

● Enhance our marketing effort

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**Corporate Structure**

We are not a Hong Kong or a mainland China operating company, but an offshore holding company incorporated in the Cayman Islands. As a holding company with no material operations of our own, we conduct all of our operations through our operating company in Hong Kong, Grand Universe. This is an offering of the Ordinary Shares of JoyByte Holdings Limited, the holding company in the Cayman Islands, instead of the shares of Grand Universe.

Because we are incorporated under the laws of the Cayman Islands, you may encounter difficulty protecting your interests as a shareholder, and your ability to protect your rights through the U.S. federal court system may be limited. Please refer to the sections entitled "Risk Factors" and "Enforcement of Civil Liabilities" for more information.

The chart below illustrates our corporate structure and identifies our subsidiaries as of the date of this registration statement:

![](image_001.jpg)

(1) As
of the date of this prospectus, there are 5 (five) shareholders of record that each has shareholding less than 5% of the issued and outstanding
Ordinary Shares.

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The chart below illustrates our corporate structure and identifies our subsidiaries immediately after our initial public offering:

![](image_002.jpg)

(1) As
of the date of this prospectus, there are 5 (five) shareholders of record that each has shareholding less than 5% of the issued and outstanding
Ordinary Shares.

**Transfers of Cash To and From Our Subsidiaries**

We conduct all of our operations in Hong Kong through our Operating Subsidiary. Our Operating Subsidiary is our only operating subsidiary located in Hong Kong, while Success Wave is an intermediate holding company with no operations. During the years ended June 30, 2025 and 2024 and up to the date of this prospectus, no transfers, dividends or distributions have been made by JoyByte Cayman, Success Wave and Grand Universe. Cash may be transferred through our organization in the following manner: (i) funds are transferred to our Operating Subsidiary, from JoyByte Cayman through our BVI subsidiary in the form of capital contributions or shareholder loans, as the case may be; and (ii) dividends or other distributions may be paid by our Operating Subsidiary to JoyByte Cayman through our BVI subsidiary. We intend to retain all available funds and future earnings, if any, for operation and business development, however, we may pay dividends on our Ordinary Shares in the foreseeable future. Any future determination related to our dividend policy will be made at the discretion of our board of directors after considering our financial condition, results of operations, capital requirements, contractual requirements, business prospects and other factors the board of directors deems relevant, and subject to the restrictions contained in any future financing instruments. Further, cash may be transmitted from our Operating Subsidiary to Success Wave and between our Operating Subsidiary. For more details, see section captioned "Related Party Transactions" in this prospectus.

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We are not prohibited under the laws of the Cayman Islands to provide funding to our Operating Subsidiary through loans and/or capital contributions without restriction on the amount of the funds loaned or contributed.

 

*Cayman Islands.* Subject to Cayman law, the Companies Act and our Memorandum and Articles, our board of directors may from time to time declare dividends in any currency to be paid to our members. Subject to a solvency test, as prescribed in the Companies Act, and the provisions, if any, of the memorandum and articles of association of an exempted company incorporated in the Cayman Islands, an exempted company incorporated in the Cayman Islands may pay dividends and distributions out of its share premium account. In addition, based upon English case law that is likely to be persuasive in the Cayman Islands, dividends may be paid out of profits.

 

*Hong Kong.* Under Hong Kong law, dividends may only be paid out of distributable profits (that is, accumulated realized profits less accumulated realized losses) or other distributable reserves. Dividends cannot be paid out of share capital. There are no restrictions or limitations under the laws of Hong Kong imposed on the conversion of HK dollars into foreign currencies and the remittance of currencies out of Hong Kong, nor is there any restriction on foreign exchange to transfer cash between the Company and its subsidiaries, across borders and to U.S. investors, nor are there any restrictions or limitations on distributing earnings from our business and subsidiaries to the Company and U.S. investors. Under the current practice of the Inland Revenue Department of Hong Kong, no tax is payable in Hong Kong in respect of dividends paid by us.

As we are a holding company, our ability to make dividend payments, if any, would be contingent upon our receipt of funds from our Operating Subsidiary through our intermediate holding company. As of the date of this prospectus, our subsidiaries have not experienced any difficulties or limitations on their ability to transfer cash between each other; they do not maintain cash management policies or procedures dictating the amount of such funding or how funds are transferred.

For more information, see "Dividend Policy," "Risk Factors" and "Consolidated Statements of Changes in Shareholders' Equity" in the audited financial statements for the years ended June 30, 2025 and 2024 contained in this prospectus.

**Permission Required from Hong Kong Authorities**

Hong Kong is a special administration region of China, having its own governmental and legal system that is independent from mainland China, and as a result, Hong Kong has its own distinct rules and regulation. Grand Universe is our Operating Subsidiary in Hong Kong. According to the legal opinion issued by our Hong Kong counsel, David Fong & Co., Solicitors, we, including Grand Universe, have received all requisite permissions or approvals from the Hong Kong authorities to operate our business, including but not limited to obtaining a relevant certificate of incorporation and business license, and that we, including Grand Universe, are not required to obtain any permission or approval from Hong Kong authorities to offer the shares of JoyByte Cayman to foreign investors. Further, uncertainties still exist due to the possibility that laws, regulations, or policies in Hong Kong could change rapidly in the future. Should there be any change in applicable laws, regulations, or interpretations, and we or any of our subsidiaries are required to obtain such permissions or approvals in the future, we will strive to comply with the then applicable laws, regulations, or interpretations. In the event that we, including Grand Universe, (i) do not receive or fail to maintain such permissions or approvals in the future, (ii) inadvertently conclude that relevant permissions or approvals were not required, or (iii) are required to obtain such permissions or approvals in the future following applicable laws, regulations, or interpretation changes, any action taken by the Hong Kong government could significantly limit or completely hinder our operations and our ability to offer or continue to offer securities to investors and could cause the value of our securities to significantly decline or be worthless.

**Permission Required from Mainland China Authorities**

We conduct all of our operations in Hong Kong through our Operating Subsidiary. However, there are legal and operational risks associated with being based in and having all of our operations in Hong Kong. The PRC government has recently indicated that it may exert more control or influence over offerings of securities conducted overseas. As advised by our PRC Counsel, China Commercial Law Firm, as of the date of this prospectus, we are not subject to cybersecurity review with the Cyberspace Administration of China ("CAC") to conduct business operations in China, given that: (i) we do not operate any network platform or provide any network service for individual users, (ii) all the customers and suppliers of our Operating Subsidiary are enterprises, (iii) we do not possess a large amount of personal information in our business operations, (iv) we are not recognized as "operators of critical information infrastructure" by any authentic authority, (v) we have not been involved in any investigations initiated by the CAC, nor have we received any inquiry, notice, warning, or sanction in such respect. Nevertheless, the Measures for Cybersecurity Review (2021 version) ("New Measures") was recently adopted and the Network Internet Data Protection Draft Regulations is in the process of being formulated and the interpretation and application of these regulations remain unclear. We have been closely monitoring regulatory developments in China regarding any necessary approvals from the CSRC, the CAC, or other PRC governmental authorities required for the conduct of our business operations and overseas listings, including this Offering.

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On February 17, 2023, the CSRC issued the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Enterprises, or the Trial Measures, which became effective on March 31, 2023. On the same date of the issuance of the Trial Measures, the CSRC circulated No.1 to No.5 Supporting Guidance Rules, the Notes on the Trial Measures, the Notice on Administration Arrangements for the Filing of Overseas Listings by Domestic Enterprises and the relevant CSRC Answers to Reporter Questions on the official website of the CSRC, or collectively, the Guidance Rules and Notice. The Trial Measures, together with the Guidance Rules and Notice, reiterate the basic supervision principles by providing substantially requirements for filings of overseas offering and listing by domestic companies. Under the Trial Measures and the Guidance Rules and Notice, domestic companies conducting overseas securities offering and listing activities, either in direct or indirect form, shall complete filing procedures with the CSRC pursuant to the requirements of the Trial Measures within three working days following its submission of initial public offerings or listing application. As advised by our PRC counsel, China Commercial Law Firm, as of the date of this prospectus, our offering will not be identified as an indirect overseas issuance. The Trial Measures provides that only if the issuer meets both of the following criteria at the same time, the overseas securities offering and listing conducted by such issuer will be deemed as indirect overseas offering by PRC domestic companies: (i) 50% or more of any of the issuer's operating revenue, total profit, total assets or net assets as documented in its audited consolidated financial statements for the most recent fiscal year is accounted for by domestic companies; and (ii) the main parts of the issuer's business activities are conducted in mainland China, or its main place(s) of business are located in mainland China, or the majority of senior management staff in charge of its business operations and management are PRC citizens or have their usual place(s) of residence located in mainland China.

As advised by our PRC counsel, China Commercial Law Firm, in light of the foregoing, the listing of our Ordinary Shares on Nasdaq does not constitute an "indirect overseas offering and listing by PRC domestic companies" and we are not required to complete the filing procedures as stipulated by the Trial Measures. This is because (i) the Company did not obtain any operating revenue, total profit, total assets and net assets in mainland China for the years ended June 30, 2025 and 2024, (ii) none of the Company's business activities are carried out in mainland China, nor is its main place of business located in mainland China, and (iii) except for Ms. Yujie Chen who is a Chinese citizen and domiciled in Hong Kong, none of the members of the senior management team in charge of our business operations and management are Chinese citizens or domiciled in mainland China.

As advised by our PRC counsel, China Commercial Law Firm, given that the Company and its subsidiaries currently have no operations in mainland China, as of the date of this prospectus, the Company is not required to obtain any permissions or approvals from PRC authorities before listing in the U.S. and to issue our Ordinary Shares to foreign investors, including the CAC or the CSRC because (i) the CSRC currently has not issued any definitive rule or interpretation concerning whether offerings like ours under this prospectus are subject to this regulation; and (ii) we operate in Hong Kong and is not included in the categories of industries and companies whose foreign securities offerings are subject to review by the CSRC or the CAC. We also understand that Grand Universe is not required to obtain any permissions or approvals from any Chinese authorities to operate their businesses as of the date of this prospectus. No permissions or approvals have been applied for by the Company or denied by any relevant authorities. However, uncertainties still exist, due to the possibility that laws, regulations, or policies in the PRC could change rapidly in the future.

If we or our Operating Subsidiary (i) inadvertently conclude that such relevant permissions or approvals are not required, or (ii) applicable laws, regulations, or interpretations change, including the expansion of the categories of industries and companies whose foreign securities offerings are subject to review and require us to obtain such permissions or approvals in the future by the CSRC or the CAC, we may face sanctions by the CSRC, the CAC or other PRC regulatory agencies. These regulatory agencies may impose fines and penalties on any future operations we may have in China, limit our ability to pay dividends outside of China in the future, limit any potential future operations in China, potentially delay or restrict the repatriation of the proceeds from this Offering into China in the future, or take other actions that could have a material adverse effect on our business as well as the trading price of our Ordinary Shares. We could be required to restructure our operations to comply with such regulations or potentially cease operations in the PRC entirely should we have operations in the PRC in the future. The CSRC, the CAC or other PRC regulatory agencies also may take actions requiring us, or making it advisable for us, to halt this Offering before settlement and delivery of our Ordinary Shares. In addition, if the CSRC, the CAC or other regulatory PRC agencies later promulgate new rules requiring that we obtain their approvals for this Offering, we may be unable to obtain a waiver of such approval requirements, if and when procedures are established to obtain such a waiver. Any action taken by the PRC government could significantly limit or completely hinder our operations in the PRC and our ability to offer or continue to offer securities to investors and could cause the value of such securities to significantly decline or be worthless.

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Further, the Regulations on Mergers and Acquisitions of Domestic Companies by Foreign Investors, or the M&A Rules, adopted by six PRC regulatory agencies in 2006 and amended in 2009, requires an overseas special purpose vehicle formed for offering purposes through acquisitions of PRC domestic companies and controlled by PRC persons or entities with shares of the offshore special purchase vehicles to obtain the approval of the CSRC prior to the offering and trading of such special purpose vehicle's securities on an overseas stock exchange. As advised by our PRC counsel, China Commercial Law Firm, we will not be required to submit an application to the CSRC for the approval of this Offering and trading of our Ordinary Shares because (i) our Operating Subsidiary was not established through a merger or requisition of the equity or assets of a "PRC domestic company" as such term is defined under the M&A Rules, (ii) our Operating Subsidiary is non-mainland China entities, and they have not been controlled by a non-PRC persons since its incorporation, and (iii) the CSRC currently has not issued any definitive rule or interpretation concerning whether an offering like ours under this document is subject to this regulation. However, uncertainties still exist as to how the M&A Rules will be interpreted or implemented, and is subject to any new laws, rules, and regulations or detailed implementations and interpretations in any form relating to the M&A Rules. If CSRC approval is required, it is uncertain whether we can or how long it will take us to obtain the approval and, even if we obtain such CSRC approval, such CSRC approval could be rescinded. We cannot assure you that relevant PRC government authorities, including the CSRC, would reach the same conclusion as us.

**Summary of Risk Factors**

Investing in our Ordinary Shares involves risks. You should carefully consider the risks described in "Risk Factors" before making a decision to invest in our Ordinary Shares. If any of these risks actually occur, our business, financial condition, or results of operations could be materially and adversely affected. In such case, the trading price of our Ordinary Shares would likely decline, their liquidity could drop significantly and you may lose all or part of your investment. The following is a summary of some of the principal risks we face:

***Risks Related to Doing Business in Hong Kong***

● The Hong Kong legal system embodies uncertainties which could limit the availability of legal protections. Please refer to page 14 for further details.

● Although the audit report included in this prospectus is prepared by U.S. auditors who are currently inspectable by the PCAOB, there is no guarantee that future audit reports will be issued by auditors inspectable by the PCAOB, and, as such, in the future, investors may be deprived of the benefits of the PCAOB inspection program. Furthermore, trading in our securities may be prohibited under the HFCA Act if the SEC subsequently determines our audit work is performed by auditors that the PCAOB is unable to inspect or investigate completely, and as a result, U.S. national securities exchanges, such as the Nasdaq, may determine to delist our securities. Furthermore, on December 29, 2022, the AHFCA Act was enacted, which amended the HFCA Act 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 and, thus, reduced the time before our Ordinary Shares may be prohibited from trading or delisted. Please refer to page 14 for further details.

● Uncertainties with respect to the PRC legal system, including risks and uncertainties regarding the enforcement of laws, and sudden or unexpected changes in laws and regulations in the PRC with little advance notice could result in a material change in our operations and/or the value of the securities we are registering for sale. Please refer to page 16 for further details.

● The PRC government may intervene or influence our operations at any time, which could result in a material change in our operations and/or the value of the securities we are registering for sale. Please refer to page 16 for further details.

● Any actions by the PRC government to exert more oversight and control over offerings that are conducted overseas and/or foreign investment in China-based issuers, could significantly limit or completely hinder our ability to offer or continue to offer securities to investors and cause the value of such securities to significantly decline or become worthless. Please refer to page 17 for further details.

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● In light of recent events indicating greater oversight by the CAC over data security, particularly for companies seeking to list on a foreign exchange, we may be subject to a variety of PRC laws and other obligations regarding data protection and any other rules, and any failure to comply with applicable laws and obligations could have a material and adverse effect on our business and the Offering. Please refer to page 18 for further details.

● We may be required to obtain approval from PRC authorities to list on overseas stock exchanges in the future. Please refer to page 19 for further details.

● If we are classified as a PRC resident enterprise for PRC enterprise income tax purposes, such classification could result in unfavorable tax consequences to us and our non-PRC shareholders. Please refer to page 20 for further details.

● We face uncertainty with respect to indirect transfers of equity interests in PRC resident enterprises by their non-PRC holding companies. Please refer to page 20 for further details.

● Although we are based in Hong Kong, if we should become subject to the recent scrutiny, criticism and negative publicity involving U.S.-listed China-based companies, we may have to expend significant resources to investigate and/or defend the allegations, which could harm our Hong Kong operating subsidiary's business operations, this offering and our reputation, and could result in a loss of your investment in our Ordinary Shares if such allegations cannot be addressed and resolved favorably.

● We face risks related to Nasdaq's proposed rule on $25 million dollar minimum offering size for companies with principal operations in China, including Hong Kong, including the risk our securities will not be approved for listing on Nasdaq and this offering will not be completed.

● The market for our Ordinary Shares may be subject to manipulation that is beyond our control which may result in sudden increases and decreases in the price of our Ordinary Shares.

***Risks Related to Our Business and Industry***

● We may not be able to extend licenses for our existing licensed mobile games or introduce new licensed mobile games, which will materially and adversely affect our business operations and financial position.

● We rely on a limited number of third-party developers to license mobile games to us.

● Any restriction on access to major distribution channels, such as iOS App Store and Google Play, or failure to maintain relationships with the distribution channels, could lead to a significant decrease in the number of players

● A majority of our revenue are generated from users watching the in-game advertisements and the sales of in-game virtual items, which may significantly decline if we fail to effectively market the items in the games.

● Our significant shareholder has considerable influence over our corporate matters.

● If we fail to retain existing users or add new users cost-effectively, or if our users decrease their level of engagement with Apps, our business, financial condition, and results of operations could be adversely affected.

Please refer to page 22 to 32 for further details.

***Risks Related to Our Corporate Structure, Initial Public Offering and Ownership of Our Ordinary Shares***

● There may not be an active, liquid trading market for our Ordinary Shares, and we do not know if a more liquid market for our Ordinary Shares will develop to provide you with adequate liquidity.

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

● If we fail to continue to meet applicable listing requirements, Nasdaq may delist our Ordinary Shares from trading, in which case the liquidity and market price of our Ordinary Shares could decline.

● We are a "foreign private issuer," and our disclosure obligations differ from those of U.S. domestic reporting companies. As a result, we may not provide you the same information as U.S. domestic reporting companies or we may provide information at different times, which may make it more difficult for you to evaluate our performance and prospects.

● We are an "emerging growth company," and we cannot be certain if the reduced reporting requirements applicable to emerging growth companies will make our Ordinary Shares less attractive to investors.

● We are a "controlled company" defined under the Nasdaq Stock Market Rules. Although we do not intend to rely on the "controlled company" exemption under the Nasdaq listing rules, we could elect to rely on this exemption in the future and you will not have the same protection afforded to shareholders of companies that are subject to these corporate governance requirements.

Please refer to page 33 to 36 for further details.

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**Recent Regulatory Development in China**

We are aware that, recently, the PRC government initiated a series of regulatory actions and statements to regulate business operations in certain areas in China with little advance notice, including cracking down on illegal activities in the securities market, enhancing supervision over China-based companies listed overseas using VIE structure, adopting new measures to extend the scope of cybersecurity reviews, and expanding the efforts in anti-monopoly enforcement.

**Cybersecurity Laws**

On December 28, 2021, the CAC, the NDRC and several other administrations jointly adopted and published the New Measures, which came into effect on February 15, 2022. According to the New Measures, if an "operator of critical information infrastructure" or "network platform operator" that is in possession of personal data of more than one million users intends to list in a foreign country, it must apply for a cybersecurity review. The New Measures further elaborates the factors to be considered when assessing the national security risks of the relevant activities, including, among others, (i) the risk of core data, important data or a large amount of personal information being stolen, leaked, destroyed, and illegally used or exited the country; and (ii) the risk of critical information infrastructure, core data, important data or a large amount of personal information being affected, controlled, or maliciously used by foreign governments after listing abroad.

Given the nature of our business, we believe this risk is insignificant. Our Operating Subsidiary may collect and store certain data (including certain personal information) from our clients, who may be PRC individuals. For general users, we only collect and process minimal required data to provide our services such as user ID, nickname and e-mail address. We do not gather Know Your Customer information for our users. We do not currently expect the New Measures to have an impact on our business, operations or this Offering as we do not believe that our Operating Subsidiary is deemed to be an "operator of critical information infrastructure," "data processor," or "network platform operator" controlling personal information of no less than one million users, that are required to file for cybersecurity review before listing in the U.S., because (i) as of date of this prospectus, our Operating Subsidiary has collected and stored personal information of far less than one million users; and (ii) as of the date of this prospectus, our Operating Subsidiary has not been involved in any investigations on cybersecurity or data security initiated by related governmental regulatory authorities, and we have not received any inquiry, notice, warning, or sanction in such respect. Therefore, we are not covered by the permission and requirements from the CSRC nor CAC, and our Operating Subsidiary is not required to receive any permissions from PRC authorities to operate its current business in Hong Kong or issue shares to foreign investors.

Nevertheless, since these statements and regulatory actions are new, it is highly uncertain how soon the legislative or administrative regulation making bodies will respond and what existing or new laws or regulations or detailed implementations and interpretations will be modified or promulgated. If the CSRC or other regulatory agencies later promulgate new rules or explanations requiring that we obtain their approvals for this Offering and any follow-on offering, we cannot assure you that we will be able to list our Ordinary Shares on U.S. exchanges, or continue to offer securities to investors, which would materially affect the interest of the investors and cause significantly depreciation of our price of Ordinary Shares. See "Risk Factors — We may be required to obtain approval from PRC authorities to list on overseas stock exchanges in the future."

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**Laws on Offshore Securities Offering**

On July 6, 2021, the relevant PRC government authorities issued Opinions on Strictly Cracking Down Illegal Securities Activities in Accordance with the Law. These opinions emphasized the need to strengthen the administration over illegal securities activities and the supervision on overseas listings by China-based companies and proposed to take effective measures, such as promoting the construction of relevant regulatory systems to deal with the risks and incidents faced by China-based overseas-listed companies. Subsequently, on February 17, 2023, the CSRC issued the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Enterprises, or the Trial Measures, which became effective on March 31, 2023. On the same date of the issuance of the Trial Measures, the CSRC circulated No.1 to No.5 Supporting Guidance Rules, the Notes on the Trial Measures, the Notice on Administration Arrangements for the Filing of Overseas Listings by Domestic Enterprises and the relevant CSRC Answers to Reporter Questions on the official website of the CSRC, or collectively, the Guidance Rules and Notice. According to the Trial Measures, together with the Guidance Rules and Notice, a domestic company in the PRC that seeks to offer and list securities on overseas markets shall fulfill the filing procedures with the CSRC as per requirement of the Trial Measures within 3 working days after the relevant application is submitted overseas. The Trial Measures also provides that only if the issuer meets both of the following criteria at the same time, the overseas securities offering and listing conducted by such issuer will be deemed as indirect overseas offering by PRC domestic companies: (i) 50% or more of any of the issuer's operating revenue, total profit, total assets or net assets as documented in its audited consolidated financial statements for the most recent fiscal year is accounted for by domestic companies; and (ii) the main parts of the issuer's business activities are conducted in mainland China, or its main place(s) of business are located in mainland China, or the majority of senior management staff in charge of its business operations and management are PRC citizens or have their usual place(s) of residence located in mainland China. Under the Trial Measures, a domestic company is prohibited from overseas offering and listing if any of the following circumstances is involved: (i) where such securities offering and listing is explicitly prohibited by provisions in laws, administrative regulations and relevant state rules; (ii) where the intended securities offering and listing may endanger national security as reviewed and determined by competent authorities under the State Council in accordance with laws; (iii) where the domestic company intending to make the securities offering and listing, or its controlling shareholders and the actual controller, have committed crimes such as corruption, bribery, embezzlement, misappropriation of property or undermining the order of the socialist market economy during the latest three years; (iv) where the domestic company intending to make the securities offering and listing is suspected of committing crimes or major violations of laws and regulations, and is under investigation according to law, and no conclusion has yet been made thereof; and (v) where there are material ownership disputes over equity held by the domestic company's controlling shareholder or by other shareholders that are controlled by the controlling shareholder and/or actual controller.

As these laws and regulations are recently issued, official guidance and related implementation rules have not been issued yet and the interpretation of these opinions remains unclear at this stage. We cannot assure you that any new rules or regulations promulgated in the future will not impose additional requirements on us. If it is determined in the future that approval from the CSRC or other regulatory authorities or other procedures are required for this Offering, it is uncertain whether we can or how long it will take us to obtain such approval or complete such procedures and any such approval or completion could be rescinded. Any failure to obtain or delay in obtaining such approval or completing such procedures for this Offering, or a rescission of any such approval if obtained by us, would subject us to sanctions by the CSRC or other PRC regulatory authorities for failure to seek CSRC approval or other government authorization for this Offering. These regulatory agencies may impose fines and penalties on any future operations we may have in China, limit our ability to pay dividends outside of China in the future, limit any potential future operations in China, potentially delay or restrict the repatriation of the proceeds from this Offering into China in the future, or take other actions that could have a material adverse effect on our business as well as the trading price of our Ordinary Shares. The CSRC or other PRC regulatory authorities also may take actions requiring us, or making it advisable for us, to halt this Offering before settlement and delivery of the Ordinary Shares Offering hereby.

Consequently, if you engage in market trading or other activities in anticipation of and prior to settlement and delivery, you do so at the risk that settlement and delivery may not occur. In addition, if the CSRC or other regulatory authorities later promulgate new rules or explanations requiring that we obtain their approvals or accomplish the required filing or other regulatory procedures for this Offering, we may be unable to obtain a waiver of such approval requirements, if and when procedures are established to obtain such a waiver. Any uncertainties or negative publicity regarding such approval requirement could materially and adversely affect our business, prospects, financial condition, reputation, and the trading price of the shares.

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**Implications of the HFCA Act**

Our auditor is required by the laws of the United States to undergo regular inspections by the PCAOB. If our securities become listed on a national securities exchange or quoted on the over-the-counter market in the United States, trading in our securities may be prohibited under the HFCA Act, and our securities may be subject to delisting if the PCAOB cannot inspect or completely investigate our auditor for three consecutive years beginning 2021. Our independent registered public accounting firm's audit documentation related to their audit reports included in this prospectus include audit documentation located in mainland China. On June 22, 2021, the U.S. Senate passed AHFCA Act and on December 29, 2022, the Consolidated Appropriations Act was signed into law by the former President of the U.S., Mr. Joe Biden, which contained, among other things, an identical provision to AHFCA Act and amended the HFCA Act by requiring the SEC to prohibit an issuer's securities from trading on a national securities exchange or in the over-the-counter market in the United States if its auditor is not subject to PCAOB inspections for two consecutive years instead of three, thus reducing the time before your securities may be prohibited from trading or delisted. On December 16, 2021, the PCAOB issued a report to notify the SEC its determinations that it is unable to inspect or investigate completely registered public accounting firms headquartered in mainland China and Hong Kong, respectively, and identifies the registered public accounting firms in mainland China and Hong Kong that are subject to such determinations. The auditor of the Company, WWC, P.C., is located at San Mateo, California and is not among the auditor firms listed on the determination list issued by the PCAOB, which notes all of the auditor firms that the PCAOB is not able to inspect. WWC, P.C. has been inspected by the PCAOB on a regular basis, with the last inspection in 2023. On August 26, 2022, the CSRC, the Ministry of Finance of the PRC, and the PCAOB signed a Statement of Protocol, or the Protocol, governing inspections and investigations of audit firms based in China and Hong Kong. The Protocol remains unpublished and is subject to further explanation and implementation. Pursuant to the fact sheet with respect to the Protocol disclosed by the SEC, the PCAOB shall have independent discretion to select any issuer audits for inspection or investigation and has the unfettered ability to transfer information to the SEC. On December 15, 2022, the PCAOB Board determined that the PCAOB was able to secure complete access to inspect and investigate registered public accounting firms headquartered in mainland China and Hong Kong and voted to vacate 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 Board will consider the need to issue a new determination. Our securities may be delisted or prohibited from trading if the PCAOB determines that it cannot inspect or investigate completely our auditor under the HFCA Act. See "Risk Factors — Although the audit report included in this prospectus is prepared by U.S. auditors who are currently inspectable by the PCAOB, there is no guarantee that future audit reports will be issued by auditors inspectable by the PCAOB, and, as such, in the future, investors may be deprived of the benefits of the PCAOB inspection program. Furthermore, trading in our securities may be prohibited under the HFCA Act if the SEC subsequently determines our audit work is performed by auditors that the PCAOB is unable to inspect or investigate completely, and as a result, U.S. national securities exchanges, such as the Nasdaq, may determine to delist our securities. Furthermore, on December 29, 2022, the AHFCA Act was enacted, which amended the HFCA Act 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 and, thus, reduced the time before our Ordinary Shares may be prohibited from trading or delisted."

**Corporate Information**

Our principal executive office is located at Unit 1211, 12/F, One Midtown, 11 Hoi Shing Road, Tsuen Wan, Hong Kong, and our telephone number is +852-2117-0848. Our registered office in the Cayman Islands is located at Ogier Global (Cayman) Limited, 89 Nexus Way, Camana Bay, Grand Cayman, KY1-9009, Cayman Islands. The information contained therein or connected thereto shall not be deemed to be incorporated into this prospectus or the registration statement of which it forms a part. 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.

**Implications of Being an Emerging Growth Company and a Foreign Private Issuer**

As a company with less than US$1.235 billion in revenue during our most recently completed fiscal year, we qualify as an "emerging growth company" as defined in Section 2(a) of the Securities Act, as modified by the JOBS Act. As an emerging growth company, we may take advantage of certain reduced disclosure and requirements that are otherwise applicable generally to U.S. public companies that are not emerging growth companies. These provisions include:

● the option to include in an initial public offering registration statement only two years of audited financial statements and selected financial data and only two years of related disclosure;

● reduced executive compensation disclosure; and

● an exemption from the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002 ("Sarbanes-Oxley Act") in the assessment of our internal control over financial reporting.

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The JOBS Act also permits an emerging growth company, such as us, to delay adopting new or revised accounting standards until such time as those standards are applicable to private companies. We have not elected to "opt out" of this provision, which means that when a standard is issued or revised and it has different application dates for public or private companies, we will have the discretion to adopt the new or revised standard at the time private companies adopt the new or revised standard and our discretion will remain until such time that we either (i) irrevocably elect to "opt out" of such extended transition period or (ii) no longer qualify as an emerging growth company.

We will remain an emerging growth company until the earliest of:

● the last day of our fiscal year during which we have total annual revenue of at least US$1.235 billion;

● the last day of our fiscal year following the fifth anniversary of the closing of this Offering;

● the date on which we have, during the previous three-year period, issued more than US$1.0 billion in non-convertible debt securities; or

● the date on which we are deemed to be a "large accelerated filer" under the Exchange Act, which, among other things, would occur if the market value of our 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.

We have taken advantage of reduced reporting requirements in this prospectus. Accordingly, the information contained herein may be different than the information you receive from other public companies.

In addition, upon closing of this Offering, we will report under the Exchange Act as a "foreign private issuer." As a foreign private issuer, we may take advantage of certain provisions under the Nasdaq rules that allow us to follow Cayman Islands law for certain corporate governance matters. 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:

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

● the sections of the Exchange Act imposing liability for insiders who profit from trades made in a short period of time;

● the rules under the Exchange Act requiring the filing with the Securities and Exchange Commission 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; and

● Regulation Fair Disclosure ("Regulation FD"), which regulates selective disclosures of material information by issuers.

Foreign private issuers, like emerging growth companies, are also exempt from certain more stringent executive compensation disclosure rules. Thus, if we remain a foreign private issuer, even if we no longer qualify as an emerging growth company, we will continue to be exempt from the more stringent compensation disclosures required of public companies that are neither an emerging growth company nor a foreign private issuer.

We may take advantage of these exemptions until such time as we are no longer a foreign private issuer. We are required to determine our status as a foreign private issuer on an annual basis at the end of our second fiscal quarter. 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 apply:

● the majority of our executive officers or directors are U.S. citizens or residents;

● more than 50% of our assets are located in the United States; or

● our business is administered principally in the United States.

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**THE OFFERING**

 See "Use of Proceeds" for additional information.

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|:---|:---|
| Lock-up agreements | The Company, our directors and officers and shareholders holding 5% or more of the issued and outstanding Ordinary Shares have agreed with the underwriters, subject to certain exceptions, not to sell, transfer, or dispose of, directly or indirectly, any of our Ordinary Shares or securities convertible into or exercisable or exchangeable for our Ordinary Shares for a period of six (6) months for the Company, its directors and officers and shareholders holding 5% or more of the issued and outstanding Ordinary Shares, after the date of closing of this Offering.<br>Additionally, all five holders of less than 5% of our Ordinary Shares (the "Minor Shareholders") have agreed to a lock-up period of six (6) months following the date of this prospectus. Following the expiration of this initial six-month lock-up period, the Minor Shareholders will be subject to a "leak-out" restriction for an additional six months. During this leak-out period, each Minor Shareholder may sell, in any single calendar month, no more than one-sixth (1/6) of the total shares held by such Minor Shareholder immediately prior to this Offering.<br>See sections titled *"Shares Eligible for Future Sale"* and *"Underwriting"* for more information. |
| Listing | We have applied to list our Ordinary Shares on the Nasdaq Capital Market under the symbol "[●]". At this time, Nasdaq Capital Market has not yet approved our application to list our Ordinary Shares. The closing of this Offering is conditioned upon Nasdaq Capital Market's final approval of our listing application. However, there is no assurance that this Offering will be closed and our Ordinary Shares will be trading on the Nasdaq Capital Market. If the Nasdaq Capital Market does not approve our listing application this initial public offering will be terminated. |
| Transfer Agent | [●] |

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(1) The number of Ordinary Shares to be outstanding after this Offering is based on [●] Ordinary Shares outstanding as of the date of this prospectus.

Unless otherwise indicated, all information in this prospectus assumes or gives effect to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● no exercise by the underwriters of their option to purchase up to [●] additional Ordinary Shares from us; and

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**RISK FACTORS**

 

*An investment in our Ordinary Shares involves various risks. Prospective investors should carefully consider and evaluate each of the following considerations and all other information set forth in this prospectus before deciding to invest in our Ordinary Shares. The following section describes the significant risks that could directly or indirectly affect us and the value or trading price of our Ordinary Shares. The risk factors that are material to investors in making an informed judgment have been set out below. If any of the following considerations and uncertainties develops into actual events, our business, financial condition, results of operations and prospects could be materially and adversely affected. In such cases, the trading price of our Ordinary Shares could decline and investors may lose all or part of their investment in our Shares. Prospective investors are advised to apprise themselves of all factors involving the risks of investing in our Ordinary Shares from their professional advisers before making any decision to invest in our Ordinary Shares.*

 

*This prospectus also contains forward-looking statements having direct and/or indirect implications on our future performance. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of certain factors, including the risks and uncertainties faced by us described below and elsewhere in this prospectus. See section titled "Special Note Regarding Forward-Looking Statements."*

**Risks Related to Doing Business in Hong Kong** 

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***The Hong Kong legal system embodies uncertainties which could limit the availability of legal protections.***

Hong Kong is a Special Administrative Region of the PRC and enjoys a high degree of autonomy under the "one country, two systems" principle. The Hong Kong Special Administrative Region's constitutional document, the Basic Law, ensures that the current political situation will remain in effect for 50 years. Hong Kong has enjoyed the freedom to function in a high degree of autonomy for its affairs, including currencies, immigration and custom, independent judiciary system and parliamentary system. However, we cannot guarantee that the implementation of the "one country, two systems" principle and the level of autonomy as currently in place will continue in the future. Any changes in the state of political environment in Hong Kong may materially and adversely affect our business and operation. We cannot predict the effect of future developments in the Hong Kong legal system, including the promulgation of new laws, changes to existing laws or the interpretation or enforcement thereof, or the pre-emption of local regulations by national laws. These uncertainties could limit the legal protections available to us.

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***Although the audit report included in this prospectus is prepared by U.S. auditors who are currently inspectable by the PCAOB, there is no guarantee that future audit reports will be issued by auditors inspectable by the PCAOB, and, as such, in the future, investors may be deprived of the benefits of the PCAOB inspection program. Furthermore, trading in our securities may be prohibited under the HFCA Act if the SEC subsequently determines our audit work is performed by auditors that the PCAOB is unable to inspect or investigate completely, and as a result, U.S. national securities exchanges, such as the Nasdaq, may determine to delist our securities. Furthermore, on December 29, 2022, the AHFCA Act was enacted, which amended the HFCA Act 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 and, thus, reduced the time before our Ordinary Shares may be prohibited from trading or delisted.***

The AHFCA Act was enacted on December 23, 2022. On December 29, 2022, the Consolidated Appropriations Act was signed into law by the former President of the U.S., Mr. Joe Biden, which contained, among other things, an identical provision to the AHFCA Act and amended the HFCA Act by requiring the SEC to prohibit an issuer's securities from trading on a national securities exchange or in the over-the-counter market in the United States if its auditor is not subject to PCAOB inspections for two consecutive years instead of three years. The AHFCA Act states that if the SEC determines that an issuer has filed audit reports issued by a registered public accounting firm that has not been subject to inspection by the PCAOB for two consecutive years, the SEC shall prohibit the securities of the issuer from being traded on a national securities exchange or in the over-the-counter trading market in the United States (the applicable period under the HFCA Act prior to the enactment of the AHFCA Act had been two years).

On March 24, 2021, the SEC adopted interim final rules relating to the implementation of certain disclosure and documentation requirements of the HFCA Act. A company will be required to comply with these rules if the SEC identifies it as having a "non-inspection" year under a process to be subsequently established by the SEC. The SEC is assessing how to implement other requirements of the HFCA Act, including the listing and trading prohibition requirements described above. On December 2, 2021, the SEC adopted final amendments implementing the disclosure and submission requirements of the HFCA Act.

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On June 22, 2021, the U.S. Senate passed the AHFCA Act, which, if passed by the U.S. House of Representatives and signed into law, would reduce the number of consecutive non-inspection years required for triggering the prohibitions under the HFCA Act from three years to two years.

On November 5, 2021, the PCAOB approved a new rule, PCAOB Rule 6100, Board Determinations Under the HFCA Act to provide a framework for its determinations under the HFCA Act that 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. The rule establishes the manner of the PCAOB's determinations; the factors the PCAOB will evaluate and the documents and information the PCAOB will consider when assessing whether a determination is warranted; the form, public availability, effective date, and duration of such determinations; and the process by which the Board will reaffirm, modify, or vacate any such determinations.

In December 2021, the SEC adopted amendments to finalize rules implementing the submission and disclosure requirements in the HFCA Act. Also, on December 16, 2021, pursuant to the HFCA Act, the PCAOB issued a Determination Report which determined that the PCAOB is unable to inspect or investigate completely registered public accounting firms headquartered in mainland China and in Hong Kong, a Special Administrative Region of PRC, because of positions taken by PRC authorities in those jurisdictions. In addition, the PCAOB's report identified the specific registered public accounting firms which are subject to these determinations.

On August 26, 2022, the CSRC, the Ministry of Finance of the PRC, and the PCAOB signed a Statement of Protocol, or the Protocol, governing inspections and investigations of audit firms based in China and Hong Kong. Pursuant to the Protocol, the PCAOB shall have independent discretion to select any issuer audits for inspection or investigation and has the unfettered ability to transfer information to the SEC.

On December 15, 2022, the PCAOB announced that it was able to secure complete access to inspect and investigate PCAOB-registered public accounting firms headquartered in mainland China and Hong Kong in 2022, and the PCAOB Board vacated its previous determinations that the PCAOB was unable to inspect or investigate completely registered public accounting firms headquartered in mainland China and Hong Kong. However, whether the PCAOB will continue to be able to satisfactorily conduct inspections of PCAOB-registered public accounting firms headquartered in mainland China and Hong Kong is subject to uncertainty and depends on a number of factors out of our, and our auditor's, control. The PCAOB continues to demand complete access in mainland China and Hong Kong moving forward and resumed regular inspections since March 2023. The PCAOB is continuingly pursuing ongoing investigations and may initiate new investigations as needed. The PCAOB has indicated that it will act immediately to consider the need to issue new determinations with the HFCA Act if needed.

On December 23, 2022, the AHFCA Act was enacted, which amended the HFCA Act by requiring the SEC to prohibit an issuer's securities from trading on a national securities exchange or in the over-the-counter market in the United States if its auditor is not subject to PCAOB inspections for two consecutive years instead of three. As a result, the time period before the Company's securities may be prohibited from trading or delisted has been decreased accordingly.

Our auditor, WWC, P.C., is an independent registered public accounting firm that issues the audit report included in this prospectus, which is headquartered in San Mateo, California and has been inspected by the PCAOB on a regular basis, with the last inspection in 2023. As an auditor of companies that are traded publicly in the United States and a firm registered with the PCAOB, it is subject to laws in the United States pursuant to which the PCAOB conducts regular inspections to assess its compliance with the applicable professional standards. Our auditor is currently subject to PCAOB inspections and PCAOB is able to inspect our auditor in relation to our U.S. listing. However, there is no assurance that future audit reports will be prepared by auditors able to be inspected by the PCAOB and therefore, in the future, you may be deprived of the benefits of such inspection. As such, trading in our securities may be prohibited under the HFCA Act if the PCAOB determines that it cannot inspect or investigate completely our auditor, and as a result our securities may be delisted. However, should PRC authorities obstruct or otherwise fail to facilitate the PCAOB's access in the future which would prevent the PCAOB from continuing to inspect or investigate completely accounting firms headquartered in mainland China or Hong Kong, the PCAOB Board will consider the need to issue a new determination. Our securities may be delisted or prohibited from trading if the PCAOB determines that it cannot inspect or investigate completely our auditor under the HFCA Act.

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***Uncertainties with respect to the PRC legal system, including risks and uncertainties regarding the enforcement of laws, and sudden or unexpected changes in laws and regulations in the PRC with little advance notice could result in a material change in our operations and/or the value of the securities we are registering for sale.***

There are substantial uncertainties regarding the interpretation and application of PRC laws and regulations. The PRC legal system is based on written statutes and their legal interpretations by the Standing Committee of the National People's Congress, or NPCSC. Previous court decisions may be cited for reference but have limited precedential value. Since 1979, the PRC government has been developing a comprehensive system of commercial laws, and considerable progress has been made in introducing laws and regulations dealing with economic matters such as foreign investment, corporate organization and governance, commerce, taxation and trade. However, as these laws and regulations are relatively new, and due to the limited volume of published cases and their non-binding nature, interpretation and enforcement of these laws and regulations involve uncertainties. These laws and regulations are sometimes vague and may be subject to future changes, and their official interpretation and enforcement could be unpredictable, with little advance notice which could result in a material change in our operations and/or the value of our Ordinary Shares. It is also uncertain whether having a majority of our directors and officers located in Hong Kong will subject us to the oversight of the Chinese authorities in the future.

Furthermore, the PRC legal system is based in part on government policies and internal rules, some of which are not published on a timely basis or at all and may have a retroactive effect. As a result, we may not be aware of our violation of any of these policies and rules until sometime after the violation. In addition, any administrative and court proceedings in China may be protracted, resulting in substantial costs and diversion of resources and management attention.

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***The PRC government may intervene or influence our operations at any time, which could result in a material change in our operations and/or the value of the securities we are registering for sale.***

JoyByte Cayman is a holding company and we conduct all of our operations through our Operating Subsidiary in Hong Kong. The PRC government may choose to exercise significant oversight and discretion, and the regulations to which we are subject may change rapidly and with little notice to us or our shareholders. As a result, the application, interpretation, and enforcement of new and existing laws and regulations in mainland China are often uncertain. In addition, these laws and regulations may be interpreted and applied inconsistently by different agencies or authorities, and inconsistently with our current policies and practices. New laws, regulations, and other government directives in mainland China may also be costly to comply with, and such compliance or any associated inquiries or investigations or any other government actions may:

● delay or impede our development;

● result in negative publicity or increase our operating costs;

● require significant management time and attention; and

● subject us to remedies, administrative penalties and even criminal liabilities that may harm our business, including fines assessed for our current or historical operations, or demands or orders that we modify or even cease our business practices.

The promulgation of new laws or regulations, or the new interpretation of existing laws and regulations, in each case that restrict or otherwise unfavorably impact the ability or manner in which we conduct our business could require us to change certain aspects of our business to ensure compliance, which could decrease demand for our products, increase costs, require us to obtain more licenses, permits, approvals or certificates, or subject us to additional liabilities. To the extent any new or more stringent measures are required to be implemented and if the PRC government chooses to exercise such significant oversight and discretion over the conduct of our business and may intervene or influence or control our operations at any time. Such government actions could result in a material change in our operations and/or the value of the securities we are registering for sale; could significantly limit or completely hinder our ability to continue our operations; could significantly limit or completely hinder our ability to offer or continue to offer our securities to investors; and may cause the value of our securities to significantly decline or be worthless.

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***Any actions by the PRC government to exert more oversight and control over offerings that are conducted overseas and/or foreign investment in China-based issuers, could significantly limit or completely hinder our ability to offer or continue to offer securities to investors and cause the value of such securities to significantly decline or become worthless.***

Previous statements by the PRC government have indicated an intent to exert more exert oversight and control over offerings that are conducted overseas and/or foreign investments in China based issuers. On December 28, 2021, the CAC, the NDRC and several other administrations jointly adopted and published the New Measures, which came into effect on February 15, 2022. According to the New Measures, if an "operator of critical information infrastructure" or "network platform operator" that is in possession of personal data of more than one million users intends to list in a foreign country, it must apply for a cybersecurity review. Our business belongs to the gaming industry, which does not implicate cybersecurity, or involve any other type of restricted industry. As a result, the likelihood of us being subject to the review of the CAC is remote.

On February 17, 2023, the CSRC issued the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Enterprises, or the Trial Measures, which became effective on March 31, 2023. On the same date of the issuance of the Trial Measures, the CSRC circulated No.1 to No.5 Supporting Guidance Rules, the Notes on the Trial Measures, the Notice on Administration Arrangements for the Filing of Overseas Listings by Domestic Enterprises and the relevant CSRC Answers to Reporter Questions on the official website of the CSRC, or collectively, the Guidance Rules and Notice. According to the Trial Measures, together with the Guidance Rules and Notice, a domestic company in the PRC that seeks to offer and list securities on overseas markets shall fulfill the filing procedures with the CSRC as per requirement of the Trial Measures within 3 working days after the relevant application is submitted overseas. The Trial Measures also provides that only if the issuer meets both of the following criteria at the same time, the overseas securities offering and listing conducted by such issuer will be deemed as indirect overseas offering by PRC domestic companies: (i) 50% or more of any of the issuer's operating revenue, total profit, total assets or net assets as documented in its audited consolidated financial statements for the most recent fiscal year is accounted for by domestic companies; and (ii) the main parts of the issuer's business activities are conducted in mainland China, or its main place(s) of business are located in mainland China, or the majority of senior management staff in charge of its business operations and management are PRC citizens or have their usual place(s) of residence located in mainland China. As advised by our PRC counsel, China Commercial Law Firm, the listing of our Ordinary Shares on Nasdaq does not constitute an "indirect overseas offering and listing by PRC domestic companies" and we are not required to complete the filing procedures as stipulated by the Trial Measures because the Company did not obtain any operating revenue, total profit, total assets and net assets in mainland China, the main parts of the Company's business activities are neither carried out in mainland China, nor is its main place of business located in mainland China, and except for Ms. Yujie Chen who is a Chinese citizen and domiciled in Hong Kong, none of the members of the senior management team in charge of our business operation and management are Chinese citizens or domiciled in mainland China, we do not meet both of the above criteria simultaneously.

As advised by our PRC counsel, China Commercial Law Firm, as the Company and its subsidiaries currently have no operations in the mainland China, as of the date of this prospectus, the Company is not required to obtain any permissions or approvals from PRC authorities before listing in the U.S. and to issue our Ordinary Shares to foreign investors, including the CAC or the CSRC because (i) the CSRC currently has not issued any definitive rule or interpretation concerning whether offerings like ours under this prospectus are subject to this regulation; and (ii) we operate in Hong Kong and is not included in the categories of industries and companies whose foreign securities offerings are subject to review by the CSRC or the CAC. We also understand that our Operating Subsidiary is not required to obtain any permissions or approvals from any Chinese authorities to operate their businesses as of the date of this prospectus. No permissions or approvals have been applied for by the Company or denied by any relevant authorities. However, uncertainties still exist, due to the possibility that laws, regulations, or policies in the PRC could change rapidly in the future. The promulgation of new laws or regulations, or the new interpretation of existing laws and regulations may restrict or otherwise unfavorably impact our ability or way to conduct business and may require us to change certain aspects of our business to ensure compliance, which could decrease demand for our services, reduce revenues, increase costs, require us to obtain more licenses, permits, approvals or certificates, or subject us to additional liabilities.

In the event that (i) the PRC government expands the categories of industries and companies whose foreign securities offerings are subject to review by the CSRC or the CAC that we are required to obtain such permissions or approvals; or (ii) we inadvertently concluded that relevant permissions or approvals were not required or that we did not receive or maintain relevant permissions or approvals required, any action taken by the PRC government could significantly limit or completely hinder our operations, significantly limit or completely hinder our ability to offer our Ordinary Shares to investors and cause the value of such Ordinary Shares to significantly decline or become worthless.

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***In light of recent events indicating greater oversight by the CAC over data security, particularly for companies seeking to list on a foreign exchange, we may be subject to a variety of PRC laws and other obligations regarding data protection and any other rules, and any failure to comply with applicable laws and obligations could have a material and adverse effect on our business and the Offering.***

Our operations are located in Hong Kong. Our Operating Subsidiary may collect and store certain data (including certain personal information) from our clients, who may be PRC individuals. We do not gather Know Your Customer information for our users. For general users, we only collect and process minimal required data to provide our services such as user ID, nickname and e-mail address. As such, we may be subject to PRC laws relating to the collection, use, sharing, retention, security, and transfer of confidential and private information, such as personal information and other data. These laws apply not only to third party transactions, but also other parties with which we have commercial relations. These laws continue to develop, and the PRC government may adopt other rules and restrictions in the future. Non-compliance could result in penalties or other significant legal liabilities.

The PRC regulatory requirements regarding cybersecurity are evolving. For instance, various regulatory bodies in the PRC, including the CAC, the Ministry of Public Security, and the SAMR, have enforced data privacy and protection laws and regulations with varying and evolving standards and interpretations. The Cybersecurity Law, which was adopted by the National People's Congress on November 7, 2016, and the New Measures, which came into effect on February 15, 2022, provide that personal information and important data collected and generated by a critical information infrastructure operator in the course of its operations in China must be stored in China, and if a critical information infrastructure operator purchases internet products and services that affect or may affect national security, it will be subject to cybersecurity review by the CAC. On June 10, 2021, the NPCSC promulgated the Data Security Law, which took effect on September 1, 2021. The Data Security Law requires that data shall not be collected by theft or other illegal means, and also provides for a data classification and hierarchical protection system. The data classification and hierarchical protection system puts data into different groups according to its importance in economic and social development, and the damages it may cause to national security, public interests, or the legitimate rights and interests of individuals and organizations in case the data is falsified, damaged, disclosed, illegally obtained or illegally used. If any of our data processing activities conducted after the Data Security Law became effective were found to be not in compliance with this law, we could be ordered to make corrections, and under certain serious circumstances, such as severe data divulgence, we could be subject to penalties, including the revocation of our business licenses or other permits. Furthermore, the recently issued Opinions on Strictly Cracking Down Illegal Securities Activities in Accordance with the Law require (i) speeding up the revision of the provisions on strengthening the confidentiality and archives management relating to overseas issuance and listing of securities and (ii) improving the laws and regulations relating to data security, cross-border data flow, and management of confidential information. As there remain uncertainties regarding the further interpretation and implementation of those laws and regulations, we cannot assure you that we will be compliant such new regulations in all respects, and we may be ordered to rectify and terminate any actions that are deemed illegal by the regulatory authorities and become subject to fines and other sanctions.

As advised by our PRC counsel, China Commercial Law Firm, we are not required to obtain any permissions or approvals by including the CSRC, CAC or any other PRC authorities for our operations or issue our Ordinary Shares including the Ordinary Shares being registered for sale to foreign investors under existing PRC laws and regulations, and have not received any requirement or were denied such permissions or approvals by any PRC authorities. According to the New Measures, if an "operator of critical information infrastructure" or "network platform operator" that is in possession of personal data of more than one million users intends to list in a foreign country, it must apply for a cybersecurity review. The New Measures further elaborates the factors to be considered when assessing the national security risks of the relevant activities, including, among others, (i) the risk of core data, important data or a large amount of personal information being stolen, leaked, destroyed, and illegally used or exited the country; and (ii) the risk of critical information infrastructure, core data, important data or a large amount of personal information being affected, controlled, or maliciously used by foreign governments after listing abroad. As of the date of this prospectus, neither the Company nor its Operating Subsidiary possess a large amount of personal information in their business operations or is recognized as an "operator of critical information infrastructure" by any authentic authority. Therefore, we do not believe that our Operating Subsidiary is deemed to be an "operator of critical information infrastructure," or "network platform operator" controlling personal information of no less than one million users. We are required to collect and retain some basic information furnished by our clients, suppliers and employees in accordance with prevailing business practices, but we do not handle a large amount of personal and confidential data in the ordinary course of business. As of the date of this prospectus, we have not been involved in any investigations on cybersecurity or data security initiated by related governmental regulatory authorities, and we have not received any inquiry, notice, warning, or sanction in such respect. Our Operating Subsidiary is not required to receive any necessary permissions from PRC authorities to operate its current business in Hong Kong or issue shares to foreign investors.

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However, given the recent events indicating greater oversight by the CAC over data security, particularly for companies seeking to list on a foreign exchange, it remains uncertain as to how the New Measures will be interpreted or implemented. There remains significant uncertainty as to the enactment, interpretation and implementation of regulatory requirements related to current and future PRC laws, overseas securities offerings and other capital markets activities. PRC regulatory agencies, including the CAC, may adopt new laws, regulations, rules, or detailed implementation and interpretation related to the New Measures. They may also take actions requiring us, or making it advisable for us, to halt this Offering before the settlement and delivery of the Ordinary Shares that we are offering. If any such new laws, regulations, rules, or implementation and interpretation come into effect, we expect to take all reasonable measures and actions to comply therewith. In the event of a failure to comply, we may be required to suspend our relevant businesses and become subject to fines and other penalties. If the CAC or other PRC regulatory agencies later promulgate new rules or explanations requiring that we obtain their approvals for this Offering and any follow-on offering, we may be unable to obtain such approvals, which could significantly limit or completely hinder our ability to offer or continue to offer securities to our investors.

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***We may be required to obtain approval from PRC authorities to list on overseas stock exchanges in the future.***

The Regulations on Mergers and Acquisitions of Domestic Companies by Foreign Investors, or the M&A Rules, adopted by six PRC regulatory agencies in 2006 and amended in 2009, require CSRC approval for a listing involving offshore special purchase vehicles that are controlled by PRC entities or individuals and that have been formed for overseas listing purposes through acquisitions of PRC domestic interests held by such PRC entities or individuals with shares of the offshore special purchase vehicles. As advised by our PRC counsel, China Commercial Law Firm, we will not be required to submit an application to the CSRC for the approval of the Offering and trading of our Ordinary Shares under the M&A Rules because (i) our Operating Subsidiary was not established through a merger or requisition of the equity or assets of a "PRC domestic company" as such term is defined under the M&A Rules, (ii) our Operating Subsidiary is non-mainland China entity, and they have not been controlled by a non-PRC persons since its incorporation, and (iii) the CSRC currently has not issued any definitive rule or interpretation concerning whether an offering like ours under this document is subject to this regulation. However, uncertainties still exist as to how the M&A Rules will be interpreted or implemented, and is subject to any new laws, rules, and regulations or detailed implementations and interpretations in any form relating to the M&A Rules. We may be required to obtain approval from PRC authorities in order to continue our listing on Nasdaq or to add new listings on other overseas stock exchanges in the future but cannot provide assurance that we will be able to obtain such approval.

On July 6, 2021, the relevant PRC government authorities issued Opinions on Strictly Cracking Down Illegal Securities Activities in Accordance with the Law. These opinions emphasized the need to strengthen the administration over illegal securities activities and the supervision on overseas listings by China-based companies and proposed to take effective measures, such as promoting the construction of relevant regulatory systems to deal with the risks and incidents faced by China-based overseas-listed companies. Subsequently, on February 17, 2023, the CSRC issued the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Enterprises, or the Trial Measures, which became effective on March 31, 2023. On the same date of the issuance of the Trial Measures, the CSRC circulated No.1 to No.5 Supporting Guidance Rules, the Notes on the Trial Measures, the Notice on Administration Arrangements for the Filing of Overseas Listings by Domestic Enterprises and the relevant CSRC Answers to Reporter Questions on the official website of the CSRC, or collectively, the Guidance Rules and Notice. According to the Trial Measures, together with the Guidance Rules and Notice, a domestic company in the PRC that seeks to offer and list securities on overseas markets shall fulfill the filing procedures with the CSRC as per requirement of the Trial Measures within 3 working days after the relevant application is submitted overseas. The Trial Measures also provides that only if the issuer meets both of the following criteria at the same time, the overseas securities offering and listing conducted by such issuer will be deemed as indirect overseas offering by PRC domestic companies: (i) 50% or more of any of the issuer's operating revenue, total profit, total assets or net assets as documented in its audited consolidated financial statements for the most recent fiscal year is accounted for by domestic companies; and (ii) the main parts of the issuer's business activities are conducted in mainland China, or its main place(s) of business are located in mainland China, or the majority of senior management staff in charge of its business operations and management are PRC citizens or have their usual place(s) of residence located in mainland China.

As advised by our PRC counsel, China Commercial Law Firm, the listing of our Ordinary Shares on Nasdaq does not constitute an "indirect overseas offering and listing by PRC domestic companies" and that we are not required to complete the filing procedures as stipulated by the Trial Measures the Company did not obtain any operating revenue, total profit, total assets and net assets in mainland China, the main parts of the Company's business activities are neither carried out in mainland China, nor is its main place of business located in mainland China, and except for Ms. Yujie Chen who is a Chinese citizen and domiciled in Hong Kong, none of the members of the senior management team in charge of our business operation and management are Chinese citizens or domiciled in mainland China, we do not meet both of the above criteria simultaneously. If CSRC approval is required, it is uncertain whether we can or how long it will take us to obtain the approval and, even if we obtain such CSRC approval, such CSRC approval could be rescinded. We cannot assure you that relevant PRC government authorities, including the CSRC, would reach the same conclusion as us.

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***Changes in international trade policies, trade disputes, barriers to trade, or the emergence of a trade war may dampen growth in Hong Kong.***

Political events, international trade disputes, and other business interruptions could harm or disrupt international commerce and the global economy, and could have a material adverse effect on us, our customers, material vendors, and other partners. International trade disputes could result in tariffs and other protectionist measures which may materially and adversely affect our business.

Political uncertainty surrounding international trade disputes and the potential of the escalation to trade war and global recession could have a negative effect on customer confidence and reduce spending of our players, which may result in material adverse impact to our revenue income and financial condition. We may have also access to fewer business opportunities, and our operations may be negatively impacted as a result. Barriers to trade may bar sales to certain market or geographic locations, resulting in significant decrease in revenue. In addition, the current and future actions or escalations by either the United States or Hong Kong that affect trade relations may cause global economic turmoil and potentially have a negative impact on our markets, our business, or our results of operations, as well as the financial condition of our clients, and we cannot provide any assurances as to whether such actions will occur or the form that they may take.

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***If we are classified as a PRC resident enterprise for PRC enterprise income tax purposes, such classification could result in unfavorable tax consequences to us and our non-PRC shareholders.***

Under the PRC Enterprise Income Tax Law and its implementation rules, an enterprise established outside of the PRC with its "de facto management body" within the PRC is considered a "resident enterprise" and will be subject to the enterprise income tax on its global income at the rate of 25%. The implementation rules define the term "de facto management body" as the body that exercises full and substantial control and overall management over the business, productions, personnel, accounts and properties of an enterprise. In 2009, the SAT issued a circular, known as SAT Circular 82, partially abolished on December 29, 2017, which provides certain specific criteria for determining whether the "de facto management body" of a PRC-controlled enterprise that is incorporated offshore is located in China. Although this circular applies only to offshore enterprises controlled by PRC enterprises or PRC enterprise groups, not those controlled by PRC individuals or foreigners, the criteria set forth in the circular may reflect the SAT's general position on how the "de facto management body" text should be applied in determining the tax resident status of all offshore enterprises. According to SAT Circular 82, an offshore incorporated enterprise controlled by a PRC enterprise or a PRC enterprise group will be regarded as a PRC tax resident by virtue of having its "de facto management body" in China, and will be subject to PRC enterprise income tax on its global income only if all of the following conditions are met: (i) the primary location of the day-to-day operational management is in China; (ii) decisions relating to the enterprise's financial and human resource matters are made or are subject to approval by organizations or personnel in China; (iii) the enterprise's primary assets, accounting books and records, company seals, and board and shareholder resolutions are located or maintained in China; and (iv) at least 50% of voting board members or senior executives habitually reside in China.

We believe that, as a Cayman Islands exempted company, JoyByte Cayman is not a PRC resident enterprise for PRC tax purposes. However, the tax resident status of an enterprise is subject to determination by the PRC tax authorities and uncertainties remain with respect to the interpretation of the term "de facto management body." If the PRC tax authorities determine that our company is a PRC resident enterprise for enterprise income tax purposes, we would be subject to PRC enterprise income on our worldwide income at the rate of 25%. Furthermore, we would be required to withhold a 10% tax from dividends we pay to our shareholders that are non-resident enterprises, including the holders of our Ordinary Shares. In addition, non-resident enterprise shareholders may be subject to PRC tax on gains realized on the sale or other disposition of the Ordinary Shares, if such income is treated as sourced from within the PRC. Furthermore, if we are deemed a PRC resident enterprise, dividends paid to our non-PRC individual shareholders and any gain realized on the transfer of the Ordinary Shares by such shareholders may be subject to PRC tax at a rate of 20% (which, in the case of dividends, may be withheld at source by us). These rates may be reduced by an applicable tax treaty, but it is unclear whether non-PRC shareholders of our company would be able to claim the benefits of any tax treaties between their country of tax residence and the PRC in the event that we are treated as a PRC resident enterprise. Any such tax may reduce the returns on your investment in our Ordinary Shares.

***We face uncertainty with respect to indirect transfers of equity interests in PRC resident enterprises by their non-PRC holding companies.***

On February 3, 2015, the SAT issued the Public Notice Regarding Certain Corporate Income Tax Matters on Indirect Transfer of Properties by Non-Tax Resident Enterprises, or SAT Bulletin 7. SAT Bulletin 7 extends its tax jurisdiction to transactions involving the transfer of taxable assets through offshore transfer of a foreign intermediate holding company. In addition, SAT Bulletin 7 has introduced safe harbors for internal group restructurings and the purchase and sale of equity through a public securities market. SAT Bulletin 7 also brings challenges to both foreign transferor and transferee (or other person who is obligated to pay for the transfer) of taxable assets, as such persons need to determine whether their transactions are subject to these rules and whether any withholding obligation applies.

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On October 17, 2017, the SAT issued the Announcement of the State Administration of Taxation on Issues Concerning the Withholding of Non-resident Enterprise Income Tax at Source, or SAT Bulletin 37, which came into effect on December 1, 2017. The SAT Bulletin 37 further clarifies the practice and procedure of the withholding of non-resident enterprise income tax.

Where a non-resident enterprise transfers taxable assets indirectly by disposing of the equity interests of an overseas holding company, which is an indirect transfer, the non-resident enterprise as either transferor or transferee, or the PRC entity that directly owns the taxable assets, may report such indirect transfer to the relevant tax authority. Using a "substance over form" principle, the PRC tax authority may disregard the existence of the overseas holding company if it lacks a reasonable commercial purpose and was established for the purpose of reducing, avoiding or deferring PRC tax. As a result, gains derived from such indirect transfer may be subject to PRC enterprise income tax, and the transferee or other person who pays for the transfer is obligated to withhold the applicable taxes currently at a rate of 10% for the transfer of equity interests in a PRC resident enterprise. Both the transferor and the transferee may be subject to penalties under PRC tax laws if the transferee fails to withhold the taxes and the transferor fails to pay the taxes.

We face uncertainties as to the reporting and other implications of certain past and future transactions where PRC taxable assets are involved, such as offshore restructuring, sale of the Ordinary Shares in our offshore subsidiaries and investments. Our company may be subject to filing obligations or may be taxed if our company is a transferor in such transactions, and may be subject to withholding obligations if our company is a transferee in such transactions, under SAT Bulletin 7 and/or SAT Bulletin 37. For transfers of Ordinary Shares of our company by investors who are non-PRC resident enterprises, our Operating Subsidiary will not be requested to assist in the filing under SAT Bulletin 7 and/or SAT Bulletin 37. However, if our assessment on the filing under SAT Bulletin 7 and/or SAT Bulletin 37 is incorrect, we may be required to expend valuable resources to comply with SAT Bulletin 7 and/or SAT Bulletin 37 or to request the relevant transferors from whom we purchase taxable assets to comply with these circulars, or to establish that our company should not be taxed under these circulars, which may have a material adverse effect on our financial condition and results of operations.

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***Hong Kong's legal system is evolving and has inherent uncertainties that could limit the legal protection available to you.***

For the fiscal years ended June 30, 2025 and 2024, our revenue mainly derived from distributing mobile games in Hong Kong. The Hong Kong legal system embodies uncertainties which could limit the legal protections available to you and us.

As one of the conditions for the handover of the sovereignty of Hong Kong to the PRC, the PRC had to accept some conditions such as Hong Kong's Basic Law before its return. The Basic Law ensured Hong Kong will retain its own currency (the Hong Kong Dollar), legal system, parliamentary system and people's rights and freedom for 50 years from 1997. This agreement gave Hong Kong the freedom to function in a high degree of autonomy. The Special Administrative Region of Hong Kong is responsible for its own domestic affairs including, but not limited to, the judiciary and courts of last resort, immigration and customs, public finance, currencies and extradition. Hong Kong continues using the English common law system.

Some international observers and human rights organizations have expressed doubts about the future of the relative political freedoms enjoyed in Hong Kong and the PRC's pledge to allow a high degree of autonomy in Hong Kong. On July 14, 2020, the U.S. signed an executive order to end the special status enjoyed by Hong Kong post-1997. As the autonomy currently enjoyed may be compromised, it could potentially impact Hong Kong's common law legal system and may, in turn, bring about uncertainty in, for example, the enforcement of our contractual rights. If the PRC were to, in fact, renege on its agreement to allow Hong Kong to function autonomously, this could potentially impact Hong Kong's common law legal system and may in turn bring about uncertainty in, for example, the enforcement of our contractual rights. This could, in turn, materially and adversely affect our business and operations. Additionally, intellectual property rights and confidentiality protections in Hong Kong may not be as effective as in the U.S. or other countries. Accordingly, we cannot predict the effect of future developments in the Hong Kong legal system, including the promulgation of new laws, changes to existing laws or the interpretation or enforcement thereof, or the preemption of local regulations by national laws. These uncertainties could limit the legal protections available to us, including our ability to enforce our agreements with our customers.

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***The enactment of Law of the PRC on Safeguarding National Security in the Hong Kong Special Administrative Region (the "Hong Kong National Security Law") could impact our Operating Subsidiary in Hong Kong.***

On June 30, 2020, the Standing Committee of the PRC National People's Congress adopted the Hong Kong National Security Law. This law defines the duties and government bodies of the Hong Kong National Security Law for safeguarding national security and four categories of offences — secession, subversion, terrorist activities, and collusion with a foreign country or external elements to endanger national security — and their corresponding penalties. On July 14, 2020, the former U.S. President Donald Trump signed the Hong Kong Autonomy Act, or HKAA, into law, authorizing the U.S. administration to impose blocking sanctions against individuals and entities which are determined to have materially contributed to the erosion of Hong Kong's autonomy. On August 7, 2020 the U.S. government imposed HKAA — authorized sanctions on eleven individuals, including former HKSAR chief executive Carrie Lam. On October 14, 2020, the U.S. State Department submitted to relevant committees of Congress the report required under HKAA, identifying persons materially contributing to "the failure of the Government of China to meet its obligations under the Joint Declaration or the Basic Law." The HKAA further authorizes secondary sanctions, including the imposition of blocking sanctions, against foreign financial institutions that knowingly conduct a significant transaction with foreign persons sanctioned under this authority. The imposition of sanctions may directly affect the foreign financial institutions as well as any third parties or customers dealing with any foreign financial institution that is targeted. It is difficult to predict the full impact of the Hong Kong National Security Law and HKAA on Hong Kong and companies located in Hong Kong. If our Operating Subsidiary in Hong Kong are determined to be in violation of the Hong Kong National Security Law or the HKAA by competent authorities, our business operations, financial position and results of operations could be materially and adversely affected.

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***Although we are based in Hong Kong, if we should become subject to the recent scrutiny, criticism and negative publicity involving U.S.-listed China-based companies, we may have to expend significant resources to investigate and/or defend the allegations, which could harm our Hong Kong operating subsidiary's business operations, this offering and our reputation, and could result in a loss of your investment in our Ordinary Shares if such allegations cannot be addressed and resolved favorably.***

During the last several years, U.S. listed public companies that have substantially all of their operations in China have been the subject of intense scrutiny by investors, financial commentators and regulatory agencies. Much of the scrutiny has centered on financial and accounting irregularities and mistakes, lack of effective internal controls over financial reporting and, in many cases, allegations of fraud. As a result of this scrutiny, the publicly traded stock of many U.S.-listed Chinese companies that have been the subject of such scrutiny has sharply decreased in value. Many of these companies are now subject to shareholder lawsuits and/or SEC enforcement actions that are conducting internal and/or external investigations into the allegations.

Although we are based in Hong Kong, if we should become the subject of any such scrutiny, whether any allegations are true or not, we may have to expend significant resources to investigate such allegations and/or defend the Company. Such investigations or allegations would be costly and time-consuming and likely would distract our management from our normal business and could result in our reputation being harmed. The price of our Ordinary Shares could decline because of such allegations, even if the allegations are false.

***We face risks related to Nasdaq's proposed rule on minimum offering size for companies with principal operations in China, including Hong Kong.***

We note Nasdaq recently filed a proposed rule changed with the SEC that would require companies principally operating in China, including Hong Kong and Macau, to raise at least US$25 million in an initial public offering to list on Nasdaq.

We are a company with substantially all of our operations conducted in Hong Kong and, as such, may be subject to this proposed rule. Based on our plan to offer [\*] Ordinary Shares at an expected price range of US$[\*] to US$[\*] per share, the total offering proceeds would be between US$[\*] million and US$[\*] million. These expected proceeds are below the proposed minimum threshold of US$25 million.

While this proposal has not yet been approved by the SEC, there is no assurance that it will not be adopted. If this proposal is approved and we fail to meet the minimum offering size requirement, our securities will not be approved for listing on Nasdaq. Furthermore, even if we are able to successfully list, this rule change may be part of a broader trend of heightened regulatory scrutiny and stricter listing requirements for companies with principal operations in China, Hong Kong, and Macau. Our ability to conduct future offerings or maintain our listing could be adversely affected if Nasdaq or the SEC implements additional stringent criteria. We may be required to expend significant resources to address any future regulatory changes or concerns, which could divert our management's attention and resources from our business operations. Any such events could have a material adverse effect on our business, financial condition, and results of operations, and could cause a significant decline in the value of our securities.

***The market for our Ordinary Shares may be subject to manipulation that is beyond our control which may result in sudden increases and decreases in the price of our Ordinary Shares.***

On September 5, 2025, the Securities and Exchange Commission announced the formation of a special task force to strengthen and enhance its Division of Enforcement's effort to detect and combat cross-border fraud harming U.S. investors. The task force will focus on investigating potential securities law violations, involving potential market manipulations related to foreign based companies, including companies with their business operations primarily based in China. These manipulations are often orchestrated by bad actors who disseminate false or misleading information in news letters or on social medial platforms in order to artificially increase the price of publicly traded securities followed by massive selling and profit taking resulting in losses to U.S. investors and listed companies. When these bad actors are located outside the jurisdiction of the United States, it may be difficult for investors to pursue and recover any losses that may have been caused by unlawful market manipulation. Should such a manipulation occur in the market for our Ordinary Shares, holders of our Ordinary Shares may experience a substantial loss on their investment.

**Risks Related to Our Business and Industry**

***We may not be able to extend licenses for our existing licensed mobile games or introduce new licensed mobile games, which will materially and adversely affect our business operations and financial position.***

Grand Universe focuses on marketing and monetization of games and generally license games from third-party developers. Most of the license agreements have a fixed term and can be renewed. However there is no guarantee that the third-party developer will renew the license agreements under terms acceptable to us. We also face challenges in identifying for new mobile games and secure licenses under profitable and acceptable terms. If we are unable to maintain good relationship with third-party developers, renew the licenses for our existing game portfolio and/or introduce new licensed games, our business operations and financial position may be materially and adversely affected.

**During the fiscal year ended June 30, 2025 and 2024, our largest customers accounted for a significant portion of our total revenue.**

A significant portion of our revenue was derived from a limited number of customers. We typically receive payment from third-party distribution channels and advertisers and/or their agents. We consider the game developer as our customer and regard ourselves as the agent of the game developer in dealing with the player of the game product. Pursuant to the service agreements between the Company and the third-party game developers, we charge the game developer a service fee based on certain percentage of the amounts remitted by distribution channels (e.g., Apple App Store, Google Play) from player purchases. For the fiscal year ended June 30, 2025 and 2024, the Company generated all of its revenues from three and one customers, respectively. In the fiscal year ended June 30, 2025, 2 of our customers each accounted for more than 10% of our annual revenue, namely Guangzhou Qingzhou Information Technology Company Limited and Nexfun Company Limited, for 59.4% and 39.7%, respectively. In the fiscal year ended June 30, 2024, 1 customer, namely Guangzhou Qingzhou Information Technology Company Limited, accounted for 100% of our annual revenue. There is no assurance that we will continue to obtain revenue from our major customers in the future. If there is a significant decrease in players' purchase of our virtual items and products and advertising income, our financial condition and operating results would be materially and adversely affected.

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***We rely on a limited number of third-party developers to license mobile games to us.***

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As of June 30, 2025, Grand Universe entered into three game licensing agreements with three third-party developers. For the year ended June 30, 2025 and 2024, we paid commission to 3 and 1 third-party developers respectively. For the year ended June 30, 2025, our three third-party developers accounted for 59.1%, 39.9% and 1.0% of our commission paid, respectively. There is no assurance that we will continue to license mobile games from these third-party developers in the future. If there is a significant decrease in mobile games licensed to us by existing third-party developers, and we are unable to secure sufficient replacements from other third-party developers, our financial condition and operating results would be materially and adversely affected.

***Any restriction on access to major distribution channels, such as iOS App Store and Google Play, or failure to maintain relationships with the distribution channels, could lead to a significant decrease in the number of players***

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We engage various game distribution platforms to market and promote our mobile games. Grand Universe distributes its mobile games through third-party distribution channels, including iOS App Store and Google Play. Our five largest suppliers accounted for approximately 85.6% and 94.8% of our total purchase from suppliers for the fiscal years ended June 30, 2025 and 2024, respectively. We rely on these third-party distribution channels and these game distribution platforms have stronger bargaining power than us. If we fail to maintain relationship with these major distribution channels, we may not be able to distribute mobile games on these channels, which could lead to a significant decrease in the number of players and may materially and adversely affect our business operations and financial position.

***We did not enter into any written contract with a major supplier which exposes us to the risk of uncertainty and potential volatility to our provision of services.***

Our suppliers mainly include payment channels and third-party advertising and marketing service providers. We did not enter into any written contract with Applovin (Singapore) Pte Ltd, one of our major suppliers which accounts for 29.8% of our total revenue purchase for the fiscal year ended June 30, 2025, but subscribe to their services by agreeing to follow their "Terms of Use," which creates uncertainty to our business. We do not materially rely on the services provided by Applovin (Singapore) Pte Ltd because there are other vendors that offer similar services to Applovin (Singapore) Pte Ltd, and if we were to terminate our relationship with Applovin (Singapore) Pte Ltd we can onboard alternative suppliers without delay or disruption to our business. We cannot guarantee that our suppliers will continue to provide us with advertising and marketing services. Our business and ability to operate will likely be adversely affected if we are unable to secure sufficient advertising and marketing services from new suppliers or our existing suppliers suspend or terminate their services to us, which may adversely affect our financial performance.

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***If we are unable to extend the relatively short expected game life of our mobile games or if our mobile games do not maintain their popularity during their expected life cycle, our business operations and financial position may be materially and adversely affected.***

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Our management believe that a mobile game generally has a short game life if it fails to introduce new elements appealing to payers to continue to play. When a mobile game begins to reach the later stage of its life cycle, the amount of revenue it generates may plateau and be lower than the maintenance costs. We may not be able to maintain or increase the profitability of such games indefinitely and develop new features or updates to attract a new player community. There is no assurance that the introduction of new features will be welcomed by our players. Any failure to extend the life cycle of our mobile games or maintain popularity of our existing games could materially and adversely affect our business operations and financial positions.

***A majority of our revenue are generated from users watching the in-game advertisements and the sales of in-game virtual items, which may significantly decline if we fail to effectively market the items in the games.***

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Grand Universe generally adopts a free-to-play model for its games. Users can generally play the games for free but the games offer the option to watch in-game advertisements or purchase virtual items in games to enhance their gameplay experience. We generally generate our revenue from users watching the in-game advertisements and the sales of in-game virtual items. There is no assurance that we are able to effectively market the in-game virtual items or encourage players to watch our in-game advertisements. If the number of players who purchase our in-game virtual items decreases or the amount purchased decreases, or if the number of players who watch our in-game advertisement decreases, our business operations and financial position may be materially and adversely affected.

***If we are unable to accurately assess our operating performance through certain key performance indicators, our ability to form appropriate business growth strategies may be impaired and our business operations and financial position may be materially and adversely affected.***

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We assess our operating performance using a set of key performance indicators, which include Monthly Active Users ("MAUs") and cumulative registered users. Capturing accurate data is subject to various limitations, as is true with many internet companies. For example, we may need to collect certain data from third-party distribution platforms or other third parties, which limits our ability to verify the reliability of such data, or we may not be able to collect any data from third parties at all.

The key operating performance indicators we use may not always reflect our actual operating performance. Similarly, we may incorrectly assess our key operating performance indicators and in turn make incorrect operational and strategic decisions. Failure to capture accurate data or an incorrect assessment of this data may materially harm our business operations and financial position.

***We cannot assure the contents of the mobile games are free from programming errors and/or intellectual property infringements and there is no assurance that our business operations will not infringe any patents, valid copyrights or other intellectual property rights held by third parties in the future.***

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Our licensed mobile games may contain undetected programming errors or infringe third-party intellectual property rights. We have no control over the content nor the game programming of the licensed games, as these remained in the control of the third-party developers. Moreover, there is no assurance that the contents of the licensed games will be well received by the market. Furthermore, we may be subject to claims and legal proceedings from time to time relating to the use of intellectual property of others. If we are found guilty, we may be prohibited from using such intellectual property, as well as paying licensing fees or forced to alter the contents of our mobile games. We may further be subject to fines and penalties in relation to such violations. Substantial time and money will be expended to defend against such claims, regardless of their merits. There is no assurance that we will not be alleged for infringing the patents, copyrights, trademarks or other intellectual property rights held by third parties and involve in claims and proceedings from time to time in the future. Should any of the above realize, it may materially and adversely affect our business operations and financial position.

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Additionally, we cannot be certain that our operations or any aspects of our business do not or will not infringe upon or otherwise violate trademarks, patents, copyrights, know-how or other intellectual property rights held by third parties. We may be from time to time in the future subject to legal proceedings and claims relating to the intellectual property rights of others. In addition, there may be third-party trademarks, patents, copyrights, know-how or other intellectual property rights that are infringed by our products, services or other aspects of our business without our awareness. Holders of such intellectual property rights may seek to enforce such intellectual property rights against us in Hong Kong, the United States or other jurisdictions. If any third-party infringement claims are brought against us, we may be forced to divert management's time and other resources from our business and operations to defend against these claims, regardless of their merits.

***We receive, process, and store personal information of players in the course of our business. This is subject to governmental rules and regulations regarding privacy. Any failure in compliance with such obligations may materially affect our business operations and reputation.***

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We receive, process and store personal information of players when they create their game accounts. Laws regarding privacy and the storing, sharing, use, processing, disclosure and protection of personal information and other player data on the mobile platforms are changing rapidly and subject to interpretations in different jurisdictions, which may not be consistent. Any failure or perceived failure by us to comply with our privacy policies, our privacy related obligations to players or third parties, or our privacy related legal obligations or any compromise in security that may result in unauthorized access, release or transfer of personally identifiable information or data may result in governmental enforcement actions, litigations, or public sanctions against us by players. Any loss of trust or confidence by our players may have a long term adversarial effect on our business operations and reputation.

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***Our continued success requires us to hire, train and retain qualified personnel in a competitive industry.***

The success of our business depends upon our ability to attract, train and retain qualified, reliable personnel, including, but not limited to, our executive officers and key management personnel, such as Ms. Yujie CHEN, Mr. Wai Shing MAN and Mr. Sing Hon LAM. Additionally, the successful operation of our business depends upon our employees who possess the necessary and required experience and expertise and who will perform their respective services at a reasonable and competitive rate. Competition for these and other experienced personnel is intense. As a result, it may be difficult to attract and retain qualified individuals with the requisite expertise.

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***We may encounter external interruptions such as hacking or cheating. Any interruption to our services may material and adversely affect our reputation and results of operations.***

We may face the challenge of external interruption, for example, parties unrelated to us may develop programs to interrupt the operation of our games; players may also develop programs or use other means such as hacking and cheating to infringe upon the game accounts of other users in order to gain unfair in-game advantages. While we offer customer service to our players, we may not be able to meet or conform to players' requirements on rectification of defects and elimination of external interruptions in our games in a timely manner. We may incur additional costs in rectifying the defects or eliminating external interruptions or defending any legal proceedings and/or claims brought by our users. We do not carry any insurance against claims or liabilities of such nature. Continued hacking and cheating activities may adversely affect the image of our games and players perception of reliability of our games and our game distribution platforms. The occurrence of undetected errors or defects in our games, and our failure to discover and eliminate the external interruptions could disrupt our operations, damage our reputation and weaken players' confidence in us, and may adversely affect our sales performance, financial condition and results of operations.

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***We are subject to payment-related risks and third-party payment processing-related risks, which could adversely affect our reputation and results of operations.***

Players that purchase our virtual items and products through mainstream mobile payment solution or third party payment platforms. If any of the major payment service providers or payment platforms were to become unable or unwilling to settle the receivable in a timely manner or at all, the liquidity of our business could be adversely affected and they may have to write off receivables or increase provisions against bad debts, which may in turn affect revenue we are entitled to receive. Also, if any of such payment service providers or payment platforms were to become unable or unwilling to provide payment processing services, including processing payments made with credit cards and debit cards, our business operations and financial condition could be materially and adversely affected.

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***We are subject to client complaints in the course of our operations.***

Given the nature of the mobile game industry and subjective views on the level of satisfaction of our services provided, on occasions, we are susceptible to complaints associated with our services. Common client complaints include (i) unsatisfactory results of our services, such as loss of connection; (ii) disputes over top-up of platform credits/in-game currency or the exchange into in-game virtual items; and (iii) unsatisfactory staff services.

Regardless of merit of the claims, we need to divert management resources and incur extra costs to handle these complaints and possible litigation matters which could affect our corporate image and reputation in the industry if they were widely published by the media. In certain circumstances, we may settle the complaints with our clients which may result in financial losses to us. In addition, we have not purchased any professional indemnity insurance for claims relating to losses arising from our services. A successful liability claim against us can result in legal costs which in turn, can affect our results of operation and financial condition.

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***We may not be able to implement our business plans effectively to achieve future growth.***

Our expansion plan is based upon a forward-looking assessment of market prospects of the mobile game industry and there is no assurance that such assessment will always turn out to be correct or that it will be able to grow our business as planned. Expansion plans may be affected by a number of factors beyond our control. Such factors include, but are not limited to, changes in economic conditions, changes in supply and demand for our services and government regulations. As the business expands, we may encounter a range of difficulties in managing our business, such as difficulties (i) generating sufficient liquidity internally or obtaining external financing for capital needs, and (ii) allocating its resources and managing its relationships with a growing number of business partners. There can be no assurance that future growth will materialize or that we will be able to manage future growth effectively, and failure to do so would have a material adverse effect on our business, financial position and results of operations.

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***We have experienced recent rapid growth, which may not be indicative of our future growth. We may be unable to effectively manage the growth of our business, which could adversely affect our business, financial condition, and results of operations.***

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We have experienced rapid growth in the scale, scope, and complexity of our business. Although we were founded only in 2023, today, we have a globally diversified portfolio of 16 games. Our growth in any prior period should not be relied upon as an indication of our future performance, as we may not be able to sustain our growth rate in the future. Even if our revenue continues to increase, we expect that our revenue growth rate may decline in the future as a result of a variety of factors, including because of more difficult comparisons to prior periods and the saturation of the market. The overall growth of our revenue depends in part on our ability to execute on our growth strategies.

Additionally, the growth and expansion of our business has placed and continues to place a significant strain on our management, operations, financial infrastructure, and corporate culture. Our future success depends in part on our ability to manage this expanded business and to continue to grow our business. If not managed effectively, this growth could result in the over-extension of our management systems and information technology systems and our internal controls and procedures may not be adequate to support this growth. Failure to adequately manage our growth in any of these ways may cause damage to our brand and reputation and adversely affect our business, financial condition, and results of operations.

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***We may need to raise additional capital in the future for working capital, capital expenditures and/or acquisitions, and we may not be able to do so on favorable terms or at all, which would impair our ability to operate our business or achieve our growth objectives.***

Our ongoing ability to generate cash is important for funding our continuing operations, making acquisitions and servicing our indebtedness. To the extent that existing cash balances and cash flow from operations, together with borrowing capacity are insufficient to make investments or acquisitions or provide needed working capital, we may require additional financing from other sources. Our ability to obtain such additional financing in the future will depend in part upon prevailing capital market conditions and conditions in our business and our operating results. Those factors may affect our efforts to arrange additional financing on terms acceptable to us.

Furthermore, if global economic, political or other market conditions adversely affect the financial institutions that provide credit to us, it is possible that our ability to draw upon credit facilities may be impacted. If adequate funds are not available, or are not available on acceptable terms, we may not be able to make future investments, take advantage of acquisitions or other opportunities, or respond to competitive challenges, resulting in loss of market share, each of which could have a material adverse impact on our financial position, results of operations, cash flows and liquidity.

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***Our lack of effective internal controls over financial reporting may affect our ability to accurately report our financial results or prevent fraud which may affect the market for and price of our Ordinary Shares.***

To implement Section 404 of the Sarbanes-Oxley Act, the SEC adopted rules requiring public companies to include a report of management on the company's internal control over financial reporting. Prior to filing the registration statement of which this prospectus is a part, we were a private company with limited accounting personnel and other resources for addressing our internal control over financial reporting. Our management has not completed an assessment of the effectiveness of our internal control over financial reporting and our independent registered public accounting firm has not conducted an audit of our internal control over financial reporting. Our independent registered public accounting firm did not conduct an audit of our internal control over financial reporting. However, in connection with the audits of our consolidated financial statements as of June 30, 2025 and 2024, we and our independent registered public accounting firm identified a few material weaknesses in our internal control over financial reporting PCAOB of the United States, a "material weakness" is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected on a timely basis. The material weaknesses identified related to (1) our lack of sufficient full-time personnel with appropriate levels of accounting knowledge and experience to monitor the daily recording of transactions, address complex U.S. GAAP accounting issues and to prepare and review financial statements and related disclosures under U.S. GAAP; and (2) our lack of a functional internal audit department or personnel that monitors the consistencies of the preventive internal control procedures as well as adequate policies and procedures in internal audit function to ensure that our policies and procedures have been carried out as planned.

We intend to implement measures designed to improve our internal control over financial reporting to address the underlying causes of these material weaknesses, including i) hiring more qualified staff to fill up the key roles in the operations within one year from the completion of the Offering; and ii) appointing independent directors, establishing an audit committee and strengthening corporate governance, which shall be completed upon the effectiveness of this registration statement. We do not expect to incur significant costs to remediate the material weaknesses.

We will be subject to the requirement that we maintain internal controls and that management perform periodic evaluation of the effectiveness of the internal controls. Effective internal control over financial reporting is important to prevent fraud. As a result, our business, financial condition, results of operations and prospects, as well as the market for and trading price of our Ordinary Shares, may be materially and adversely affected if we do not have effective internal controls. Before this Offering, we were a private company with limited resources. As a result, we may not discover any problems in a timely manner and current and potential shareholders could lose confidence in our financial reporting, which would harm our business and the trading price of our Ordinary Shares. The absence of internal controls over financial reporting may inhibit investors from purchasing our Ordinary Shares and may make it more difficult for us to raise funds in a debt or equity financing.

Additional material weaknesses or significant deficiencies may be identified in the future. If we identify such issues or if we are unable to produce accurate and timely financial statements, our Ordinary Share price may decline and we may be unable to maintain compliance with the NASDAQ Listing Rules.

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***We are a holding company whose principal source of operating cash is the income received from our Operating Subsidiary.***

We are dependent on the income generated by our Operating Subsidiary in order to make distributions and dividends on the shares. The amount of distributions and dividends, if any, which may be paid to us from our Operating Subsidiary will depend on many factors, including such subsidiary's results of operations and financial condition, limits on dividends under applicable law, its constitutional documents, documents governing any indebtedness, and other factors which may be outside our control. If our Operating Subsidiary do not generate sufficient cash flow, we may be unable to make distributions and dividends on the shares.

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***To the extent cash or assets in the business are in Hong Kong or a Hong Kong entity, the funds or assets may not be available to fund operations or for other use outside of the Hong Kong, due to interventions in or the imposition of restrictions and limitations on the ability of our Company or our subsidiaries by the PRC government to transfer cash or assets.***

As of the date of this prospectus, there are no restrictions or limitations imposed by the Hong Kong government on the transfer of capital within, into, and out of Hong Kong (including funds from Hong Kong to mainland China), except for the transfer of funds involving money laundering and criminal activities. However, there is no guarantee that the Hong Kong government will not promulgate new laws or regulations that may impose such restrictions in the future. There is no assurance the PRC government will not intervene in or impose restrictions on our ability to transfer cash or assets

As a result of the above, to the extent cash or assets in the business are in Hong Kong or a Hong Kong entity, such funds or assets may not be available to fund operations or for other use outside of Hong Kong, due to interventions in or the imposition of restrictions and limitations on the ability of our Company or our subsidiaries by the competent government to the transfer of cash or assets.

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***Our significant shareholder has considerable influence over our corporate matters.***

Ms. Yujie Chen, our Chairman and Director, through Champion Wave Holdings Limited, beneficially owns and controls [5,550] Ordinary Shares that correspond to [55.50]% of the aggregate voting power on a pre-Offering basis and [●]% of the aggregate voting power on a post-Offering basis of our issued and outstanding Ordinary Shares (assuming no over-allotment option is exercised). Ms. Chen will hold considerable influence over corporate matters requiring shareholder approval and will independently control the operations of the Company, including without limitation, electing directors and approving material mergers, acquisitions or other business combination transactions. This concentrated control will limit your ability to influence corporate matters and 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 Ordinary Shares of the opportunity to sell their shares at a premium over the prevailing market price.

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***Our significant shareholder may have potential conflicts of interest with us, which may materially and adversely affect our business and financial condition.***

Because our significant shareholder has, considerable influence over our corporate matters, his/her interests may differ from the interests of our company as a whole. The shareholder could, for example, appoint directors and management without the requisite experience, relations or knowledge to steer our company properly because of their affiliations or loyalty, and such actions may materially and adversely affect our business and financial condition. Currently, we do not have any arrangements to address potential conflicts of interest between the shareholder and our company. If we cannot resolve any conflict of interest or dispute between us and the shareholders, we would have to rely on legal proceedings, which could disrupt our business and subject us to substantial uncertainty as to the outcome of any such legal proceedings.

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***If we fail to promote and maintain our brand effectively and cost-efficiently, our business and results of operations may be harmed.***

We believe that developing and maintaining awareness of our brand effectively is critical to attracting new and retaining existing customers. Successful promotion of our brand and our ability to attract customers depend largely on the effectiveness of our marketing efforts and the success of the channels we use to promote our services. Our future marketing efforts will likely require us to incur additional expenses. These efforts may not result in increased revenue in the immediate future or at all and, even if they do, any increase in revenue may not offset the expenses incurred. If we fail to successfully promote and maintain our brand while incurring substantial expenses, our results of operations and financial condition would be adversely affected, which may impair our ability to grow our business.

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***Events such as epidemics, natural disasters, adverse weather conditions, political unrest and terrorist attacks could significantly delay, or even prevent us from completing, our projects.***

Our operations are subject to uncertainties and contingencies beyond our control that could result in material disruptions in our operations and adversely affect our business. These include epidemics, natural disasters, fire, adverse weather conditions, political unrest, wars and terrorist attacks. Any such events could cause us to reduce or halt our operation, adversely affect our business operation, increase our costs and/or prevent us from completing our projects, any one of which could materially and adversely affect our business, financial condition and results of operations.

In such an event, our business operations may also be severely disrupted due to a negative impact on investor confidence and risk appetites, the fund-raising activities of issuers and proposed listing applicants, the macroeconomic conditions as well as the financial conditions in Hong Kong. Our business operations, financial condition as well as our fund-raising activities as contemplated by this prospectus may be materially and adversely affected as a result.

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***Our insurance coverage may not be adequate to cover potential liabilities.***

Certain risks disclosed elsewhere in this section such as risks with third-party developers are generally not covered by insurance because they are either uninsurable or it is not cost justifiable to insure against such risks. Insurance policies covering losses from acts of war, terrorism, or natural catastrophes are also either unavailable or cost prohibitive.

Further, we may be subject to liabilities against which we are not insured adequately or at all or liabilities against which cannot be insured. Should any significant liabilities arise due to accidents, natural disasters, or other events which are not covered or are inadequately covered by our insurance, our business may be adversely affected, potentially lead to a loss of assets, lawsuits, employee compensation obligations, or other forms of economic loss.

We cannot guarantee that our current levels of insurance are sufficient to cover all potential risks and losses. In addition, we cannot guarantee that we can renew our policies or can renew our policies on similar or other acceptable terms. If we suffer from severe unexpected losses or losses that far exceed the policy limits, it could have a material and adverse effect on our business, financial position, results of operations and prospect.

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

Our revenues and expenses will be denominated predominantly in Hong Kong dollars. The value of the Hong Kong dollar against the U.S. dollar may fluctuate and may be affected by, among other things, changes in political and economic conditions. Although the exchange rate between the Hong Kong dollar to the U.S. dollar has been pegged since 1983, we cannot assure you that the Hong Kong dollar will remain pegged to the U.S. dollar.

Our business is conducted in Hong Kong, our books and records are maintained in H.K. dollar, which is the currency of Hong Kong, and the financial statements that we file with the SEC and provide to our shareholders are presented in United States dollars. Changes in the exchange rate between H.K. dollar and United States dollar affect the value of our assets and the results of our operations, when presented in United States dollars. Any significant fluctuations in the exchange rates between Hong Kong dollars to U.S. dollars may have a material adverse effect on our revenue and financial condition. For example, to the extent that we are required to convert U.S. dollars we receive from this Offering into Hong Kong dollars for our operations, fluctuations in the exchange rates between Hong Kong dollars against the U.S. dollar would have an adverse effect on the amounts we receive from the conversion. We have not used any forward contracts, futures, swaps or currency borrowings to hedge our exposure to foreign currency risk.

***Our business is susceptible to government policies and macroeconomic conditions, including risks of general economic downturn and deteriorating market conditions, such as Sino-U.S. trade conflicts.***

The market growth of mobile game industry highly correlates to macroeconomic environment. Particularly, during economic downturns, due to limited disposable income, players are more conservative to invest capital resources to mobile games. As a result, the issue of macroeconomic condition may adversely impact the mobile game industry.

As our business and operations are based in Hong Kong, our business growth is primarily dependent upon the global economy and market condition. The market conditions are directly affected by, among other things, the global and local political and economic environments, such as uncertainties about the Sino-U.S. trade conflicts. Any sudden downturn in the general economic environment or change to political environment beyond our control may adversely affect the financial market sentiment in general. As such, our revenue and profitability may fluctuate and we cannot assure you that we will be able to maintain our historical financial performance in times of difficult or unstable economic conditions.

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***We are subject to changing law and regulations regarding regulatory matters, corporate governance and public disclosure that have increased both our costs and the risk of non-compliance.***

We are subject to rules and regulations by various governing bodies, including, for example, the SEC, which are charged with the protection of investors and the oversight of companies whose securities are publicly traded, and to new and evolving regulatory measures under applicable law, including the laws of the Cayman Islands. Our efforts to comply with new and changing laws and regulations have resulted in and are likely to continue to result in, increased general and administrative expenses and a diversion of management time and attention from revenue-generating activities to compliance activities.

Moreover, because these laws, regulations and standards are subject to varying interpretations, their application in practice may evolve over time as new guidance becomes available. This evolution may result in continuing uncertainty regarding compliance matters and additional costs necessitated by ongoing revisions to our disclosure and governance practices. If we fail to address and comply with these regulations and any subsequent changes, we may be subject to penalty and our business may be harmed.

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***Cybersecurity incidents could disrupt our business operations, which could result in the loss of critical and confidential information, and harm our business.***

Global cybersecurity threats and incidents directed at us or any of our third-party service providers we engage can range from uncoordinated individual attempts to gain unauthorized access to information technology systems to sophisticated and targeted measures known as advanced persistent threats. In the ordinary course of our business, we and our third-party service providers collect and store sensitive data, including our proprietary business information and intellectual property, and that of our customers, including personally identifiable information. Additionally, we rely increasingly on third-party providers to store and process data, and to communicate and work collaboratively. The secure processing, maintenance, and transmission of information are critical to our operations and we rely on the security procedures of these third-party providers. Although we employ comprehensive measures designed to prevent, detect, address, and mitigate these threats (including access controls, data encryption, vulnerability assessments, and maintenance of backup and protective systems), cybersecurity incidents, depending on their nature and scope, could potentially result in the misappropriation, destruction, corruption, or unavailability of critical data and confidential or proprietary information (our own or that of third parties, including personally identifiable information of our customers) and the disruption of business operations. Any such compromises to our security, or that of our third-party providers, could cause customers to lose trust and confidence in us, and stop using our website and mobile application in their entirety. In addition, we may incur significant costs for remediation that may include liability for stolen assets or information, repair of system damage, and compensation to customers and business partners. We may also be subject to legal claims, government investigation, and additional state and federal statutory requirements.

***Our business is intensely competitive. We may not deliver successful and engaging products and services, or consumers may prefer our competitors' products or services over our own.***

Competition in our business is intense. Many new products and services are regularly introduced, but only a relatively small number of products and associated services drive significant engagement and account for a significant portion of total revenue. Our competitors range from established game distributing companies to emerging start-ups. In addition, we compete with large, diversified companies that have strengthened their game distributing capabilities. Their greater financial and other resources provide larger budgets to recruit our key creative and technical talent, develop and market products and services that gain consumer success, shift player time and engagement away from our products and services, or otherwise disrupt our operations. We also expect new competitors to continue to emerge throughout the world. If our competitors develop more successful and engaging products or services, offer competitive products or services at lower price points, or if we do not continue to develop consistently high-quality, well-received and engaging products and services, secure partnerships with promising game studios, or if our marketing strategies are not innovative or fail to resonate with players, particularly during key selling periods, our revenue, margins, and profitability will decline.

We strive to partner with game studios that create innovative and high-quality games, and distribute such games that allow us to grow the global online communities and reach more players. However, innovative and high-quality titles, even if highly-reviewed or critically acclaimed, may not meet our expectations or the expectations of our players. Many financially successful games within our industry are iterations of prior titles with large established consumer bases and significant brand recognition, which makes competing in certain categories challenging. In addition, products or services of our direct competitors or other entertainment companies have shifted consumer spending or engagement from our products and services and may do so in the future, which could cause our products and services to underperform.

A significant portion of our revenue historically has been derived from products and services based on a few popular franchises, and the underperformance of a single major title has had, and could in the future have, a material adverse impact on our financial results. For example, we have historically derived a significant portion of our net revenue from sales related to our Annie's Pursuit and Wasteland Billionaire franchises. Any events or circumstances that negatively impact our Annie's Pursuit and Wasteland Billionaire franchise, such as product or service quality, other products that take a portion of consumer spending and time, the delay or cancellation of a product or service launch, increased competition for key licenses, or real or perceived security or regulatory risks, negatively impacts our financial results to a disproportionate extent.

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***We intend to further leverage artificial intelligence products developed and licensed by third parties. Performance issues, errors and defects, or failure to successfully integrate or license necessary third-party software could cause delays, errors, or failures of our services, increases in our expenses and reductions in our sales, which could materially and adversely affect our business, operating results and financial conditions.***

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We intend to utilize artificial intelligence ("AI"), which we define as a set of computational techniques and workloads involving training and inference of models, especially with deep learning and neural networks, that enable machines to perform tasks traditionally associated with human intelligence, to enhance game features such as personalized player experiences (i.e. adaptive difficulty levels for puzzles), procedural content generation or player behavior analysis to increase player stickiness. We do not intend to utilize advance generative artificial intelligence to create entirely new games but rather to integrate artificial intelligence tools into our existing distribution model. Currently, we have no intention to internally develop such AI products, and instead, we plan to collaborate with third-party developers to acquire publishing rights for innovate mobile games that incorporate artificial elements.

Such third parties may discontinue their products or licenses, cease to provide their products or service to us and our Operating Subsidiary, go out of business, or otherwise cease to provide support for such products or services in the future. Commercially reasonable alternatives to the third-party software or services we license or receive, may not always be available, or it may be difficult or costly to replace existing third-party software or find a replacement third-party service. The use of additional or alternative third-party software will require us or our Operating Subsidiary to enter into license agreements with third parties, and we may not be able to enter into such agreements on advantageous terms. In addition, integration of the software used in the service of our Operating Subsidiary with new third-party software may require significant work and substantial investment of our time and resources. Also, to the extent that our services offerings depend upon the successful operation of third-party software, any undetected errors or defects in, or disruptions to the functionality of, such third-party software could prevent the deployment or impair the functionality of our services and operations, delay new services introductions, result in interruption of our operations, and injure our reputation, which in each case could harm our financial condition and results of operations.

There are significant risks involved in utilizing artificial intelligence and no assurance can be provided that our use of such artificial intelligence will enhance our products or services or produce the intended results. The AI models we plan to utilize, which are developed by external vendors, may be incorrectly designed, improperly maintained, incomplete, inadequate, or biased in some way, which could degrade the performance of our products, services, and business, harm our reputation, or expose us to liability through the violation of laws and regulations, third-party intellectual property, privacy, or other rights, or contracts to which we are a party. Further, artificial intelligence presents novel and significant ethical issues and may subject us and our subsidiaries to new or heightened legal, regulatory, ethical, or other challenges; and inappropriate or controversial data practices by developers and end-users, or other factors adversely affecting public opinion of artificial intelligence, could impair the acceptance of artificial intelligence solutions, including those incorporated in our products and services. If the artificial intelligence tools that our Operating Subsidiary use are deficient, inaccurate or controversial, we and our Operating Subsidiary could incur operational inefficiencies, competitive harm, legal liability, brand or reputational harm, or other adverse impacts on our business and financial results. Because artificial intelligence technology itself is highly complex and rapidly developing, it is not possible to predict all of the legal, operational or technological risks that may arise relating to the use of artificial intelligence.

***We may not meet our product development schedules.***

Our ability to meet product development schedules is affected by a number of factors both within and outside our control, including feedback from players, the creative processes involved, the coordination of large and sometimes geographically dispersed development teams, evolving work models, the complexity of our products and the platforms for which they are developed, the need to fine-tune our products prior to their release, and, in certain cases, approvals from third parties. Since the incorporation of Grand Universe, we have not experienced any material development delays for our products and services. Any failure to meet anticipated production or release schedules likely would result in a delay of revenue and/or possibly a significant shortfall in our revenue, increase our development and/or marketing expenses, harm our profitability, and cause our operating results to be materially different than anticipated. If we miss key selling periods for products or services as a result of product delays or product cancellations, our sales likely will suffer significantly.

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***Our industry changes rapidly and we may fail to anticipate or successfully implement new or evolving technologies, or adopt successful business strategies, distribution methods or services.***

Rapid changes in our industry require us to anticipate, sometimes years in advance, the ways in which our business can remain competitive in the market. We have invested, and in the future may invest, in new business and marketing strategies, tools and technologies, distribution methods, products, and services. There can be no assurance that the strategic investments we pursue will achieve financial results that meet or exceed our expectations. We may miss opportunities or fail to respond quickly enough to industry change, including the failure to adopt tools, technology and distribution methods or failure to develop new products, services or ways to engage with our games that become popular with consumers, each of which could adversely affect our financial results. For example, we expect our competitive landscape to evolve as artificial intelligence technology advances and is integrated into the markets in which we compete. Our competitors may incorporate new artificial intelligence tools and technology into their existing products and services more successfully, may use these new tools and technology more efficiently or may create new categories of products and services before we do.

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***Stakeholders have high expectations for the quality and integrity of our business, culture, products and services and we may be unsuccessful in meeting these expectations.***

Expectations regarding the quality, performance and integrity of our business, brand, reputation, culture, products and services are high. Players and other stakeholders have sometimes been critical of our industry, brands, products, services, online communities, business models and/or practices for a wide variety of reasons, including perceptions about gameplay fun, fairness, game content, features or services, or objections to certain of our practices. These negative responses may not be foreseeable. We also may not effectively manage our responses because of reasons within or outside of our control. In addition, we have taken actions, including delaying the release of our games and delaying or discontinuing content, features and services for our games, after taking into consideration, among other things, feedback from our community or geopolitical events. These actions have had a negative impact on our financial results and have impacted our future development processes. We expect to continue to take actions as appropriate, including actions that may result in additional expenditures and the loss of revenue. Maintaining high ratings on the third-party console, platforms and devices on which we operate are important to drive players to our products and services. If we receive significant negative reviews that result in a decrease in our ratings, including as a result of negative review campaigns intended to harm our ratings, our games could be more difficult for players to find, negatively impacting our financial and operating results.

Certain of our games and features on our platforms support online features that allow players and viewers to communicate with one another and post content, in real time, that is visible to other players and viewers. From time to time, this "user generated content" may contain objectionable and offensive content that is distributed and disseminated by third parties and our brands may be negatively affected by such actions. If we fail to appropriately respond to the dissemination of such content, we may be subject to lawsuits and governmental regulation, our players may not engage with our products and services and/or may lose confidence in our brands and our financial results may be adversely affected.

Our products and services are extremely complex software programs and are difficult to develop and distribute. We have quality controls in place to detect defects, bugs or other errors in our products and services before they are released. Nonetheless, these quality controls are subject to human error, overriding, and resource or technical constraints. If these quality controls and preventative measures are not effective in detecting all defects, bugs or errors in our products and services before they have been released into the marketplace, then our products and services could be below our standards and the standards of our players and our reputation, brand and sales could be adversely affected. In addition, we could be required to, or may find it necessary to, offer a refund for the product or service, suspend the availability or sale of the product or service or expend significant resources to cure the defect, bug or error each of which could significantly harm our business and operating results.

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***Our revenue has been concentrated in the mobile app ecosystem and any failure to successfully expand and diversify our revenue sources beyond the mobile ecosystem could adversely affect our business, financial condition, and results of operations.***

We face concentration risk in that our products and services operate in the mobile app ecosystem and specifically mobile gaming. As such, our business depends, in part, on the continued health and growth of these app ecosystems. Further, a significant portion of our revenue was derived from a limited number of customers. We typically receive payment from third-party distribution channels and advertisers and/or their agents. We consider the game developer as our customer and regard ourselves as the agent of the game developer in dealing with the player of the game product. Pursuant to the service agreements between the Company and the third-party game developers, we charge the game developer a service fee based on certain percentage of the amounts remitted by distribution channels (e.g., Apple App Store, Google Play) from player purchases. If any of these concentrated portions of our revenue are harmed or are lost, our business, financial condition, and results of operations could be adversely affected.

***If we fail to effectively manage credit risk and interest rate risk, our business, financial condition, and results of operations could be adversely affected.***

We face credit risk on our accounts receivable, cash balances in bank accounts and other current assets. We also face cash flow interest rate risk through the changes in interests rates and bank balances with floating interest rates. See "Management's Discussion and Analysis of Financial Condition and Results of Operations - Quantitative and Qualitative Disclosures about Market Risk" for further details. Although our management actively monitor the risk level, we cannot assure you that we are able to mitigate all risks in a timely manner, in particular risks beyond our control, such as a slowdown in economic growth, credit crsis or other adverse macroeconomic situations. If we fail to effectively manage credit risk and cash flow interest rate risk, our business, financial condition, and results of operations could be adversely affected.

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***If we fail to retain existing users or add new users cost-effectively, or if our users decrease their level of engagement with Apps, our business, financial condition, and results of operations could be adversely affected.***

The size of our user base and the level of user engagement with our products and services are critical to our success. Our results of operations have been and will continue to be significantly determined by our success in acquiring and engaging our users. We expect that the number of our users may fluctuate or decline as a result of divestitures in our products and services or other actions we have taken in connection with our review of our portfolio, or in one or more markets from time to time, particularly in markets where we have achieved higher penetration rates or where the macroeconomic conditions have been negatively impacted. In addition, if people do not perceive our products and services as useful or entertaining, we may not be able to attract or retain users or otherwise maintain or increase the frequency and duration of their engagement, which could harm our revenue. A number of games that we have distributed that achieved early popularity have since seen their user bases or user engagement levels decline. There is no guarantee that we will not experience a similar erosion of our users or user engagement levels. Our user engagement patterns have changed over time, and user engagement can be difficult to measure, particularly as we introduce new and different Apps. Any number of factors can adversely affect user growth and engagement, including if:

● users increasingly engage with mobile apps offered by competitors or mobile apps in categories other than those of our products and services;

● we fail to introduce new products and services that users find engaging or that achieve a high level of market acceptance or we introduce new products and services, or make changes to existing products and services that are not favorably received;

● users feel that their experience is diminished as a result of the decisions we make with respect to the frequency, prominence, format, size, and quality of advertisements that we display;

● users have difficulty installing, updating, or otherwise accessing our products and services as a result of actions by us or third parties;

● we are unable to continue to develop products and services that work with a variety of mobile operating systems and networks;

● there are changes mandated by legislation, government and regulatory authorities, or litigation that adversely affect our products and services or users; and

● questions about the quality of our products and services, our data practices or concerns related to privacy and sharing or other processing of user data, safety, security, or other factors.

Additionally, we expect it will become increasingly difficult and more expensive for us to acquire users for our products and services for a variety of reasons, including the increasingly competitive nature of the mobile app ecosystem and the significant amount of time and attention users are dedicating to competing entertainment options. Further, we believe that the changes that Apple has implemented during the last several years to its platform, particularly the removal of the Top Grossing rankings and decreasing the prominence of the Top Free rankings as well as transparency and Apple's Identifier for Advertiser (IDFA) changes, have adversely affected the number of organic downloads of our products and services. If our competitors increase their user acquisition spending, we could experience higher costs per an install for our distributed games, which would adversely affect our revenue and margins. Furthermore, our spending on user acquisition is based on certain assumptions about their projected behavior, particularly for new games for which we do not have similar offerings in our portfolio to aid us in our modeling efforts. If we are unable to grow our user base and increase our user engagement levels, or unable to do so cost effectively, our business, financial condition, and results of operations could be adversely affected.

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**Risks Related to Our Corporate Structure, Initial Public Offering and Ownership of Our Ordinary Shares**

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***There may not be an active, liquid trading market for our Ordinary Shares, and we do not know if a more liquid market for our Ordinary Shares will develop to provide you with adequate liquidity.***

Prior to this Offering, there has not been a public trading market for our Ordinary Shares. We cannot assure you that an active trading market for our Ordinary Shares will develop following this Offering, or if it does develop, will be maintained. We will seek to have our securities approved for listing on the Nasdaq Capital Market upon consummation of this Offering. The closing of the Offering is conditional upon Nasdaq's final approval of our listing application. We cannot assure you that our application will be approved; if it is not approved, we will not complete the Offering. You may not be able to sell your securities quickly or at the market price if trading in our securities is not active. The public offering price for the Ordinary Shares will be determined by negotiations between us and the representatives of the underwriters and may not be indicative of prices that will prevail in the trading market. We intend to apply to list our Ordinary Shares on Nasdaq but we provide no assurance that our ordinary shares will be approved for listing on Nasdaq in connection with this Offering. Further, if we are successful in listing the Ordinary Shares on Nasdaq, we cannot ensure that an active public market for our Ordinary Shares will develop after this Offering, or that if it does develop, it will be sustained. In the absence of a public trading market:

● you may not be able to liquidate your investment in our Ordinary Shares;

● you may not be able to resell your Ordinary Shares at or above the public offering price;

● the market price of our Ordinary Shares may experience more price volatility; and

● there may be less efficiency in carrying out your purchase and sale orders.

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

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

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***If we fail to continue to meet applicable listing requirements, Nasdaq may delist our Ordinary Shares from trading, in which case the liquidity and market price of our Ordinary Shares could decline.***

We will seek to have our securities approved for listing on the Nasdaq Capital Market upon consummation of this offering. The closing of the Offering is conditional upon Nasdaq's final approval of our listing application. We cannot assure you that our application will be approved; if it is not approved, we will not complete the Offering.

We cannot assure you that we will be able to meet the continued listing standards of Nasdaq in the future, even if we initially meet the listing requirements and other applicable rules of Nasdaq. If we fail to comply with the applicable listing standards and Nasdaq delists our Ordinary Shares, we and our shareholders could face significant material adverse consequences, including:

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

● reduced liquidity for our Ordinary Shares;

● a determination that our Ordinary Shares are "penny stock", which would require brokers trading in our 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 Ordinary Shares;

● a limited amount of news about us and analyst coverage of us; and

● a decreased ability for us to issue additional equity securities or obtain additional equity or debt financing in the future.

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***We will incur additional costs as a result of becoming a public company, which could negatively impact our net income and liquidity. Additionally, the requirements of being a public company may strain our resources and divert management's attention.***

Upon completion of this Offering, we will become a public company in the U.S.. As a public company, we will incur significant legal, accounting and other expenses that we did not incur as a private company. In addition, Sarbanes-Oxley and rules and regulations implemented by the SEC and the Nasdaq require significantly heightened corporate governance practices for public companies. As a result, we expect these rules and regulations to increase our legal, accounting and financial compliance costs and make many corporate activities more time-consuming and costly.

We do not expect to incur materially greater costs as a result of becoming a public company than those incurred by similarly sized U.S. public companies. If we fail to comply with these rules and regulations, we could become the subject of a governmental enforcement action, investors may lose confidence in us and the market price of our Ordinary Shares could decline.

As a public company, we will incur significant legal, accounting and other expenses that we did not incur as a private company. The Sarbanes-Oxley Act and rules subsequently implemented by the SEC and the Nasdaq impose various requirements on the corporate governance practices of public companies. As a company with less than US$1.235 billion in net revenue for our last fiscal year, we qualify as an "emerging growth company" pursuant to the JOBS Act. An emerging growth company may take advantage of specified reduced reporting and other generally applicable requirements that are otherwise applicable generally to public companies. These provisions include exemption from the auditor attestation requirement under Section 404 of Sarbanes-Oxley Act in the assessment of the emerging growth company's internal control over financial reporting and permission to delay adopting new or revised accounting standards until such time as those standards apply to private 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. After we are no longer an "emerging growth company," we expect to incur significant expenses and devote substantial management effort toward ensuring compliance with the requirements of Section 404 of the Sarbanes-Oxley Act and the other rules and regulations of the Securities and Exchange Commission. We also expect that operating as a public company will make it more difficult and expensive for us to obtain director and officer liability insurance. 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.

In the past, shareholders of a public company often brought securities class action suits against the company following periods of instability in the market price of that company's 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, which could harm our results of operations and require us to incur significant expenses to defend the suit. 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.

Additionally, as a public company, we will be subject to the reporting requirements of the Securities Exchange Act of 1934, as amended, or the Exchange Act, the Sarbanes-Oxley Act, the Dodd-Frank Act, the listing requirements of the securities exchange on which we list, and other applicable securities rules and regulations. Despite recent reforms made possible by the JOBS Act, compliance with these rules and regulations will nonetheless increase our legal and financial compliance costs, make some activities more difficult, time-consuming or costly and increase demand on our systems and resources, particularly after we are no longer an "emerging growth company." The Exchange Act requires, among other things, that we file annual, quarterly, and current reports with respect to our business and operating results.

As a result of disclosure of information in this prospectus and in filings required of a public company, our business and financial condition will become more visible, which we believe may result in threatened or actual litigation, including by competitors and other third parties. If such claims are successful, our business and operating results could be harmed, and even if the claims do not result in litigation or are resolved in our favor, these claims, and the time and resources necessary to resolve them, could divert the resources of our management and adversely affect our business, brand and reputation and results of operations.

We also expect that being a public company and these new rules and regulations will make it more expensive for us to obtain director and officer liability insurance, and we may be required to accept reduced coverage or incur substantially higher costs to obtain coverage. These factors could also make it more difficult for us to attract and retain qualified members of our board of directors, particularly to serve on our audit committee and compensation committee, and qualified executive officers.

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***Our management team has limited experience managing a public company.***

Most members of our management team have limited experience managing a publicly traded company, interacting with public company investors, and complying with the increasingly complex laws pertaining to public companies. We are subject to significant regulatory oversight and reporting obligations under the federal securities laws and the continuous scrutiny of securities analysts and investors. These obligations and constituents 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.

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***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 U.S.. As a publicly listed company, we will be required to file periodic reports with the SEC upon the occurrence of matters that are material to our company and shareholders. 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 our competitors, mostly private companies, 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.

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***We are a "foreign private issuer," and our disclosure obligations differ from those of U.S. domestic reporting companies. As a result, we may not provide you the same information as U.S. domestic reporting companies or we may provide information at different times, which may make it more difficult for you to evaluate our performance and prospects.***

We are a foreign private issuer and, as a result, we are not subject to the same requirements as U.S. domestic issuers. Under the Exchange Act, we will be subject to reporting obligations that, to some extent, are more lenient and less frequent than those of U.S. domestic reporting companies. For example, we will not be required to issue quarterly reports or proxy statements. In addition, we will not be required to disclose detailed individual executive compensation information. Furthermore, our directors and executive officers will not be subject to the insider short swing profit disclosure and recovery regime.

As a foreign private issuer, we will also be exempt from the requirements of Regulation FD (Fair Disclosure) which, generally, are meant to ensure that select groups of investors are not privy to specific information about an issuer before other investors. However, we will still be subject to the anti-fraud and anti-manipulation rules of the SEC, such as Rule 10b-5 under the Exchange Act. Since many of the disclosure obligations imposed on us as a foreign private issuer differ from those imposed on U.S. domestic reporting companies, you should not expect to receive the same information about us and at the same time as the information provided by U.S. domestic reporting companies.

The information we are required to file with or furnish to the SEC will be less extensive and less timely as compared to that required to be filed with the SEC by U.S. domestic issuers.

As a Cayman Islands company listed on the Nasdaq Capital Market, we are subject to the Nasdaq Capital Market corporate governance listing standards. However, Nasdaq Capital Market rules permit a foreign private issuer like us to follow the corporate governance practices of its home country. Certain corporate governance practices in the Cayman Islands, which is our home country, may differ significantly from the Nasdaq Capital Market corporate governance listing standards. We do not currently plan to rely on home country practice with respect to any corporate governance matters. However, if we choose to follow home country practice in the future, our shareholders may be afforded less protection than they otherwise would under the Nasdaq Capital Market corporate governance listing standards applicable to U.S. domestic issuers.

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***We are an "emerging growth company," and we cannot be certain if the reduced reporting requirements applicable to emerging growth companies will make our Ordinary Shares less attractive to investors.***

We are an "emerging growth company," as defined in the JOBS Act. We elected to avail ourselves of the extended transition period for implementing new or revised financial accounting standards. For as long as we continue to be an emerging growth company, we may take advantage of exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies, including not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements and exemptions from the requirements of holding a non-binding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved. We could be an emerging growth company for up to five years, although we could lose that status sooner (1) if our revenue exceed US$1.235 billion, (2) if we issue more than US$1 billion in non-convertible debt in a three-year period, or (3) if the market value of our shares held by non-affiliates exceeds US$700 million as of any February 28 before that time, in which case we would no longer be an emerging growth company as of the following February 28. We cannot predict if investors will find our Ordinary Shares less attractive because we may rely on these exemptions. If some investors find our shares less attractive as a result, there may be a less active trading market for our shares and our stock price may be more volatile.

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Under the JOBS Act, emerging growth companies can also delay adopting new or revised accounting standards until such time as those standards apply to private companies. We have elected to take advantage of certain of the reduced disclosure obligations in the registration statement of which this prospectus is a part and may elect to take advantage of other reduced reporting requirements in future filings. As a result, the information we provide to our stockholders may be different than you might receive from other public reporting companies in which you hold equity interests and our financial statements may not be comparable to companies that comply with public company effective dates. We may take advantage of these provisions for up to five years or such earlier time that we are no longer an emerging growth company.

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***We are a "controlled company" defined under the Nasdaq Stock Market Rules. Although we do not intend to rely on the "controlled company" exemption under the Nasdaq listing rules, we could elect to rely on this exemption in the future and you will not have the same protection afforded to shareholders of companies that are subject to these corporate governance requirements.***

We expect that our Chairman and Director, Ms. Yujie Chen, through Champion Wave Holdings Limited will own a majority of our Ordinary Shares following the Offering and we will continue to be a controlled company as defined under the Nasdaq Stock Market Rules. Accordingly, we will be a controlled company under the applicable Nasdaq listing standards. For so long as we are a controlled company under that definition, we are permitted to elect to rely, and may rely, on certain exemptions from corporate governance rules, including:

● an exemption from the rule that a majority of our board of directors must be independent directors;

● an exemption from the rule that the compensation of our chief executive officer must be determined or recommended solely by independent directors; and

● an exemption from the rule that our director nominees must be selected or recommended solely by independent directors.

As a result, you will not have the same protection afforded to shareholders of companies that are subject to these corporate governance requirements.

Although we do not intend to rely on the "controlled company" exemption under the Nasdaq listing rules, we could elect to rely on this exemption in the future. If we elected to rely on the "controlled company" exemption, 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 upon closing of the Offering. Our status as a controlled company could cause our Ordinary Shares to look less attractive to certain investors or otherwise harm our trading price. As a result, the investors will not have the same protection afforded to shareholders of companies that are subject to these corporate governance requirements. Please refer to the paragraph titled "Risk Factors — Our significant shareholder has considerable influence over our corporate matters."

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***Ordinary Shares eligible for future sale may adversely affect the market price of our Ordinary Shares, as the future sales, or the perception of future sales, of a substantial amount of outstanding Ordinary Shares in the public marketplace could reduce the price of our Ordinary Shares.***

The sale of substantial amounts of Ordinary Shares in the public market, or the perception that such sales could occur could harm the prevailing market price of our Ordinary Shares. These sales, or the possibility that these sales may occur, also might make it more difficult for us to sell equity securities in the future at a time and at a price that we deem appropriate. Upon completion of this Offering we will have a total of [●] Ordinary Shares outstanding. Of the outstanding Ordinary Shares, the [●] Ordinary Shares sold or issued in this Offering will be freely tradable without restriction or further registration under the Securities Act of 1933, as amended, or Securities Act, except that any Ordinary Shares held by our affiliates, as that term is defined under Rule 144 of the Securities Act, may be sold only in compliance with the limitations described in "Ordinary Shares Eligible for Future Sale." All remaining Ordinary Shares, which are currently held by our shareholder, may be sold in the public market in the future subject to the lock-up agreements and the restrictions contained in Rule 144 under the Securities Act. If our shareholder sells a substantial amount of Ordinary Shares, the prevailing market price for our Ordinary Shares could be adversely affected. Our executive officers, directors and shareholder will sign lock-up agreements with the underwriters that will, subject to certain customary exceptions, restrict the sale of our Ordinary Shares and certain other securities held by them for a period of no less than six months following the date of this prospectus. The underwriters may, in their sole discretion and at any time without notice, release all or any portion of the Ordinary Shares subject to any such lock-up agreements. As restrictions on resale end, the market price of our Ordinary Shares could drop significantly if the holders of our restricted shares sell them or are perceived by the market as intending to sell them. These factors could also make it more difficult for us to raise additional funds through future offerings of our Ordinary Shares or other securities.

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***The market price of our Ordinary Shares may be volatile or may decline regardless of our operating performance, and you may not be able to resell your shares at or above the initial public offering price. We may also experience extreme stock price volatility 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 Ordinary Shares.***

The IPO price for our Ordinary Shares will be determined through negotiations between the underwriters and us and may vary from the market price of our Ordinary Shares following our IPO. If you purchase our Ordinary Shares in our IPO, you may not be able to resell those Ordinary Shares at or above the IPO price. We cannot assure you that our Ordinary Shares' IPO price, or the market price following our IPO, will equal or exceed prices in privately negotiated transactions of our Ordinary Shares that have occurred from time to time prior to our initial public offering. The market price of our Ordinary Shares may fluctuate significantly in response to numerous factors, many of which are beyond our control, including:

● actual or anticipated fluctuations in our revenue and other operating results;

● the financial projections we may provide to the public, any changes in these projections or our failure to meet these projections;

● actions of securities analysts who initiate or maintain coverage of us, changes in financial estimates by any securities analysts who follow our Company, or our failure to meet these estimates or the expectations of investors;

● announcements by us or our competitors of significant products or features, technical innovations, acquisitions, strategic partnerships, joint ventures, or capital commitments;

● price and volume fluctuations in the overall stock market, including as a result of trends in the economy as a whole;

● lawsuits threatened or filed against us; and

● other events or factors, including those resulting from war or incidents of terrorism, or responses to these events.

Recently, there have been instances of extreme stock price run-ups followed by rapid price declines and strong stock price volatility with recent IPOs, especially among those 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. In particular, our Ordinary Shares may be subject to rapid and substantial price volatility, low volumes of trades and large spreads in bid and ask prices. Such volatility, including any stock-run up, may be unrelated to our actual or expected operating performance and financial condition or prospects, making it difficult for prospective investors to assess the rapidly changing value of our Ordinary Shares.

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

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***We have broad discretion in the use of the net proceeds from our initial public offering and may not use them effectively.***

To the extent (i) we raise more money than required for the purposes explained in the section titled "Use of Proceeds" or (ii) we determine the proposed uses set forth in that section are no longer in the best interests of our Company, we cannot specify with any certainty the particular uses of such net proceeds that we will receive from our IPO. Our management will have broad discretion in the application of such net proceeds, including working capital, possible acquisitions, and other general corporate purposes, and we may spend or invest these proceeds in a way with which our shareholders disagree. The failure by our management to apply these funds effectively could harm our business and financial condition. Pending their use, we may invest the net proceeds from our IPO in a manner that does not produce income or that loses value.

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***Future financing may cause a dilution in your shareholding or place restrictions on our operations.***

We may need to raise additional funds to finance further expansion of our capacity and business for our existing operations, acquisitions or strategic partnerships. If additional funds are raised through the issuance of new equity or equity-linked securities of the Company other than on a pro rata basis to existing shareholders, the percentage ownership of such shareholders in the Company may be reduced, and such new securities may confer rights and privileges that take priority over those conferred by the shares. Alternatively, if we meet such funding requirements by way of additional debt financing, we may have restrictions placed on us through such debt financing arrangements which may:

● further limit our ability to pay dividends or require us to seek consents for the payment of dividends;

● increase our vulnerability to general adverse economic and industry conditions;

● require us to dedicate a substantial portion of our cash flows from operations to service our debt, thereby reducing the availability of our cash flow to fund capital expenditure, working capital requirements and other general corporate needs; and

● limit our flexibility in planning for, or reacting to, changes in our business and our industry.

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

As discussed above, we are a foreign private issuer, and therefore, not required to comply with all the periodic disclosure and current reporting requirements of the Exchange Act. The determination of foreign private issuer status is made annually on the last business day of an issuer's most recently completed second fiscal quarter. We would lose our foreign private issuer status if, for example, more than 50% of our Ordinary Shares are directly or indirectly held by residents of the U.S. and we fail to meet additional requirements necessary to maintain our foreign private issuer status. If we lose our foreign private issuer status on this date, we will be required to file with the SEC periodic reports and registration statements on U.S. domestic issuer forms, which are more detailed and extensive than the forms available to a foreign private issuer. We will also have to mandatorily comply with U.S. federal proxy requirements, and our officers, directors and principal shareholders will become subject to the short-swing profit disclosure and recovery provisions of Section 16 of the Exchange Act. In addition, we will lose our ability to rely upon exemptions from certain corporate governance requirements under the Nasdaq listing rules. As a U.S. listed public company that is not a foreign private issuer, we will incur significant additional legal, accounting and other expenses that we will not incur as a foreign private issuer, and accounting, reporting and other expenses in order to maintain a listing on a U.S. securities exchange.

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***You will experience immediate and substantial dilution.***

The IPO price of our Ordinary Shares is substantially higher than the pro forma net tangible book value per share of our Ordinary Shares. Assuming the completion of the Offering, if you purchase Ordinary Shares in this Offering, you will incur immediate dilution in the pro forma net tangible book value per share from the price per share that you pay for the shares. Accordingly, if you purchase shares in this Offering, you will incur immediate and substantial dilution of your investment. Please refer to the section titled "Dilution."

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***You may experience difficulties in effecting service of legal process, enforcing foreign judgments or bringing original actions in the Cayman Islands or Hong Kong based on U.S. or other foreign laws against us, our management or the experts named in the prospectus, which may cause you to face difficulties in protecting your interests. Additionally, your ability to protect your rights through U.S. courts may also be limited, because we are incorporated under Cayman Islands law.***

Although we are a Cayman Islands incorporated company, we conduct all of our operations in Hong Kong and all of our assets are located in Hong Kong. In addition, a majority of our directors and executive officers reside within Hong Kong, and most of the assets of these persons are located within Hong Kong. As a result, it may be difficult for you to effect service of process within the U.S. upon us or these individuals, or to bring an action against us or against these individuals in the U.S. in the event that you believe 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 and of the Hong Kong may render you unable to enforce a judgment against our assets or the assets of our directors and officers.

As at the date of this prospectus, our chairman and director, Ms. Yujie Chen, chief executive officer and director, Mr. Wai Shing MAN, chief financial officer, Mr. Sing Hon LAM, and all members of the board of directors of Joybyte Cayman, including [●], [●] and [●], are based in Hong Kong. We have been advised by our Cayman Islands legal counsel that there is uncertainty as to whether the courts of the Cayman Islands would:

● recognize or enforce against us judgments of courts of the U.S. based on certain civil liability provisions of the securities laws of the U.S. or any state in the U.S.; and

● entertain original actions brought in the Cayman Islands against us or our directors or officers predicated upon the securities laws of the U.S. or any state in the U.S..

There is no statutory enforcement in the Cayman Islands of judgments obtained in the U.S., however, the courts of the Cayman Islands will in certain circumstances recognize and enforce a foreign judgment without any re-examination or re-litigation of matters adjudicated upon, provided such judgment:

● is given by a foreign court of competent jurisdiction;

● imposes on the judgment debtor a liability to pay a liquidated sum for which the judgment has been given;

● is final;

● is not in respect of taxes, a fine or a penalty;

● was not obtained by fraud; and

● is not of a kind the enforcement of which is contrary to natural justice or the public policy of the Cayman Islands.

Subject to the above limitations, in appropriate circumstances, a Cayman Islands court may give effect in the Cayman Islands to other kinds of final foreign judgments such as declaratory orders, orders for performance of contracts and injunctions.

David Fong & Co., our counsel to Hong Kong law, have advised us that there is uncertainty as to whether the courts of the Hong Kong would (i) recognize or enforce judgments of United States courts obtained against us or our directors or officers predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States or (ii) entertain original actions brought in Hong Kong against us or our directors or officers predicated upon the securities laws of the United States or any state in the United States.

Hong Kong is a Special Administrative Region of the PRC. A foreign judgment can be registered and enforced in Hong Kong either under the Foreign Judgments (Reciprocal Enforcement) Ordinance (Cap. 319) (the "Ordinance") or at common law. Registration of a foreign judgment under the Ordinance can be made by an ex parte application with the local court but this avenue is limited to judgments entered in designated jurisdictions, which currently include: Australia, Austria, Belgium, Bermuda, Brunei, France, Germany, India, Israel, Italy, Malaysia, The Netherlands, New Zealand, and Singapore and Sri Lanka. An action to enforce a foreign judgment at common law is a comparatively cumbersome process. It is in essence an independent suit in Hong Kong and the judgment creditor must follow normally applicable service procedures. Judgments entered in the U.S. and the United Kingdom can be enforced in Hong Kong only at common law. To be eligible for common-law recognition, the judgment must (1) be for a definite sum of money; (2) be final and conclusive; and (3) have been entered by a court with competent jurisdiction over the defendant. With respect to finality, a Hong Kong court will generally refrain from enforcing a judgment during the pendency of an appeal. This raises the possibility of undue delay and asset dissipation. With respect to the requirement of competent jurisdiction of the foreign judgment seeking to be enforced in Hong Kong, it is governed by private international law as interpreted in Hong Kong, not the law of the foreign forum. Jurisdiction can generally be asserted on the basis of the defendant's physical presence in the foreign forum, appearance in the underlying legal proceeding or prior contractual consent to jurisdiction. Under the common law and the Ordinance, only limited defenses on the grounds such as fraud, due process and Hong Kong public policy can be raised against a duly registered foreign judgment. There is no mechanism for reconsideration of the merits of the underlying foreign litigation.

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

Shareholders of Cayman Islands exempted companies like us have no general rights under Cayman Islands law to inspect corporate records (other than the memorandum and articles of association and any special resolutions passed by such companies, and the register of mortgage and charges of such companies) or to obtain copies of lists of shareholders of these companies. Our directors have discretion under our Memorandum and Articles to determine whether or not, and under what conditions, our corporate records may be inspected by our shareholders, but are 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.

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 United States. To the extent we choose to follow home country practice with respect to corporate governance matters, 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 shareholders than they would as public shareholders of a company incorporated in the United States. For a discussion of significant differences between the provisions the Companies Act and the laws applicable to companies incorporated in the United States and their shareholders, please refer to the section titled "Description of Ordinary Shares — Material Differences in Cayman Islands Law and our Memorandum and Articles of Association and Delaware Law".

 ****

***We employ a mail forwarding service, which may delay or disrupt our ability to receive mail in a timely manner.***

Mail addressed to the Company and received at its registered office will be forwarded unopened to the forwarding address supplied by Company to be dealt with. None of the Company, its directors, officers, advisors or service providers (including the organization which provides registered office services in the Cayman Islands) will bear any responsibility for any delay howsoever caused in mail reaching the forwarding address. If such mail is delayed, it may impair your ability to communicate with us.

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 ****

***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 result in adverse U.S. federal income tax consequences to U.S. holders of our Ordinary Shares.***

In general, we will be treated as a PFIC for any taxable year in which either (1) at least 75% of our gross income (looking through certain 25% or more-owned subsidiaries) is passive income or (2) at least 50% of the average value of our assets (looking through certain 25% or more-owned subsidiaries) is attributable to assets that produce, or are held for the production of, passive income. Passive income generally includes, without limitation, dividends, interest, rents, royalties, and gains from the disposition of passive assets. If we are determined to be a PFIC for any taxable year (or portion thereof) that is included in the holding period of a U.S. Holder (as defined in the Section of this prospectus captioned "*Material United States Federal Income Tax Considerations*") of our securities, the U.S. Holder may be subject to increased U.S. federal income tax liability and may be subject to additional reporting requirements. The determination of whether we are a PFIC is a fact-intensive determination made on an annual basis applying principles and methodologies that in some circumstances are unclear and subject to varying interpretation. Our actual PFIC status for any taxable year will not be determinable until after the end of such taxable year. Accordingly, there can be no assurance with respect to our status as a PFIC for our current taxable year or any subsequent taxable year. We urge U.S. Holders to consult their own tax advisors regarding the possible application of the PFIC rules in light of their individual circumstances.

***We do not expect to pay dividends in the foreseeable future after this Offering. You must rely on price appreciation of the 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. Please refer to the section titled "Dividend Policy." Therefore, you should not rely on an investment in the Ordinary Shares as a source for any future dividend income.

Our board of directors has complete discretion as to whether to distribute dividends, subject to certain requirements of Cayman Islands law. In addition, our shareholders may by ordinary resolution declare a dividend, but no dividend may exceed the amount recommended by our board of directors. Under Cayman Islands law, a Cayman Islands company may pay a dividend out of either profit or share premium account, provided that in no circumstances may a dividend be paid if this would result in our Company being unable to pay its debts as they fall due in the ordinary course of business. Even if we decide 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 the Ordinary Shares will likely depend entirely upon any future price appreciation of the Ordinary Shares. There is no guarantee that the Ordinary Shares will appreciate in value after this Offering or even maintain the price at which you purchased the Ordinary Shares. You may not realize a return on your investment in the Ordinary Shares and you may even lose your entire investment in the Ordinary Shares.

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**SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS**

This prospectus contains forward-looking statements, all of which are subject to risks and uncertainties. Forward-looking statements give our current expectations or forecasts of future events. You can identify these statements by the fact that they do not relate strictly to historical or current facts. You can find many (but not all) of these statements by the use of words such as "approximates," "believes," "hopes," "expects," "anticipates," "estimates," "projects," "intends," "plans," "would," "should," "could," "may" or other similar expressions in this prospectus. These statements are likely to address our growth strategy, financial results and product and development programs. You must carefully consider any such statements and should understand that many factors could cause actual results to differ from our forward-looking statements. These factors may include inaccurate assumptions and a broad variety of other risks and uncertainties, including some that are known and some that are not. No forward-looking statement can be guaranteed and actual future results may vary materially. Factors that could cause actual results to differ from those discussed in the forward-looking statements include, but are not limited to:

● our future financial performance, including our expectations regarding our revenue, cost of revenue, and operating expenses, and our ability to achieve or maintain future profitability;

● the sufficiency of our cash and cash equivalents to meet our liquidity needs;

● our ability to maintain the commercial viability and availability of our games distributing business;

● our expectations regarding the effects of existing and developing laws and regulations, including with respect to taxation, privacy and data protection;

● our ability to attract and retain employees and key personnel;

● our ability to comply with evolving changes in the data protection, privacy and regulatory landscape applicable to our businesses;

● our expectations regarding the macroeconomic environment, inflation and high interest rates, uncertainty in the global banking and financial services markets, political uncertainty and international conflicts around the world;

● our ability to maintain, protect and enhance our intellectual property;

● our ability to manage risk associated with our business;

● the demand for the games that we distribute;

● our expectations concerning relationships with third parties;

● our ability to attract and retain users, including in new markets such as e-commerce;

● our ability to compete with existing and new competitors in existing and new markets and offerings;

● our ability to successfully acquire and integrate companies and assets and to expand and diversify our operations through strategic acquisitions and partnerships;

● our expectations regarding new and evolving markets;

● our expectations and management of future growth; and

● our ability to develop and protect our brand.

We caution you that the foregoing list may not contain all of the forward-looking statements made in this registration statement.

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You should not rely upon forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this prospectus primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition, results of operations, and prospects. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties, and other factors, including those described in the section titled "Risk Factors" and elsewhere in this registration statement. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this registration statement. We cannot assure you that the results, events, and circumstances reflected in the forward-looking statements will be achieved or occur, and actual results, events, or circumstances could differ materially from those described in the forward-looking statements.

Neither we nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. Moreover, the forward-looking statements made in this registration statement relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements made in this registration statement to reflect events or circumstances after the date of this registration statement or to reflect new information or the occurrence of unanticipated events, except as required by law. We may not actually achieve the plans, intentions, or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. Our forward-looking statements do not reflect the potential impact of any future acquisitions, partnerships, mergers, dispositions, joint ventures, or investments we may make.

In addition, statements that "we believe" and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this prospectus, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.

**Industry Data and Forecasts**

This prospectus contains certain data and information that we obtained from various government and industry publications through publicly available sources, as well as the industry report commissioned by us and prepared by Migo, an independent research firm, regarding our industry and our market position in Hong Kong. Statistical data in these publications may include projections based on a number of assumptions. Our 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 Ordinary Shares. In addition, the new and rapidly changing nature of the mobile game industry, especially the increase in online activities among players at different stages of the production chain results in significant uncertainties for any projections or estimates relating to the growth prospects or future condition of our operations. 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**

After deducting the estimated underwriters' discount and commissions, the Representative's advisory fee, the non-accountable expense allowance and offering expenses payable by us, we expect to receive net proceeds of approximately US$[●] (or US$[●] in the aggregate if the underwriters exercise their over-allotment option in full) from this Offering. These estimates are based upon an assumed IPO price of US$[●] per Ordinary Share, which is the midpoint of the range set forth on the cover of this prospectus.

We intend to use the net proceeds of this Offering as follows, after we complete the remittance process:

● approximately 30%, or US$[●], for strengthening our manpower by recruiting external talent for game distributing, customer services and technical support;

● approximately 20%, or US$[●], for cooperating with third-party developers with strong potentials to develop innovative mobile games, including artificial intelligence gaming. We intend to utilize artificial intelligence to enhance game features such as personalized player experiences (i.e. adaptive difficulty levels for puzzles), procedural content generation or player behavior analysis to increase player stickiness. We do not intend to utilize advance generative artificial intelligence to create entirely new games but rather to integrate artificial intelligence tools into our existing distribution model. We intend to collaborate with third-party developers to acquire publishing rights for innovate mobile games that incorporate artificial elements. We expect the cost of incorporating artificial intelligence into our games would be up to US$1.6 million. We will then conduct integration, testing, a beta launch and a potential full launch in the second half of 2026, subject to the successful and timely completion of the preceding stages. If the result is satisfactory, we will further expand our partnership and portfolio in 2027;

● approximately 20%, or US$[●], for enhancing our marketing effort; and

● approximately 30%, or US$[●], for general administration and working capital.

The precise amounts and percentage of proceeds we devote to particular categories of activity, and their priority of use, will depend on prevailing market and business conditions as well as on the nature of particular opportunities that may arise from time to time. Accordingly, we reserve the right to change the use of proceeds that we presently anticipate and describe herein.

The foregoing is set forth based on the order of priority of each purpose and represents our current intentions based upon our present plans and business conditions to use and allocate the net proceeds of this Offering. Our management, however, will have significant flexibility and discretion to apply the net proceeds of this Offering. If an unforeseen event occurs or business conditions change, we may use the proceeds of this Offering differently than as described in this prospectus.

To the extent that the net proceeds we receive from this Offering are not immediately used for the above purposes, we intend to invest our net proceeds in short-term, interest-bearing bank deposits or debt instruments.

Each US$1.00 increase (decrease) in the assumed IPO price of US$[●] per Ordinary Share would increase (decrease) the net proceeds to us from this Offering by US$[●], assuming that the number of Ordinary Shares offered by us, as set forth on the cover page of this prospectus, remains the same, and after deducting the underwriting discounts and commissions, the Representative's advisory fee, the non-accountable expense allowance and estimated offering expenses payable by us. An increase (decrease) of 1 million in the number of Ordinary Shares we are offering would increase (decrease) the net proceeds to us from this Offering by US$[●], assuming the assumed IPO price remains the same, and after deducting the underwriting discounts and commissions, the Representative's advisory fee, the non-accountable expense allowance and estimated offering expenses payable by us.

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**DIVIDEND POLICY**

During the years ended June 30, 2025 and 2024 and up to the date of this prospectus, no transfers, dividends or distributions have been made by JoyByte Cayman, Success Wave and Grand Universe. We intend to retain all available funds and future earnings, if any, for operation and business development, however, we may pay dividends on our Ordinary Shares in the foreseeable future. Any future determination related to our dividend policy will be made at the discretion of our board of directors after considering our financial condition, results of operations, capital requirements, contractual requirements, business prospects and other factors the board of directors deems relevant, and subject to the restrictions contained in any future financing instruments.

The declaration, amount and payment of any future dividends will be at the sole discretion of our board of directors, subject to compliance with applicable Cayman Islands laws regarding solvency. Our board of directors will take into account general economic and business conditions, our financial condition and results of operations, our available cash and current and anticipated cash needs, capital requirements, contractual, legal, tax and regulatory restrictions and other implications on the payment of dividends by us to our shareholders or by our subsidiaries to us, and such other factors as our board of directors may deem relevant. In addition, our shareholders may by ordinary resolution declare a dividend, but no dividend may exceed the amount recommended by our board of directors.

Under Cayman Islands law, our board of directors may authorize payment of a dividend to shareholders at such time and of such an amount out of profits or our share premium account, if shares have been issued at a premium. No dividend may be paid out of our share premium account unless immediately following the payment we are able to pay our debts as they fall due in the ordinary course of business. Subject to compliance with applicable solvency requirements, there is no further Cayman Islands statutory restriction on the amount of funds which may be distributed by us by dividend.

As we are a holding company, we rely on dividends paid to us by our subsidiaries for our cash requirements, including funds to pay any dividends and other cash distributions to our shareholders, service any debt we may incur and pay our operating expenses. Our ability to pay dividends to our shareholders will depend on, among other things, the availability of dividends from our Operating Subsidiary.

Cash dividends, if any, on our Ordinary Shares will be paid in U.S. dollars or HK Dollar.

As an exempted company, we are not subject to any income, withholding or capital gains taxes in the Cayman Islands. Our shareholders will not be subject to any income, withholding or capital gains taxes in the Cayman Islands with respect to their shares and dividends received on those shares, nor will they be subject to any estate or inheritance taxes in the Cayman Islands.

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**CAPITALIZATION**

The following tables set forth our cash and cash equivalents and capitalization as of June 30, 2025:

● on an actual basis; and

● on an as adjusted basis to reflect the issuance and sale of [●] Ordinary Shares at an assumed initial public offering price of US$[●] per Ordinary Share (which is the midpoint of the range set forth on the cover page of this prospectus), after deducting the underwriting discounts and commissions, the Representative's advisory fee, the non-accountable expense allowance and estimated offering expenses payable by us.

You should read the tables together with our consolidated financial statements and the related notes included elsewhere in this prospectus and the information under "Management's Discussion and Analysis of Financial Condition and Results of Operations."

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| | | |
|:---|:---|:---|
|  | **As of June 30, 2025** | **As of June 30, 2025** |
|  | **Actual<br> (audited)** | **As Adjusted<br> (unaudited)<sup>(1)</sup>** |
|  | **(in US$)** | **(in US$)** |
| Indebtedness: |  |  |
| Due to a director | 311106 |  |
| &nbsp;&nbsp;&nbsp;Subtotal | 311106 |  |
| Equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ordinary Shares, US$0.00001 par value, 5,000,000,000 shares authorized, [10,000] Ordinary Shares issued and outstanding on an actual basis; and [●] Ordinary Shares issued and outstanding on an as adjusted basis |  |  |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital<sup>(1)</sup> | 391025 |  |
| &nbsp;&nbsp;&nbsp;Retained earnings | 832264 |  |
| Total shareholders' equity | 1223289 |  |
| Total capitalization | 1534395 |  |

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(1) The
as adjusted information is illustrative only and will be adjusted based on the actual initial public offering price and other terms of
this Offering as determined at pricing. Additional paid-in capital reflects the net proceeds we expect to receive, after deducting the
deducting the underwriting discounts and commissions, the Representative's advisory fee, the non-accountable expense allowance
and estimated offering expenses payable by us.

A US$1.00 increase (decrease) in the assumed public offering price of US$[●] per Ordinary Share (which is the midpoint of the range set forth on the cover page of this prospectus) would increase (decrease) the as adjusted amount of each of total shareholders' equity and total capitalization by approximately US$[●] million, assuming that the number of Ordinary Shares offered by us, as set forth on the cover page of this prospectus, remains the same, and after deducting the underwriting discounts and commissions, the Representative's advisory fee, non-accountable expense allowance, and estimated offering expenses payable by us.

Similarly, each increase (decrease) of one million Ordinary Shares offered by us would increase (decrease) total the as adjusted amount of each of stockholders' equity (deficit) and total capitalization by approximately US$[●] million, assuming the assumed initial public offering price of US$[●] per Ordinary Share (which is the midpoint of the range set forth on the cover page of this prospectus) remains the same, and after deducting the underwriting discounts and commissions, the Representative's advisory fee, non-accountable expense allowance, and estimated offering expenses payable by us.

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**DILUTION**

If you invest in our Ordinary Shares, you will incur immediate dilution since the public offering price per Ordinary Share you will pay in this Offering is more than the net tangible book value per Ordinary Share immediately after this Offering.

The net tangible book value of our Ordinary Shares, as of June 30, 2025 was US$[1,069,832], or US$[●] per Ordinary Share. Net tangible book value per share represents the amount of our total tangible assets, excluding deferred IPO costs, reduced by the amount of our total liabilities, divided by the total number of Ordinary Shares outstanding. Tangible assets equal our total assets less intangible assets, deferred tax assets and deferred offering cost.

The dilution in net tangible book value per share to new investors, represents the difference between the amount per share paid by purchasers of Ordinary Shares in this Offering and the as adjusted net tangible book value per share immediately after completion of this Offering. After giving effect to the sale of the [●] Ordinary Shares being sold based on the assumed initial public offering price of US$[●] per Ordinary Share, and after deducting underwriters' discount and commissions, the Representative's advisory fee and the non-accountable expense allowance payable by us in the amount of US$[●] and estimated offering expenses in the amount of US$[●], our as adjusted net tangible book value would be approximately US$[●] or US$[●] per Ordinary Share. This represents an immediate increase in net tangible book value of US$[●] per share to existing shareholders and an immediate decrease in net tangible book value of US$[●] per share to new investors purchasing the Ordinary Shares in this Offering.

The following table illustrates this per share dilution:

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| | |
|:---|:---|
| Assumed initial public offering price per Ordinary Share | $|
| Net tangible book value per Ordinary Share as of June 30, 2025 | $|
| Increase in net tangible book value per Ordinary Share attributable to existing shareholders | $|
| As adjusted net tangible book value per Ordinary Share after this Offering | $|
| Dilution per Ordinary Share to new investors | $|

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Our as adjusted net tangible book value after the Offering, and the decrease to new investors in the Offering, will change from the amounts shown above if the underwriters' over-allotment option is exercised.

Each US$1.00 increase (decrease) in the assumed initial public offering price of US$[●] per Ordinary Share (the midpoint of the initial public offering price range reflected on the cover page of this prospectus), would increase our as adjusted net tangible book value per Ordinary Share after this Offering by US$[●] per Ordinary Share and the dilution per Ordinary Share to new investors participating in this Offering by US$[●] per Ordinary Share, assuming that the number of Ordinary Shares offered by us, as set forth on the cover page of this prospectus, remains the same, and after deducting the underwriting discounts and commissions, the Representative's advisory fee, non-accountable expense allowance, estimated offering expenses payable by us. Similarly, each 1,000,000 increase (decrease) in the number of Ordinary Shares offered by us would increase (decrease) our as adjusted net tangible book value per Ordinary Share after this Offering by US$[●] per Ordinary Share and decrease (increase) the dilution per share to new investors participating in this Offering by US$[●] per Ordinary Share, assuming that the assumed initial public offering price remains the same, deducting the underwriting discounts and commissions, the Representative's advisory fee, non-accountable expense allowance, estimated offering expenses payable by us.

The following table sets forth, on an as adjusted basis as of June 30, 2025, the difference between the number of Ordinary Shares purchased from us, the total cash consideration paid, and the average price per Ordinary Share paid by our existing shareholders and by new public investors before deducting estimated underwriters' discounts and commissions, the Representative's advisory fee, the non-accountable expense allowance and estimated offering expenses payable by us, based on an assumed public offering price of US$[●] per Ordinary Share:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Shares Purchased** | **Shares Purchased** | **Total Cash <br> Consideration** | **Total Cash <br> Consideration** | |
|  | **Number** | **Percent** | **Amount** | **Percent** | **Average <br> Price Per**<br>**Share** |
| Existing shareholders% |  |  | US$% |  | US$ |
| New investors from public offering |  | % | US$ | % | US$ |
| Total |  | 100.00% | US$ | 100% | US$ |

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The 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 Ordinary Shares and other terms of this Offering determined at pricing. To the extent the underwriters' over-allotment option is exercised or to the extent that we issue new securities which result in the issuance of additional Ordinary Shares, new investors would experience further dilution.

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

 

*The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated 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.*

**Overview**

Our mission is to distribute captivating leisure mobile games and bring a smile to everyone who plays our games.

Headquartered in Hong Kong, We are an exempted company with limited liability incorporated under the laws of the Cayman Islands on February 17, 2025, as a holding company. We operate our business primarily through our indirectly wholly-owned Operating Subsidiary, Grand Universe. Grand Universe distributes leisure mobile games globally (except the PRC). Grand Universe was founded in February 2023. With a short operating history, Grand Universe has successfully reached a broad and active player base and achieve success in distributing leisure mobile games. As of June 30, 2025, Grand Universe's game portfolio includes 16 mobile games, including Annie's Pursuit, Wasteland Billionaire and Fantasy Screw. Our games are generally played in multiple short sessions and offer challenges for players to overcome during the gameplay. As of June 30, 2025, Grand Universe's mobile games had over 25 million cumulative registered users. For the month ended June 30, 2025, Grand Universe's average MAU was over 720,000, data of cumulative registered users and MAU extracted from third-party distribution platforms or other third parties.

For the years ended June 30, 2025 and 2024, our total revenue was US$2.9 million and US$1.1 million, respectively. Our gross profit and net income were US$1.4 million and US$1.1 million, respectively, for the year ended June 30, 2025, as compared to our gross loss and net loss of US$0.2 million and US$0.2 million, respectively, for the year ended June 30, 2024.

The Company markets and operates online games pursuant to business arrangements under which third-party game developers authorize the Company to conduct precision marketing, publishing and payment channel operation and/or brand development services.

**Key factors affecting operating results**

We believe the following key factors may affect our results of operations:

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***Ability of our Group to stay competitive in the market***

Competition in our business is intense. Many new products and services are regularly introduced, but only a relatively small number of products and associated services drive significant engagement and account for a significant portion of total revenue. Our competitors range from established game distributing companies to emerging start-ups. We strive to partner with game studios that create innovative and high-quality games, and distribute such games that allow us to grow the global online communities and reach more players.

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***Ability to cope with rapid change of our industry***

Rapid changes in our industry require us to anticipate, sometimes years in advance, the ways in which our business can remain competitive in the market. We have invested, and in the future may continue to invest, in new business and marketing strategies, tools and technologies, distribution methods, products, and services. There can be no assurance that the strategic investments we pursue will achieve financial results that meet or exceed our expectations. We may miss opportunities or fail to respond quickly enough to industry change, including the failure to adopt tools, technology and distribution methods or failure to develop new products, services or ways to engage with our games that become popular with consumers, each of which could adversely affect our financial results.

 ****

***Concentration in the mobile app ecosystem***

We face concentration risk in that our products and services operate in the mobile app ecosystem and specifically mobile gaming. As such, our business depends, in part, on the continued health and growth of these app ecosystems. Further, a significant portion of our revenue was derived from a limited number of customers. We typically receive payment from third-party distribution channels and advertisers and/or their agents. We consider the game developer as our customer and regard ourselves as the agent of the game developer in dealing with the player of the game product. Pursuant to the service agreements between the Company and the third-party game developers, we charge the game developer a service fee based on certain percentage of the amounts remitted by distribution channels (e.g., Apple App Store, Google Play) from player purchases. If any of these concentrated portions of our revenue are harmed or are lost, our business, financial condition, and results of operations could be adversely affected.

**Key Operating Metrics**

We are dedicated to creating and distributing high-quality, engaging casual and social mobile games that foster fun and connection among players globally. The Company's success is measured through key performance indicators (KPIs) such as total revenue, net income, and the number of games developed and launched.

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**Research and Development**

The Company specializes in the marketing and monetization of casual and social mobile games, primarily by licensing titles from third-party developers. It does not maintain a formal research and development policy, focusing instead on strategic partnerships and effective monetization strategies to drive success.

**Results of Operations**

**Comparison of Years Ended June 30, 2025 and 2024**

The following table sets forth the consolidated results of our operations for the years ended June 30, 2025 and 2024, respectively, which may not be indicative of our Company's future operating performance.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** | **2024** | **Change** | **%** |
| **Revenue** | **US$** | **2934765** | **US$** | **1130773** | **1803992** | **159.5%** |
| **Cost of revenue** |  | **1531414** |  | **1340282** | **191132** | **14.3%** |
| **Gross profit (loss)** |  | **1403351** |  | **(209509)** |  |  |
| General and administrative expenses |  | 110626 |  | 9291 | 101335 | 1090.7% |
| **Total operating expenses** |  | **110626** |  | **9291** |  |  |
| **Operating income (loss)** |  | **1292725** |  | **(218800)** |  |  |
| Interest expense |  | 8129 |  | 8742 | (613) | (7.0%) |
| **Income (loss) before taxes** |  | **1284596** |  | **(227542)** |  |  |
| Provision for (benefit from) income taxes |  | 200528 |  | (35894) |  |  |
| **Net income (loss)** | **US$** | **1084068** | **US$** | **(191648)** |  |  |
| Income (loss) per share – Basic and diluted | US$ | 108.4 | US$ | (19.2) |  |  |
| Basic and diluted weighted average shares outstanding\* |  | 10000 |  | 10000 |  |  |

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*\** *Shares presented on a retroactive basis to reflect the Reorganization.*

**Revenue**

Revenue increased by approximately US$1.8 million or 159.5% from US$1.1 million in the year ended June 30, 2024 to US$2.9 million in the year ended June 30, 2025, mainly due to the increase in revenue from advertising agencies services. The number of games licensed by Grand Universe increased significantly from 3 games during year ended June 30, 2024 to 16 games during year ended June 30, 2025, the increase in revenue for the year ended June 30, 2025 was significantly contributed by these new licensed games.

The table below sets out our revenue by service categories of our clients for the years ended June 30, 2025 and 2024. The information should be read together with our consolidated financial statements and related notes included elsewhere in this prospectus. The operating results in any period are not necessarily indicative of the results that may be expected for any future period.

<u>Disaggregated information of revenue by major sources are as follows:</u>

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **June 30,** | **June 30,** | **June 30,** | **June 30,** | | |
| <br>**Total revenues as of:** | **2025** | **2025** | **2024** | **2024** | **Change** | **%** |
| Distribution channels | US$ | 378592 | US$ | 636572 | (257980) | (40.5%) |
| Advertising agencies |  | 2556173 |  | 494201 | 2061972 | 417.2% |
| Total | US$ | 2934765 | US$ | 1130773 |  |  |

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<u>Disaggregated information of revenue by geographical area is as follows:</u>

 

For the years ended June 30, 2025 and 2024, all of the Company's revenues originated in the Asia Pacific region.

 

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<u>Disaggregated information of revenue by service delivery method is as follows:</u>

For the years ended June 30, 2025 and 2024, all of the Company's services were delivered through mobile.

**Cost of revenue**

Cost of revenue consists primarily of advertising and promotion through various channels (e.g. Apple App Store, Google Play) as well as traffic acquisition (strategies used to attract players). Grand Universe also promotes mobile games through various third-party platforms (e.g. Blue Media Pte Ltd, Newbyera Technology Ltd) to attract players. Our cost of revenue increased by approximately US$0.2 million or 14.3% from US$1.3 million in the year ended June 30, 2024 to US$1.5 million in the year ended June 30, 2025, mainly contributed by additional advertising and promotion cost for new mobile games launched during the year ended June 30, 2025.

**Gross profit**

Our gross profit increased by approximately US$1.6 million, from gross loss of US$0.2 million for the year ended June 30, 2024 to US$1.4 million for the year ended June 30, 2025. Loss margin was approximately 18.5% in the year ended June 30, 2024 and profit margin was approximately 47.8% in the year ended June 30, 2025. The increase in gross profit in the year ended June 30, 2025 was mainly attributable to a significant increase in the number of new mobile games launched during the year ended June 30, 2025.

**General and administrative expenses**

General and administrative expenses were approximately 3.8% and 0.8% of total sales in the year ended June 30, 2025 and the year ended June 30, 2024 respectively. General and administrative expenses are mainly management and office salaries, audit fees and operating lease cost. Our general and administrative expenses increased by approximately US$101,000 or 1190.7% from approximately US$9,000 in the year ended June 30, 2024 to US$111,000 in the year ended June 30, 2025. The increase in general and administrative expenses mainly contributed by an increase in staff salaries, audit fees and operating lease costs.

**Interest expenses**

Our interest expenses mainly comprised of interest on borrowings from an independent third party amounting to US$100,000 an interest rate of 12% per annum. Interest expense decreased by US$613, or 7.0%, from US$8,742 for the year ended June 30, 2024 to US$8,129 for the year ended June 30, 2025, and the borrowings was early repaid on March 4, 2025. Decreased interest expense on borrowings for the year ended June 30, 2025, due to a shorter borrowing period compared to the year ended June 30, 2024.

**Income tax expense**

We and our subsidiaries are subject to income tax on an entity basis on profit arising in or derived from the jurisdiction in which the Company and its subsidiaries are domiciled or operate. Income tax expense is comprised mainly of Hong Kong income tax.

The income tax expense was approximately US$0.2 million for the year ended June 30, 2025 and there was no income tax expenses for the year ended June 30, 2024 due to tax loss for the year ended June 30, 2024. The effective tax rate remained relatively stable at 15.8% for the year ended June 30, 2024 and 15.6% for the year ended June 30, 2025, respectively.

**Net income**

We recorded net income of US$1.1 million for the year ended June 30, 2025, compared to net loss of US$0.2 million for the year ended June 30, 2024. Such increase was attributable to the increase in revenue and gross margin, partially offset by the increase in income tax expense.

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**Liquidity and Capital Resources**

We financed our operations primarily through cash flows from operations, borrowings from independent third party and from a related party, Ms. Yujie Chen, the majority shareholder of the Controlling Shareholder, which have historically been sufficient to meet our working capital and capital expenditure requirements.

The Company recorded a material change in the sources of funds financing our operations in the year ended June 30, 2025. For the year ended June 30, 2024, advance from a related party that is interest free and repayable on demand, to which Ms. Yujie Chen is the source of funds, amounting to US$294,867, was a major source of funds for financing our operations. For the year ended June 30, 2025, we recorded a significant increase in cash provided by operating activities from net cash outflow from operating activities of US$169,302 for the year ended June 30, 2024 to net cash inflow from operating activities of US$1,590,937 for the year ended June 30, 2025. The increase in cash provided by operating activities was mainly due to the increase of net loss from US$191,648 for the year ended June 30, 2024 to net income US$1,084,068 for the year ended June 30, 2025. We derived sufficient cash from our operating activities for the year ended June 30, 2025 and no longer have to rely on advances from Ms. Yujie Chen and borrowings as the source of funds, to finance our operations. Our ability to maintain sufficient cash provided by operating activities is dependent on our ability to maintain and expand our client base, enhance our relationships with partners, make adjustments to our business operations to adopt to the business environment, attract and retain our employees, manage our future growth, improve the operational efficiency of our Operating Subsidiary and navigate an evolving regulatory environment. If we fail to address the aforementioned risks and challenges, our business may be materially and adversely affected. There is no assurance that we will sustain profitability or positive cash provided by operating activities. Current capability to maintain sufficient cash provided by operating activities is not indicative of future operating results.

As of June 30, 2025, we had cash and cash equivalents of approximately US$1.9 million. As of June 30, 2025, our current assets were approximately US$2.4 million, and our current liabilities were approximately US$1.4 million. As of June 30, 2024, our current assets were approximately US$0.3 million, and our current liabilities were approximately US$0.5 million. Our current ratio improved from approximately 0.6 times in the year ended June 30, 2024 to 1.8 times in the year ended June 30, 2025.

In view of the current cash and bank balances, funds generated by our operating activities, we believe our Company has sufficient resources to meet the working capital needs in the next 12 months from the date of this prospectus. As of June 30, 2025 and 2024, the amounts due to Ms. Yujie Chen were US$311,106 and US$294,867, respectively. However, our ability to meet the liquidity and capital requirements will be subject to future economic conditions and other factors which are beyond our control.

We may declare or pay dividends in the foreseeable future. Any future determination related to our dividend policy will be made at the discretion of our board of directors after considering our financial condition, results of operations, capital requirements, contractual requirements, business prospects and other factors the board of directors deems relevant, and subject to the restrictions contained in any future financing instruments.

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**Cash Flow**

The following table sets forth a summary of our consolidated cash flows for the years ended June 30, 2025 and 2024, respectively:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** | **2024** |
| Net cash provided (used in) by operating activities | US$ | 1590937 | US$ | (169302) |
| Net cash provided by financing activities |  | 147397 |  | 101277 |
| Net increase (decrease) in cash and cash equivalents | US$ | 1738334 | US$ | 68025 |

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 ****

***Cash provided by (used in) operating activities***

For the year ended June 30, 2025, our net cash provided by operating activities was US$1,590,937, which primarily reflected cash inflow from our net income of US$1,084,068 adjusted for (i) net non-cash expenses of US$49,488, representing non-cash provision for expected credit losses and deferred tax expenses, and (ii) net increase in cash flow from changes in operating assets and liabilities of US$457,381 mainly attributable to cash inflow arising from accounts payable and income tax payable of US$691,152 and US$153,011 respectively, which were offset by cash outflow arising from accounts receivable, prepaid expenses and other current assets of US$378,040 and interest payable of US$8,742. The number of games licensed by Grand Universe increased significantly from 3 games during year ended June 30, 2024 to 16 games during year ended June 30, 2025, the increase in net cash provided by operating activities for the year ended June 30, 2025 was significantly contributed by revenue generated from these new licensed games.

For the year ended June 30, 2024, our net cash used in operating activities was US$169,302, which primarily reflected cash outflow of net loss of US$191,648 adjusted for (i) net non-cash expenses of US$34,855 including non-cash provision for expected credit losses and deferred tax expenses, and (ii) a net increase in cash flow from changes in operating assets and liabilities of US$57,200 mainly including cash inflow arising from accounts receivable of US$38,795, accounts payable of US$9,663 and interest payable of US$8,742.

 ****

***Cash provided by financing activities***

For the year ended June 30, 2025, net cash provided by financing activities was US$147,397, which mainly consisted of (i) cash inflow from settlement of subscription receivables of US$384,615 and net cash inflow from a related party, being Ms. Yujie Chen of US$66,239, and (ii) cash outflow arising from repayment of borrowings and payments of offering costs related to our initial public offering of US$100,000 and US$153,457 respectively.

For the year ended March 31, 2023, net cash provided by financing activities was US$101,277, which consisted of new borrowings of US$100,000 and advance from a related party, Ms. Yujie Chen of US$1,277, the majority shareholder of the Controlling Shareholder.

**Off-Balance Sheet Arrangements**

We had not entered any material off-balance sheet transactions and arrangements during the years ended June 30, 2025 and 2024.

**We have not entered into any financial guarantees or other commitments to guarantee the payment obligations of any third parties. In addition, we have not entered into any derivative contracts that are indexed to our own shares and classified as shareholders' equity, or that are not reflected in our consolidated financial statements.** 

**Leased Properties**

Our Operating Subsidiary, Grand Universe, leases an office in Unit 1211, 12/F, One Midtown, 11 Hoi Shing Road, Tsuen Wan, Hong Kong, with a term from January 1, 2025 to December 31, 2025. The monthly rent for the office is US$1,410 (HK$11,000).

**Capital Expenditures**

We and our subsidiaries had not purchased any leasehold improvement and equipment for use in our operations during the years ended June 30, 2025 and 2024.

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**Quantitative and Qualitative Disclosures about Market Risk**

 

*Credit risk*

 

<u>Accounts receivable, net</u>

In order to minimize the credit risk, the management of the Company has delegated a team responsible for determination of credit limits and credit approvals. Other monitoring procedures are in place to ensure that follow-up action is taken to recover overdue debts. Internal credit rating has been given to each category of debtors after considering aging, historical observed default rates and repayment history. Estimated loss rates are based on probability of default and loss given default with reference to an external credit report and are adjusted for reasonable and supportable forward-looking information that is available without undue costs or effort while credit-impaired trade balances were assessed individually. In this regard, the directors consider that the Company's credit risk is significantly reduced. The maximum potential loss of accounts receivable for the years ended June 30, 2025 and 2024 is US$349,981 and US$124,762, respectively.

<u>Bank balances</u>

The Company is exposed to concentration of credit risk on liquid funds. The Company maintains the bank accounts in Hong Kong. Cash balances in bank accounts in Hong Kong are insured under the Deposit Protection Scheme introduced by the Government of Hong Kong for a maximum amount of US$102,564 (HK$8,500,000). Cash balances in bank accounts in Hong Kong are not otherwise insured by the Federal Deposit Insurance Corporation or other programs.

<u>Other current assets</u>

The Company assessed the impairment for other current assets individually based on internal credit rating and ageing of these debtors which, in the opinion of the directors, have had no significant increase in credit risk since initial recognition. Based on the impairment assessment performed by the Company, the director considers the loss allowance for other current assets as of June 30, 2025 and 2024 is US$48 and nil, respectively.

 

*Interest rate risk*

 

<u>Cash flow interest rate risk</u>

The Company is exposed to cash flow interest rate risk through the changes in interest rates related mainly to the Company's variable-rates bank balances.

The Company currently does not have any interest rate hedging policy in relation to fair value interest rate risk and cash flow interest rate risk. The directors monitor the Company's exposures on an ongoing basis and will consider hedging the interest rate should the need arises.

<u>Sensitivity analysis</u>

Except for bank deposits included in cash in the consolidated balance sheets, the Company has no other significant floating interest-bearing assets or liabilities. As the cash flow interest rate risk is considered low, the Company's income and operating cash flows are substantially independent of changes in market interest rates. Accordingly, no sensitivity analysis has been presented.

 

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*Foreign currency risks*

 

Foreign currency risk is the risk that the holding of foreign currency assets will affect the Company's financial position as a result of a change in foreign currency exchange rates.

The Company's monetary assets and liabilities are mainly denominated in Hong Kong, which is the functional currency of the operating subsidiary. In the opinion of the directors of the Company, the currency risk is considered insignificant. The Company currently does not resort to any foreign currency hedging facilities to eliminate the currency exposures. However, the directors closely monitor the related foreign currency exposure and will consider foreign currency hedging to mitigate foreign currency risk should the need arise.

 

*Economic and political risks*

 

The Company's operations are mainly conducted in Hong Kong. Accordingly, the Company's business, financial condition, and results of operations may be influenced by changes in the political, economic, and legal environments in Hong Kong.

The Company's operations in Hong Kong are subject to special considerations and significant risks not typically associated with companies in North America and Western Europe. These include risks associated with, among others, the political, economic and legal environment and foreign currency exchange. The Company's results may be adversely affected by changes in the political and social conditions in Hong Kong, and by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion, remittances abroad, and rates and methods of taxation, among other things.

 

*Inflation risk*

 

Management monitors changes in prices levels. Historically inflation has not materially impacted the Company's consolidated financial statements; however, significant increases in the price of labor that cannot be passed to the Company's customers could adversely impact the Company's results of operations.

**Significant Accounting Policies and Estimates**

Significant accounting policy is both material to the presentation of consolidated financial statements and requires management to make difficult, subjective or complex judgments that could have a material effect on financial condition or results of operations. Accounting estimates and assumptions may become critical when they are material due to the levels of subjectivity and judgment necessary to account for highly uncertain matters or the susceptibility of such matters to change, and that have a material impact on financial condition or operating performance.

Significant accounting estimates are estimates that require us to make assumptions about matters that were highly uncertain at the time the accounting estimate were made and if different estimates that we reasonably could have used in the current period, or changes in the accounting estimate that are reasonably likely occur from period to period, have a material impact on the presentation of our financial condition, changes in financial condition or results of operations.

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Significant Accounting Policies and Estimates is as follows:

<u>Revenue recognition</u>

 

*Revenue from contracts with customers*

The Company follows the rules and guidance set out under ASC 606, when recognizing revenue from contracts with customers. The core principle of ASC 606 requires an entity to recognize revenues to depict the transfer of goods or services to customers in an amount that reflects the consideration that it expects to be entitled to receive in exchange for those goods or services recognized as performance obligations are satisfied. In accordance with ASC 606, revenues are recognized when the Company satisfies the performance obligations by delivering the promised services to the customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services. The following five steps are applied to achieve that core principle:

Step 1: Identify the contract with the customer

Step 2: Identify the performance obligations in the contract

Step 3: Determine the transaction price

Step 4: Allocate the transaction price to the performance obligations in the contract

Step 5: Recognize revenue when the company satisfies a performance obligation

The Company identifies each distinct service as a performance obligation. The recognition and measurement of revenues is based on the assessment of individual contract terms. The Company applies a practical expedient to expense costs as incurred for those suffered in order to obtain a contract with a customer when the amortization period would have been one year or less. The Company has no material incremental costs of obtaining contracts with customers that the Company expects the benefit of those costs to be longer than one year, which need to be recognized as assets. The Company has elected to apply the practical expedient in paragraph ASC 606-10-50-14 and does not disclose information about remaining performance obligations that have original expected durations of one year or less.

The Company markets and operates online games pursuant to business arrangements under which third-party game developers authorize the Company to conduct precision marketing, publishing and payment channel operation and/or brand development services through:

*(i) Distribution channels*

All the online games that the Company markets or operates are under free-to-play basis whereby the players can play the game free of charge and are charged for purchase of virtual items in the game. Such payments are generally non-refundable and non-cancellable.

The Company considers the game developer as the customer and regard itself as the agent of the game developer in dealing with the player of the game product because (i) the game developer is responsible for providing game products, and embracing the right to authorize the Company to provide services; (ii) the game developer is responsible for the development, upgrade, update and maintenance of the game; (iii) the game developer independently sets the prices of virtual items in the game, and is responsible for the generation, transfer, operation and destruction of virtual items; and (iv) the game developer is responsible for hosting and maintaining the game server.

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Pursuant to the service agreements between the Company and the third-party game developers, the Company charges the game developer a service fee based on certain percentage of the amounts remitted by distribution channels (e.g., Apple App Store, Google Play) from player purchases. Revenue is recognized on a net basis, representing amounts received from the distribution channels after deducting the distribution channels' share and the developer's share, at the point in time when the players pay for purchase of the virtual items in the game and the consideration is reasonably estimable.

*(ii) Advertising agencies*

The online games also allow the placement of advertisements within mobile applications, arranged through advertising agencies such as Google and AppLovin.

The Company considers the game developer as the customer and acts as an agent in arranging for advertisement placement because (i) the game developer is responsible for providing advertising inventories, and embracing the right to authorize the Company to arrange advertisements; (ii) the game developer is responsible for the development, upgrade, update, and maintenance of the game to ensure that the advertisements can be properly displayed; (iii) the Company does not set advertisement prices, which are determined by the advertising agencies; and (iv) the game developer is responsible for hosting and maintaining the game server.

Pursuant to the service agreements between the Company and third-party game developers, the Company charges the game developer a service fee based on certain percentage of the amounts remitted by the advertising agencies for advertisements displayed in the game. Revenue is recognized on a net basis, representing the Company's share after deducting the shares of the game developer and the advertising agency, at the point in time when the advertisement is displayed and the consideration is reasonably estimable.

<u>Use of estimates</u>

The preparation of the consolidated financial statements in conformity with the US 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Management makes these estimates using the best information available when the calculations are made; however, actual results could differ materially from those estimates.

<u>Adoption of new accounting standard</u>

In November, 2023, the FASB issued Accounting Standards Update No. 2023-07, Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 amends ASC 280, Segment Reporting ("ASC 280") to expand segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the Company's chief operating decision maker ("CODM"), the amount and description of other segment items, the title and position of the CODM, and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. ASU 2023-07 further permits disclosure of more than one measure of segment profit or loss and extends the full disclosure requirements of ASC 280 to companies with single reportable segments. The Company adopted ASU 2023-07 on July 1, 2024, which was applied retrospectively to all prior periods presented. See Note 14 for further information.

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**OUR CORPORATE HISTORY AND STRUCTURE**

We are not a Hong Kong or a mainland China operating company, but an offshore holding company incorporated in the Cayman Islands. As a holding company with no material operations of our own, we conduct all of our operations through our operating company in Hong Kong, Grand Universe. This is an offering of the Ordinary Shares of JoyByte Holdings Limited, the holding company in the Cayman Islands, instead of the shares of Grand Universe.

Because we are incorporated under the laws of the Cayman Islands, you may encounter difficulty protecting your interests as a shareholder, and your ability to protect your rights through the U.S. federal court system may be limited. Please refer to the sections entitled "Risk Factors" and "Enforcement of Civil Liabilities" for more information.

The chart below illustrates our corporate structure and identifies our subsidiaries as of the date of this registration statement:

![](image_003.jpg)

(1) As
of the date of this prospectus, there are 5 (five) shareholders of record that each has shareholding less than 5% of the issued and outstanding
Ordinary Shares.

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The chart below illustrates our corporate structure and identifies our subsidiaries immediately after our initial public offering:

![](image_004.jpg)

(1) As
of the date of this prospectus, there are 5 (five) shareholders of record that each has shareholding less than 5% of the issued and outstanding
Ordinary Shares.

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| | | |
|:---|:---|:---|
| **Name** | **Background** | **Ownership** |
| JoyByte Cayman | Incorporated on February 17, 2025 under the laws of Cayman Islands as an exempted company. | See "Principal Shareholders" for details of our shareholding structures immediately prior to and after this Offering. |
| Success Wave | Incorporated on January 21, 2025 under the laws of the BVI as a company limited by shares. | 100% owned by JoyByte Cayman. |
| Grand Universe | Incorporated on February 7, 2023 as a limited liability company under the laws of the Hong Kong. | 100% owned by Success Wave. |

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The Company, JoyByte Holdings Limited, is an exempted company with limited liability incorporated under the law of the Cayman Islands on February 17, 2025, with its sole shareholder at incorporation being Champion Wave Holdings Limited. The authorized share capital of the Company is US$50,000 divided into 5,000,000,000 ordinary shares with a par value of US$0.00001.

Success Wave Holdings Limited was incorporated on January 21, 2025 under the laws of the British Virgin Islands. The sole shareholder of Success Wave Holdings Limited is JoyByte Holdings Limited.

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HongKong Grand Universe Technology Limited was incorporated on February 7, 2023 under the laws of Hong Kong. The sole shareholder of HongKong Grand Universe Technology Limited is Success Wave Holdings Limited.

On March 6, 2025, Success Wave Holdings Limited acquired 50,000 shares, being the entire issued share capital of HongKong Grand Universe Technology Limited from Ms. Yujie Chen, at the consideration of HK$1. Subsequent to the transfer, HongKong Grand Universe Technology Limited became an indirect wholly-owned subsidiary of the Company.

On April 3, 2025, Champion Wave Holdings Limited entered into Sale and Purchase Agreements with Leading Best Global Limited and five other investors, respectively. Pursuant to the Sales and Purchase Agreements, Champion Wave Holdings Limited was to sell, and Leading Best Global Limited and five other investors were to acquire, 20.00%, 4.90%, 4.90%, 4.90%, 4.90% and 4.90% of the issued equity interests in JoyByte Holdings Limited, at the consideration of HK$600,000, HK$147,000, HK$147,000, HK$147,000, HK$147,000 and HK$147,000, respectively. On the same date, Champion Wave Holdings Limited executed the instrument of transfers whereby Champion Wave Holdings Limited transferred 2,000, 490, 490, 490, 490 and 490 Ordinary Shares, out of its 10,000 Ordinary Shares, to Leading Best Global Limited and five other investors, respectively. Subsequent to the transfers, JoyByte Holdings Limited is owned as to 5,550, 2,000, 490, 490, 490, 490 and 490 Ordinary Shares by Champion Wave Holdings Limited, Leading Best Global Limited and five other investors, respectively.

Our Controlling Shareholder, Champion Wave Holdings Limited, currently both directly and indirectly owns [55.50]% of our Ordinary Shares, and, upon consummation of this Offering, our Controlling Shareholder will own [●]% of our Ordinary Shares, which represent [●]% of the total voting power of our outstanding Shares assuming the underwriters do not exercise their over-allotment option (or [●]% of the total voting power assuming the underwriters exercise their over-allotment option). See "Risk Factors — Risks Related to Our Business and Industry — Our significant shareholder has considerable influence over our corporate matters."

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**INDUSTRY OVERVIEW**

 

*The information presented in this section has been derived from an industry report commissioned by us and prepared by Migo, an independent research firm, regarding our industry and our market position in Hong Kong. We refer to this report as the "Migo's Report." We believe that the sources of such information are appropriate, and we have taken reasonable care in extracting and reproducing such information. We have no reason to believe that such information is false or misleading in any material respect or that any fact has been omitted that would render such information false or misleading in any material respect. However, neither we nor any other party involved in this Offering has independently verified such information. 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, and to risks 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 these forecasts and other forward-looking information.*

**Market Overview of the Online Gaming Industry**

The online gaming industry in 2025 is vibrant and fast-evolving, defined by a wide range of game genres such as role-playing games (RPG), simulation, action and sports games, which are played across multiple platforms including PCs and, increasingly, mobile devices. According to the China Internet Network Information Center (CNNIC) latest published statistical report, as of June 2025, mobile gaming has surged ahead in popularity, especially in China, where the number of mobile internet users has reached approximately 1.12 billion and internet penetration stands near 79.7%. Advances in mobile technology, affordable smartphones, and widespread 5G connectivity have made mobile games the preferred choice for millions of users.

Revenue generation in the industry has diversified beyond traditional purchases to include free-to-play models, in-app purchases, subscriptions, advertising, esports, and even blockchain-based digital assets. Esports tournaments and influencer-driven live streaming have become central to player engagement and monetization. As the industry grows globally, major players are investing in cloud gaming, augmented reality (AR), virtual reality (VR) and artificial intelligence (AI) driven experiences to stay competitive, while also adapting to evolving regulatory standards and the increasing demand for localized, immersive, and social gaming experiences.

**Overview of the Online Gaming Chain Analysis**

The online gaming industry operates through a complex value chain, beginning with the conception and development of games and extending to end-user engagement and community participation. Creative teams—including writers, artists, and designers—develop game ideas and content, often leveraging intellectual property from partners such as sports leagues, music, or anime franchises. Game development involves programming, production, and rigorous quality assurance testing to ensure the final product meets high standards of playability, security, and performance. Prior to launch, content providers assess and refine the game to optimize the user experience.

Once a game is ready, publishers play a critical role in financing development, managing marketing strategies, and securing intellectual property rights. They also handle localization efforts, tailoring games for specific regions by adapting language, culture, and regulatory compliance—an essential step for diverse markets like Hong Kong. Distribution rights are negotiated with various digital stores and, occasionally, physical retailers. Publishers may operate their own in-house teams for these functions or partner with third parties, employing different marketing and pricing strategies to maximize reach and impact.

The distribution and technical delivery of online games are facilitated by a robust platform and infrastructure ecosystem. Games are hosted on a range of platforms—including PC, console, mobile, and cloud environments—managed by industry giants such as Apple, Google, Sony and Microsoft. Reliable backend infrastructure, including game servers, cloud hosting, and secure payment systems, is essential for supporting low-latency gameplay, high availability, and seamless in-app purchases or subscriptions. Distribution platforms like Apple App Store and Google Play ensure games are accessible and monetizable for global audiences.

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Finally, online gaming service providers and marketing channels drive ongoing engagement and game popularity. These providers manage online lobbies, matchmaking, and server maintenance, ensuring smooth multiplayer experiences. They also handle community management, anti-cheat measures, and player support to foster a safe and engaging environment. Esports tournaments, live streaming, and influencer marketing further boost visibility and player acquisition. End users—gamers themselves—interact with these ecosystems by downloading, playing, and participating in communities, providing valuable feedback that guides updates, bug fixes, and new content development, thus completing and renewing the value chain. The following diagram illustrates online gaming chain analysis.

![](image_005.jpg)

*Source: MIGO*

**Types of online games** 

The online gaming market is diverse and encompasses a wide range of categories, each catering to different themes types, technologies, and player preferences. Below is an overview of the main segments of the online game categories.

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| | | |
|:---|:---|:---|
| **Category** | **Description** | **Examples of Games** |
| Casual and Social | These are easy-to-learn, accessible games designed for quick, enjoyable play sessions. They often feature simple mechanics and can be played alone or with friends online. | Puzzles, Candy Crush Saga, Block Blast, Words With Friends |
| Role-Playing Games (RPG) & Adventure | Games focus on character development, exploration, and storytelling. Players assume the roles of characters, make choices that affect the narrative, and engage in quests or missions within immersive worlds | World of Warcraft, Genshin Impact, Final Fantasy XIV |
| Strategy & Simulation | Strategy & Simulation games challenge players to plan, manage resources, and make tactical decisions, often simulating real-world systems or scenarios such as city-building, warfare, or business management. | The Sims Online, Animal Crossing, SimCity BuildIt |
| Action | Games emphasize fast-paced gameplay, requiring quick reflexes, hand-eye coordination, and precise timing, often featuring combat, platforming, or shooting challenges. | Call of Duty, Warzone Fortnite, Apex Legends |
| Sports and Racing | These games simulate real-world or fictional athletic competitions and races, letting players compete solo or with others in events such as football, basketball, car racing, or extreme sports. | FIFA Online, NBA 2K Online, Mario Kart Tour |

---

 

*Source: MIGO*

 

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**Overview of the Casual and Social Games**

Casual and social games are specifically designed to be accessible and enjoyable, catering to players of all ages and skill levels. Characterized by straightforward mechanics and intuitive controls, these games are easy to learn and play, whether individually or in the company of others online. Notable examples include puzzle games, match-three titles, party games, and light strategy offerings, many of which are readily available on mobile devices and social platforms, ensuring convenient, on-the-go entertainment.

A distinguishing feature of casual and social games is their emphasis on social interaction and community engagement. Elements such as leaderboards, cooperative gameplay modes, and in-game chat functionalities foster friendly competition and teamwork, thereby cultivating an inviting and dynamic environment. Whether participating in puzzle-solving, virtual trivia sessions, or multiplayer matches, players can enjoy brief yet engaging activities that also provide meaningful opportunities for social connection. The following table illustrates the types of romance and fashion found in casual and social game characters.

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| | |
|:---|:---|
| **Characters of Casual and Social Games** | **Characters of Casual and Social Games** |
| **Types: Romance/ Fashion** | **Types: Romance/ Fashion** |
| Core Gameplay | Creativity, customization, and story progression are central. Players may merge items, design outfits, or choose dialogue options to influence relationships or narrative outcomes. Often involves collecting items, unlocking content, and progressing through story chapters or fashion challenges. |
| Satisfaction | Bringing creative designs and fashion choices to life. Progressing romantic storylines and building relationships with characters. Unlocking rare outfits, accessories, or special story events. Personalizing avatars and sharing creations with others. |
| Strategies | Bringing creative designs and fashion choices to life. Progressing romantic storylines and building relationships with characters. Unlocking rare outfits, accessories, or special story events. Personalizing avatars and sharing creations with others. |

---

 

*Source: MIGO*

 

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**Market Size** 

The global online gaming industry continues its strong upward trajectory in 2025, propelled by advances in internet infrastructure, widespread smartphone adoption, and the surging popularity of esports and game streaming. The global games market is forecast to reach USD$335 billion in revenue by 2030, with online and mobile games comprising the majority of this figure. The number of global gamers is projected to exceed USD$2.66 billion by the close of 2025, underscoring the industry's vast and inclusive reach.

From 2019 to 2028 (forecast), the global gaming market has demonstrated robust growth across all major regions. In the Asia Pacific, the market expanded from USD$71 billion in 2019 to an estimated USD$182 billion by 2028, representing a Compound Annual Growth Rate (CAGR) of approximately 11.3%. North America grew from USD$48 billion to USD$89 billion over the same period, with a CAGR of around 6.6%. The Europe, Middle East, and Africa (EMEA) region saw its market size increase from USD$35 billion to USD$57 billion (CAGR of 5.6%), while Latin America experienced growth from USD$3 billion to USD$7 billion (CAGR of 9.8%). These figures illustrate the dynamic expansion of the gaming industry worldwide, with Asia Pacific remaining the largest and fastest-growing market, fueled by greater internet penetration, the proliferation of mobile gaming, and a rapidly expanding player base.

Rapidly growing markets such as Asia Pacific are being driven by young demographics and increasing access to the internet. As cloud gaming, VR, and blockchain-based games mature, analysts anticipate further innovation and sustained expansion—transforming both how games are played and how revenue is generated across the global industry. The following chart illustrates global gaming market from 2018 to 2028 (forecast).

![](image_006.jpg)

*Source: PwC's Global Entertainment & Media Outlook, MIGO*

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**Market Drivers**

*High Internet, Mobile Penetration and Advancements in Cloud Gaming*

Hong Kong boasts one of the highest internet and mobile penetration rates in Asia. The widespread availability of high-speed broadband and 5G networks enables seamless online gaming experiences across PCs, consoles, and mobile devices. This robust digital infrastructure supports the growth of online gaming service providers, allowing them to deliver high-quality, low-latency gaming services to a large and tech-savvy population. The adoption of cloud gaming technology is accelerating in Hong Kong, supported by strong data center infrastructure and reliable connectivity. This trend lowers barriers for players who do not own high-end gaming hardware, expanding the addressable market for service providers and enabling innovative service models, such as gaming subscription platforms.

*Diverse and Affluent Consumer Base*

Hong Kong's cosmopolitan population is open to both international and locally developed games. The high level of disposable income, coupled with a strong gaming culture, supports robust in-game spending on microtransactions, premium content, and subscription models. This consumer behavior incentivizes gaming service providers to introduce innovative monetization strategies and high-value service offerings. According to MIGO, mobile gaming is particularly popular in Hong Kong, accounting for an approximately 60% of the gaming market. The proliferation of smartphones and mobile payment platforms fuels the demand for cross-platform gaming services, cloud gaming solutions, and social features that connect players on the go.

 

*Supportive Regulatory Environment*

Compared to some neighboring regions, Hong Kong currently maintains a relatively open and supportive regulatory environment for online gaming. The absence of heavy-handed censorship and the presence of clear intellectual property protections encourage both local startups and international companies to invest in the sector.

 

*Active Gaming Communities and Influencers*

Hong Kong's vibrant online gaming communities, along with the influence of local streamers and content creators, play a significant role in driving engagement and adoption of new gaming platforms and services. Service providers that collaborate with influencers and foster active communities are well-positioned to grow their user base and brand awareness.

**Competitive Landscape** 

 

*Diverse and Expanding Player Base*

The global online gaming market features a complex mix of dominant international companies, rapidly growing regional publishers, technology giants, and agile startups. Established leaders like Tencent, Sony, Microsoft, and Activision Blizzard leverage their vast resources and franchises, but face growing competition from regional developers who tailor content for local audiences. At the same time, tech giants such as Google, Amazon, Apple, and Netflix are entering the space, capitalizing on their extensive infrastructure and user bases. Startups and indie studios further enrich the market by introducing new ideas, niche content, and innovative business models, making the landscape more dynamic and competitive.

 

*Technological Disruption and Collaboration*

Technology is fundamentally reshaping the gaming industry. The rise of cloud gaming and mobile platforms enables players to access high-quality games across devices without expensive hardware, lowering entry barriers and expanding the market. Tech companies and specialized cloud service providers are leading this shift, while telecom operators play a crucial role by offering low-latency, high-speed connectivity—especially with the advent of 5G. Strategic collaborations between gaming companies, telecoms, and cloud providers are essential for delivering seamless, high-quality gaming experiences that meet growing consumer expectations.

 

*Innovation and Evolving Business Models*

Continuous innovation is a hallmark of the online gaming sector. Startups and independent game studios drive experimentation with new genres, gameplay mechanics, and monetization strategies such as free-to-play, subscriptions, and in-game purchases. These innovations challenge larger companies to adapt quickly and keep pace with changing market trends. Furthermore, as the industry grows, companies must navigate an increasingly complex regulatory environment—addressing issues such as data privacy, responsible monetization, and content standards—which adds another layer of competition and complexity.

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*Emerging Technologies and Global User Engagement*

 

The adoption of emerging technologies like VR, AR, blockchain, and AI is raising the bar for immersive and personalized gaming experiences. Companies that successfully integrate these technologies can differentiate themselves and attract new audiences. At the same time, the global nature of online gaming demands robust localization, culturally relevant content, and engaging online communities. Sustained user engagement—through regular updates, live events, and social features—is critical for building loyalty, driving in-game spending, and maintaining a competitive edge in a rapidly evolving global market.

**Entry Barriers** 

 

*Intellectual Property Licensing*

 

Securing licenses for popular intellectual property (IP)—such as major sports leagues or entertainment franchises—is a major hurdle, especially in the sports simulation segment. Renowned IP owners like the NBA or FIFPro are highly selective, often partnering only with developers who have strong track records to protect their brand reputation and avoid market oversaturation. Newcomers face high upfront license fees, ongoing revenue-sharing agreements, and the challenge of convincing IP holders to collaborate, making it difficult for less-established developers to enter the market.

*Technological Know-How and Talent*

 

Developing high-quality, engaging online games demands substantial investment in research and development, advanced technology, and professional talent. Leading companies attract top-tier developers and engineers with competitive compensation and career opportunities, while new entrants may struggle to recruit and retain the skilled teams necessary for innovation and operational excellence. The high costs and time involved in building or acquiring this technological expertise further raise the barrier to entry.

*Localization, Culture, and Language*

 

To succeed in the global market, gaming companies must tailor their products to diverse cultural preferences and languages. Effective localization—including multilingual support and culturally adapted interfaces—is essential, particularly in regions with distinct local identities. This process requires dedicated resources and specialized expertise, increasing both the complexity and cost for gaming companies seeking international expansion.

*Brand Reputation and Community Access*

 

Trust and recognition are critical in attracting and retaining players. Established brands benefit from loyal user bases, strong relationships with influencers, and widespread distribution channels, making it difficult for new entrants to gain visibility and credibility. Building a reputable brand and active community presence requires sustained investment in marketing, customer support, and consistent service delivery.

*Comprehensive Service Expectations*

 

Players and partners increasingly expect end-to-end service offerings, including reliable server hosting, matchmaking, esports integration, customer support, and streamlined payment solutions. Providers must also ensure robust privacy protections, high uptime, and compliance with evolving regulations. The ability to deliver integrated, high-quality services is often beyond the reach of smaller or less experienced entrants. In sum, while the online gaming industry offers significant growth potential, new entrants face formidable barriers related to IP access, technological capability, localization, brand development, and the need for comprehensive, reliable service. Overcoming these requires substantial resources, deep expertise, and a strategic approach to market entry.

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**BUSINESS**

**Our Mission**

We strive to distribute captivating casual and social mobile games and bring a smile to everyone who plays our games.

**Overview**

We are an exempted company with limited liability incorporated under the laws of the Cayman Islands on February 17, 2025, as a holding company. We operate our business primarily through our indirectly wholly-owned Operating Subsidiary, Grand Universe. Grand Universe distributes casual and social mobile games globally (except the PRC).

Grand Universe was founded in February 2023. With a short operating history, Grand Universe has successfully reached a broad and active player base and achieve success in distributing casual and social mobile games. As of June 30, 2025, Grand Universe's game portfolio includes 16 mobile games, including Annie's Pursuit and Wasteland Billionaire. Our games are generally played in multiple short sessions and offer challenges for players to overcome during the gameplay. As of June 30, 2025, Grand Universe's mobile games had over 25 million cumulative registered users. For the month ended June 30, 2025, Grand Universe's average MAU was over 720,000.

Grand Universe generally adopts a free-to-play model for its games. Users can generally play the games for free but the games offer the option to watch in-game advertisements or purchase virtual items in games to enhance their gameplay experience. We generally generate our revenue from users watching the in-game advertisements and the sales of in-game virtual items.

Grand Universe focuses on marketing and monetization of games and generally licenses games from third-party developers. Grand Universe carefully select games from various developers based on evolving market trends and users' reviews. Grand Universe enters into exclusive license agreement with game developers for distribution of the games globally (except the PRC). Grand Universe generally pay the third-party developers fees amounting to a prescribed percentage of the gross billings.

We typically receive payment from third-party distribution channels and advertisers and/or their agents. We consider the game developer as our customer and regard ourselves as the agent of the game developer in dealing with the player of the game product. Pursuant to the service agreements between the Company and the third-party game developers, we charge the game developer a service fee based on certain percentage of the amounts remitted by distribution channels (e.g., Apple App Store, Google Play) from player purchases. For the fiscal year ended June 30, 2025 and 2024, the Company generated all of its revenues from three and one customers, among which customers located in the PRC accounted for approximately 60.3% and 100% of our annual revenue, respectively.

We, through our Operating Subsidiary, have achieved tremendous growth in our business. For each of the fiscal year ended June 30, 2025 and 2024, our total revenue derived from distributing mobile games was approximately US$2.9 million and US$1.1 million, respectively. Grand Universe has a strong game pipeline and plans to launch 4 new games in 2026.

According to Migo, the global online gaming industry continues its strong upward trajectory in 2025, propelled by advances in internet infrastructure, widespread smartphone adoption, and the surging popularity of esports and game streaming. The global games market is forecast to reach USD$335 billion in revenue by 2030, with online and mobile games comprising the majority of this figure. The number of global gamers is projected to exceed USD$2.66 billion by the close of 2025, underscoring the industry's vast and inclusive reach. Driven by (i) high internet, mobile penetration and advancements in cloud gaming; (ii) diverse and affluent consumer base; (iii) supportive regulatory environment; and (iv) active gaming communities and influencers, it is expected that the Hong Kong online gaming industry will continue to grow.

**Our Competitive Strengths**

***Strong monetization capability and captivating game experience***

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Since its inception, Grand Universe has been focusing on creating a player-centric gaming environment and offer captivating game experience in order to reach a broad and active player base. Our management team observed that an increasing number of mobile phone users have turned to casual and social mobile games that they can play to "pass the time". Grand Universe focuses on distributing mobile games with easy-to-play setting, can be played in multiple short sessions and offer challenges to overcome during the gameplay. For each of the fiscal year ended June 30, 2025 and 2024, our total revenue derived from distributing mobile games was approximately US$2.9 million and US$1.1 million, respectively. We believe our proven track record of successful and engaging titles enable us to cultivate a strong and devoted player base. We believe we are able to accurately capture the latest market trend and players' interest and identify titles with strong monetization opportunities.

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***Strong distribution and marketing expertise***

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We engage various game distribution platforms to market and promote our mobile games. Grand Universe distributes its mobile games through third-party distribution channels, including iOS App Store and Google Play. We believe offering our mobile games on various platforms can increase exposures of our mobile games and reach a broader spectrum of audience. We market our mobile games through advertising and promotion through various channels as well as traffic acquisition. We also promote our mobile games through various third-party platforms to attract players. Grand Universe has successfully captured a large player base and achieve significant financial success. As of June 30, 2025, Grand Universe's mobile games had over 25 million cumulative registered users. For the month of June 2025, Grand Universe's MAU was over 720,000.

***Experienced and committed management team***

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Our management team has extensive knowledge of business administration. Ms. Yujie Chen, our Chairman and Director, has over 10 years of experience in corporate finance, business and administrative management. Ms. Chen is responsible for our Group's corporate finance, strategic planning and business development. Mr. Wai Shing Man, our Chief Executive Officer and Director, has over 7 years of experience in business administration. Mr. Man is responsible for our Group's overall management. Mr. Sing Hon Lam, our Chief Financial Officer, has over 15 years of experience in the accounting, financing and auditing industry. Mr. Lam is primarily responsible for the financial management of the Company. We are supported by our strong team of employees, who possess the practical skills and experience required.

**Our Growth Strategies**

***Enrich our game portfolio and content offerings***

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Leveraging our strong marketing expertise, we will continue to select and distribute captivating casual and social mobile games. We intend to identify third-party developers which demonstrate strong potentials through the network of our directors and officers. We intend to provide them with market information, game designs, story ideas and other insights to develop innovative mobile games and tailor games for the Company. We also intend to devote additional resources to our existing game portfolio by enhancing our customer services and improving technical support, which can in turn improve the gameplay experiences of our players.

***Strengthen our distributing and operation team***

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We intend to strengthen our manpower in order to distribute and operate more mobile games at the same time. We intend to strengthen our game distributing team by recruiting external talent and cultivating our employees through in-house job training, secondment to other gaming companies and external training. We believe by strengthening our manpower we can distribute more distinctive titles and increase our profitability.

***Enhance our marketing effort***

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We believe we can further stimulate the growth of our player base by enhancing our marketing effort. We intend to expand our promotion and marketing activities by participating in global game fairs and festivals, which shall improve recognition of Grand Universe's titles. We also intend to offer additional in-game promotion activities to reward players for their devotion to our mobile games. We believe by increasing our exposures in the gaming industry and engaging our player base we can foster player community development and improve our profitability.

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**Our Business Model**

Grand Universe mainly distributes games licensed from third-party developers. Grand Universe generally adopts a free-to-play model for its games. Users can generally play the games for free but the games offer the option to watch in-game advertisements or purchase virtual items in games to enhance their gameplay experience. We generally generate our revenue from users watching the in-game advertisements and the sales of in-game virtual items.

We strive to offer captivating casual and social mobile games to our users. As of June 30, 2025, Grand Universe's game portfolio includes 16 mobile games, including Annie's Pursuit and Wasteland Billionaire. Our games are generally played in multiple short sessions and offer challenges for players to overcome during the gameplay. Given the distinctive and engaging experience Grand Universe offers to its users, we have attracted a broad and active player base. As of June 30, 2025, Grand Universe's mobile games had over 25 million cumulative registered users and over 25 million cumulative activated downloads. For the month of June, 2025, Grand Universe's average MAU was over 720,000.

Building upon our successful track record, Grand Universe has continued to distribute stylish and aesthetically-pleasing casual and social mobile games to the community. Grand Universe has a strong game pipeline and plan to launch 4 new games in 2026, including 3 casual and 1 simulation mobile games. We expect Grand Universe's game portfolio will continue to expand in the foreseeable future and will continue to seek out quality games to license from third-party developers.

**Our Games**

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| | |
|:---|:---|
| &nbsp;&nbsp;![](image_007.jpg) | &nbsp;&nbsp;![](image_008.jpg) |

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*Annie's Pursuit: Match Makeups*

Annie's Pursuit: Match Makeups is a match 3 casual adventure game offering addictive gameplay, hilarious storyline and exciting features. Players role-play Annie through her adventure in school in pursuit of true love. The game offers solo and player-versus-player match 3 games, makeovers options and home decoration options.

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| | |
|:---|:---|
| &nbsp;&nbsp;![](image_009.jpg) | &nbsp;&nbsp;![](image_010.jpg) |

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*Wasteland Billionaire*

Wasteland Billionaire is a tycoon leisure game offering the opportunity to build and manage a special plot of land to transform it from "wasteland" to an amazing beach. The game offers the user to build gyms, hotels, restaurants, bars and beach playgrounds. Players have to keep visitors happy and earn as much profit as possible while fending off thieves.

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**Our Business Workflow**

Grand Universe generally licenses games from third-party developers. Our management regularly liaises with third-party developers to understand the market trend and explore potential cooperation opportunities. We identify potential games mainly through obtaining and testing game demos from third-party developers. We typically conduct gameplay assessment, testing and optimization before approving the games. We consider various factors before licensing games, including (i) market trend; (ii) market potential; (iii) synergy with our game portfolio; and (iv) gameplay experience.

After licensing the mobile games, we apply for game registration with the relevant platforms. It typically takes three to six months to complete the game registration. We tailor our distributing approach based on the mobile games' characteristics and styles. We conduct testing and internal review of the mobile game and customize our marketing campaigns. We advertise on social medias and other platforms to establish a player community and increase exposures of our mobile games. After readying the mobile game for launch, we distribute the mobile game through a variety of distribution and marketing channels and attract players while facilitating in-game purchases and advertisements.

Grand Universe distributes its mobile games through third-party distribution channels, including iOS App Store and Google Play. We enter into non-exclusive distribution agreements with third-party distribution channels. We are responsible for the operation of the games, including updates and optimization, management of monetization events and in-game items, advertisement campaigns, technical support and other customer services. The distribution platforms are the primary channels through which we deliver and market our games to the players on their platforms.

We also enter into agreements with third-party distribution channels and advertisers and/or their agents. Although we do not consider them as our customers, the material terms that are generally contained in the agreements are set out below:

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| | |
|:---|:---|
| Scope of Services | We utilize the platform and services provided by third-party distribution channels and advertisers and/or their agents for monetization such as ad placement and app distribution. |
| Intellectual property rights | By utilizing third-party distribution channels and advertisers and/or their agents' platform, we license them to use our content for service provision. |
| Data privacy | We are required to follow the privacy policy of their platform and comply with the relevant laws and regulations. |
| Fees and payment | We generally receive monthly payment based on their reporting. |
| Termination | We may terminate our engagement with them via their platform or notice to support. They may suspend or terminate at any time without notice. |

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We continue to review and engage with the third-party developers to optimize the games and fix technical issues. We further engage with our players to enhance their enjoyment, loyalty and monetization.

When a new user activates and registers an account for our games the first time through any channel, our internal system immediately generates a permanent and unique internal user identification ("UID") for them. This UID serves as the primary key for all user behavior data and is used to calculate the number of cumulative registered users. As for MAU, we calculate based on the number of unique internal UIDs that have logged in or played the game within 30 days. For the products purchased, we calculate the total amount of products purchased by recording the virtual items or services purchased by a specific UID. We ensure the data collected are consistent, accurate and actionable by strictly following the "Extract, Transform and Load" model. Our system automatically pulls data through pre-built interfaces and regularly obtain activation volume, download volume and payment data via official APIs from third-party platform data. We cross-check in-game behavioral logs such as login and in-app purchase events to ensure consistency. All data is standardized into a single data model to ensure terminology and format consistency in subsequent processing. We rely on the unique internal UID generated when the user registered an account and all data is aggregated under the same UID, which eliminate duplicate counting caused by multiple platforms and ensure independence and accuracy of the data collected. We also employ anomaly detection mechanisms such as data volume/volatility monitoring, business logic validation and null/missing value check and ensure each anomaly is handled manually and separately.

We do not gather Know Your Customer information for our users. We strictly adhere to the principles under General Data Protection Regulation (GDPR) and other applicable rules and regulations under the jurisdictions that we operate and minimize collection of data and protect privacy. For general users, we only collect and process minimal required data to provide our services such as user ID, nickname and e-mail address.

**Monetization and Pricing**

Grand Universe generally adopts a free-to-play model for its games. Users can generally play the games for free but the games offer the option to watch in-game advertisements or purchase virtual items in games to enhance their gameplay experience. We generally generate our revenue from users watching the in-game advertisements and the sales of in-game virtual items. We tailor the virtual items or perks that player can obtain through in-game advertisement with reference to (i) the length of the advertisement video; (ii) targeted audience's acceptability; and (iii) the demand of the virtual items. We typically determine the types, pricing and timing of our in-game virtual items based on (i) players' spending patterns and preferences; (ii) targeted audience's disposable income; (iii) consumption habits; (iv) anticipated demand; and (v) market prices of virtual items offered in similar mobile games. We closely monitor the statistics of purchased items to understand the consumption patterns of our players.

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**Payment Channels**

Players that purchase our virtual items and products through mainstream mobile payment solution. Our players can make payments through the payment channels offered by Apple Pay and Google Pay. We are generally subject to the standard terms and conditions prescribe by these payment channels.

**Marketing and Promotions**

We market our mobile games through advertising and promotion through various channels as well as traffic acquisition. We also promote our mobile games through various third-party platforms to attract players. We tailor our marketing and promotional campaigns directly towards the demographics and characteristics of our target players. We advertise our mobile games on social medias and other online platforms. We make use of third-party advertising platforms by providing them with advertisement graphics and videos. The advertising platform generally charge a service fee with reference to the number of advertisement or the number of users' actions.

**Customers**

We typically receive payment from third-party distribution channels and advertisers and/or their agents. We consider the game developer as our customer and regard ourselves as the agent of the game developer in dealing with the player of the game product. Pursuant to the service agreements between the Company and the third-party game developers, we charge the game developer a service fee based on certain percentage of the amounts remitted by distribution channels (e.g., Apple App Store, Google Play) from player purchases.

For the fiscal year ended June 30, 2025 and 2024, the Company generated all of its revenues from three and one customers, respectively. In the fiscal year ended June 30, 2025, 2 of our customers each accounted for more than 10% of our annual revenue, namely Guangzhou Qingzhou Information Technology Company Limited, a PRC company, and Nexfun Company Limited, a Vietnam company, for 59.4% and 39.7%, respectively. In the fiscal year ended June 30, 2024, 1 customer, namely Guangzhou Qingzhou Information Technology Company Limited, accounted for 100% of our annual revenue.

Grand Universe typically enters into game licensing agreements with our customers, with the major terms of the licensing agreements as follows:

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| | | |
|:---|:---|:---|
| Term | : | Typically three years, with priority in renewing the terms. |
| Exclusivity | : | Grand Universe typically has the exclusive right to distribute and operate the underlying licensed mobile games in the specified region (i.e. globally, except the PRC). |
| Fee arrangement | : | Typically a prescribed percentage of the gross billings. |
| Obligations | : | The game developer is required to ensure and maintain the servers for the designated mobile games and to ensure the stability of the servers. The game developer has the right to review the promotion materials that Grand Universe distributes for the mobile game.<br>Grand Universe has to ensure the games comply with the relevant laws. Grand Universe shall promote and commercialize the designated mobile games. |
| Intellectual property rights | : | The third-party game developer shall maintain all requisite intellectual property rights. |
| Termination | : | Either party may terminate in the event of a material breach of contract by the other party. The party at fault shall compensate the other party a liquidated sum. |

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**Suppliers**

Our suppliers mainly include payment channels and third-party advertising and marketing service providers. Our five largest suppliers accounted for approximately 85.6% and 94.8% of our total purchase from suppliers for the fiscal years ended June 30, 2025 and 2024, respectively.

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In the fiscal year ended June 30, 2025, 4 of our suppliers, i.e., payment channels and third-party advertising and marketing service providers, namely Applovin (Singapore) Pte Ltd, Cloudtrons Century Co., Limited, Newbyera Technology Limited and Besitos Corporation, accounted for 29.8%, 23.3%, 15.5% and 10.6% of our total revenue purchases, respectively. In the fiscal year ended June 30, 2024, 2 of our suppliers, i.e., third-party advertising and marketing service providers, namely Bluemedia Pte. Ltd. and Applovin (Singapore) Pte Ltd, accounted for 38.3% and 36.4% of our total purchases, respectively. As of the date of this prospectus, none of our directors, executive officers, or their affiliates have any material relationship with any of our major suppliers.

Although the terms of engagement with our suppliers may vary, the material terms that are generally contained are set out below:

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| | |
|:---|:---|
| Scope of Service | Our suppliers generally provide us with advertising and marketing services related to the internet and mobile internet. Our suppliers are responsible for producing the advertising materials and provide other related business. |
| Delivery | We have the right to inspect the delivery of the advertising or marketing proposal, advertising agency, advertising materials and other relevant business. |
| Ownership | Generally all advertising materials or products produced by our suppliers belong to us. Our suppliers shall not disclose them to third parties without our consent. |
| Intellectual Property | All system-related technical information, proprietary technology, copyrights, patents and trademarks independently created or provided by our supplier shall remain in the ownership of our suppliers. Our suppliers are responsible to ensure lawful use of intellectual properties if they use materials from third parties. |
| Termination | Each party may terminate the agreement immediately without notice if the other party is subject to liquidation, bankruptcy, closure, government-ordered cessation of business, financial distress or violates the agreement and fail to remediate within the prescribed period. |

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We did not enter into any written contract with Applovin (Singapore) Pte Ltd, one of our major suppliers, but subscribe to their services by agreeing to follow their "Terms of Use". The terms are generally available commercial terms, of which the material terms are set out below:

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| | |
|:---|:---|
| Scope of Service | Applovin provides tools to us to automate and optimize the marketing and monetization of our platforms and services by enabling the placing of advertisements on digital properties and distributing our mobile apps and products to end users. |
| Use of Service | We are required to comply with Applovin's Policies for Demand Partners and shall not contribute, sub, or make available through the services any advertisements or content that violate the policies. We also grant Applovin full right and license to use the advertisements and other content, including any intellectual property rights, for the provision of providing the services. |
| Restriction | We agree not to use Applovin's platform other than permitted in the Terms of Use and agree not to modify or create derivative works from the platform. We are required to follow Applovin's rules on data privacy in processing personal data. |
| Payment | We are required to settle payment to Applovin's invoice within thirty days from the invoice date. |
| Termination | Applovin may suspend or terminate their services to us for any reason or no reason, and without notice or explanation. We may terminate Applovin's service through the platform or by sending a notice of cancellation. |

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**Seasonality**

We do not experience any seasonality in our business.

**Insurance**

We maintain employees' compensation insurance for our directors and employees at our office and office insurance with China Ping An Insurance (Hong Kong) Company Limited. We believe that our current insurance policies are sufficient for our operations.

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**Licenses**

As of the date of this prospectus, Grand Universe obtained the relevant business registration certificate in Hong Kong. We have obtained all licenses required for carrying on our business activities for the fiscal years ended June 30, 2025 and 2024 and as at the date of this prospectus.

**Legal Proceedings** 

We may from time to time become a party to various legal or administrative proceedings arising in the ordinary course of our business. During the fiscal years ended June 30, 2025 and 2024 and as of the date hereof, neither we nor any of our subsidiaries have been involved in any litigation, claim, administrative action or arbitration which had a material adverse effect on the operations or financial condition of the Company.

**Intellectual Property**

As of the date of this prospectus, we have not registered any patent or trademark. We have registered our domain name and website. You can find our website at grand-universe.com.

**Properties**

As of the date of this prospectus, Grand Universe entered into the following lease agreement:

---

| | | | |
|:---|:---|:---|:---|
| **Location** | **Term of lease** | **Size** | **Usage** |
| Unit 1211, 12/F, One Midtown, 11 Hoi Shing Road, Tsuen Wan, Hong Kong | January 1, 2025 to December 31, 2025 | Approximately 686 sq, ft, | Office |

---

**Employees**

As of June 30, 2025, we employed a total of 6 employees located in Hong Kong. The following table sets forth a breakdown of our employees by function, as of June 30, 2025:

---

| | |
|:---|:---|
| **Functional Area** | **Number of <br> Employees** |
| Management | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| Game distributing and operation | 2 |
| Finance and administration | 2 |
| **Total** | 6 |

---

We consider that we have maintained a good relationship with our employees and have not experienced any significant disputes with our employees or any disruption to our operations due to any labor disputes. In addition, we have not experienced any difficulties in the recruitment and retention of experienced core staff or skilled personnel.

Our remuneration package includes salary and discretionary bonuses. In general, we determine employees' salaries based on their qualifications, position and seniority. In order to attract and retain valuable employees, we review the performance of our employees annually which will be taken into account in annual salary review and promotion appraisal. We provide a defined contribution to the Mandatory Provident Fund as required under the Mandatory Provident Fund Schemes Ordinance (Chapter 485 of the Laws of Hong Kong) for our eligible employees in Hong Kong.

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**REGULATIONS**

 

*This section sets forth a summary of the most significant rules and regulations that affect our business in material jurisdictions.*

**Regulations Related to our Business Operation in Hong Kong**

**(A)** **TRADE DESCRIPTION** 

**Trade Description Ordinance (Chapter 362 of the Laws of Hong Kong)**

After an amendment in 2012, which came into operation in 2013, some new provisions in the Trade Description Ordinance (''TDO'') are relevant to commercial practice including advertising and marketing.

Under section 2 of the TDO, trade description can now be applied to a service. It means in relation to a service, an indication, direct or indirect, and by whatever means given, with respect to the service or any part of the service including an indication of any of the following matters:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) nature,
scope, quantity (including the number of occasions on which, and the length of time for which, the service is supplied or to be supplied),
standard, quality, value or grade;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) fitness
for purpose, strength, performance, effectiveness, benefits or risks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) method
and procedure by which, manner in which, and location at which, the service is supplied or to be supplied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) availability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) testing
by any person and the results of the testing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) approval
by any person or conformity with a type approved by any person; (g) a person by whom it has been acquired, or who has agreed to
acquire it; (h) the person by whom the service is supplied or to be supplied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) after-sale
service assistance concerning the service;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) price,
how price is calculated or the existence of any price advantage or discount.

Under section 7A of the TDO, a trader who applies a false trade description to a service supplied or offered to be supplied to a consumer; or supplies or offers to supply to a consumer a service to which a false trade description is applied commits an offence. Under section 13E of the TDO, if the commercial practice (including advertising and marketing) contains misleading omission as to material information the trader commits a criminal offence.

Under section 18 of the TDO, any person who commits an offence under inter alia, section 7A or section 13E shall be liable on conviction on indictment to a maximum fine of HK$500,000.00 and imprisonment for 5 years; and on summary conviction to a maximum fine of HK$100,000.00 and imprisonment for 2 years. Further, under section 18A of the TDO, on conviction of an offence under inter alia sections 7A and 13E, the court has the additional power to order the payment of compensation.

According to section 20 of the TDO, if the offence is committed by a limited company and the offence has been committed with the consent or connivance or is attributable to the neglect of a person including a director, officer or manager they also commit the offence.

**(B)** **MISREPRESENTATION** 

**Misrepresentation Ordinance (Chapter 284 of the laws of Hong Kong)**

Under the Misrepresentation Ordinance, where a person has entered into a contract after a misrepresentation has been made to him, and (a) the misrepresentation has become a term of the contract; or (b) the contract has been performed, or both, then, if otherwise he would be entitled to rescind the contract without alleging fraud, he shall be so entitled, subject to the provisions of this Ordinance, notwithstanding the matters mentioned in (a) and (b) above.

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Under section 3 of the Misrepresentation Ordinance:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Where
a person has entered into a contract after a misrepresentation has been made to him by another party thereto and as a result thereof
he has suffered loss, then, if the person making the misrepresentation would be liable to damages in respect thereof had the misrepresentation
been made fraudulently, that person shall be so liable notwithstanding that the misrepresentation was not made fraudulently, unless he
proves that he had reasonable grounds to believe and did believe up to the time the contract was made that the facts represented were
true.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Where
a person has entered into a contract after a misrepresentation has been made to him otherwise than fraudulently, and he would be entitled,
by reason of the misrepresentation, to rescind the contract, then, if it is claimed, in any proceedings arising out of the contract,
that the contract ought to be or has been rescinded the court or arbitrator may declare the contract subsisting and award damages in
lieu of rescission, if of opinion that it would be equitable to do so, having regard to the nature of the misrepresentation and the loss
that would be caused by it if the contract were upheld, as well as to the loss that rescission would cause to the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Damages
may be awarded against a person under subsection (2) whether or not he is liable to damages under subsection (1), but where he is
so liable any award under subsection (2) shall be taken into account in assessing his liability under subsection (1).

**(C)** **PERSONAL DATA** 

**Personal Data (Privacy) Ordinance (Chapter 486 of the laws of Hong Kong)**

The Personal Data (Privacy) Ordinance protects the privacy interests of living individuals in relation to personal data. It covers any automated and non-automated data relating directly or indirectly to a living individual and applies to both public and private bodies as data users that control the collection, holding, processing or use of personal data.

There are six principles in respect of the purpose and manner of collection of data, the accuracy and duration of retention of data, the use of personal data, the security of personal data, the information to be generally available and the access to personal data. In general, the personal data shall be lawfully and fairly collected and steps should be taken to ensure that the data subject is explicitly or implicitly informed on or before collecting the data. Personal data should also be accurate, up-to-date and kept no longer than necessary while unless with the consent from the data subjects, personal data should be used for the purposes for which they were collected or a directly related purpose.

The Office of the Privacy Commissioner for Personal Data is the governing body to promote, administer and oversee the enforcement of the Personal Data (Privacy) Ordinance. It has the power to carry out inspections of any personal data systems, to receive complaints from individuals and to investigate data users in respect of the complaints filed.

**(D)** **EMPLOYMENT** 

**Minimum Wage Ordinance (Chapter 608 of the Laws of Hong Kong)**

The Minimum Wage Ordinance provides for a prescribed minimum hourly wage (set at HK$42.1 per hour as at the date of this prospectus) during the wage period for every employee engaged under a contract of employment under the Employment Ordinance. Any provision of the employment contract which purports to extinguish or reduce the right, benefit or protection conferred on the employee by the Minimum Wage Ordinance is void.

**Mandatory Provident Fund Schemes Ordinance (Chapter 485 of the Laws of Hong Kong) ("MPF Schemes Ordinance")**

Employers are required to enroll their regular employees (except for certain exempt persons) aged between at least 18 but under 65 years of age and employed for 60 days or more in a Mandatory Provident Fund ("**MPF**") scheme within the first 60 days of employment.

For both employees and employers, it is mandatory to make regular contributions into an MPF scheme. For an employee, subject to the maximum and minimum levels of income (set at HK$30,000 and HK$7,100 per month, respectively, as at the date of this prospectus), an employer will deduct 5% of the relevant income on behalf of an employee as mandatory contributions to a registered MPF scheme with a ceiling (set at HK$1,500 as at the date of this prospectus). The employer will also be required to contribute an amount equivalent to 5% of an employee's relevant income to the MPF scheme, subject only to the maximum level of income (set at HK$30,000 as at the date of this prospectus).

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**(E)** **HEALTH AND SAFETY** 

**Occupational Safety and Health Ordinance (Chapter 509 of the Laws of Hong Kong)**

The Occupational Safety and Health Ordinance provides for the safety and health protection to employees in workplaces, both industrial and non-industrial.

Employers must as far as reasonably practicable ensure the safety and health in their workplaces by:

● providing and maintaining plant and systems of work that are safe and without risks to health;

● making arrangements for ensuring safety and absence of risks to health in connection with the use, handling, storage or transport of plant or substances;

● as regards any workplace under the employer's control: maintenance of the workplace in a condition that is safe and without risks to health; and provision and maintenance of means of access to and egress from the workplace that are safe and without any such risks;

● providing all necessary information, instructions, training and supervision for ensuring safety and health; and

● providing and maintaining a working environment for the employer's employees that is safe and without risks to health.

Failure to comply with any of the above provisions constitutes an offence and the employer is liable on conviction to a fine of HK$200,000. An employer who fails to do so intentionally, knowingly or recklessly commits an offence and is liable on conviction to a fine of HK$200,000 and to imprisonment for six months.

The Commissioner for Labor may also issue an improvement notice against non-compliance of the Occupational Safety and Health Ordinance or suspension notice against activity or condition of workplace which may create imminent risk of death or serious bodily injury. Failure to comply with such notice without reasonable excuse constitutes an offence punishable by a fine of HK$200,000 and HK$500,000 respectively and imprisonment of up to 12 months.

**Employees' Compensation Ordinance (Chapter 282 of the Laws of Hong Kong)**

The Employees' Compensation Ordinance establishes a no-fault and non-contributory employee compensation system for work injuries and lays down the rights and obligations of employers and employees in respect of injuries or death caused by accidents arising out of and in the course of employment, or by prescribed occupational diseases.

Under the Employees' Compensation Ordinance, if an employee sustains an injury or dies as a result of an accident arising out of and in the course of his employment, his employer is in general liable to pay compensation even if the employee might have committed acts of faults or negligence when the accident occurred. Similarly, an employee who suffers incapacity arising from an occupational disease is entitled to receive the same compensation as that payable to employees injured in occupational accidents.

According to section 15(1A) of the Employees' Compensation Ordinance, employer shall report work injuries of its employee to the Commissioner of Labor not later than 14 days after the accident, irrespective of whether the accident gives rise to any liability to pay compensation.

Pursuant to section 40 of the Employees' Compensation Ordinance, all employers (including contractors and subcontractors) are required to take out insurance policies to cover their liabilities both under the Employees' Compensation Ordinance and at common law for injuries at work in respect of all their employees (including full-time and part-time employees). Under section 40(1B) of the Employees' Compensation Ordinance, where a principal contractor has undertaken to perform any construction work, it may take out an insurance policy for an amount not less than HK$200 million per event to cover his liability and that of his subcontractor(s) under the Employees' Compensation Ordinance and at common law. Where a principal contractor has a policy of insurance under section 40(1B) of the Employees' Compensation Ordinance, the principal contractor and a subcontractor insured under the policy shall be regarded as having complied with section 40(1) of the Employees' Compensation Ordinance.

An employer who fails to comply with the Employees' Compensation Ordinance to secure an insurance cover is liable on conviction upon indictment to a fine at level 6 (currently at HK$100,000) and to imprisonment for two years.

**Limitation Ordinance (Chapter 347 of the Laws of Hong Kong)**

Under the Limitation Ordinance, the time limit for an applicant to commence common law claims for personal injuries is three years from the date on which the cause of action accrued.

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**Occupiers Liability Ordinance (Chapter 314 of the Laws of Hong Kong)**

The Occupiers Liability Ordinance regulates the obligations of a person occupying or having control of premises on injury resulting to persons or damage caused to goods or other property on the land.

The Occupiers Liability Ordinance imposes a common duty of care on an occupier of premises to take such care as in all the circumstances of the case is reasonable to see that the visitor will be reasonably safe in using the premises for the purposes for which he is invited or permitted by the occupier to be there.

**(F)** **GENERAL** 

**Business Registration Ordinance (Chapter 310 of the Laws of Hong Kong)**

The Business Registration Ordinance requires every person who carries on a business in Hong Kong to apply for business registration within one month from the date of commencement of the business, and to display a valid business registration certificate at the place of business.

Any person who fails to apply for business registration or display a valid business registration certificate at the place of business shall be guilty of an offence and shall be liable to a fine of HK$5,000 and imprisonment for one year.

**Taxation**

Effective from April 1, 2018, profits tax is levied on a two-tiered profits tax rate basis, with the first HK$2 million of profits being taxed at 8.25% for corporations and 7.5% for unincorporated businesses, and profits exceeding the first HK$2 million being taxed at 16.5% for corporations and 15% for unincorporated businesses.

On March 16, 2007, the National People's Congress enacted the Enterprise Income Tax Law of PRC, or the Enterprise Income Tax Law, while the State Council promulgated the Implementing Rules of the Enterprise Income Tax Law of PRC, or the Implementing Rules on December 6, 2007, both of which became effective on January 1, 2008. The Enterprise Income Tax Law was further amended by SCNPC on February 24, 2017, which stimulates that corporate income tax shall be payable by a resident enterprise for income derived from or accruing in or outside China. Corporate income tax shall be payable by a non-resident enterprise, for income derived from or accruing in China by its office or premises established in China, and for income derived from or accruing outside China for which the established office or premises has a de facto relationship. The corporate income tax shall be at the rate of 25%. The applicable tax rate for income of a non-resident enterprise under the provisions of the third paragraph of Article 3 shall be 20%. Corporate income tax for qualified small profit enterprises shall be at a reduced tax rate of 20%. Corporate income tax for key advanced and new technology enterprises supported by the State shall be at a reduced tax rate of 15%. On the other hand, the State Administration of Taxation provides certain specific criteria for determining whether the "de facto management body" of a PRC-controlled offshore enterprise is located in China. Simply speaking, the criteria is more focused on substantive rather than format. Pursuant to its Circular 82 of 2009, the criteria to determine "de facto management body" include: (a) the senior management and core management departments in charge of its daily operations function have their presence mainly in the PRC; (b) its financial and human resources decisions are subject to determination or approval by persons or bodies in the PRC; (c) its major assets, accounting books, company seals, and minutes and files of its board and shareholders' meetings are located or kept in the PRC; and (d) more than half of the enterprise's directors or senior management with voting rights habitually reside in the PRC. Furthermore, the SAT published Bulletin 45 in September 2011, which provides more guidance on the implementation of the definition and provides for procedures and administration details on determining resident status and administration on post-determination matters. However, the SAT Circular 82 and Bulletin 45 only apply to offshore enterprises controlled by PRC enterprises or PRC enterprise groups rather than those controlled by PRC individuals or foreign individuals. So far there is no further criteria passed yet and no applicable legal precedents either, therefore it remains unclear how the PRC tax authorities will determine the PRC tax resident treatment of a foreign company controlled by individuals. Under these existing criteria, it is unlikely that we will be classified as a PRC "resident enterprise" for PRC enterprise income tax purposes. If so, it would likely result in unfavorable tax consequences to our non-PRC shareholders and have a material adverse effect on our results of operations and the value of your investment.

On August 21, 2006, China and Hong Kong signed the Arrangement between Mainland China and Hong Kong SAR concerning Avoiding Double Taxation and Preventing Tax Evasion on Income. When a Chinese company distributes dividends to Hong Kong residents (beneficiary owners of dividends), if the recipient directly owns at least 25% of the equity interest in the above-mentioned Chinese company, the Chinese withholding tax rate is 5%, otherwise it is 10%. On October 14, 2019, the State Administration of Taxation promulgated the Announcement of State Taxation Administration on Promulgation of the Administrative Measures on Non-resident Taxpayers Enjoying Treaty Benefits, which stimulate that non-resident taxpayers claiming treaty benefits shall be handled in accordance with the principles of "self-assessment, claiming benefits, retention of the relevant materials for future inspection". Where a non-resident taxpayer self-assesses and concludes that it satisfies the criteria for claiming treaty benefits, it may enjoy treaty benefits at the time of tax declaration or at the time of withholding through the withholding agent, simultaneously gather and retain the relevant materials pursuant to the provisions of these Measures for future inspection, and accept follow-up administration by the tax authorities.

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**MANAGEMENT**

**Directors and Executive Officers**

The following table sets forth information concerning our directors and executive officers, including their ages as of the date of this prospectus:

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| | | |
|:---|:---|:---|
| **Name** | **Age** | **Position** |
| Yujie CHEN | 35 | Director and Chairman of the Board of Directors |
| Wai Shing MAN | 32 | Director and Chief Executive Officer |
| Sing Hon LAM | 39 | Chief Financial Officer |
| [●]\* | [●] | Independent Director Nominee |
| [●]\* | [●] | Independent Director Nominee |
| [●]\* | [●] | Independent Director Nominee |

---

\* Each of our independent director nominee has accepted our appointment to be our independent director, effective upon the SEC's declaration of effectiveness of our registration statement on Form F-1, of which this prospectus is a part.

**Yujie CHEN** is the Chair of the board of the Company and a Director and is responsible for our Group's corporate finance, strategic planning and business development. Ms. Chen has been serving as a director of Grand Universe since February 2023 and a director of the Company since March 2025. Ms. Chen has over 10 years of experience in corporate finance, business and administrative management. From April 2013 to April 2014, Ms. Chen served as the manager-in-charge of the retail banking division of China Guangdong Development Bank, Shenzhen Branch. From April 2015 to December 2019, Ms. Chen worked at Boyuan Hongsheng Investment as a Partner, responsible for advising on corporate investment, pre-IPO investment and mergers and acquisitions. Ms. Chen has been a director of Grande Capital Limited since January 2023 and a director of Grande Group Limited (Nasdaq: GRAN) since June 2024. Ms. Chen obtained a Bachelor of Accountancy from Wuhan University in September 2011 and a Master of Business Administration from the University of Hong Kong in July 2023.

**Wai Shing MAN** is the chief executive officer of the Company and a Director and is responsible for our Group's overall management. Mr. Man has been serving as an executive officer of Grand Universe since January 2025. Mr. Man has over 7 years of experience in business administration. Since June 2017, Mr. Chen served as the chief operating officer of Hoi Sing Decoration Engineering Co., Ltd.. Mr. Man obtained a Postgraduate diploma in Quantity Surveying from University College of Estate Management in 2023. Mr. Man obtained a Bachelor of Commerce in Marketing from Curtin University in 2017 and a Bachelor of Science in Accounting and Finance from the University of Brighton in 2014.

**Sing Hon LAM** is the chief financial officer of the Company and is responsible for our Group's financial management. Mr. Lam has over 15 years of experience in the accounting, financing and auditing industry. From November 2018 to July 2023, Mr. Lam was the financial controller of Tian Cheng Holdings Limited (HKEx: 2110). From December 2015 to November 2018, Mr. Lam was the financial controller of Cherish Holding Limited (HKEx: 2113). From January 2015 to November 2015, Mr. Lam was the financial controller of LEAP Holdings Group Limited (HKEx: 1499). From November 2011 to March 2014, Mr. Lam worked as an auditor in RSM Nelson Wheeler. Mr. Lam obtained a Master of Science in Corporate Governance and Compliance from Hong Kong Baptist University in 2023 and a Bachelor of Business with major in Accounting from the Monash University in 2007. Mr. Lam has been a member of the CPA Australia since 2008, a qualified CPA since 2012 and a fellow CPA since 2024. Mr. Lam has been an associate member of the Hong Kong Chartered Governance Institute since 2023.

**[**●**]** is an independent nominee who will be appointed as one of our independent directors prior to the effectiveness of this registration statement of which this prospectus forms a part. [●] We believe [●] is well qualified to serve on board of directors as an independent director based on [his] extensive work experience in various fields.

**[**●**]** is an independent nominee who will be appointed as one of our independent directors prior to the effectiveness of this registration statement of which this prospectus forms a part. [●] We believe [●] is well qualified to serve on board of directors as an independent director based on [his] extensive work experience in various fields.

**[**●**]** is an independent nominee who will be appointed as one of our independent directors prior to the effectiveness of this registration statement of which this prospectus forms a part. [●] We believe [●] is well qualified to serve on board of directors as an independent director based on [his] extensive work experience in various fields.

**Family Relationships**

As of the date of this prospectus, there are no family relationships among our directors and executive officers.

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**Corporate Governance Practices**

 ****

***Foreign Private Issuer***

After the consummation of this Offering, we will qualify as a "foreign private issuer" under the SEC rules and Nasdaq rules. As a foreign private issuer, we will be exempt from the rules under the Exchange Act related to the furnishing and content of proxy statements, and our officers, directors, and principal shareholders will be exempt from the short-swing profit recovery provisions contained in Section 16 of the Exchange Act, and our principal shareholders will also be exempt from the reporting provisions contained in Section 16 of the Exchange Act. Also, we are not required to comply with Regulation FD, which restricts the selective disclosure of material information. However, we will file with the SEC, within 120 days after the end of each fiscal year, or such applicable time as required by the SEC, an annual report on Form 20-F containing financial statements audited by an independent registered public accounting firm, and we will submit to the SEC from time to time, on Form 6-K, reports of information that would likely be material to an investment decision in our Ordinary Shares.

Furthermore, Nasdaq Rule 5615(a)(3) provides that a foreign private issuer, such as us, may rely on our home country corporate governance practices in lieu of certain of the rules in the Nasdaq Rule 5600 Series and Rule 5250(d), except that we must comply with Nasdaq's Notification of Noncompliance requirement (Rule 5625), the Voting Rights requirement (Rule 5640), and that we have an audit committee that satisfies Rule 5605(c)(3), including having committee members that meet the independence requirements of Rule 5605(c)(2)(A)(ii). The exemptions are subject to our disclosure of which requirements we are not following and the equivalent Cayman Islands requirements. Below are some of the exemptions afforded to foreign private issuers under the Nasdaq rules:

● Exemption from the requirement that we disclose within four business days of any determination to grant a waiver of the code of business conduct and ethics to directors and officers.

● Exemption from the requirement that our board of directors be composed of independent directors.

● Exemption from the requirement that our audit committee have a minimum of three members.

● Exemption from the requirement that we hold annual shareholders' meetings.

● Exemption from the requirement that our board of directors have a remuneration committee composed entirely of independent directors with a written charter addressing the committee's purpose and responsibilities.

● Exemption from the requirement that director nominees are selected, or recommended for selection by our board of directors, either by (i) independent directors constituting a majority of our board of directors' independent directors in a vote in which only independent directors participate, or (ii) a committee comprised solely of independent directors and governed by a formal written charter or board resolution, as applicable, addressing the nomination process as adopted.

We intend to comply with all of the rules generally applicable to U.S. domestic companies listed on Nasdaq. We may in the future decide to use the foreign private issuer exemption with respect to some or all of the other Nasdaq corporate governance rules. We also intend to comply with Cayman Islands corporate governance requirements under the Companies Act applicable to us at the same time. If we rely on our home country corporate governance practices in lieu of certain of the rules of Nasdaq, our shareholders may not have the same protections afforded to shareholders of companies that are subject to all of the corporate governance requirements of Nasdaq. We may utilize these exemptions for as long as we continue to qualify as a foreign private issuer.

**Code of Business Conduct and Ethics, Insider Trading Policy and Executive Compensation Recovery Policy**

Prior to the effectiveness of the registration statement of which this prospectus is a part, we intend to adopt: (i) a Code of Business Conduct and Ethics; (ii) an Insider Trading Policy that applies to our Directors, officers, and employees, including our chief executive officer, chief financial officer, principal accounting officer or controller or persons performing similar functions; and (iii) Executive Compensation Recovery Policy that applies to our officers, and employees, including our chief executive officer, chief financial officer, principal accounting officer or controller or persons performing similar functions, (collectively the "Policies"). We intend to disclose any amendments to the Policies, and any waivers of the Policies for our Directors, executive officers and senior finance executives, on our website to the extent required by applicable U.S. federal securities laws and the corporate governance rules of Nasdaq.

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***Board of Directors***

Our board of directors will consist of five directors upon the SEC's declaration of effectiveness of our registration statement on Form F-1, of which this prospectus is a part. A director who is, directly or indirectly, interested in a contract or transaction or proposed contract or transaction with our company shall declare the nature of his or her interest at a meeting of our directors. Subject to the Nasdaq 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 or she may be interested therein provided the director discloses to his fellow directors the nature and extent of any material interests in respect of any contract or transaction or proposed contract or transaction and if he or she does so his or her vote shall be counted and he or she may be counted in the quorum at any meeting of our directors at which any such contract or transaction or proposed contract or transaction is considered. Our directors may exercise all the powers of our Company to issue debentures, debenture stock, bonds, and other securities, whether outright or as collateral security for any debt, liability or obligation of our company or of any third party. None of our non-executive directors have a service contract with us that provides for benefits upon termination of service.

We recognize the importance and benefit of having a board of directors composed of highly talented and experienced individuals having regard to the need to foster and promote diversity among board members with respect to attributes such as gender, ethnicity and other factors. In support of this goal, we will consider criteria that promote diversity, including with regard to gender, ethnicity, and other dimensions; and consider the level of representation of women on our board of directors along with other markers of diversity.

 ****

***Committees of the Board of Directors***

A company of which more than 50% of the voting power held by a single entity is considered a "controlled company" under the Nasdaq rules. A controlled company is not required to comply with the Nasdaq corporate governance rules requiring a board of directors to have a majority of independent directors to have independent audit, compensation, and nominating and corporate governance committees. Following the completion of this Offering, we will be a "controlled company" as defined under the Nasdaq rules.

We will establish three committees under the board of directors immediately upon the effectiveness of our registration statement on Form F-1, of which this prospectus is a part: an audit committee, a compensation committee, and a nominating and corporate governance committee. We expect to adopt a charter for each of the three committees. Each committee's members and functions are described below.

 

*Audit Committee.* Our audit committee will consist of [●], [●], and [●]. [●] will be the chairman of our audit committee. We have determined that each of our audit committee members satisfies the "independence" requirements of Rule 5605(c)(2) of the Nasdaq rules and meets the independence standards under Rule 10A-3 under the Exchange Act. We have determined that [●] qualifies as an "audit committee financial expert" within the meaning of the SEC rules and possesses financial sophistication within the meaning of the Nasdaq rules. The audit committee will oversee our accounting and financial reporting processes and the audits of the financial statements of our company. The audit committee will be responsible for, among other things:

● appointing the independent auditors and pre-approving all auditing and non-auditing services permitted to be performed by the independent auditors;

● reviewing with the independent auditors any audit problems or difficulties and management's response;

● discussing the annual audited financial statements with management and the independent auditors;

● reviewing the adequacy and effectiveness of our accounting and internal control policies and procedures and any steps taken to monitor and control major financial risk exposures;

● reviewing and approving all proposed related-party transactions;

● meeting separately and periodically with management and the independent auditors; and

● monitoring compliance with our code of business conduct and ethics, including reviewing the adequacy and effectiveness of our procedures to ensure proper compliance.

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*Compensation Committee.* Our compensation committee will consist of [●], [●], and [●]. [●] will be the chairman of our compensation committee. We have determined that each of our compensation committee members satisfies the "independence" requirements of Rule 5605(a)(2) of the Nasdaq rules. The compensation committee will assist the board in reviewing and approving the compensation structure, including all forms of compensation, relating to our directors and executive officers. Our chief executive officer may not be present at any committee meeting during which his compensation is deliberated. The compensation committee will be responsible for, among other things:

● reviewing and approving, or recommending to the board for its approval, the compensation for our chief executive officer and other executive officers;

● reviewing and recommending to the board for determination with respect to the compensation of our non-employee directors;

● reviewing periodically and approving any incentive compensation or equity plans, programs, or similar arrangements; and

● selecting compensation consultant, legal counsel, or other adviser only after taking into consideration all factors relevant to that person's independence from management.

 

*Nominating and Corporate Governance Committee.* Our nominating and corporate governance committee will consist of [●], [●], and [●]. [●] will be the chairman of our nominating and corporate governance committee. We have determined that each of our nominating and corporate governance committee members satisfies the "independence" requirements of Rule 5605(a)(2) of the Nasdaq rules. 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 and its committees. The nominating and corporate governance committee will be responsible for, among other things:

● selecting and recommending to the board nominees for election by the shareholders or appointment by the board;

● reviewing annually with the board the current composition of the board in regard to characteristics such as independence, knowledge, skills, experience, and diversity;

● making recommendations on the frequency and structure of board meetings and monitoring the functioning of the committees of the board; and

● advising the board periodically in regard to significant developments in the law and practice of corporate governance, as well as our compliance with applicable laws and regulations, and making recommendations to the board on all matters of corporate governance and on any remedial action to be taken.

**Duties of Directors**

Under Cayman Islands law, our directors owe fiduciary duties to our company. These include, among others (i) duty to act in good faith in what the director believes to be in the best interests of the company as a whole; (ii) duty to exercise powers for the purposes for which those powers were conferred and not for a collateral purpose; (iii) directors should not improperly fetter the exercise of future discretion; (iv) duty not to put themselves in a position in which there is a conflict between their duty to the company and their personal interests; and (v) duty to exercise independent judgment. In addition to the above, our directors also owe a duty to act with skill, care and diligence. This duty has been defined as a requirement to act as a reasonably diligent person having both the general knowledge, skill and experience that may reasonably be expected of a person carrying out the same functions as are carried out by that director in relation to the company and the general knowledge skill and experience which that director has.

Our board of directors has all the powers necessary for managing, and for directing and supervising, our business affairs. The functions and powers of our board of directors include, among others:

● convening shareholders' annual and extraordinary general meetings and reporting its work to shareholders at such meetings;

● declaring dividends and distributions;

● appointing officers and determining the term of office of the officers;

● exercising the borrowing powers of our company and mortgaging the property of our company; and

● approving the transfer of shares in our company, including the registration of such shares in our register of members.

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 ****

***Terms of Directors and Officers***

Our directors may be elected by a resolution of our board of directors or by an ordinary resolution of our shareholders. An appointment of a director may be on terms that the director shall automatically retire from office (unless he has sooner vacated office) at the next or a subsequent annual general meeting or upon any specified event or after any specified period in a written agreement between our Company and the director, if any; but no such term shall be implied in the absence of express provision. A director will cease to be a director automatically if, among other things, the director (i) becomes bankrupt or has a receiving order made against him or suspends payment or compounds with his creditors, (ii) dies or becomes of unsound mind, (iii) resigns his or her office by notice in writing to our company, or (iv) is removed from office pursuant to our Articles.

Our officers are selected by and serve at the discretion of our board of directors.

**Employment Agreements and Director Agreements**

We have entered into employment agreements with each of our executive officers. Under these agreements, each of our executive officers is employed for an indefinite period. We may terminate employment for cause for certain acts of our executive officers, such as gross misconduct affecting our business, committing any serious or repeated breach of any of the provisions of the agreement, or refusal or neglect to comply with any reasonable and lawful directions given by the Company, or if the executive officer is negligent or incompetent in the performance of his or her duties. We may also terminate an executive officer's employment without cause upon providing three-months advance written notice. An executive officer may resign anytime with a three-month advance written notice.

Each executive officer has agreed to hold, during his or her employment 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 customers, or the confidential or proprietary information of any third party received by us and for which we have confidential obligations.

Pursuant to the employment agreements between us and our executives: Mr. Wai Shing Man will receive a commencing salary of US$15,400 per year; and Mr. Sing Hon Lam will receive a commencing salary of US$15,400 per year.

Additionally, we have entered into director agreements with each of our non-independent directors upon their appointment. These agreements set forth the terms and conditions of their service, including compensation, and provide for standard indemnification and directors' and officers' liability insurance. We also intend to enter into independent director agreements with each of our independent directors upon their appointment. These agreements will set forth the terms and conditions of their service, including compensation, and provide for standard indemnification and directors' and officers' liability insurance.

We will also enter into indemnification agreements with each of our directors and executive officers. Under these agreements, we will agree to indemnify our directors and executive officers against certain liabilities and expenses incurred by such person in connection with claims made by reason of their being a director or officer of our company.

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**Involvement in Certain Legal Proceedings**

To the best of our knowledge, none of our directors or executive officers has, during the past 10 years, been involved in any legal proceedings described in subparagraph (f) of Item 401 of Regulation S-K.

**Compensation of Directors and Executive Officers**

For so long as we qualify as a foreign private issuer, we are not required to comply with the proxy rules applicable to U.S. domestic companies, including the requirement applicable to emerging growth companies to disclose the compensation of our executive officers on an individual, rather than an aggregate, basis. For the years ended June 30, 2025 and 2024, we did not pay any compensation to our executive officers and directors. We have not set aside any amount to provide pension, retirement or other similar benefits to our executive officers and directors. We have also not made any agreements with our directors or executive officers to provide benefits upon termination of employment.

**Equity Incentive Plans**

As of the date of this prospectus, we have not adopted any equity compensation plans.

**Outstanding Equity Awards at Fiscal Year-End**

As of June 30, 2025 and 2024, we had no outstanding equity awards.

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**PRINCIPAL SHAREHOLDERS**

The following table sets forth information regarding the beneficial ownership of our Ordinary Shares as of the date of this prospectus by our officers, Directors, and 5% or greater beneficial owners of our Ordinary Shares. The following table assumes that none of our officers, Directors, or 5% or greater beneficial owners of our Ordinary Shares will purchase shares in this Offering. In addition, the following table assumes that the underwriter's over-allotment option has not been exercised.

We have determined beneficial ownership in accordance with the rules of the SEC. These rules generally attribute beneficial ownership of securities to persons who possess sole or shared voting power or investment power with respect to those securities. As of the date of this prospectus, the percentage of Shares beneficially owned prior to this Offering is based on [●] Ordinary Shares outstanding as described in "Our Corporate History And Structure" section. None of the shareholders are located in the United States. We do not have any options or warrants that are outstanding. The percentage of Shares beneficially owned after this Offering is based on the number of Ordinary Shares outstanding prior to this Offering plus the [●] Ordinary Shares that we are selling in this Offering, based on an assumed initial public offering price of US$[●] per Ordinary Share, which is the midpoint of the range set forth on the cover page of the prospectus, and no exercise of the underwriters' over-allotment option. In addition, pursuant to SEC rules, we also deemed a person to be a beneficial owner of any security of which that person has a right to acquire beneficial ownership within 60 days. Unless otherwise indicated, each of the persons identified in this table has sole voting and investment power with respect to all shares shown as beneficially owned by them, subject to applicable community property laws.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Ordinary <br> Shares Beneficially <br> Owned Prior to This <br> Offering** | **Ordinary <br> Shares Beneficially <br> Owned Prior to This <br> Offering** | **Ordinary <br> Shares Beneficially <br> Owned After This <br> Offering** | **Ordinary <br> Shares Beneficially <br> Owned After This <br> Offering** |
| <br>**Name of Beneficial Owners<sup>(1)</sup>** | **Number** | **%** | **Number** | **%** |
| **Directors, Director Nominees and Executive Officers:** | | | | |
| Yujie CHEN<sup>(2)</sup> | [5,550] | 55.50% | [5,550] | [●]% |
| Wai Shing MAN |  |  |  |  |
| Sing Hon LAM |  |  |  |  |
| [●] |  |  |  |  |
| [●] |  |  |  |  |
| [●] |  |  |  |  |
| **All directors and executive officers as a group** | [5,550] | 55.50% | [5,550] | [●]% |
| **5% shareholders:** |  |  |  |  |
| Champion Wave Holdings Limited<sup>(2)</sup> | [5,550] | 55.50% | [5,550] | [●]% |
| Leading Best Global Limited<sup>(3)</sup> | [2,000] | 20.00% | [2,000] | [●]% |

---

As of the date of this prospectus, none of our outstanding Ordinary Shares are held by record holders in the United States.

\* Less than 1%.

(1) Unless
otherwise noted, the business address of each of the following entities or individuals is Unit 1211, 12/F, One Midtown, 11 Hoi Shing
Road, Tsuen Wan, Hong Kong.

(2) Comprised
of [5,550] Ordinary Shares owned by Champion Wave Holdings Limited, a British Virgin Islands business company, which entities are all
wholly-owned by Ms. Yujie Chen. Therefore, Ms. Yujie Chen has the voting and dispositive control over the shares held by each of
these entities.

(3) Comprised
of [2,000] Ordinary Shares owned by Leading Best Global Limited, a British Virgin Islands business company, which entities are all wholly-owned
by Mr. Tak Wai, CHU. Therefore, Mr. Tak Wai, CHU has the voting and dispositive control over the shares held by Leading Best Global Limited.
The business address of Leading Best Global Limited is Vistra Corporate Services Centre, Wickhams Cay II, Road Town, Tortola, VG1110,
British Virgin Islands.

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**CERTAIN RELATIONSHIPS AND RELATED-PARTY TRANSACTIONS**

**Transactions with Certain Related Parties**

Set forth below are our related party transactions that occurred since the beginning of the years ended June 30, 2025, 2024, and 2023. The "related party transactions" are transactions identified in accordance with the rules prescribed under Part I, Item 7B of SEC Form 20-F.

**(a) Names and relationship of related parties:**

---

| | |
|:---|:---|
| **Name of related parties** | **Relationship with the Company** |
| Yujie, Chen | Director since March 7, 2025 and beneficial shareholder through 100% ownership of Champion Wave Holdings Limited |
| Wai Shing, Man | Chief executive officer since January 1, 2025 |
| Champion Wave Holdings Limited | Controlling shareholder |

---

**(b) Summary of balances with related parties:**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **As of the date of this** | **As of the date of this** | **June 30,** | **June 30,** | **June 30,** | **June 30,** | **June 30,** | **June 30,** |
| <br>**Amounts due to a director:** | **prospectus** | **prospectus** | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** |
| Yujie, Chen | US$ | (311106) | US$ | (311106) | US$ | (294867) | US$ | (300000) |
| **Total** |  | &nbsp;&nbsp;&nbsp;&nbsp;(311106) |  | (311106) |  | (294867) |  | (300000) |

---

As of June 30, 2025, 2024 and 2023, and as of the date of this prospectus, the amounts due to director represented amount due to Yujie Chen, which is the director and beneficial shareholder of the Company. These amounts are unsecured, interest-free, and have no fixed terms of repayment.

**(c) Summary of related party transactions:**

A summary of trade transactions with related parties for the years ended June 30, 2025, 2024 and 2023 are listed below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **June 30,** | **June 30,** | **June 30,** | **June 30,** |
| <br>**Employee benefit expense paid to senior management:** | **2025** | **2025** | **2024** | **2023** |
| Yujie, Chen | US$ | 7692 | US$ | US$ |
| Wai Shing, Man | US$ | 7692 | US$ | US$ |
| **Total** | US$ | 15384 | US$ | US$ |

---

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**DESCRIPTION OF SHARE CAPITAL**

We are a Cayman Islands exempted company and our affairs are governed by our Memorandum and Articles, 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.

The share capital of the Company consists of Ordinary Shares. As of the date hereof, our authorized share capital is US$50,000 divided into 5,000,000,000 Ordinary Shares of par value US$0.00001 each. As of the date of this prospectus, [10,000] Ordinary Shares were issued and outstanding. We will issue [●] Ordinary Shares in this Offering (or [●] Ordinary Shares if the underwriter exercises its option to purchase additional Ordinary Shares in full), assuming an initial offering price of US$[●].

The following are summaries of material provisions of our Memorandum and Articles (each the Memorandum and the Articles) and the Companies Act insofar as they relate to the material terms of our Ordinary Shares.

**Our Current Amended Memorandum and Articles**

 

*Objects of our Company.* Under our Memorandum and Articles, the objects of our Company are unrestricted and we have the full power and authority to carry out any object not prohibited by the laws of the Cayman Islands.

 

*Ordinary Shares.* Upon the completion of this Offering, our authorized share capital is US$50,000 divided into 5,000,000,000 Ordinary Shares of par value US$0.00001 each. All of our outstanding Ordinary Shares are fully paid and non-assessable. Certificates representing the Ordinary Shares are issued in registered form.

 

*Dividends.* The holders of our Ordinary Shares are entitled to such dividends as may be declared by our board of directors out of any funds of the Company lawfully available for distribution. In addition, our shareholders may declare dividends by ordinary resolution, but not dividend shall exceed the amount recommended by our directors. Under the laws of the Cayman Islands, our Company may pay a dividend out of either profit or the credit standing in our Company's share premium account, provided that in no circumstances may a dividend be paid if this would result in our Company being unable to pay its debts as they fall due in the ordinary course of business immediately following the date on which the distribution or dividend is paid. .

 

*Voting Rights.* Holders of our Ordinary Shares may vote on all matters submitted to a vote of our shareholders, except as may otherwise be required by law. Subject to any rights or restrictions as to voting attached to any shares, on a poll every shareholder present in person or by proxy (or, if a corporation or other non-natural person, by its duly authorized representative or proxy) shall have one vote for each Ordinary Share of which he or the person represented by proxy is the holder.

Voting at any meeting of shareholders is by a poll. A poll shall be taken in such manner as the chairman directs. He may appoint scrutineers (who need not be shareholders) and fix a place and time for declaring the result of the poll. If, through the aid of technology, the meeting is held as a virtual meeting or in more than one place, the chairman may appoint scrutineers virtually and in more than one place; but if he considers that the poll cannot be effectively monitored at that meeting, the chairman shall adjourn the holding of the poll to a date, place and time when that can occur.

Any ordinary resolution is a resolution passed by a simple majority of the votes of the shareholders as, being entitled to do so, vote in person or by proxy at a general meeting of our Company and includes a written resolution signed by the required majority of shareholders according to the Articles. Any special resolution is a resolution of a general meeting or a resolution of a meeting of the holders of any class of ordinary shares in a class meeting duly constituted in accordance with the Articles in each case passed by a majority of not less than two-thirds of the votes by the shareholders as being entitled to do so vote in person or by proxy at that meeting. The expression includes a unanimous written resolution signed by all of the shareholders entitled to vote at such meeting.

A special resolution will be required for important matters such as amending our memorandum and articles of association or changing the name of the Company.

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There are no limitations on non-residents or foreign shareholders to hold or exercise voting rights on the Ordinary Shares imposed by Cayman Islands law or by the Memorandum and Articles or other constituent document of our Company. However, no person will be entitled to vote at any general meeting or at any separate meeting of the holders of the Ordinary Shares unless the person is registered as of the record date for such meeting and unless all calls or other sums presently payable by the person in respect of Ordinary Shares in the Company have been paid.

 

*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 Memorandum and Articles provide that we may (but are not obliged to, unless required by the Nasdaq rules) in each year hold a general meeting as an annual general meeting, which, if held, shall be convened by the board of directors, in accordance with the Articles. Each general meeting, other than an annual general meeting, shall be an extraordinary general meeting.

Advance notice of at least five 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 a meeting of shareholders consists of at least one holder of our shares being not less than an aggregate of one-third of the outstanding shares carrying the right to vote at such general meeting.

A majority of our directors may call general meetings and they shall on a shareholders' requisition forthwith proceed to convene an extraordinary general meeting of our Company. A shareholders' requisition is a request of one or more shareholders holding as at the date of deposit of the request in aggregate not less than ten percent of the rights to vote at such general meeting. The requisition must state the objects of the meeting and must be signed by or on behalf of each requisitioner and delivered in accordance with the notice provisions of our Articles. If our directors do not within 21 clear days from the receipt of the requisition duly proceed to convene a general meeting, the requisitioners, or any of them may themselves convene a general meeting, but any meeting so convened must be called no later than three months after the expiration of the said 21 clear day period.

 

*Winding Up; Liquidation.* If we are wound up the shareholders 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 shareholders 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 between the shareholders or different classes of shareholders; 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 shareholders and those liable to contribute to the winding up.

 

*Calls on Ordinary Shares and Forfeiture of Ordinary Shares.* Subject to the terms of the allotment, our directors may from time to time make calls upon our shareholders in respect of any moneys unpaid on their shares in a notice served to such shareholders at least 14 clear days in advance specifying the time and place for payment. Any Ordinary Shares that have been called upon and remain unpaid are subject to forfeiture.

 

*Redemption, Repurchase and Surrender of Shares.* Subject to the terms of the Companies Act and to any rights for the time being conferred on the shareholders holding a particular class of shares, the Company may by our board of directors: (i) issue shares that are to be redeemed or liable to be redeemed, at the option of the Company or the shareholder holding those redeemable shares, on the terms and in the manner our board of directors determine before the issue of those shares; (ii) with the consent by special resolution of the shareholders holding shares of a particular class, vary the rights attaching to that class of shares so as to provide that those shares are to be redeemed or are liable to be redeemed at the option of the Company on the terms and in the manner which the board of directors determine at the time of such variation; and (iii) purchase all or any of our own shares of any class including any redeemable shares on the terms and in the manner which our board of directors determine at the time of such purchase. Under the Companies Act, the redemption or repurchase of any share may be paid out of our Company's profits or out of the proceeds of a new issue of shares made for the purpose of such redemption or repurchase, or out of capital (including share premium account and capital redemption reserve) 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 issued and 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.

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*Transfer of Ordinary Shares.* Provided that such transfer complies with the Nasdaq rules, our shareholders may freely transfer shares to another person by completing an instrument of transfer in a common form or in a form prescribed by the Nasdaq Capital Market (if such shares are listed on the Nasdaq Capital Market) or in any other form approved by our board of directors, executed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) where
the shares are fully paid, by or on behalf that shareholder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) where
the shares are partly paid, by or on behalf of that shareholder and the transferee.

Where the shares of any class in question are not listed on any stock exchange or subject to the rules of any stock exchange, our board of directors may, in its absolute discretion, decline to register any transfer of any share that 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 share unless:

● the instrument of transfer is lodged with us, accompanied by the certificate for the shares to which it relates and such other evidence as our board of directors may reasonably require to show the right of the transferor to make the transfer;

● the instrument of transfer is in respect of only one class of shares;

● the instrument of transfer is properly stamped, if required;

● in the case of a transfer to joint holders, the number of joint holders to whom the share is to be transferred does not exceed four;

● the shares transferred are fully paid up and free of any lien in favour of our Company; and

● a fee of such maximum sum as the Nasdaq Capital Market 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 one month 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 of Nasdaq and on 14 clear days' notice being given by advertisement in such one or more newspapers or by electronic means, 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 clear days in any year.

 

*Variations of Rights of Shares.* If at any time our share capital is divided into different classes of shares then, unless the terms on which a class of shares was issued state otherwise, the rights attached to any such class may only be varied with: (a) the consent in writing of the holders of two-thirds of the issued shares of that class or (b) the sanction of a special resolution passed 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 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 the existing shares of that class.

 

*Inspection of Books and Records.* Holders of our Ordinary Shares have no general right under our Articles to inspect or obtain copies of our list of shareholders or our corporate records. However, we will provide our shareholders with annual audited financial statements. See *"Where You Can Find Additional Information."*

 

*Issuance of Additional Shares.* Our Memorandum and Articles authorize 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.

Issuance of additional Ordinary Shares may dilute the voting power of holders of Ordinary Shares.

 

*Anti-Takeover Provisions.* Some provisions of our Memorandum and Articles may discourage, delay or prevent a change of control of our Company or management that shareholders may consider favorable. Our authorized, but unissued 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 addition capital, acquisitions and employee benefit plans. The existence of authorized but unissued and unreserved 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.

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*Exempted Company.* We are an exempted company with limited liability under the Companies Act. The Companies Act distinguishes between ordinary resident companies and exempted companies. Any company that is registered in the Cayman Islands but conducts business mainly outside of the Cayman Islands may apply to be registered as an exempted company. The requirements for an exempted company are essentially the same as for an ordinary company except that an exempted company:

● does not have to file an annual return of its shareholders with the Registrar of Companies;

● is not required to open its register of members for inspection;

● does not have to hold an annual general meeting;

● may not issue negotiable or bearer shares, but may issue shares with no par value;

● may obtain an undertaking against the imposition of any future taxation (such undertakings are usually given for 20 years in the first instance);

● may register by way of continuation in another jurisdiction and be deregistered in the Cayman Islands;

● may register as a limited duration company; and

● may register as a segregated portfolio company.

"**Limited liability**" means that the liability of each shareholder is limited to the amount unpaid by the shareholder on the shares of the company.

 

*Nomination and Removal of Directors and Filling Vacancies on Board.* At any time or from time to time, the board of directors shall have the power to appoint any person as a director either to fill a casual vacancy on the board of directors or as an additional director to the existing board of directors subject to any maximum number of directors, if any, as may be determined by the members in general meeting.

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.

A director is not required to hold any shares in the company by way of qualification nor is there any specified upper or lower age limit for directors either for accession to or retirement from the board of directors.

A director may be removed by an ordinary resolution of the Company before the expiration of his term of office (but without prejudice to any claim which such director may have for damages for any breach of any contract between him and the Company) and the Company may by ordinary resolution appoint another in his place. Any director so appointed shall be subject to the retirement by rotation provisions.

The office of a director shall be vacated if he:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is
prohibited by the law of the Cayman Islands from acting as a director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is
made bankrupt or makes an arrangement or composition with his creditors generally; or;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) resigns his office by notice to the Company; or;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) only
held office as a director for a fixed term and such term expires; or;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) in
the opinion of a registered medical practitioner by whom he is being treated, becomes physically or mentally incapable of acting as a
director; or;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) is
given notice by the majority of the other directors (not being less than two in number) to vacate office (without prejudice to any claim
for damages for breach of any agreement relating to the provision of the services of such director); or;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) is
made subject to any law relating to mental health or incompetence, whether by court order or otherwise; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) without
the consent of the other directors, is absent from meetings of directors for a continuous period of six months.

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From time to time the board of directors may appoint one or more of its body to be managing director, joint managing director or deputy managing director or to hold any other employment or executive office with the company for such period and upon such terms as the board of directors may determine, and the board of directors may revoke or terminate any of such appointments. The board of directors may also delegate any of its powers to committees consisting of such director(s) or other person(s) as the board of directors thinks fit, and from time to time it may also revoke such delegation or revoke the appointment of and discharge any such committees either wholly or in part, and either as to persons or purposes, but every committee so formed shall, in the exercise of the powers so delegated, conform to any regulations that may from time to time be imposed upon it by the board of directors.

**Anti-Money Laundering — Cayman Islands**

If any person resident in the Cayman Islands knows or suspects or has reasonable grounds for knowing or suspecting that another person is engaged in criminal conduct or is involved with terrorism or terrorist property and the information for that knowledge or suspicion came to their attention in the course of their business in the regulated sector, or other trade, profession, business or employment, the person will be required to report such knowledge or suspicion to (i) a nominated officer (appointed in accordance with the Proceeds of Crime Act (Revised) of the Cayman Islands) or the Financial Reporting Authority of the Cayman Islands, pursuant to the Proceeds of Crime Act (Revised), if the disclosure relates to criminal conduct or money laundering or (ii) to the Financial Reporting Authority or a police constable or a nominated officer (pursuant to the Terrorism Act (Revised) of the Cayman Islands) or the Financial Reporting Authority, pursuant to the Terrorism Act (Revised), if the disclosure relates to involvement with terrorism or terrorist financing and terrorist property. Such a report shall not be treated as a breach of confidence or of any restriction upon the disclosure of information imposed by any enactment or otherwise.

By subscribing for shares, the subscriber consents to the disclosure of any information about them to regulators and others upon request in connection with money laundering and similar matters both in the Cayman Islands and in other jurisdictions.

In order to comply with legislation or regulations aimed at the prevention of money laundering, we are required to adopt and maintain anti-money laundering procedures, and may require subscribers to provide evidence to verify their identity and source of funds. Where permitted, and subject to certain conditions, we may also delegate the maintenance of our anti-money laundering procedures (including the acquisition of due diligence information) to a suitable person.

We reserve the right to request such information as is necessary to verify the identity of a subscriber. In some cases the directors may be satisfied that no further information is required since an exemption applies under the Anti-Money Laundering Regulations (Revised) of the Cayman Islands, as amended and revised from time to time (the "**Regulations**") or any other applicable law. Depending on the circumstances of each application, a detailed verification of identity might not be required where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
subscriber makes the payment for their investment from an account held in the subscriber's name at a recognized financial institution;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
subscriber is regulated by a recognized regulatory authority and is based or incorporated in, or formed under the law of, a recognized
jurisdiction; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
application is made through an intermediary which is regulated by a recognized regulatory authority and is based in or incorporated in,
or formed under the law of a recognized jurisdiction and an assurance is provided in relation to the procedures undertaken on the underlying
investors.

For the purposes of these exceptions, recognition of a financial institution, regulatory authority or jurisdiction will be determined in accordance with the Regulations by reference to those jurisdictions recognized by the Cayman Islands Monetary Authority as having equivalent anti-money laundering regulations.

In the event of delay or failure on the part of the subscriber in producing any information required for verification purposes, we may refuse to accept the application, in which case any funds received will be returned without interest to the account from which they were originally debited.

We also reserve the right to refuse to make any payment to a shareholder if our Directors or officers suspect or are advised that the payment to such shareholder might result in a breach of applicable anti-money laundering or other laws or regulations by any person in any relevant jurisdiction, or if such refusal is considered necessary or appropriate to ensure our compliance with any such laws or regulations in any applicable jurisdiction.

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If any person in the Cayman Islands knows or suspects or has reasonable grounds for knowing or suspecting that another person is engaged in criminal conduct or money laundering or is involved with terrorism or terrorist financing and property and the information for that knowledge or suspicion came to their attention in the course of business in the regulated sector, or other trade, profession, business or employment, the person will be required to report such knowledge or suspicion to (i) a nominated officer (appointed in accordance with the Proceeds of Crime Act (Revised) of the Cayman Islands) or the Financial Reporting Authority ("FRA") of the Cayman Islands, pursuant to the Proceeds of Crime Act (Revised) of the Cayman Islands if the disclosure relates to criminal conduct or money laundering, or (ii) a police constable or a nominated officer (pursuant to the Terrorism Act (Revised) of the Cayman Islands), pursuant to the Terrorism Act (Revised) of the Cayman Islands or the FRA, pursuant to the Terrorism Act (Revised) of the Cayman Islands, if the disclosure relates to involvement with terrorism or terrorist financing and property. Such a report shall not be treated as a breach of confidence or of any restriction upon the disclosure of information imposed by any enactment or otherwise.

**Data Protection in the Cayman Islands — Privacy Notice**

This privacy notice explains the manner in which the Company collects, processes and maintains personal data about investors of the company 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 ("DPA").

The Company is committed to processing personal data in accordance with the DPA. In its use of personal data, the Company will be characterized under the DPA as a "data controller", while certain of the Company's 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 the Company.

This privacy notice puts our shareholders on notice that, by virtue of making an investment in the Company, the Company and certain of the Company's 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 the Company 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 the Company is subject or (c) where the processing is for the purposes of legitimate interests pursued by the Company 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.

We anticipate that we will share your personal data with the Company's 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 the 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.

The Company 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 the Company, this will be relevant for those individuals and you should inform such individuals of the content.

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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 fulfills the Company's 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 the Company's 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 accessing their website here: ombudsman.ky.

**Differences in Corporate Law**

The Companies Act is modeled, to a large extent, after 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 United States corporations and their shareholders. Set forth below is a summary of some of the significant differences between the provisions of the Companies Act applicable to us and the laws applicable to companies incorporated in the State of Delaware.

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***Mergers and Similar Arrangements.*** The Companies Act permits merger and consolidations between Cayman Islands companies and between Cayman Islands companies and non-Cayman Islands companies provided that the laws of the foreign jurisdiction permit such merger or consolidation. 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 a "consolidation" means the combination of two or more constituent companies into a new consolidated company and the vesting of the undertaking, property and liabilities of such companies to the consolidated company.

In order to effect 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 special resolution of the shareholders of each constituent company, and such other authorization, if any, as may be specified in such constituent company's articles of association. A merger between a Cayman Islands parent company and its Cayman Islands subsidiary or subsidiaries does not require authorization by a resolution of shareholders of that Cayman Islands subsidiary if a copy of the plan of merger is given to every member of that Cayman Islands subsidiary to be merged unless that member agrees otherwise. For this purpose, a subsidiary is a company of which at least ninety percent (90%) of the issued shares entitled to vote are owned by the parent company.

The plan of merger or consolidation 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 and consolidation will be published in the Cayman Islands Gazette. Court approval is not required for a merger or consolidation effected in compliance with these statutory procedures. 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 Islands constituent company who dissents from the merger or consolidation is entitled to payment of the fair value of his or her 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.

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In addition, there are statutory provisions that facilitate the reconstruction and amalgamation of companies, provided that the arrangement is approved by seventy-five per cent in value of the members or class of members or creditors, as the case may be, that are present and voting either in person or by proxy at a meeting, or meetings, convened for that purpose. The convening of the meetings and subsequently the arrangement must be sanctioned by the Grand Court of the Cayman Islands. While a dissenting shareholder has the right to express to the court the view that the transaction ought not to be approved, the court can be expected to approve the arrangement if it determines that:

● the statutory provisions as to the required majority vote have been met;

● the shareholders have been fairly represented at the meeting in question and the statutory majority are acting bona fide without coercion of the minority to promote interests adverse to those of the class;

● the arrangement is such that may be reasonably approved by an intelligent and honest person of that class acting in respect of his or her interest; and

● the arrangement is not one that would more properly be sanctioned under some other provision of the Companies Act.

The Companies Act also contains a statutory power of compulsory acquisition that may facilitate the "squeeze out" of dissentient minority shareholders upon a takeover offer. When a takeover offer is made and accepted by holders of not less than 90.0% of the shares within four months after the making of the offer, the offeror may, within a two-month period commencing on the expiration of such four month period, give notice to require the holders of the remaining shares to transfer such shares on the terms of the offer. An objection can be made to the Grand Court of the Cayman Islands by a dissenting shareholder within one month from the date on which the notice was given, but this is unlikely to succeed in the case of an offer that has been so approved unless there is evidence of fraud, bad faith or collusion.

If an arrangement and reconstruction is thus approved, the dissenting shareholder would have no rights comparable to appraisal rights, which would otherwise ordinarily be available to dissenting shareholders of Delaware corporations, providing rights to receive payment in cash for the judicially determined value of the shares.

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***Shareholders' Suits.*** In principle, we will normally be the proper plaintiff to sue for a wrong done to us as a company, 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 court can be expected to follow and apply the common law principles (namely the rule in *Foss v. Harbottle* and the exceptions thereto) so that a non-controlling shareholder may be permitted to commence a class action against or derivative actions in the name of the company to challenge actions where:

● a company acts or proposes to act illegally or ultra vires and is therefore incapable of ratification by the shareholders;

● 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

● those who control the company are perpetrating a "fraud on the minority."

In the case of a company (not being a bank) having its share capital divided into shares, the Grand Court may, on the application of members holding not less than one fifth of the shares of the company in issue, appoint an inspector to examine the affairs of the company and to report thereon in such manner as the Grand Court shall direct.

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***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 directors and officers, 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 the consequences of committing a crime, or against the indemnified person's own fraud or dishonesty.

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Our Memorandum and Articles provide that to the extent permitted by law, we shall indemnify each existing or former director (including alternate director), secretary and other officer of us (including an investment adviser or an administrator or liquidator) and their personal representatives against:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all
actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or sustained by the existing or former director
(including alternate director), secretary or officer in or about the conduct of our business or affairs or in the execution or discharge
of the existing or former director's (including alternate director's), secretary's or officer's duties, powers,
authorities or discretions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) without
limitation to paragraph (a), all costs, expenses, losses or liabilities incurred by the existing or former director (including alternate
director), secretary or officer in defending (whether successfully or otherwise) any civil, criminal, administrative or investigative
proceedings (whether threatened, pending or completed) concerning us or our affairs in any court or tribunal, whether in the Cayman Islands
or elsewhere.

No such existing or former director (including alternate director), secretary or officer, however, shall be indemnified in respect of any matter arising out of his own dishonesty.

To the extent permitted by the Companies Act, we may make a payment, or agree to make a payment, whether by way of advance, loan or otherwise, for any legal costs incurred by an existing or former director (including alternate director), secretary or officer of the Company in respect of any matter identified in above on condition that the director (including alternate director), secretary or officer must repay the amount paid by us to the extent that we are ultimately found not liable to indemnify the director (including alternate director), secretary or officer for those legal costs. This standard of conduct is generally the same as permitted under the Delaware General Corporation Law for a Delaware corporation.

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 General Corporation 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.

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 and our amended and restated articles of association provide that our Shareholders may approve corporate matters by way of a unanimous written resolution signed by or on behalf of each shareholder who would have been entitled to vote on such matter at a general meeting without a meeting being held.

Under Cayman Islands law, the fiduciary duties owed by a director and officer include (a) a duty to act in good faith in what the director or officer believes to be in the best interests of the company as a whole, (b) a duty to exercise their powers for the purposes for which they were conferred and not for a collateral purpose, (c) a duty to avoid improperly fettering the exercise of future discretion, (d) a duty to avoid any conflict of interest between the director's duty to the company and the director's personal interests, and (e) a duty to exercise independent judgment. In addition to the above, directors also owe a duty of care which is not fiduciary in nature. 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 carrying out the same functions as are carried out by that director in relation to the company. 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.

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***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. The Companies Act and our Articles provide that shareholders may approve corporate matters by way of a unanimous written resolution signed by or on behalf of each shareholder who would have been entitled to vote on such matter at a general meeting without a meeting being held.

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***Shareholder Proposals.*** Under the Delaware General Corporation Law, a shareholder has the right to put any proposal before the annual meeting of shareholders, provided it complies with the notice provisions in the governing documents. A special meeting may be called by the board of directors or any other person authorized to do so in the governing documents, but shareholders may be precluded from calling special meetings.

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The Companies Act does not provide shareholders with any rights 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 Articles allow our shareholders holding in aggregate not less than ten percent of the rights to vote at such general meeting to requisition an extraordinary general meeting of our shareholders, in which case our board is obliged to convene an extraordinary general meeting and to put the resolutions so requisitioned to a vote at such meeting. Other than this right to requisition a shareholders' meeting, our Articles do not provide our shareholders with any other right to put proposals before annual general meetings or extraordinary general meetings. As an exempted Cayman Islands company, we may but are not obliged by law to call shareholders' annual general meetings.

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***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 Companies Act but our Articles 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.

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***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 Articles, directors may be removed with or without cause, by an ordinary resolution of our shareholders. 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 or her office by notice in writing to the company; (iv) without special leave of absence from our board, is absent from meetings of our board for a continuous period of six months; or (v) is removed from office pursuant to any other provisions of our Memorandum and Articles.

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***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.

The Cayman Islands 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 for a proper corporate purpose and not with the effect of constituting a fraud on the minority shareholders.

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***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.

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Under the Companies Act, a company may be wound up by either an order of the courts of the Cayman Islands, by a special resolution of its members or, if the company is unable to pay its debts as they fall due, 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. Under the Companies Act and our Articles, our Company may be dissolved, liquidated or wound up by a special resolution of our shareholders.

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***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 the Companies Act and our Articles, if our share capital is divided into more than one class of shares then, unless the terms on which a class of shares was issued state otherwise, we may vary the rights attached to any class with the written consent of not less than two-thirds of the issued shares of that class or with the sanction of a special resolution passed at a separate general 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, subject to any rights or restrictions for the time being attached to the shares of that class, be deemed to be varied by the creation, allotment or issue of further shares ranking *pari passu* with the existing issued shares of that class.

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***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. As permitted by the Companies Act, our Memorandum and Articles may only be amended by a special resolution of our shareholders.

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***Rights of Non-resident or Foreign Shareholders.*** There are no limitations imposed by our Memorandum and Articles 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 Memorandum and Articles governing the ownership threshold above which shareholder ownership must be disclosed.

**Memorandum and Articles of Association — CCP**

As of the date of this prospectus, the Group's and its consolidated foreign operating entities' respective memorandum and articles of association do not contain any wording from any charter of the CCP.

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**SHARES ELIGIBLE FOR FUTURE SALE**

Upon the completion of this Offering, we will have [●] Ordinary Shares (or [●] Ordinary Shares if the underwriter exercises its over-allotment option in full) outstanding. All of the Ordinary Shares sold in this Offering will be freely transferable by persons other than our "affiliates", as that term is defined in Rule 144 promulgated under the Securities Act, without restriction or further registration under the Securities Act.

Prior to this Offering, there has been no public market for our Ordinary Shares, and while we plan to apply to list our Ordinary Shares on Nasdaq, we cannot assure you that a regular trading market for our Ordinary Shares will develop or be sustained after this Offering. Future sales of substantial amounts of Ordinary Shares in the public market, or the perception that such sales may occur, could adversely affect the market price of our Ordinary Shares. Further, since a large number of our Ordinary Shares will not be available for sale shortly after this Offering because of the contractual and legal restrictions on resale described below, sales of substantial amounts of our Ordinary Shares in the public market after these restrictions lapse, or the perception that such sales may occur, could adversely affect the prevailing market price and our ability to raise equity capital in the future.

**Lock-up Agreements**

We have agreed not to, for a period of six (6) months after the date of closing of this Offering, offer, issue, sell, contract to sell, encumber, grant any option for the sale of, or otherwise dispose of, except in this Offering, any of our Ordinary Shares or securities that are substantially similar to our Ordinary Shares, including but not limited to any options or warrants to purchase our Ordinary Shares, or any securities that are convertible into or exchangeable for, or that represent the right to receive, our Ordinary Shares or any such substantially similar securities (other than pursuant to employee stock option plans existing on, or upon the conversion or exchange of convertible or exchangeable securities outstanding as of, the date such lock-up agreement was executed), without the prior written consent of the underwriter.

Furthermore, each of our directors and executive officers and shareholders holding 5% or more of the issued and outstanding Ordinary Shares has also entered into a similar lock-up agreement for a period of six (6) months after the date of closing of this Offering, subject to certain exceptions, with respect to our Ordinary Shares and securities that are substantially similar to our Ordinary Shares. Pursuant to such lock-up agreements, each of our directors, executive officers and shareholders holding 5% or more of the issued and outstanding Ordinary Shares has agreed, subject to limited exceptions set forth below, not to 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 Ordinary Shares or any securities convertible into or exercisable or exchangeable for Ordinary Shares, that transfers, in whole or in part, any of the economic consequences of ownership of our Ordinary Shares or such other securities for a period of six (6) months after the date of this Offering, without the prior written consent of the underwriter.

In addition, the five holders of less than 5% of our outstanding Ordinary Shares (the "Minor Shareholders") have agreed with the underwriters not to offer, sell, contract to sell, grant any option to purchase, or otherwise dispose of any of our Ordinary Shares or any securities convertible into or exercisable or exchangeable for our Ordinary Shares for a period of six (6) months after the date of this prospectus (the "Initial Lock-Up Period"). Upon the expiration of the Initial Lock-Up Period, the Ordinary Shares held by the Minor Shareholders will be released from the lock-up restrictions subject to a volume limitation for a subsequent period of six (6) months (the "Leak-Out Period"). During the Leak-Out Period, each Minor Shareholder is permitted to sell, transfer, or dispose of, in any single calendar month, a number of Ordinary Shares not to exceed one-sixth (1/6) of the total number of Ordinary Shares held by such Minor Shareholder immediately prior to the commencement of this Offering. This limit on the number of Ordinary Shares that each Minority Shareholder may sell, transfer, or dispose of, in any single calendar month, is non-cumulative; any portion of such limit not utilized in a given month will not carry over to any subsequent month.

Other than this Offering, we are not aware of any plans by any significant shareholders to dispose of significant numbers of our Ordinary Shares. However, one or more existing shareholders or owners of securities convertible or exchangeable into or exercisable for our Ordinary Shares 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 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.

**Rule 144**

All of our Ordinary Shares issued outstanding prior to this Offering are "restricted securities" 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 prospectus 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 90 days after the date of this prospectus, a person (or persons whose shares are aggregated) who is not deemed to have been an affiliate of ours at any time during the three months preceding a sale and who has beneficially owned our restricted securities within the meaning of Rule 144 for at least six (6) months would be entitled to sell an unlimited number of the restricted securities without registration under the Securities Act, subject to the availability of current public information about us, and will be entitled to sell restricted securities beneficially owned for at least one year without restriction.

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Persons who are our affiliates (including persons beneficially owning 10% or more of our issued and outstanding shares) and have beneficially owned our restricted securities for at least six months may sell within any three-month period a number of restricted securities that does not exceed the greater of the following:

● 1% of the number of Shares then outstanding; or

● the greater of 1% or the average weekly trading volume of our Ordinary Shares on the Nasdaq during the four calendar weeks preceding the filing of a notice on Form 144 with respect to the sale.

Such sales are also subject to manner-of-sale provisions, notice requirements and the availability of current public information about us.

**Rule 701**

Beginning 90 days after we became a reporting company, persons other than affiliates who purchased ordinary shares under a written compensatory plan or other written agreement executed prior to the completion of this Offering may be entitled to sell such shares in the United States in reliance on Rule 701 under the Securities Act, or Rule 701. Rule 701 permits affiliates to sell their Rule 701 shares under Rule 144 without complying with the holding period requirements of Rule 144.

Rule 701 further provides that non-affiliates may sell these shares in reliance on Rule 144 subject only to its manner-of-sale requirements. However, the Rule 701 shares would remain subject to any applicable lock-up arrangements and would only become eligible for sale when the lock-up period expires, if any.

**Regulation S**

Regulation S provides generally that sales made in offshore transactions are not subject to the registration or prospectus-delivery requirements of the Securities Act.

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**MATERIAL TAX CONSIDERATIONS**

 

*The following description is not intended to constitute a complete analysis of all tax considerations relating to the acquisition, ownership, and disposition of our Ordinary Shares. You should consult your own tax advisor concerning the tax considerations of your particular situation, as well as any tax consequences that may arise under the laws of any state, local, foreign, or other taxing jurisdiction.*

**Cayman Islands Taxation**

The following is a discussion on certain Cayman Islands income tax consequences of an investment in our securities. The discussion is a general summary of present law, which is subject to prospective and retroactive change. It is not intended as tax advice, does not consider any investor's particular circumstances, and does not consider tax consequences other than those arising under Cayman Islands law.

We have been advised by Ogier, our Cayman Islands legal counsel in their opinion that, payments of dividends and capital in respect of our securities 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 the securities nor will gains derived from the disposal of the securities be subject to Cayman Islands income or corporation tax.

We have been further advised by Ogier that the Cayman Islands currently levies no taxes on individuals or corporations based upon profits, income, gains or appreciation and there is no taxation in the nature of inheritance tax or estate duty. There are no other taxes likely to be material to 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. The Cayman Islands is a party to a double tax treaty entered into with the United Kingdom in 2010 but otherwise is not party to any double tax treaties. No stamp duty is payable in the Cayman Islands on transfer of shares of Cayman Islands companies except those who hold interests in land in the Cayman Islands.

**Hong Kong Taxation**

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***Profits Tax***

No tax is imposed in Hong Kong in respect of capital gains from the sale of property, such as our Ordinary Shares. Generally, gains arising from disposal of the Ordinary Shares which are held more than two years are considered capital in nature. However, trading gains from the sale of property by persons carrying on a trade, profession or business in Hong Kong where such gains are derived from or arise in Hong Kong from such trade, profession or business will be chargeable to Hong Kong profit tax. Liability for Hong Kong profits tax would therefore arise in respect of trading gains from the sale of Ordinary Shares realized by persons in the course of carrying on a business of trading or dealing in securities in Hong Kong where the purchase or sale contracts are effected (being negotiated, concluded and/or executed) in Hong Kong. Effective from April 1, 2018, profits tax is levied on a two-tiered profits tax rate basis, with the first HK$2 million of profits being taxed at 8.25% for corporations and 7.5% for unincorporated businesses, and profits exceeding the first HK$2 million being taxed at 16.5% for corporations and 15% for unincorporated businesses. In addition, Hong Kong does not impose withholding tax on gains derived from the sale of stock in Hong Kong companies and does not impose withholding tax on dividends paid outside of Hong Kong by Hong Kong companies. Accordingly, investors will not be subject to Hong Kong withholding tax with respect to a disposition of their Ordinary Shares or with respect to the receipt of dividends on their Ordinary Shares, if any. No income tax treaty relevant to the acquiring, withholding or dealing in the Ordinary Shares exists between Hong Kong and the United States.

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***Stamp duty***

Hong Kong stamp duty is generally payable on the transfer of "Hong Kong stocks". The term "stocks" refers to shares in companies incorporated in Hong Kong, as widely defined under the Stamp Duty Ordinance (Cap. 117 of the laws of Hong Kong), or SDO, and includes shares. However, our Ordinary Shares are not considered "Hong Kong stocks" under the SDO since the transfer of the Ordinary Shares are not required to be registered in Hong Kong given that the books for the transfer of Ordinary Shares are located in the United States. The transfer of Ordinary Shares is therefore not subject to stamp duty in Hong Kong. If Hong Kong stamp duty applies, both the purchaser and the seller are liable for the stamp duty charged on each of the sold note and bought note at the ad valorem rate of 0.1% on the higher of the consideration stated on the contract notes or the fair market value of the shares transferred. In addition, a fixed duty, currently of HK$5.00, is payable on an instrument of transfer.

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***Estate Duty***

The Revenue (Abolition of Estate Duty) Ordinance 2005 came into effect on February 11, 2006 in Hong Kong. No Hong Kong estate duty is payable and no estate duty clearance papers are needed for an application for a grant of representation in respect of holders of Ordinary Shares whose death occurs on or after February 11, 2006.

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***Certain Mainland China Tax Laws and Regulations Consideration***

 

*The Arrangement between Mainland China and Hong Kong for the Avoidance of Double Taxation and Prevention of Fiscal Evasion with Respect to Taxes on Income ("Double Tax Avoidance Arrangement")*

The National People's Congress of the PRC enacted the Enterprise Income Tax Law, which became effective on January 1, 2008 and last amended on December 29, 2018. According to Enterprise Income Tax Law and the Regulation on the Implementation of the Enterprise Income Tax Law, or the Implementing Rules, which became effective on January 1, 2008 and further amended on April 23, 2019, dividends generated after January 1, 2008 and payable by a foreign-invested enterprise in Mainland China to its foreign enterprise investors are subject to a 10% withholding tax, unless any such foreign enterprise investor's jurisdiction of incorporation has a tax treaty with the PRC that provides for a preferential withholding arrangement. According to the Notice of the State Administration of Taxation ("SAT") on Negotiated Reduction of Dividends and Interest Rates issued on January 29, 2008, revised on February 29, 2008, and the Arrangement between Mainland China and Hong Kong for the Avoidance of Double Taxation and Prevention of Fiscal Evasion with Respect to Taxes on Income, or Double Tax Avoidance Arrangement, the withholding tax rate in respect of the payment of dividends by a Mainland China enterprise to a Hong Kong enterprise may be reduced to 5% from a standard rate of 10% if the Hong Kong enterprise directly holds at least 25% of the Mainland China enterprise and certain other conditions are met, including: (i) the Hong Kong enterprise must directly own the required percentage of equity interests and voting rights in the Mainland China resident enterprise; and (ii) the Hong Kong enterprise must have directly owned such required percentage in the Mainland China resident enterprise throughout the 12 months prior to receiving the dividends. However, based on the Circular on Certain Issues with Respect to the Enforcement of Dividend Provisions in Tax Treaties issued on February 20, 2009 by the SAT, if the relevant PRC tax authorities determine, in their discretion, that a company benefits from such reduced income tax rate due to a structure or arrangement that is primarily tax-driven, such Mainland China tax authorities may adjust the preferential tax treatment; and based on the Announcement on Certain Issues with Respect to the "Beneficial Owner" in Tax Treaties issued by the SAT on February 3, 2018 and effective from April 1, 2018, if an applicant's business activities do not constitute substantive business activities, it could result in the negative determination of the applicant's status as a "beneficial owner", and consequently, the applicant could be precluded from enjoying the above-mentioned reduced income tax rate of 5% under the Double Tax Avoidance Arrangement.

We are an exempted company with limited liability incorporated under the laws of the Cayman Islands as holding company with all our operations conducted and all revenue generated by our Operating Subsidiary in Hong Kong. We do not have, nor do we currently intend to establish, any subsidiary in Mainland China or set up any establishment in Mainland China. We do not plan to enter into any contractual arrangements to establish a VIE structure with any entity in Mainland China, and none of our subsidiaries directly or indirectly holds any interests in any enterprises in Mainland China. We believe neither the Company, nor its subsidiaries, are subject to Enterprise Income Tax Law, Double Tax Avoidance Arrangement or any Mainland Chinese taxation law and regulations, nor these law and regulations have any impact on our business, operations or this Offering.

 

*Enterprise Income Tax Law*

The Enterprise Income Tax Law and the Implementing Rules impose a uniform 25% enterprise income tax rate to both foreign invested enterprises and domestic enterprises in Mainland China, except where tax incentives are granted to special industries and projects. Under the Enterprise Income Tax Law, an enterprise established outside PRC with "de facto management bodies" within Mainland China is considered a "resident enterprise" for Mainland China enterprise income tax purposes and is generally subject to a uniform 25% enterprise income tax rate on its worldwide income. The Notice Regarding the Determination of Chinese-Controlled Offshore Incorporated Enterprises as PRC Tax Resident Enterprises on the Basis of De Facto Management Bodies promulgated by the SAT and last amended on December 29, 2017 and the Announcement of the State Administration of Taxation on Issues concerning the Determination of Resident Enterprises Based on the Standards of Actual Management Institutions promulgated by the SAT on January 29, 2014 set out the standards used to classify certain Chinese invested enterprises controlled by Mainland China enterprises or Mainland China enterprise groups and established outside of China as "resident enterprises", which also clarified that dividends and other income paid by such Mainland China "resident enterprises" will be considered Mainland China source income and subject to Mainland China withholding tax, currently at a rate of 10%, when paid to non-Mainland China enterprise shareholders. This notice also subjects such Mainland China "resident enterprises" to various reporting requirements with the Mainland China tax authorities. Under the Implementing Rules, a "de facto management body" is defined as a body that has material and overall management and control over the manufacturing and business operations, personnel and human resources, finances and properties of an enterprise.

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On October 17, 2017, the SAT issued the Bulletin on Issues Concerning the Withholding of Non-PRC Resident Enterprise Income Tax at Source, or Bulletin 37, which replaced the Notice on Strengthening Administration of Enterprise Income Tax for Share Transfers by Non-PRC Resident Enterprises, issued by the SAT, on December 10, 2009, and partially replaced and supplemented by the rules under the Bulletin on Issues of Enterprise Income Tax on Indirect Transfers of Assets by Non-PRC Resident Enterprises, or Bulletin 7, issued by the SAT, on February 3, 2015. Under Bulletin 7, an "indirect transfer" of assets, including equity interests in a PRC resident enterprise, by non-PRC resident enterprises may be re-characterized and treated as a direct transfer of PRC taxable assets, if such arrangement does not have a reasonable commercial purpose and was established for the purpose of avoiding payment of PRC enterprise income tax. As a result, gains derived from such indirect transfer may be subject to PRC enterprise income tax. In respect of an indirect offshore transfer of assets of a Mainland China establishment, the relevant gain is to be regarded as effectively connected with the Mainland China establishment and therefore included in its enterprise income tax filing, and would consequently be subject to enterprise income tax at a rate of 25%. Where the underlying transfer relates to the immoveable properties in China or to equity investments in a PRC resident enterprise, which is not effectively connected to a Mainland China establishment of a non-resident enterprise, a PRC enterprise income tax at 10% would apply, subject to available preferential tax treatment under applicable tax treaties or similar arrangements, and the party who is obligated to make the transfer payments bears the withholding obligation. Pursuant to Bulletin 37, the withholding party shall declare and pay the withheld tax to the competent tax authority in the place where such withholding party is located within 7 days from the date of occurrence of the withholding obligation. Both Bulletin 37 and Bulletin 7 do not apply to transactions of sale of shares by investors through a public stock exchange where such shares were acquired from a transaction through a public stock exchange.

We are an exempted company with limited liability incorporated under the laws of the Cayman Islands as holding company with all our operations conducted and all revenue generated by our Operating Subsidiary in Hong Kong. We do not have, nor do we currently intend to establish, any subsidiary in Mainland China or set up any establishment in Mainland China. We do not plan to enter into any contractual arrangements to establish a VIE structure with any entity in Mainland China, and none of our subsidiaries directly or indirectly holds any interests in any enterprises in Mainland China. We believe neither the Company, nor its subsidiaries, are subject to Enterprise Income Tax Law, Double Tax Avoidance Arrangement or any Mainland Chinese taxation law and regulations, nor these law and regulations have any impact on our business, operations or this Offering.

**Material United States Federal Income Tax Considerations**

The following discussion is a summary of U.S. federal income tax considerations generally applicable to U.S. Holders (as defined below) of the ownership and disposition of our Ordinary Shares. This summary applies only to U.S. Holders that hold our Ordinary Shares as capital assets (generally, property held for investment) and that have the U.S. dollar as their functional currency. This summary is based on U.S. federal tax laws in effect as of the date of this prospectus, on U.S. Treasury regulations in effect or, in some cases, proposed as of the date of this prospectus, and judicial and administrative interpretations thereof available on or before such date. All of the foregoing authorities are subject to change, which could apply retroactively and could affect the tax consequences described below. No ruling has been sought from the Internal Revenue Service ("IRS") with respect to any U.S. federal income tax considerations described below, and there can be no assurance that the IRS or a court will not take a contrary position. Moreover, this summary does not address the U.S. federal estate, gift, backup withholding, and alternative minimum tax considerations, or any state, local, and non-U.S. tax considerations, relating to the ownership and disposition of our Ordinary Shares. The following summary does not address all aspects of U.S. federal income taxation that may be important to particular investors in light of their individual circumstances or to persons in special tax situations such as:

● financial institutions or financial services entities;

● underwriters;

● insurance companies;

● pension plans;

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● cooperatives;

● regulated investment companies;

● real estate investment trusts;

● grantor trusts;

● broker-dealers;

● traders that elect to use a mark-to-market method of accounting;

● governments or agencies or instrumentalities thereof;

● certain former U.S. citizens or long-term residents;

● tax-exempt entities (including private foundations);

● persons liable for alternative minimum tax;

● persons holding stock as part of a straddle, hedging, conversion or other integrated transaction;

● persons whose functional currency is not the U.S. dollar;

● passive foreign investment companies;

● controlled foreign corporations;

● the Company's officers or directors;

● holders who are not U.S. Holders;

● persons that actually or constructively own 5% or more of the total combined voting power of all classes of our voting stock; or

● partnerships or other entities taxable as partnerships for U.S. federal income tax purposes, or persons holding Ordinary Shares through such entities.

**PROSPECTIVE INVESTORS ARE URGED TO CONSULT THEIR OWN TAX ADVISORS REGARDING THE APPLICATION OF U.S. FEDERAL TAXATION TO THEIR PARTICULAR CIRCUMSTANCES, AND THE STATE, LOCAL, NON-U.S., OR OTHER TAX CONSEQUENCES OF THE OWNERSHIP AND DISPOSITION OF OUR ORDINARY SHARES.**

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

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

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

● an estate, the income of which is subject to U.S. federal income taxation regardless of its source; or

● a trust that (1) is subject to the primary supervision of a court within the United States and the control of one or more U.S. persons for all substantial decisions, or (2) has a valid election in effect under applicable U.S. Treasury regulations to be treated as a U.S. person.

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

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***Taxation of Dividends and Other Distributions on Our Ordinary Shares***

As discussed under "*Dividend Policy*" above, we do not anticipate that any dividends will be paid in the foreseeable future. Subject to the discussion below under "Passive Foreign Investment Company Rules," any cash distributions (including the amount of any PRC tax withheld) paid on our 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 the gross income of a U.S. Holder as dividend income on the day actually or constructively received by the U.S. Holder. Because we do not intend to determine our earnings and profits on the basis of U.S. federal income tax principles, any distribution we pay will generally be treated as a "dividend" for U.S. federal income tax purposes. A non-corporate U.S. Holder will be subject to tax on dividend income from a "qualified foreign corporation" at a lower applicable capital gains rate rather than the marginal tax rates generally applicable to ordinary income provided that certain holding period requirements are met. A non-U.S. corporation (other than a corporation that is classified as a PFIC for the taxable year in which the dividend is paid or the preceding taxable year) will generally be considered to be a qualified foreign corporation (i) if it is eligible for the benefits of a comprehensive tax treaty with the United States that the U.S. Secretary of Treasury determines is satisfactory for purposes of this provision and includes an exchange of information program, or (ii) with respect to any dividend it pays on stock that is readily tradable on an established securities market in the United States, including Nasdaq. It is unclear whether dividends that we pay on our Ordinary Shares will meet the conditions required for the reduced tax rate. However, in the event that we are deemed to be a PRC resident enterprise under the PRC Enterprise Income Tax Law, we may be eligible for the benefits of the United States-PRC income tax treaty. If we are eligible for such benefits, dividends we pay on our Ordinary Shares, would be eligible for the reduced rates of taxation described in this paragraph. You are urged to consult your tax advisor regarding the availability of the lower rate for dividends paid with respect to our Ordinary Shares. Dividends received on our Ordinary Shares will not be eligible for the dividends-received deduction allowed to corporations.

Dividends will generally be treated as income from foreign sources for U.S. foreign tax credit purposes and will generally constitute passive category income. Depending on the U.S. Holder's individual facts and circumstances, a U.S. Holder may be eligible, subject to a number of complex limitations, to claim a foreign tax credit not in excess of any applicable treaty rate in respect of any foreign withholding taxes imposed on dividends received on our Ordinary Shares. A U.S. Holder who does not elect to claim a foreign tax credit for foreign tax withheld may instead claim a deduction, for U.S. federal income tax purposes, in respect of such withholding, but only for a year in which such U.S. Holder elects to do so for all creditable foreign income taxes. The rules governing the foreign tax credit are complex and their outcome depends in large part on the U.S. Holder's individual facts and circumstances. Accordingly, U.S. Holders are urged to consult their tax advisors regarding the availability of the foreign tax credit under their particular circumstances.

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***Taxation of Sale or Other Disposition of Ordinary Shares***

Subject to the discussion below under "Passive Foreign Investment Company Rules," a U.S. Holder will generally recognize capital gain or loss upon the sale or other disposition of Ordinary Shares in an amount equal to the difference between the amount realized upon the disposition and the U.S. Holder's adjusted tax basis in such Ordinary Shares. Any capital gain or loss will be long term if the Ordinary Shares have been held for more than one year and will generally be U.S.-source gain or loss for U.S. foreign tax credit purposes. Long-term capital gains of non-corporate taxpayers are currently eligible for reduced rates of taxation. In the event that gain from the disposition of the Ordinary Shares is subject to tax in the PRC, such gain may be treated as PRC-source gain under the United States-PRC income tax treaty. The deductibility of a capital loss may be subject to limitations. U.S. Holders are urged to consult their tax advisors regarding the tax consequences if a foreign tax is imposed on a disposition of our Ordinary Shares, including the availability of the foreign tax credit under their particular circumstances.

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***Passive Foreign Investment Company 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 is attributable to assets that produce or are held for the production of passive income. For this purpose, cash and cash equivalents are categorized as passive assets and the company's goodwill and other unbooked intangibles are taken into account as non-passive assets. Passive income generally includes, among other things, dividends, interest, rents, royalties, and gains from the disposition of passive assets. We will be treated as owning a proportionate share of the assets and earning a proportionate share of the income of any other corporation in which we own, directly or indirectly, more than 25% (by value) of the stock.

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No assurance can be given as to whether we will be or may become a PFIC, as this is a factual determination made annually that will depend, in part, upon the composition of our income and assets. Furthermore, the composition of our income and assets may also be affected by how, and how quickly, we use our liquid assets and the cash raised in this Offering. Under circumstances where our revenue from activities that produce passive income significantly increase relative to our revenue from activities that produce non-passive income, or where we determine not to deploy significant amounts of cash for active purposes, our risk of becoming classified as a PFIC may substantially increase. In addition, because there are uncertainties in the application of the relevant rules, it is possible that the Internal Revenue Service may challenge our classification of certain income and assets as non-passive or our valuation of our tangible and intangible assets, each of which may result in our becoming a PFIC for the current or subsequent taxable years. If we were classified as a PFIC for any year during which a U.S. Holder held our Ordinary Shares, we generally would continue to be treated as a PFIC for all succeeding years during which such U.S. Holder held our Ordinary Shares even if we cease to be a PFIC in subsequent years, unless certain elections are made. Our U.S. counsel expresses no opinion with respect to our PFIC status for any taxable year.

If we are classified as a PFIC for any taxable year during which a U.S. Holder holds our Ordinary Shares, and unless the U.S. Holder makes a mark-to-market election (as described below), the U.S. Holder will generally be subject to special tax rules that have a penalizing effect, regardless of whether we remain a PFIC, on (i) any excess distribution that we make to the U.S. Holder (which generally means any distribution paid during a taxable year to a U.S. Holder that is greater than 125 percent of the average annual distributions paid in the three preceding taxable years or, if shorter, the U.S. Holder's holding period for the Ordinary Shares), and (ii) any gain realized on the sale or other disposition of Ordinary Shares. Under these rules,

● the U.S. Holder's gain or excess distribution will be allocated ratably over the U.S. Holder's holding period for the Ordinary Shares;

● the amount allocated to the current taxable year and any taxable years in the U.S. Holder's holding period prior to the first taxable year in which we are classified as a PFIC (each, a "pre-PFIC year"), will be taxable as ordinary income;

● the amount allocated to each prior taxable year, other than a pre-PFIC year, will be subject to tax at the highest tax rate in effect for individuals or corporations, as appropriate, for that year; and

● an additional tax equal to the interest charge generally applicable to underpayments of tax will be imposed in respect of the tax attributable to each prior taxable year, other than a pre-PFIC year, of the U.S. Holder.

If we are treated as a PFIC for any taxable year during which a U.S. Holder holds our Ordinary Shares, or if any of our subsidiaries is also a PFIC, such U.S. Holder would be treated as owning a proportionate amount (by value) of the shares of any lower-tier PFICs for purposes of the application of these rules. U.S. Holders are urged to consult their tax advisors regarding the application of the PFIC rules to any of our subsidiaries.

As an alternative to the foregoing rules, a U.S. Holder of "marketable stock" in a PFIC may make a mark-to-market election with respect to such stock, provided that such stock is "regularly traded" within the meaning of applicable U.S. Treasury regulations. If our Ordinary Shares qualify as being regularly traded, and an election is made, the U.S. Holder will generally (i) include as ordinary income for each taxable year that we are a PFIC the excess, if any, of the fair market value of Ordinary Shares held at the end of the taxable year over the adjusted tax basis of such Ordinary Shares and (ii) deduct as an ordinary loss the excess, if any, of the adjusted tax basis of the Ordinary Shares over the fair market value of such Ordinary Shares held at the end of the taxable year, but such deduction will only be allowed to the extent of the amount previously included in income as a result of the mark-to-market election. The U.S. Holder's adjusted tax basis in the Ordinary Shares would be adjusted to reflect any income or loss resulting from the mark-to-market election. If a U.S. Holder makes a mark-to-market election in respect of a corporation classified as a PFIC and such corporation ceases to be classified as a PFIC, the U.S. Holder will not be required to take into account the gain or loss described above during any period that such corporation is not classified as a PFIC. If a U.S. Holder makes a mark-to-market election, any gain such U.S. Holder recognizes upon the sale or other disposition of our Ordinary Shares in a year when we are a PFIC will be treated as ordinary income and any loss will be treated as ordinary loss, but such loss will only be treated as ordinary loss to the extent of the net amount previously included in income as a result of the mark-to-market election.

Because a mark-to-market election cannot be made for any lower-tier PFICs that we may own, a U.S. Holder may continue to be subject to the PFIC rules with respect to such U.S. Holder's 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.

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Furthermore, as an alternative to the foregoing rules, a U.S. Holder that owns stock of a PFIC generally may make a "qualified electing fund" election regarding such corporation to elect out of the PFIC rules described above regarding excess distributions and recognized gains. However, we do not 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 a U.S. Holder owns our Ordinary Shares during any taxable year that we are a PFIC, the U.S. Holder must generally file an annual Internal Revenue Service Form 8621 and provide such other information as may be required by the U.S. Treasury Department, whether or not a mark-to-market election is or has been made. If we are or become a PFIC, you should consult your tax advisor regarding any reporting requirements that may apply to you.

You should consult your tax advisors regarding how the PFIC rules apply to your investment in our Ordinary Shares.

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***Information Reporting and Backup Withholding***

Certain U.S. Holders are required to report information to the Internal Revenue Service relating to an interest in "specified foreign financial assets," including shares issued by a non-United States corporation, for any year in which the aggregate value of all specified foreign financial assets exceeds US$50,000 (or a higher dollar amount prescribed by the Internal Revenue Service), subject to certain exceptions (including an exception for shares held in custodial accounts maintained with a U.S. financial institution). These rules also impose penalties if a U.S. Holder is required to submit such information to the Internal Revenue Service and fails to do so.

In addition, dividend payments with respect to our Ordinary Shares and proceeds from the sale, exchange or redemption of our Ordinary Shares may be subject to additional 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 on IRS Form W-9 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. U.S. Holders are urged to consult their tax advisors regarding the application of the U.S. information reporting and backup withholding rules.

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. We do not intend to withhold taxes for individual shareholders. However, transactions effected through certain brokers or other intermediaries may be subject to withholding taxes (including backup withholding), and such brokers or intermediaries may be required by law to withhold such taxes.

**THE PRECEDING DISCUSSION OF U.S. FEDERAL TAX CONSIDERATIONS IS FOR GENERAL INFORMATION PURPOSES ONLY. IT IS NOT TAX ADVICE. EACH PROSPECTIVE INVESTOR SHOULD CONSULT ITS OWN TAX ADVISOR REGARDING THE PARTICULAR U.S. FEDERAL, STATE, LOCAL AND FOREIGN TAX CONSEQUENCES OF PURCHASING, HOLDING AND DISPOSING OF OUR ORDINARY SHARES, INCLUDING THE CONSEQUENCES OF ANY PROPOSED CHANGE IN APPLICABLE LAWS.**

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**ENFORCEABILITY OF CIVIL LIABILITIES**

We are incorporated under the laws of the Cayman Islands. Service of process upon us and upon our directors and officers , many of whom reside outside of the United States, may be difficult to obtain within the United States. Furthermore, because substantially all of our assets and a majority of our directors and officers are located outside the United States, any judgment obtained in the United States against us or any of our directors and officers may be difficult to collect within the United States.

We have irrevocably appointed Cogency Global Inc. as our agent to receive service of process in any action against us in any U.S. federal or state court arising out of this Offering or any purchase or sale of securities in connection with this Offering. The address of our agent is 122 East 42<sup>nd</sup> Street, 18<sup>th</sup> Floor, New York, NY 10168.

Ogier ("Ogier"), our counsel as to Cayman Islands law, has advised us that there is uncertainty as to whether the courts of the Cayman Islands would (1) recognize or enforce judgments of U.S. courts obtained against us or our directors or officers that are predicated upon the civil liability provisions of the federal securities laws of the United States or the securities laws of any state in the United States, or (2) entertain original actions brought in the Cayman Islands against us or our directors or officers that are predicated upon the federal securities laws of the United States or the securities laws of any state in the United States.

Ogier has informed us that the uncertainty with regard to Cayman Islands law relates to whether a judgment obtained from the United States courts under the civil liability provisions of the securities laws will be determined by the courts of the Cayman Islands as penal or punitive in nature. If such a determination is made, the courts of the Cayman Islands will not recognize or enforce the judgment against a Cayman Islands company. Because the courts of the Cayman Islands have yet to rule on whether such judgments are penal or punitive in nature, it is uncertain whether they would be enforceable in the Cayman Islands. Ogier has further advised us that a final and conclusive judgment in the federal or state courts of the United States under which a sum of money is payable, other than a sum payable in respect of taxes, fines, penalties or similar charges, may be subject to enforcement proceedings as a debt in the courts of the Cayman Islands under the common law doctrine of obligation.

In addition, Ogier has advised us that although there is no statutory recognition and enforcement in the Cayman Islands of judgments obtained in the United States, a judgment obtained in such jurisdiction may be recognized and enforced in the courts of the Cayman Islands in certain circumstances without any re-examination or re-litigation of matters adjudicated upon, provided such judgement: (i) is given by a foreign court of competent jurisdiction; (ii) imposes on the judgment debtor a liability to pay a liquidated sum for which the judgment has been given; (iii) is final; (iv) is not in respect of taxes, a fine or a penalty; (v) was not obtained by fraud; and (vi) is not of a kind the enforcement of which is contrary to natural justice or the public policy of the Cayman Islands. Subject to the above limitations, in appropriate circumstances, a Cayman Islands court may give effect in the Cayman Islands to other kinds of final foreign judgments such as declaratory orders, orders for performance of contracts and injunctions.

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| | | | |
|:---|:---|:---|:---|
| **Name** | **Position** | **Nationality** | **Residence** |
| Yujie CHEN | Chairman of the Board of Directors and Director | Chinese | Hong Kong |
| Wai Shing MAN | Chief Executive Officer and Director | Chinese | Hong Kong |
| Sing Hon LAM | Chief Financial Officer | Chinese | Hong Kong |
| [●] | Independent Director | [●] | [●] |
| [●] | Independent Director | [●] | [●] |
| [●] | Independent Director | [●] | [●] |

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**Hong Kong**

A majority of our directors and officers reside outside the United States in Hong Kong. We have been advised by David Fong & Co., Solicitors, our Hong Kong counsel, that there is uncertainty as to whether the courts of Hong Kong would (i) recognize or enforce judgments of United States courts obtained against us or our directors or officers predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States or (ii) entertain original actions brought in 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.

David Fong & Co., our counsel with respect to Hong Kong law, have advised us that judgment of United States courts will not be directly enforced in Hong Kong. There are currently no treaties or other arrangements providing for reciprocal enforcement of foreign judgments between Hong Kong and the United States. However, the common law permits an action to be brought upon a foreign judgment. That is to say, a foreign judgment itself may form the basis of a cause of action since the judgment may be regarded as creating a debt between the parties to it. In a common law action for enforcement of a foreign judgment in Hong Kong, the enforcement is subject to various conditions, including but not limited to, that the foreign judgment is a final judgment conclusive upon the merits of the claim, the judgment is for a liquidated amount in a civil matter and not in respect of taxes, fines, penalties, or similar charges, the proceedings in which the judgment was obtained were not contrary to natural justice, and the enforcement of the judgment is not contrary to public policy of Hong Kong. Such a judgment must be for a fixed sum and must also come from a "competent" court as determined by the private international law rules applied by the Hong Kong courts. The defenses that are available to a defendant in a common law action brought on the basis of a foreign judgment include lack of jurisdiction, breach of natural justice, fraud, and contrary to public policy. However, a separate legal action for debt must be commenced in Hong Kong in order to recover such debt from the judgment debtor.

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**UNDERWRITING**

We have entered into an underwriting agreement dated [●], 2026 with the underwriters named below, for which American Trust Investment Services Inc. is acting as representative of the underwriters (the "Representative"), with respect to the Ordinary Shares in this offering. The underwriters may retain other brokers or dealers to act as sub-agents on its behalf in connection with this offering and may pay any sub-agent a solicitation fee with respect to any securities placed by it. Subject to the terms and conditions of the underwriting agreement, we have agreed to issue and sell to the underwriters named below, and the underwriters have agreed, severally and not jointly, to purchase from us the number of shares set forth opposite the underwriter's name in the following table at the initial public offering price less the underwriting discounts set forth in the cover page of this prospectus:

---

| | |
|:---|:---|
| **Name** | **Number of <br> Ordinary <br> Shares** |
| American Trust Investment Services, Inc. |  |
| Total |  |

---

The underwriters are offering the Ordinary Shares subject to their acceptance of the 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 Ordinary Shares offered by this prospectus are subject to the approval of certain legal matters by their counsel and to certain other conditions. The underwriters are obligated to take and pay for all of the Ordinary Shares offered by this prospectus if any such shares are taken. However, the underwriters are not required to take or pay for the Ordinary Shares covered by the underwriters' over-allotment option described below.

The securities are offered by the underwriters as stated herein, subject to receipt and acceptance by them and subject to their right to reject any order in whole or in part. The underwriters have informed us that they do not intend to confirm sales to any accounts over which they exercise discretionary authority.

**Over-Allotment Option**

We have granted to the underwriters a 30-day option to purchase up to an aggregate of [\*] additional Ordinary Shares (or 15% of the number of Ordinary Shares offered in the offering) at the IPO price per Ordinary Share less underwriting discounts. The underwriters may exercise this option for 30 days from the closing of this offering solely to cover sales of Ordinary Shares by the underwriters in excess of the total number of Ordinary Shares set forth in the table above. To the extent the option is exercised, each underwriter will become obligated, subject to certain conditions, to purchase the same percentage of the additional shares as the number listed next to the underwriter's name in the preceding table bears to the total number of shares listed next to the names of all underwriters in the preceding table. If any of the additional Ordinary Shares are purchased, the underwriters will offer the additional Ordinary Shares at the IPO price of each Ordinary Share. If this option is exercised in full, the total price to the public will be US$[\*], underwriting discounts and commission will be US$[\*] and the net proceeds to us, before expenses will be US$[\*].

**Discounts, Advisory Fee, and Expenses**

The Company has agreed to pay the underwriters a cash fee equal to seven percent (7%) of the aggregate gross proceeds raised in this Offering. The Representative proposes initially to offer the Ordinary Shares to the public at the offering price set forth on the cover page of this prospectus and to dealers at those prices less the aforesaid fee ("underwriting discount") set forth on the cover page of this prospectus. The following table shows the price per share and total public offering price, underwriting discounts and commissions, and proceeds before expenses to us.

---

| | | | |
|:---|:---|:---|:---|
|  | **Per <br> Ordinary <br> Share** | **Total <br> Without <br> Exercise of <br> Over-<br> Allotment <br> Option** | **Total <br> With Full <br> Exercise of <br> Over-<br> Allotment <br> Option** |
| Initial public offering price<sup>(1)</sup> | US$ | US$ | US$ |
| Underwriters' discounts<sup>(2)</sup> |  |  |  |
| Proceeds, before expenses, to us | US$ | US$ | US$ |

---

(1) IPO price per share is assumed to be US$[●] per Ordinary Share, which is the midpoint of the estimated IPO price range set forth on the cover page of this prospectus.

(2) We have agreed to pay the Representative a
 discount equal to seven percent (7%) of the gross proceeds of this Offering.

The Company has agreed to pay reasonable and documented underwriters' accountable expenses of up to US$[●], which includes, without limitation, (A) reasonable fees of legal counsel incurred by the underwriters in connection with the Offering; (B) all third party due diligence include the cost of any background checks; (C) IPREO book-building and prospectus tracking software; (D) reasonable roadshow expenses; (E) preparation of bound volumes and Lucite cube mementos in such quantities as the underwriters including underwriter's U.S. & local counsel shall reasonably request, and (F) background check consultant. The expenses will be paid by the Company directly to the third party. We have paid the Representative a US$50,000 advance (the "Advance") to be credited against the accountable expenses actually incurred by the Representative upon the successful completion of this offering and reimbursed the Representative US$60,000 for their legal expenses. The Advance will be returned to the Company to the extent such out-of-pocket accountable expenses are not actually incurred, or are less than the advances in accordance with FINRA Rule 5110(g). The Representative may deduct from the net proceeds of the offering payable us at closing the expenses to be paid by us to the underwriters, less the expense advance.

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The Company has also agreed to pay the underwriter a non-accountable expense, equal to one percent (1%) of the gross proceeds received by us from the sale of the Ordinary Shares including shares sold pursuant to the exercise of the over-allotment option.

**Right of First Refusal**

Subject to our right to terminate the underwriting agreement for cause pursuant to FINRA Rule 5110(g)(5)(B), we have granted the Representative a right of first refusal, for a period of six (6) months from the closing of this offering, to provide investment banking services to the Company on an exclusive basis and on terms that are the same or more favorable to the Company comparing to terms offered to the Company by other underwriters/placement agents (the "Right of First Refusal"), which is exercisable in the Representative's sole discretion. For purposes of this Right of First Refusal, investment banking services shall include, without limitation, (a) acting as lead manager for any underwritten public offering in the United States; and (b) acting as placement agent or initial purchaser in connection with any private offering of securities of the Company in the United States.

**Tail Financing**

If within six (6) months from the effective date of termination or expiration of the engagement letter, the Company completes a public or private offering of its securities with any investor(s) introduced to the Company by the Representative during the term of the engagement letter, then the Company shall pay the Representative a tail fee equal to the compensation that would have been payable had the Representative participated in such transaction, provided that such investor(s) were first introduced to the Company by the Representative and documented in writing during the term of the engagement letter. This provision is intended to comply with FINRA Rule 5110(g)(5)(B). If the Company terminates the engagement letter for cause — defined as the Representative's material breach of its obligations or willful failure to perform the services contemplated herein — no tail fee (or other post-termination compensation) shall be payable. Any tail fee must be reasonable in relation to the underwriting or placement services originally contemplated and shall not exceed the cash fee rate set forth in the engagement letter. No tail fee is owed for any transaction consummated after the tail period.

**Determination of Offering Price**

Prior to this offering, there has been no public market for the Ordinary Shares. The initial public offering price was determined by negotiations between us and the underwriters. In determining the initial public offering price, the underwriter and we considered a number of factors, including:

● the information set forth in this prospectus and otherwise available to the underwriters;

● our prospects and the history and prospects for the industry in which we compete;

● an assessment of our management;

● our prospects for future earnings;

● the general condition of the securities markets at the time of this offering;

● the recent market prices of, and demand for, publicly traded securities of generally comparable companies; and

● other factors deemed relevant by the underwriters and us.

The initial public offering price set forth on the cover page of this prospectus is subject to change due to market conditions and other factors. Neither the underwriters nor we can assure investors that an active trading market will develop for our Ordinary Shares or that the Ordinary Shares will trade in the public market at or above the initial public offering price.

**Electronic Offer, Sale and Distribution of Ordinary Share**

A prospectus in electronic format may be made available on the web sites maintained by one or more underwriters, or selling group members, if any, participating in the Offering. The underwriters may agree to allocate a number of Ordinary Shares to underwriters and selling group members for sale to their online brokerage account holders. Internet distributions will be allocated by the Representative to underwriters and selling group members that may make internet distributions on the same basis as other allocations.

**Lock-up Agreements**

*The Company.* The Company has agreed or is otherwise contractually restricted for a period of six (6) months, after the date of closing of this Offering, without the prior written consent of the Representative not to directly or indirectly:

● issue, 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 any shares of the Ordinary Share or other capital stock or any securities convertible into or exercisable or exchangeable for the Ordinary Share or other capital stock;

● filing or causing the filing of any registration statement under the Securities Act with respect to any shares of Ordinary Share or other capital stock or any securities convertible into or exercisable or exchangeable for Ordinary Share or other capital stock, filed with the SEC after the closing date of this Offering; or

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● enter into any swap or other agreement, arrangement, hedge or transaction that transfers to another, in whole or in part, directly or indirectly, any of the economic consequences of ownership of Ordinary Share or other capital stock or any securities convertible into or exercisable or exchangeable for Ordinary Share or other capital stock, whether any such transaction is to be settled by delivery of the Ordinary Share or other capital stock, other securities, in cash or otherwise, or publicly announce an intention to do any of the foregoing.

*Directors*. All Minor Shareholders have agreed to enter into customary lock-up agreements with the underwriters pursuant to which they will not sell, transfer, or dispose of any of our Ordinary Shares for a period of six (6) months from the date of this Offering.

*Minor Shareholders*. All Minor Shareholders have also agreed to a lock-up agreement with the underwriters pursuant to which they will not sell, transfer, or dispose of any of our Ordinary Shares for a period of six (6) months from the date of this Offering. Following this initial six-month period, such Minor Shareholders will then be subject to a six-month leak-out restriction, during which they may sell no more than one-sixth (1/6) of the total number of shares held by such Minor Shareholder immediately prior to the commencement of this Offering, per calendar month. This orderly release of Ordinary Shares is intended to prevent excessive selling pressure on our Ordinary Shares immediately following the expiration of the lock-up period.

The lock-up agreements are subject to customary exceptions, including transfers:

● as a bona fide gift or gifts, or for charitable contributions;

● to any trust for the direct or indirect benefit of the lock-up party or the immediate family of the lock-up party;

● to a partnership, limited liability company, or other entity of which the lock-up party and/or the immediate family of the lock-up party are the only members or partners; or

● by operation of law, such as pursuant to a qualified domestic relations order or in connection with a divorce settlement.

In all cases, the transferees must agree to be bound by the terms of the lock-up agreement, and no public filing or announcement reporting the transfer is required or will be made.

There are no existing agreements between the underwriters and any person who will execute a lock-up agreement in connection with this Offering providing consent to the sale of shares prior to the expiration of the lock-up period. The lock up does not apply to the issuance of shares upon the exercise of rights to acquire Ordinary Shares pursuant to any existing stock option or the converting any of preferred convertible stock.

The Representative may in its sole discretion and at any time without notice release some or all of the Ordinary Shares subject to lock-up agreements prior to the expiration of the lock-up period. When determining whether or not to release shares from the lock-up agreements, the Representative will consider, among other factors, the security holder's reasons for requesting the release, the number of shares for which the release is being requested and market conditions at the time.

The foregoing does not purport to be a complete statement of the terms and conditions of the lock-up agreements. A form of the lock-up agreements are included as an exhibit to underwriting agreement filed as an exhibit to the registration statement of which this prospectus forms a part.

**Stabilization**

Prior to this Offering, there has been no public market for the Ordinary Shares. Consequently, the initial public offering price for the Ordinary Shares will be determined by negotiations among us and the Representative. Among the factors to be considered in determining the initial public offering price are the Company's results of operations, its current financial condition, its future prospects, its markets, the economic conditions in and future prospects for the industry in which the Company competes, its management and currently prevailing general conditions in the equity securities markets, including current market valuations of publicly traded companies considered comparable to the Company. Neither the Company nor the underwriters can assure investors that an active trading market will develop for the Ordinary Shares, or that Ordinary Shares will trade in the public market at or above the initial public offering price.

The Company plans to have the Ordinary Shares approved for listing on the Nasdaq Capital Market under the symbol "[●]."

In connection with the Offering the underwriters may engage in stabilizing transactions, over-allotment transactions, syndicate covering transactions, penalty bids and passive market making in accordance with Regulation M under the Securities Exchange Act of 1934, as amended (the "Exchange Act").

● Stabilizing transactions permit bids to purchase the underlying security so long as the stabilizing bids do not exceed a specified maximum.

● Over-allotment involves sales by the underwriter of the Ordinary Share in excess of the number of shares the underwriters are obligated to purchase, which creates a syndicate short position. The short position may be either a covered short position or a naked short position. In a covered short position, the number of shares over-allotted by the underwriters is not greater than the number of shares that they may purchase in the over-allotment option. In a naked short position, the number of shares involved is greater than the number of shares in the over-allotment option. The underwriters may close out any covered short position by either exercising their over-allotment option and/or purchasing shares in the open market.

● Syndicate covering transactions involve purchases of shares in the open market after the distribution has been completed in order to cover syndicate short positions. In determining the source of shares to close out the short position, the underwriters will consider, among other things, the price of the Ordinary Share available for purchase in the open market as compared to the price at which they may purchase shares through the over-allotment option. If the underwriters sell more shares than could be covered by the over-allotment option, a naked short position, the position can only be closed out by buying shares in the open market. A naked short position is more likely to be created if the underwriters are concerned that there could be downward pressure on the price of the shares in the open market after pricing that could adversely affect investors who purchase in the Offering.

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● Penalty bids permit the representatives to reclaim a selling concession from a syndicate member when the Ordinary Share originally sold by the syndicate member is purchased in a stabilizing or syndicate covering transaction to cover syndicate short positions.

● In passive market making, market makers in the shares who are the underwriters or prospective underwriter may, subject to limitations, make bids for or purchases of the Ordinary Share until the time, if any, at which a stabilizing bid is made.

These stabilizing transactions, syndicate covering transactions and penalty bids may have the effect of raising or maintaining the market price of the Ordinary Shares or preventing or retarding a decline in the market price of the Ordinary Shares. As a result, the price of the Ordinary Shares may be higher than the price that might otherwise exist in the open market. These transactions may be effected on the Nasdaq or otherwise, and, if commenced, may be discontinued at any time.

A prospectus in electronic format may be made available by e-mail or on the websites or through online services maintained by one or more of the underwriters or their affiliates. In those cases, prospective investors may view offering terms online and may be allowed to place orders online. The underwriters may agree with us to allocate a specific number of the Ordinary Shares for sale to online brokerage account holders. Any such allocation for online distributions will be made by the underwriters on the same basis as other allocations. Other than the prospectus in electronic format, the information on the underwriters' websites and any information contained in any other website maintained by any of the underwriters is not part of this prospectus, has not been approved and/or endorsed by us or the underwriters and should not be relied upon by investors.

**Passive Market Making**

In connection with this offering, underwriter, and selling group members may engage in passive market making transactions in our securities on 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 shares and extending through 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.

**Relationships**

The underwriters and their respective affiliates are full service financial institutions engaged in various activities, which may include securities trading, commercial and investment banking, financial advisory, investment management, principal investment, hedging, financing and brokerage activities. Certain of the underwriters and their respective 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 addition, in the ordinary course of their various business activities, the underwriters and their respective affiliates may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and financial instruments (which may include bank loans and/or credit default swaps) for their own account and for the accounts of their customers and may at any time hold long and short positions in such securities and instruments. Such investments and securities activities may involve securities and/or instruments of the Company or its affiliates. The underwriters and their affiliates may also make investment recommendations and/or publish or express independent research views in respect of such securities or financial instruments and may hold, or recommend to customers that they acquire, long and/or short positions in such securities and instruments.

The Company has agreed to indemnify the underwriters against certain liabilities, including liabilities under the Securities Act, or to contribute to payments the underwriters may be required to make because of any of those liabilities.

**Selling Restrictions**

Other than in the United States, no action has been taken by us or the underwriters that would permit a public offering of the securities offered by this prospectus in any jurisdiction where action for that purpose is required. The securities offered by this prospectus may not be offered or sold, directly or indirectly, nor may this prospectus or any other offering material or advertisements in connection with the offer and sale of any such securities be distributed or published in any jurisdiction, except under circumstances that will result in compliance with the applicable rules and regulations of that jurisdiction. Persons into whose possession this prospectus comes are advised to inform themselves about and to observe any restrictions relating to the Offering and the distribution of this prospectus. This prospectus does not constitute an offer to sell or a solicitation of an offer to buy any securities offered by this prospectus in any jurisdiction in which such an offer or a solicitation is unlawful.

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**Notice to Investors**

**Notice to Prospective Investors in the European Economic Area**

In relation to each member state of the European Economic Area, an offer of Ordinary Shares described in this prospectus may not be made to the public in that member state unless the prospectus has been approved by the competent authority in such member state or, where appropriate, approved in another member state and notified to the competent authority in that member state, all in accordance with the Prospectus Regulation, except that an offer to the public in that member state of any Ordinary Shares may be made at any time under the following exemptions under the Prospectus Regulation:

● to any legal entity which is a qualified investor as defined in the Prospectus Regulation;

● to fewer than 150 natural or legal persons (other than qualified investors as defined in the Prospectus Regulation), as permitted under the Prospectus Directive, subject to obtaining the prior consent of the relevant Dealer or Dealers nominated by us for any such offer; or

● in any other circumstances falling within Article 1(4) of the Prospectus Regulation, provided that no such offer of Ordinary Shares shall require us or any underwriter to publish a prospectus pursuant to Article 3 of the Prospectus Regulation or supplement a prospectus pursuant to Article 23 of the Prospectus Regulation.

For purposes of this provision, the expression an "offer of securities to the public" in any member state means the communication in any form and by any means of sufficient information on the terms of the offer and the Ordinary Shares to be offered so as to enable an investor to decide to purchase or subscribe for the Ordinary Shares and the expression "Prospectus Regulation" means Regulation (EU) 2017/1129.

The sellers of the Ordinary Shares have not authorized and do not authorize the making of any offer of the Ordinary Shares through any financial intermediary on their behalf, other than offers made by the underwriters with a view to the final placement of the Ordinary Shares as contemplated in this prospectus. Accordingly, no purchaser of the Ordinary Shares, other than the underwriters, is authorized to make any further offer of the Ordinary Shares on behalf of the sellers or the underwriters.

**Notice to Prospective Investors in the United Kingdom**

This prospectus is only being distributed to, and is only directed at, persons in the United Kingdom that are qualified investors as defined in the Prospectus Regulation that are also (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, or Order, or (ii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (each such person being referred to as a "relevant person"). This prospectus and its contents are confidential and should not be distributed, published or reproduced (in whole or in part) or disclosed by recipients to any other persons in the United Kingdom. Any person in the United Kingdom that is not a relevant person should not act or rely on this document or any of its contents.

**Notice to Prospective Investors in France**

Neither this prospectus nor any other offering material relating to the 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 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 Ordinary Shares has been or will be:

● released, issued, distributed or caused to be released, issued or distributed to the public in France; or

● used in connection with any offer for subscription or sale of the Ordinary Shares to the public in France.

Such offers, sales and distributions will be made in France only:

● to qualified investors (*investisseurs qualifiés*) and/or to a restricted circle of investors (*cercle restreint 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*;

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● to investment services providers authorized to engage in portfolio management on behalf of third parties; or

● 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 (*Règlement Général*) of the Autorité des Marchés Financiers, does not constitute a public offer (*appel public à l'épargne*).

The Ordinary Shares may be resold directly or indirectly, only in compliance with articles L.411-1, L.411-2, L.412-1 and L.621-8 through L.621-8-3 of the French Code monétaire et financier.

**Notice to Prospective Investors in Switzerland**

This document, as well as any other offering or marketing material relating to the Ordinary Shares which are the subject of the Offering contemplated by this prospectus, neither constitutes a prospectus pursuant to Article 652a or Article 1156 of the Swiss Code of Obligations nor a simplified prospectus as such term is understood pursuant to article 5 of the Swiss Federal Act on Collective Investment Schemes. Neither the Ordinary Shares nor the shares underlying the Ordinary Shares will be listed on the SIX Swiss Exchange and, therefore, the documents relating to the Ordinary Shares, including, but not limited to, this document, do not claim to comply with the disclosure standards of the listing rules of SIX Swiss Exchange and corresponding prospectus schemes annexed to the listing rules of the SIX Swiss Exchange.

**Notice to Prospective Investors in Australia**

This prospectus is not a formal disclosure document and has not been, nor will be, lodged with the Australian Securities and Investments Commission. It does not purport to contain all information that an investor or their professional advisers would expect to find in a prospectus or other disclosure document (as defined in the Corporations Act 2001 (Australia)) for the purposes of Part 6D.2 of the Corporations Act 2001 (Australia) or in a product disclosure statement for the purposes of Part 7.9 of the Corporations Act 2001 (Australia), in either case, in relation to the Ordinary Shares.

The Ordinary Shares are not being offered in Australia to "retail clients" as defined in sections 761G and 761GA of the Corporations Act 2001 (Australia). This Offering is being made in Australia solely to "wholesale clients" for the purposes of section 761G of the Corporations Act 2001 (Australia) and, as such, no prospectus, product disclosure statement or other disclosure document in relation to the securities has been, or will be, prepared.

This prospectus does not constitute an offer in Australia other than to wholesale clients. By submitting an application for the Ordinary Shares, you represent and warrant to us that you are a wholesale client for the purposes of section 761G of the Corporations Act 2001 (Australia). If any recipient of this prospectus is not a wholesale client, no offer of, or invitation to apply for, the Ordinary Shares shall be deemed to be made to such recipient and no applications for the Ordinary Shares will be accepted from such recipient. Any offer to a recipient in Australia, and any agreement arising from acceptance of such offer, is personal and may only be accepted by the recipient. In addition, by applying for the Ordinary Shares you undertake to us that, for a period of 12 months from the date of issue of the Ordinary Shares, you will not transfer any interest in the Ordinary Shares to any person in Australia other than to a wholesale client.

**Notice to Prospective Investors in Hong Kong**

The Ordinary Shares may not be offered or sold in Hong Kong 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 Ordinance (Cap. 32 of the Laws of Hong Kong), or (ii) to "professional investors" within the meaning of the Securities and Futures Ordinance (Cap. 571 of the 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 Ordinance (Cap. 32, Laws of Hong Kong) and no advertisement, invitation or document relating to the 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 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 of the Laws of Hong Kong) and any rules made thereunder.

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**Notice to Prospective Investors in Japan**

The Ordinary Shares offered in this prospectus have not been and will not be registered under the Financial Instruments and Exchange Law of Japan. The Ordinary Shares have not been offered or sold and will not be offered or sold, directly or indirectly, in Japan or to or for the account of any resident of Japan (including any corporation or other entity organized under the laws of Japan), except (i) pursuant to an exemption from the registration requirements of the Financial Instruments and Exchange Law and (ii) in compliance with any other applicable requirements of Japanese law.

**Notice to Prospective Investors in 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 Ordinary Shares may not be circulated or distributed, nor may the 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 (i) to an institutional investor under Section 274 of the Securities and Futures Act, Chapter 289 of Singapore (the "SFA"), (ii) to a relevant person pursuant to Section 275(1), or any person pursuant to Section 275(1A), and in accordance with the conditions specified in Section 275 of the SFA or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA, in each case subject to compliance with conditions set forth in the SFA.

Where the 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; or

● a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each beneficiary of the trust is an individual who is an accredited investor, shares, debentures and units of shares and debentures of that corporation or the beneficiaries' rights and interest (howsoever described) in that trust shall not be transferred within six months after that corporation or that trust has acquired the Ordinary Shares pursuant to an offer made under Section 275 of the SFA except:

● to an institutional investor (for corporations, under Section 274 of the SFA) or to a relevant person defined in Section 275(2) of the SFA, or to any person pursuant to an offer that is made on terms that such shares, debentures and units of shares and debentures of that corporation or such rights and interest in that trust are acquired at a consideration of not less than US$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, and further for corporations, in accordance with the conditions specified in Section 275 of the SFA;

● where no consideration is or will be given for the transfer; or

● where the transfer is by operation of law.

**Notice to Prospective Investors in Canada**

The Ordinary Shares may be sold 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 Ordinary Shares must be made in accordance with an exemption from, 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 for particulars of these rights or consult with a legal advisor.

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Pursuant to section 3A.3 (or, in the case of securities issued or guaranteed by the government of a non-Canadian jurisdiction, section 3A.4) of National Instrument 33-105 Underwriting Conflicts (NI 33-105), the underwriters are not required to comply with the disclosure requirements of NI 33-105 regarding underwriter conflicts of interest in connection with this Offering.

**Notice to Prospective Investors in the Cayman Islands**

This prospectus does not constitute a public offer of the Ordinary Shares, whether by way of sale or subscription, in the Cayman Islands. The Ordinary Shares have not been offered or sold, and will not be offered or sold, directly or indirectly, in the Cayman Islands.

**Notice to Prospective Investors in the PRC**

This prospectus has not been and will not be circulated or distributed in the PRC, and the 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 residents of the PRC except pursuant to applicable laws and regulations of the PRC. For the purposes of this paragraph, the PRC does not include Taiwan, Hong Kong or Macau.

**Notice to Prospective Investors in Taiwan**

The Ordinary 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 Ordinary Shares in Taiwan.

**Notice to Prospective Investors in 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 Centre 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.

**Notice to Prospective Investors in Kuwait**

Unless all necessary approvals from the Kuwait Ministry of Commerce and Industry required by Law No. 31/1990 "Regulating the Negotiation of Securities and Establishment of Investment Funds," its Executive Regulations and the various Ministerial Orders issued pursuant thereto or in connection therewith, have been given in relation to the marketing and sale of the Ordinary Shares, these may not be marketed, offered for sale, nor sold in the State of Kuwait. Neither this prospectus (including any related document), nor any of the information contained therein is intended to lead to the conclusion of any contract of whatsoever nature within Kuwait. Investors in Kuwait who approach us or any of the underwriters to obtain copies of this prospectus are required by us and the underwriters to keep such prospectus confidential and not to make copies thereof nor distribute the same to any other person in Kuwait and are also required to observe the restrictions provided for in all jurisdictions with respect to offering, marketing and the sale of the Ordinary Shares.

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**Notice to Prospective Investors in the United Arab Emirates**

The 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.

**Notice to Investors in the Dubai International Financial Centre**

This document relates to an Exempt Offer, as defined in the Offered Securities Rules module of the DFSA Rulebook, or the OSR, in accordance with the Offered Securities Rules of the Dubai Financial Services Authority. This document is intended for distribution only to Persons, as defined in the OSR, of a type specified in those rules. It must not be delivered to, or relied on by, any other Person. The Dubai Financial Services Authority has no responsibility for reviewing or verifying any documents in connection with Exempt Offers. The Dubai Financial Services Authority has not approved this document nor taken steps to verify the information set out in it, and has no responsibility for it. The Ordinary Shares to which this document relates may be illiquid and/or subject to restrictions on their resale. Prospective purchasers of the Ordinary Shares offered should conduct their own due diligence on the Ordinary Shares. If you do not understand the contents of this document, you should consult an authorized financial adviser.

**Notice to Prospective Investors in Saudi Arabia**

This prospectus may not be distributed in the Kingdom of Saudi Arabia except to such persons as are permitted under the Offers of Securities Regulations issued by the Capital Market Authority. The Capital Market Authority does not make any representation as to the accuracy or completeness of this prospectus, and expressly disclaims any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this prospectus. 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 prospectus, you should consult an authorized financial adviser.

The address of American Trust Investment Services, Inc. is 910 S. El Camino Real, Suite 200, San Clemente, CA 92672.

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**EXPENSES RELATED TO OFFERING**

The following table sets forth the costs and expenses other than underwriting discounts and commissions, payable by us in connection with the offer and sale of Ordinary Shares in this Offering. All amounts listed below are estimates except the SEC registration fee, Nasdaq listing fee and the Financial Industry Regulatory Authority ("FINRA") filing fee.

---

| | | |
|:---|:---|:---|
| **Itemized expense** | **Amount** | **Amount** |
| SEC registration fee | US$ | [●] |
| FINRA filing fee |  | [●] |
| Nasdaq listing fee |  | [●] |
| Printing and engraving expenses |  | [●] |
| Legal fees and expenses |  | [●] |
| Accounting fees and expenses |  | [●] |
| Advisory fees |  | [●] |
| Miscellaneous |  | [●] |
| Total | US$ | [●] |

---

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**LEGAL MATTERS**

We are being represented by Loeb & Loeb LLP with respect to certain legal matters of U.S. federal securities laws. The representatives of the underwriters, American Trust Investment Services, Inc., is being represented by DeMint Law, PLLC in connection with this Offering. The legal matters concerning this Offering relating to Cayman Islands law will be passed upon for us by Ogier. Certain legal matters as to Hong Kong law will be passed upon for us by David Fong & Co., Solicitors. Certain legal matters as to PRC law will be passed upon for us by China Commercial Law Firm.

**EXPERTS**

The consolidated financial statements for the years ended June 30, 2025 and 2024, included in this prospectus have been so included in reliance on the report of WWC, P.C., an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting. The office of WWC, P.C. is located at 2010 Pioneer Court, San Mateo, CA 94403.

**WHERE YOU CAN FIND ADDITIONAL INFORMATION**

We have filed with the SEC a registration statement on Form F-1 under the Securities Act relating to this Offering of our Ordinary Shares. This prospectus does not contain all of the information contained in the registration statement. The rules and regulations of the SEC allow us to omit certain information from this prospectus that is included in the registration statement. Statements made in this prospectus concerning the contents of any contract, agreement or other document are summaries of all material information about the documents summarized, but they are not complete descriptions of all terms of these documents. If we filed any of these documents as an exhibit to the registration statement, you may read the document itself for a complete description of its terms.

You may read and copy the registration statement, including the related exhibits and schedules, and any document we file with the SEC at its website at: *http://www.sec.gov*.

We are not currently subject to the informational requirements of the Exchange Act. Upon completion of this Offering, we will become subject to the information reporting requirements of the Exchange Act applicable to foreign private issuers and will fulfill the obligations of those requirements by filing reports with the SEC. As a foreign private issuer, we will be exempt from the rules under the Exchange Act relating to the furnishing and content of proxy statements, and our officers, directors, and principal shareholders will be exempt from the short-swing profit recovery provisions contained in Section 16 of the Exchange Act, and our principal shareholders will also be exempt from the reporting 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 financial statements with the SEC as frequently or as promptly as U.S. companies whose securities are registered under the Exchange Act. However, we intend to file with the SEC, within 120 days after the end of our fiscal year, or such applicable time as required by the SEC, an annual report on Form 20-F containing financial statements that will be audited and reported on, with an opinion expressed, by an independent registered public accounting firm. We also intend to file with the SEC reports on Form 6-K containing unaudited financial information for the first three quarters of each fiscal year.

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**JOYBYTE HOLDINGS LIMITED INDEX TO THE CONSOLIDATED FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
|  | **Page(s)** |
| [Report of Independent Registered Public Accounting Firm](#c_001) | F-2 |
| [Consolidated Balance Sheets as of June 30, 2025 and 2024](#f_001) | F-3 |
| [Consolidated Statements of Operations for the years ended June 30, 2025 and 2024](#f_002) | F-4 |
| [Consolidated Statements of Changes in Shareholders' Equity (Deficit) for the years ended June 30, 2025 and 2024](#f_003) | F-5 |
| [Consolidated Statements of Cash Flows for the years ended June 30, 2025 and 2024](#f_004) | F-6 |
| [Notes to Consolidated Financial Statements](#f_005) | F-7 |

---

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![](fin_002.jpg)

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To: The Board of Directors and Shareholders of <br> JoyByte Holdings Limited

**Opinion on the Financial Statements**

We have audited the accompanying consolidated balance sheets of JoyByte Holdings Limited and its subsidiaries (collectively the "Company") as of June 30, 2025 and 2024, and the related consolidated statements of operations, changes in shareholders' equity (deficit), and cash flows for each of the years in the two-year period ended June 30, 2025, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of June 30, 2025 and 2024, and the results of its operations and its cash flows for each of the years in the two-year period ended June 30, 2025, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the 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 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 financial statements. We believe that our audits provide a reasonable basis for our opinion.

*/s/ WWC, P.C.*

WWC, P.C.

Certified Public Accountants

PCAOB ID No.1171

San Mateo, California

September 23, 2025

We have served as the Company's auditor since June 9, 2025.

![](fin_003.jpg)

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**JOYBYTE HOLDINGS LIMITED<br> CONSOLIDATED BALANCE SHEETS<br> AS OF JUNE 30, 2025 AND 2024<br> (Stated in US Dollars)**

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** |  | **2024** |
| **ASSETS** |  |  |  |
| **Current assets** |  |  |  |
| Cash | $1945102 |  | $206768 |
| Accounts receivable, net | 345682 |  | 122386 |
| Prepaid expenses and other current assets, net | 152773 |  |  |
| **Total current assets** | **2443557** |  | **329154** |
| **Non-current assets** |  |  |  |
| Deferred tax assets |  |  | 47517 |
| Deferred initial public offering costs | 153457 |  |  |
| **Total non-current assets** | **153457** |  | **47517** |
| **TOTAL ASSETS** | $**2597014** |  | $**376671** |
| &nbsp;&nbsp;&nbsp;**LIABILITIES AND EQUITY (DEFICIT)** |  |  |  |
| **Current liabilities** |  |  |  |
| Accounts payable | $909608 |  | $218456 |
| Due to a director | 311106 |  | 294867 |
| Income tax payable | 153011 |  |  |
| **Total current liabilities** | **1373725** |  | **513323** |
| **Non-current liability** |  |  |  |
| Long-term debt |  |  | 108742 |
| **Total non-current liability** |  |  | **108742** |
| **TOTAL LIABILITIES** | **1373725** |  | **622065** |
| Commitments and contingencies (Note 15) |  |  |  |
| **Equity** |  |  |  |
| Ordinary shares, par value $0.00001 per share, 5,000,000,000 shares authorized; 10,000 shares issued and outstanding as of June 30, 2025 and 2024, respectively\* |  | \*\* |  |
| Subscription receivables |  |  | (384615) |
| Additional paid-in capital | 391025 |  | 391025 |
| Retained earnings (Accumulated deficit) | 832264 |  | (251804 |
| **Total shareholders' equity (deficit)** | **1223289** |  | **(245394** |
| **TOTAL LIABILITIES AND EQUITY** | $**2597014** |  | $**376671** |

---

 

*\** *Shares presented on a retroactive basis to reflect the Reorganization (see Note 8).*

 

*\*\** *Amount less than $1.*

 

*The accompanying notes are an integral part of these consolidated financial statements.*

 

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**JOYBYTE HOLDINGS LIMITED<br> CONSOLIDATED STATEMENTS OF OPERATIONS<br> FOR THE YEARS ENDED JUNE 30, 2025 AND 2024<br> (Stated in US Dollars)**

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Revenue** | $**2934765** | $**1130773** |
| **Cost of revenue** | **1531414** | **1340282** |
| **Gross profit (loss)** | **1403351** | **(209509)** |
| General and administrative expenses | 110626 | 9291 |
| **Total operating expenses** | **110626** | **9291** |
| **Operating income (loss)** | **1292725** | **(218800)** |
| Interest expense | 8129 | 8742 |
| **Income (loss) before taxes** | **1284596** | **(227542)** |
| Provision for (benefit from) income taxes | 200528 | (35894) |
| **Net income (loss)** | $**1084068** | $**(191648)** |
| Income (loss) per share – basic and diluted | $108.41 | $(19.16) |
| Basic and diluted weighted average shares outstanding\* | 10000 | 10000 |

---

 

*\** *Shares presented on a retroactive basis to reflect the Reorganization (see Note 8).*

 

*The accompanying notes are an integral part of these consolidated financial statements.*

 

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**JOYBYTE HOLDINGS LIMITED <br> CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (DEFICIT)<br> FOR THE YEARS ENDED JUNE 30, 2025 AND 2024<br> (Stated in US Dollars)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Ordinary Shares** | **Ordinary Shares** |  | | | | |
|  | **Number Of<br> issued\*** | **Amount\*** |  |<br>**Subscription<br> Receivables\*** | **Additional**<br>**Paid-in<br> Capital\*** |<br>**Accumulated<br> Deficit** |<br>**Total** |
| Balance, July 1, 2023 | 10000 | $— | \*\* | $(384615) | $391025 | $(60156) | $(53746) |
| Net loss |  |  |  |  |  | (191648) | (191648) |
| Balance, June 30, 2024 | 10000 | $— | \*\* | $(384615) | $391025 | $(251804) | $(245394) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Ordinary Shares** | **Ordinary Shares** |  | | | | |
|  | **Number Of<br> issued\*** | **Amount\*** |  |<br>**Subscription<br> Receivables\*** | **Additional**<br>**Paid-in Capital\*** | **(Accumulated<br> Deficit)**<br>**Retained<br> Earnings** |<br>**Total** |
| Balance, July 1, 2024 | 10000 | $— | \*\* | $(384615) | $391025 | $(251804) | $(245394) |
| Settlement of subscription receivables |  |  | \*\* | 384615 |  |  | 384615 |
| Net income |  |  |  |  |  | 1084068 | 1084068 |
| Balance, June 30, 2025 | 10000 | $— | \*\* | $— | $391025 | $832264 | $1223289 |

---

*\** *Shares presented on a retroactive basis to reflect the Reorganization (see Note 8).*

 

*\*\** *Amount less than $1.*

 

*The accompanying notes are an integral part of these consolidated financial statements.*

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**JOYBYTE HOLDINGS LIMITED <br> CONSOLIDATED STATEMENTS OF CASH FLOWS<br> FOR THE YEARS ENDED JUNE 30, 2025 AND 2024<br> (Stated in US Dollars)**

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Cash flows from operating activities:** |  |  |
| Net income (loss) | $1084068 | $(191648) |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allowance for expected credit loss | 1971 | 1039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred tax expense (benefit) | 47517 | (35894) |
| &nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (225219) | 38795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | (152821) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 691152 | 9663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest payable | (8742) | 8742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax payable | 153011 |  |
| &nbsp;&nbsp;&nbsp;**Net cash provided by (used in) operating activities** | **1590937** | **(169302)** |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Settlement of subscription receivables | 384615 |  |
| &nbsp;&nbsp;&nbsp;New borrowing raised |  | 100000 |
| &nbsp;&nbsp;&nbsp;Repayment of borrowing | (100000) |  |
| &nbsp;&nbsp;&nbsp;Advance from a director | 66239 | 1277 |
| &nbsp;&nbsp;&nbsp;Repayment to a director | (50000) |  |
| &nbsp;&nbsp;&nbsp;Payments of offering costs related to initial public offering | (153457) |  |
| &nbsp;&nbsp;&nbsp;**Net cash provided by financing activities** | **147397** | **101277** |
| **Net increase (decrease) in cash** | **1738334** | **(68025)** |
| Cash at beginning of the year | 206768 | 274793 |
| **Cash at end of the year** | $**1945102** | $**206768** |
| **Supplementary cash flows information:** |  |  |
| &nbsp;&nbsp;&nbsp;Interest paid | $16871 | $— |
| &nbsp;&nbsp;&nbsp;Listing fee paid | $153457 | $— |

---

*The accompanying notes are an integral part of these consolidated financial statements.*

 

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**JOYBYTE HOLDINGS LIMITED <br> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<br> FOR THE YEARS ENDED JUNE 30, 2025 AND 2024<br> (Stated in US Dollars)**

**<u>NOTE 1 — ORGANIZATION AND PRINCIPAL ACTIVITIES</u>**

JoyByte Holdings Limited ("JoyByte") was incorporated in the Cayman Islands ("Cayman") on February 17, 2025 as an investment holding company. JoyByte conducts its primary operations through its directly wholly owned subsidiary HongKong Grand Universe Technology Limited ("Grand Universe") which is incorporated and domiciled in Hong Kong, the People's Republic of China.

JoyByte wholly owns Success Wave Holdings Limited ("SW") an investment holding company that was incorporated in the British Virgin Islands ("BVI") on January 21, 2025. The primary purpose of SW is to hold Grand Universe.

JoyByte, through its indirectly wholly-owned subsidiary, Grand Universe, providing online mobile game publishing, payment solutions, and marketing promotion services to game developers through (i) distribution channels; and (ii) advertising agencies (collectively the "distribution platforms").

The following is an organization chart of the JoyByte and its subsidiary as of June 30, 2025:

![](fin_001.jpg)

As of June 30, 2025, the subsidiaries of JoyByte are detailed in the table as follows:

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| | | | |
|:---|:---|:---|:---|
| **Name of company** | **Place of<br> incorporation** | **Attributable<br> equity<br> interest (%)** | **Issued<br> capital** |
| Success Wave Holdings Limited | BVI | 100 | $1 |
| HongKong Grand Universe Technology Limited | Hong Kong | 100 | HK$50,000 |

---

<u>Reorganization</u>

The reorganization of the legal structure of the Company was completed on April 17, 2025, through a series of planned transactions, resulting in JoyByte becoming a direct subsidiary of Champion Wave Holdings Limited ("Champion Wave") and the holding company of the subsidiaries described below.

JoyByte was incorporated by an independent third party with 100% ownership on February 17, 2025. On March 7, 2025, Champion Wave, a company incorporated on January 21, 2025, by Yujie Chen with 100% ownership, acquired 100% of the equity interest in JoyByte from the independent third party for a total consideration of HK$300. At the time of acquisition, JoyByte was a dormant company with no business operations. On the same date, JoyByte allotted 9,999 ordinary shares at HK$300 per share to Champion Wave, for a total consideration of HK$3,000,000 (equivalent to $384,615).

SW was incorporated by Yujie Chen with 100% ownership on January 21, 2025. Grand Universe was incorporated by Yujie Chen with 100% ownership on February 7, 2023. On March 6, 2025, SW acquired 100% of the equity interest in Grand Universe from Yujie Chen for a total consideration of HK$1.

On April 3, 2025, Champion Wave transferred 44.5% of the equity interest in JoyByte to six independent third parties.

On April 17, 2025, JoyByte acquired 100% of the equity interest in SW from Yujie Chen for a total consideration of $1. As a result, SW and its wholly owned subsidiary, Grand Universe, became wholly owned subsidiaries of JoyByte.

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**JOYBYTE HOLDINGS LIMITED <br> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<br> FOR THE YEARS ENDED JUNE 30, 2025 AND 2024<br> (Stated in US Dollars)**

**<u>NOTE 1 — ORGANIZATION AND PRINCIPAL ACTIVITIES</u>** (cont.)

These transactions are collectively referred to as the "Reorganization".

Prior to April 17, 2025, Grand Universe, the operating subsidiary, was ultimately controlled by Yujie Chen, who collectively held 100% of the voting rights in the entity immediately before April 17, 2025. Following the transfer of 44.5% of JoyByte's equity interest to independent third parties on April 3, 2025, Yujie Chen's direct voting interest in JoyByte was reduced to 55.5%, while maintaining ultimate control over JoyByte, SW, and Grand Universe. The Reorganization was undertaken to transfer 100% ownership of Grand Universe to SW, with no change in ultimate control before and after the transaction.

Before and after the Reorganization, JoyByte, SW, and Grand Universe were ultimately controlled by the same controlling shareholder, who collectively held more than 50% of the voting rights in these entities. Accordingly, the Reorganization is accounted for as a common control transaction in accordance with ASC 805-50, as the same individual retained control both before and after the series of transactions.

The consolidation of the Company has been accounted for at historical cost and prepared on the basis that the aforementioned transactions had been effective from the beginning of the first period presented in the accompanying consolidated financial statements. The results of operations for the periods presented comprise those of the previously separate entities combined from the beginning of the period to the end of the period, eliminating the effects of intra-entity transactions.

<u>Principles of consolidation and basis of preparation</u>

The accompanying consolidated financial statements include the accounts of JoyByte and its subsidiary (collectively the "Company"). Management has eliminated all significant inter-company balances and transactions in preparing the accompanying consolidated financial statements.

Management has prepared the accompanying consolidated financial statements and these notes in accordance to generally accepted accounting principles in the United States ("US GAAP"). The Company maintains its general ledger and journals with the accrual method accounting.

**<u>NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</u>**

<u>Use of estimates</u>

The preparation of the consolidated financial statements in conformity with the US 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Management makes these estimates using the best information available when the calculations are made; however, actual results could differ materially from those estimates.

<u>General and administrative expenses</u>

General and administrative expenses include employee benefit expense, and other office expenses.

<u>Cash</u> 

Cash consists primarily of cash in accounts held at financial institutions.

<u>Lease</u>

ASC 842 generally requires lessees to recognize operating and finance lease liabilities and corresponding right-of-use ("ROU") assets on the consolidated balance sheets and to provide disclosures surrounding the amount, timing and uncertainty of cash flows arising from leasing arrangements. Leases that transfer substantially all of the benefits and risks incidental to the ownership of assets are accounted for as finance leases as if there was an acquisition of an asset and incurrence of an obligation at the inception of the lease. All other leases are accounted for as operating leases.

Lease terms used to calculate the present value of lease payments generally do not include any options to extend, renew, or terminate the lease, as the Company does not have reasonable certainty at lease inception that these options will be exercised. The Company generally considers the economic life of its operating lease ROU asset to be comparable to the useful life of similarly owned assets. The Company has elected the short-term lease exception, therefore operating lease ROU asset and liability do not include leases with a lease term of twelve months or less. Its leases generally do not provide a residual guarantee. The operating lease ROU asset also excludes lease incentives. Lease expense is recognized on a straight-line basis over the lease term. The Company also adopted the practical expedient that allows lessees to treat the lease and non-lease components of a lease as a single lease component. For the years ended June 30, 2025 and 2024, expense relating to short-term lease expense of $8,462 and nil was recognized in general and administrative expenses, respectively.

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**JOYBYTE HOLDINGS LIMITED <br> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<br> FOR THE YEARS ENDED JUNE 30, 2025 AND 2024<br> (Stated in US Dollars)**

**<u>NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</u>** (cont.)

<u>Commitments and contingencies</u>

In the normal course of business, the Company is subject to commitments and contingencies, including operating lease commitments, legal proceedings and claims arising out of its business that relate to a wide range of matters, such as government investigations and tax matters. The Company recognizes a liability for such contingency if it determines it is probable that a loss will occur, and a reasonable estimate of the loss can be made. The Company may consider many factors in making these assessments on liability for contingencies, including historical and the specific facts and circumstances of each matter.

<u>Related parties</u>

The Company adopted ASC 850, Related Party Disclosures, for the identification of related parties and disclosure of related party transactions.

In general, related parties exist when there is a relationship that offers the potential for transactions at less than arm's-length, favorable treatment, or the ability to influence the outcome of events different from that which might result in the absence of that relationship. A related party may be any of the following: a) an affiliate, which is a party that directly or indirectly controls, is controlled by, or is under common control with another party; b) a principle owner, owner of record or known beneficial owner of more than 10% of the voting interest of an entity; c) management, which are persons having responsibility for achieving objectives of the entity and requisite authority to make decision; d) immediate family of management or principal owners; e) a parent Company and its subsidiaries; and f) other parties that have ability to significant influence the management or operating policies of the entity. The Company discloses all significant related party transactions.

<u>Foreign currency</u>

The accompanying consolidated financial statements are presented in United States dollar ("$"). The functional currency of the Company and all its subsidiaries is also $.

Exchange gains and losses resulting from those foreign currency transactions denominated in a currency other than the functional currency are recorded in the consolidated statements of operations.

<u>Adoption of new accounting standard</u>

In November, 2023, the FASB issued Accounting Standards Update No. 2023-07, Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 amends ASC 280, Segment Reporting ("ASC 280") to expand segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the Company's chief operating decision maker ("CODM"), the amount and description of other segment items, the title and position of the CODM, and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. ASU 2023-07 further permits disclosure of more than one measure of segment profit or loss and extends the full disclosure requirements of ASC 280 to companies with single reportable segments. The Company adopted ASU 2023-07 on July 1, 2024, which was applied retrospectively to all prior periods presented. See Note 14 for further information.

<u>Accounts receivables, net</u>

Accounts receivable, net includes amounts billed under the contract terms. The amounts are stated at amortized cost less an allowance for expected credit loss as needed. The Company maintains an allowance for expected credit loss to provide for the estimated number of receivables that will not be collected. The Company assesses the allowance by pooling receivables that have similar risk characteristics and evaluates receivables individually when specific receivables no longer share those risk characteristics. The Company considers several factors in its estimate of the allowance, including knowledge of a client's financial condition, its historical collection experience, and other factors relevant to assessing the collectability of such receivables. Bad debts are written off against allowances.

<u>Deferred initial public offering ("IPO") costs</u>

Deferred IPO costs consist of costs incurred in connection with the Company's planned IPO in the United States. These costs, together with the underwriting discounts and commissions, will be charged to additional paid-in capital upon completion of the planned IPO or charged to consolidated statements of operations if the planned IPO is not completed. As of June 30, 2025 and 2024, the Company had deferred IPO costs of $153,457 and nil, respectively.

<u>Long-term debt</u>

Long-term debt is recognized initially at fair value less attributable transaction costs, if any. Subsequent to initial recognition, borrowing is stated at amortized cost with any difference between the amount initially recognized and redemption value being recognized in profit or loss over the period of the borrowing together with any interest and fees payable, using the effective interest method.

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

**JOYBYTE HOLDINGS LIMITED<br> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<br> FOR THE YEARS ENDED JUNE 30, 2025 AND 2024<br> (Stated in US Dollars)**

**<u>NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</u>** (cont.)

<u>Revenue recognition</u>

 

*Revenue from contracts with customers*

The Company follows the rules and guidance set out under ASC 606, when recognizing revenue from contracts with customers. The core principle of ASC 606 requires an entity to recognize revenues to depict the transfer of goods or services to customers in an amount that reflects the consideration that it expects to be entitled to receive in exchange for those goods or services recognized as performance obligations are satisfied. In accordance with ASC 606, revenues are recognized when the Company satisfies the performance obligations by delivering the promised services to the customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services. The following five steps are applied to achieve that core principle:

Step 1: Identify the contract with the customer

Step 2: Identify the performance obligations in the contract

Step 3: Determine the transaction price

Step 4: Allocate the transaction price to the performance obligations in the contract

Step 5: Recognize revenue when the company satisfies a performance obligation

The Company identifies each distinct service as a performance obligation. The recognition and measurement of revenues is based on the assessment of individual contract terms. The Company applies a practical expedient to expense costs as incurred for those suffered in order to obtain a contract with a customer when the amortization period would have been one year or less. The Company has no material incremental costs of obtaining contracts with customers that the Company expects the benefit of those costs to be longer than one year, which need to be recognized as assets. The Company has elected to apply the practical expedient in paragraph ASC 606-10-50-14 and does not disclose information about remaining performance obligations that have original expected durations of one year or less.

The Company markets and operates online games pursuant to business arrangements under which third-party game developers authorize the Company to conduct precision marketing, publishing and payment channel operation and/or brand development services through:

*(i) Distribution channels*

All the online games that the Company markets or operates are under free-to-play basis whereby the players can play the game free of charge and are charged for purchase of virtual items in the game. Such payments are generally non-refundable and non-cancellable.

The Company considers the game developer as the customer and regard itself as the agent of the game developer in dealing with the player of the game product because (i) the game developer is responsible for providing game products, and embracing the right to authorize the Company to provide services; (ii) the game developer is responsible for the development, upgrade, update and maintenance of the game; (iii) the game developer independently sets the prices of virtual items in the game, and is responsible for the generation, transfer, operation and destruction of virtual items; and (iv) the game developer is responsible for hosting and maintaining the game server.

Pursuant to the service agreements between the Company and the third-party game developer, the Company charges the game developer a service fee based on certain percentage of the amounts remitted by distribution channels (e.g., Apple App Store, Google Play) from player purchases. Revenue is recognized on a net basis, representing amounts received from the distribution channels after deducting the distribution channels' share and the developer's share, at the point in time when the players pay for purchase of the virtual items in the game and the consideration is reasonably estimable.

*(ii) Advertising agencies*

The online games also allow the placement of advertisements within mobile applications, arranged through advertising agencies such as Google and AppLovin.

The Company considers the game developer as the customer and acts as an agent in arranging for advertisement placement because (i) the game developer is responsible for providing advertising inventories, and embracing the right to authorize the Company to arrange advertisements; (ii) the game developer is responsible for the development, upgrade, update, and maintenance of the game to ensure that the advertisements can be properly displayed; (iii) the Company does not set advertisement prices, which are determined by the advertising agencies; and (iv) the game developer is responsible for hosting and maintaining the game server.

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

**JOYBYTE HOLDINGS LIMITED <br> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<br> FOR THE YEARS ENDED JUNE 30, 2025 AND 2024<br> (Stated in US Dollars)**

**<u>NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</u>** (cont.)

Pursuant to the service agreements between the Company and the third-party game developers, the Company charges the game developer a service fee based on certain percentage of the amounts remitted by the advertising agencies for advertisements displayed in the game. Revenue is recognized on a net basis, representing the Company's share after deducting the shares of the game developer and the advertising agency, at the point in time when the advertisement is displayed and the consideration is reasonably estimable.

<u>Costs of revenue</u>

The Company has contractual relationships with advertising agencies, advertising brokers, and directly with advertisers to display advertisements in software products. The Company expense advertising costs as incurred.

<u>Expected credit loss</u>

ASU No. 2016-13, Financial Instruments — Credit Losses: Measurement of Credit Losses on Financial Instruments (ASC 326) requires entities to use a current lifetime expected credit loss methodology to measure impairments of certain financial assets. Using this methodology will result in earlier recognition of losses than under the current incurred loss approach, which requires waiting to recognize a loss until it is probable of having been incurred. There are other provisions within the standard that affect how impairments of other financial assets may be recorded and presented, and that expand disclosures.

<u>Retirement benefits</u>

Retirement benefits in the form of mandatory government-sponsored defined contribution plans are charged to either expense as incurred.

<u>Income taxes</u>

The Company recognizes deferred income tax assets or liabilities for expected future tax consequences of events recognized in the consolidated financial statements or tax returns. Under this method, deferred income tax assets or liabilities are determined based upon the difference between the consolidated financial statements and income tax bases of assets and liabilities using enacted tax rates expected to apply when the differences settle or become realized. Valuation allowances are provided when it is more likely than not that a deferred tax asset is not realizable or recoverable in the future.

The Company determines that the tax position is more likely than not to be sustained and records the largest amount of benefit that is more likely than not to be realized when the tax position is settled. The Company recognizes interest and penalties, if any, related to uncertain tax positions in income tax expense.

<u>Income (loss) per share</u>

The Company computes income (loss) per share following ASC 260, Earnings per share. Basic income per share is measured as the income available to ordinary shareholders divided by the weighted average ordinary shares outstanding for the period. Diluted income per share presents the dilutive effect on a per-share basis from the potential conversion of convertible securities or the exercise of options and or warrants; the dilutive impacts of potentially convertible securities are calculated using the as-if method; the potentially dilutive effect of options or warranties are computed using the treasury stock method. Potentially anti-dilutive securities (i.e., those that increase income per share or decrease loss per share) are excluded from diluted income per share calculation. There were no potentially dilutive securities that were in-the-money that were outstanding for the years ended June 30, 2025 and 2024.

<u>Segment reporting</u>

ASC 280, Segment Reporting, establishes standards for reporting information about operating segments on a basis consistent with the Company's internal organizational structure as well as information about geographical areas, business segments and major customers in financial statements for detailing the Company's business segments.

The Company's CODM is the Chief Executive Officer, who reviews the financial information of each separate operating segment when making decisions about allocating resources and assessing the performance of the segment. The Company has determined that it has a single operating segment for purposes of allocating resources and evaluating financial performance.

ASC 280 requires a public entity to report a measure of segment profit or loss that the CODM uses to assess segment performance and make decisions about allocating resources. ASC 280 also requires other specified segment items and amounts, such as depreciation, amortization, and depletion expense, to be disclosed under certain circumstances. The amendments in ASU 2023-07 do not change or remove those disclosure requirements. The amendments in ASU 2023-07 also do not change how a public entity identifies its operating segments, aggregates those operating segments, or apply the quantitative thresholds to determine its reportable segments. The amendments in ASU 2023-07 are effective for years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, adopted retrospectively. Management considers that the guidance does not have a significant impact on the disclosures set out in these consolidated financial statements.

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

**JOYBYTE HOLDINGS LIMITED <br> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<br> FOR THE YEARS ENDED JUNE 30, 2025 AND 2024<br> (Stated in US Dollars)**

**<u>NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</u>** (cont.)

The Company's CODM assesses performance for the segment and decides how to allocate resources by regularly reviewing the segment net income that also is reported as consolidated net income on the consolidated statements of operations, after considering the Company's strategic priorities, its cash balance, and its expected use of cash. Further, the CODM reviews and utilizes functional expenses (i.e., general and administrative) at the consolidated level to manage the Company's operations. Other segment items included interest and income tax expenses, which are reflected in the segment and consolidated net income.

<u>Financial instruments</u>

The Company's financial instruments, including cash, accounts receivable, net, other current assets, net, accounts payable, amount due to a director, have carrying amounts that approximate their fair values due to their short maturities. ASC 820, Fair Value Measurement requires disclosing the fair value of financial instruments held by the Company. ASC 825, Financial Instruments defines fair value and establishes a three-level valuation hierarchy for disclosures of fair value measurement that enhances disclosure requirements for fair value measures.

The carrying amounts reported in the consolidated balance sheets for cash, accounts receivable, net, other current assets, net, accounts payable and amount due to a director, each qualify as financial instruments and are a reasonable estimate of their fair values because of the short period between the origination of such instruments and their expected realization. The three levels of valuation hierarchy are defined as follows:

---

| | |
|:---|:---|
| Level 1: | inputs to the valuation methodology used quoted prices for identical assets or liabilities in active markets. |
| Level 2: | inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets and information that are observable for the asset or liability, either directly or indirectly, for substantially the financial instrument's full term. |
| Level 3: | inputs to the valuation methodology are unobservable and significant to the fair value measurement. |

---

The Company analyzes all financial instruments with features of both liabilities and equity under ASC 480, Distinguishing Liabilities from Equity, and ASC 815, Derivatives and Hedging.

<u>Recent accounting pronouncements</u>

In December 2023, the FASB issued ASU 2023-09, Income Taxes (ASC 740): Improvements to Income Tax Disclosures ("ASU 2023-09"). The ASU requires the annual financial statements to include consistent categories and greater disaggregation of information in the rate reconciliation, and income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for public business entities for annual periods beginning after December 15, 2024, and interim periods within those annual periods; early adoption is permitted. Adoption is either with a prospective method or a fully retrospective method of transition. The Company plans to adopt ASU 2023-09 for the year beginning on July 1, 2025. The Company is currently evaluating the effect the updated guidance will have on its disclosures.

In November 2024, the FASB issued ASU No. 2024-03, Expense Disaggregation Disclosures ("ASU 2024-03"). ASU 2024-03 amends ASC 220, Income Statement – Reporting Comprehensive Income, to expand income statement expense disclosures and require disclosure in the notes to the consolidated financial statements of specified information about certain costs and expenses. ASU 2024-03 is required to be adopted for fiscal years commencing after December 15, 2026, with early adoption permitted. The Company is currently evaluating the impact of adopting the standard on the consolidated financial statements and related disclosures.

In January 2025, the FASB issued ASU 2025-01 Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40). The FASB issued ASU 2024-03 on November 4, 2024. ASU 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 ASU 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 ASU 2024-03 in an interim reporting period, rather than in an annual reporting period. The FASB's intent in the basis for conclusions of ASU 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. The Company is currently evaluating the impact of adopting the standard on the consolidated financial statements and related disclosures.

The Company does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the Company's consolidated balance sheets, statements of operations and statements of cash flows.

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

**JOYBYTE HOLDINGS LIMITED<br> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<br> FOR THE YEARS ENDED JUNE 30, 2025 AND 2024<br> (Stated in US Dollars)**

**<u>NOTE 3 — ACCOUNTS RECEIVABLE, NET</u>**

Accounts receivable, net consists of the following:

---

| | | |
|:---|:---|:---|
|  | **June 30,** | **June 30,** |
|  | **2025** | **2024** |
| Accounts receivable, gross | $349981 | $124762 |
| Less: allowance for expected credit loss | (4299) | (2376) |
| Total | $345682 | $122386 |

---

The movement of allowances for expected credit loss is as follow:

---

| | | |
|:---|:---|:---|
|  | **June 30,** | **June 30,** |
|  | **2025** | **2024** |
| Balance at beginning of the year | $(2376) | $(1337) |
| Provision | (1923) | (1039) |
| Ending balance | $(4299) | $(2376) |

---

**<u>NOTE 4 — PREPAID EXPENSES AND OTHER CURRENT ASSETS, NET</u>**

Prepaid expenses and other current assets, net consist of the following:

---

| | | |
|:---|:---|:---|
|  | **June 30,** | **June 30,** |
|  | **2025** | **2024** |
| Prepaid expenses | $150000 | $— |
| Deposit, gross | 2821 |  |
| Less: allowance for expected credit loss | (48) |  |
| Total | $152773 | $— |

---

The movement of allowances for expected credit loss is as follow:

---

| | | |
|:---|:---|:---|
|  | **June 30,** | **June 30,** |
|  | **2025** | **2024** |
| Balance at beginning of the year | $— | $— |
| Provision | (48) |  |
| Ending balance | $(48) | $— |

---

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

**JOYBYTE HOLDINGS LIMITED<br> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<br> FOR THE YEARS ENDED JUNE 30, 2025 AND 2024<br> (Stated in US Dollars)**

**<u>NOTE 5 — LONG-TERM DEBT</u>**

On October 9, 2023, the Company entered into an agreement with an independent third party to have a borrowing of $100,000 for operating purposes. The amount outstanding under the agreement bears interest at a rate of 12% per annum, unsecured and repayable in two years on October 8, 2025. No demand clause is included in the agreement.

For the years ended June 30, 2025 and 2024, interest expense of $8,129 and $8,742 was recognized in the consolidated statements of operations. The amount was early repaid on March 4, 2025 and there was no outstanding balance as of June 30, 2025.

The borrowing consists of the following as of June 30, 2025 and 2024:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Provider** | **Facility** | **Principal<br> amount** | **Issuance date** | **Expiration<br> date** | **Interest** | **June 30,** | **June 30,** |
|  |  |  |  |  |  | **2025** | **2024** |
| HongKong Kingboat Technology Limited | Term loan | $100000 | October 9, 2023 | October 8, 2025 | Annual interest rate of 12% | $— | $108742 |
| Amount classified as non-current liability |  |  |  |  |  | $— | $108742 |

---

**<u>NOTE 6 — CONCENTRATIONS OF RISK</u>**

 

<u>Customer concentrations</u>

For the years ended June 30, 2025 and 2024, the Company generated all of its revenues from three customers and one customer, respectively. None of these customers are related parties of the Company. For the years ended June 30, 2025 and 2024, there were two and one customers that each accounted for 10% or more of total revenues, respectively. Customers accounting for 10% or more of the Company's revenue were as follows:

---

| | | |
|:---|:---|:---|
|  | **For the years ended<br> June 30,** | **For the years ended<br> June 30,** |
|  | **2025** | **2024** |
| Customer A | 59.4% | 100.0% |
| Customer B | 39.7% | N/A\* |

---

\* Revenue from each of these customers was individually less than 10% of the total revenue of the Company, or the customer did not generate any revenue for the respective year.

As of June 30, 2025 and 2024, there were three and four distribution platforms each with accounts receivable accounting for 10% or more of the Company's total accounts receivable, respectively. The details are as follows:

---

| | | |
|:---|:---|:---|
|  | **June 30,** | **June 30,** |
|  | **2025** | **2024** |
| Platform A | 28.5% | 14.0% |
| Platform B | 18.9% | 19.3% |
| Platform C | 15.1% | N/A\* |
| Platform D | N/A\* | 11.3% |
| Platform E | N/A\* | 49.6% |

---

\* Accounts receivable from each of these distribution platforms was individually less than 10% of the total accounts receivable of the Company, or the distribution platform did not have any balance for the respective year.

**<u>NOTE 7 — DEFERRED IPO COSTS</u>**

Deferred IPO costs consist of the following:

---

| | | |
|:---|:---|:---|
|  | **June 30,** | **June 30,** |
|  | **2025** | **2024** |
| Legal fees | $99010 | $— |
| Accounting related fees | 26154 |  |
| Other miscellaneous fees | 28293 |  |
| Total | $153457 | $— |

---

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

**JOYBYTE HOLDINGS LIMITED<br> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<br> FOR THE YEARS ENDED JUNE 30, 2025 AND 2024<br> (Stated in US Dollars)**

**<u>NOTE 8 — EQUITY</u>**

 

<u>Ordinary shares</u>

The authorized and outstanding numbers of ordinary shares of JoyByte were 5,000,000,000 shares and 1 share, with a par value of $0.00001 each, at the date of incorporation, respectively.

JoyByte was a dormant company with no business operations. On March 7, 2025, 9,999 ordinary shares were allotted to JoyByte's then sole shareholder, Champion Wave, at a value of HK$300 each for a total consideration of HK$3,000,000 (equivalent to $384,615).

The allotment of these shares is considered as a part of the reorganization of the Company, which was retroactively applied as if the transaction occurred at the beginning of the period presented.

**<u>NOTE 9 — EMPLOYEE BENEFIT PLANS</u>**

 

<u>Hong Kong</u>

The Company has a defined contribution pension scheme for its qualifying employees. The scheme assets are held under a provident fund managed by an independent fund manager. The Company and its employees are each required to make contributions to the scheme calculated at 5% of the employees' basic salaries on monthly basis.

**<u>NOTE 10 — PROVISION FOR INCOME TAXES</u>**

 

<u>Cayman Islands</u>

The Company is not subject to tax on income or capital gains under current Cayman law. In addition, upon payments of dividends by these entities to their shareholders, no Cayman withholding tax will be imposed.

 

<u>Hong Kong</u>

Under the two-tiered profits tax rates regime, the first HK$2 million of the estimated assessable profits of the qualifying group entity will be taxed at 8.25%, and profits above HK$2 million will be taxed at 16.5%. The assessable profits of group entities not qualifying for the two-tiered profits tax rates regime will continue to be taxed at a flat rate of 16.5%.

Accordingly, the Hong Kong profits tax is calculated at 8.25% on the first HK$2 million of the estimated assessable profits and at 16.5% on the estimated assessable profits above HK$2 million.

The effective tax rates on income (loss) before income tax for the years ended June 30, 2025 and 2024 was 15.61% and 15.77%, respectively.

The current and deferred portions of the income tax expenses included in the consolidated statements of operations as determined in accordance with ASC 740 are as follows:

---

| | | |
|:---|:---|:---|
|  | **For the years ended<br> June 30,** | **For the years ended<br> June 30,** |
|  | **2025** | **2024** |
| Current taxes | $153011 | $— |
| Deferred taxes | 47517 | (35894) |
| Provision for (benefit from) income taxes | $200528 | $(35894) |

---

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

**JOYBYTE HOLDINGS LIMITED<br> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<br> FOR THE YEARS ENDED JUNE 30, 2025 AND 2024<br> (Stated in US Dollars)**

**<u>NOTE 10 — PROVISION FOR INCOME TAXES</u>** (cont.)

The following table reconciles statutory rate to effective tax rate:

---

| | | |
|:---|:---|:---|
|  | **For the years ended<br> June 30,** | **For the years ended<br> June 30,** |
|  | **2025** | **2024** |
| Hong Kong statutory income tax rate | 16.50% | 16.50% |
| &nbsp;&nbsp;&nbsp;– Non-deductible expenses | 0.77% | (0.73)% |
| &nbsp;&nbsp;&nbsp;– Tax reduction | (1.66)% | - |
| Effective tax rate | 15.61% | 15.77% |

---

<u>Deferred tax</u>

The Company measures deferred tax asset based on the difference between the consolidated financial statements and tax base of asset at the applicable tax rates. Components of the Company's deferred tax asset are as follows:

---

| | | |
|:---|:---|:---|
|  | **June 30,** | **June 30,** |
|  | **2025** | **2024** |
| **Deferred tax asset:** |  |  |
| Net operating loss carry forwards | $— | $47517 |
| Total deferred tax asset |  | 47517 |

---

Realization of the Company's deferred tax asset is dependent upon the Company generating sufficient taxable income in future years to obtain benefit from the reversal of temporary differences.

As of June 30, 2025, the Company has available net operating loss carry forwards of $287,983 from year ended June 30, 2024, and there is no tax loss carried forward incurred for year ended June 30, 2025 for Hong Kong profits tax purposes. All such losses may be carried forward indefinitely.

Uncertain tax positions are evaluated based upon the facts and circumstances that exist at each reporting period. Subsequent changes in judgment based upon new information may lead to changes in recognition, derecognition, and measurement. Adjustment may result, for example, upon resolution of an issue with the taxing authorities or expiration of a statute of limitations barring an assessment for an issue. As of June 30, 2025 and 2024, the Company has no uncertain tax positions.

The Company files income tax returns in Hong Kong. The Company's tax returns from inception through June 30, 2025 remain open and subject to examination. The Company is not currently under examination by any taxing authorities.

The Company's policy is to recognize interest and penalties related to income tax matters as a component of income tax expense. The Company has not recognized interest or penalties in its consolidated statements of operations since inception.

**<u>NOTE 11 — DISAGGREGATED REVENUES</u>**

 

<u>Disaggregated information of revenue by sources is as follows:</u>

 

---

| | | |
|:---|:---|:---|
| | **For the years ended<br> June 30,** | **For the years ended<br> June 30,** |
| <br>**Total revenues as of:** | **2025** | **2024** |
| Distribution channels | $378592 | $636572 |
| Advertising agencies | 2556173 | 494201 |
| Total | $2934765 | $1130773 |

---

 

<u>Disaggregated information of revenue by geographical area is as follows:</u>

 

For the years ended June 30, 2025 and 2024, all of the Company's revenues originated in the Asia Pacific region.

<u>Disaggregated information of revenue by service delivery method is as follows:</u>

For the years ended June 30, 2025 and 2024, all of the Company's services were delivered through mobile.

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

**JOYBYTE HOLDINGS LIMITED<br> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<br> FOR THE YEARS ENDED JUNE 30, 2025 AND 2024<br> (Stated in US Dollars)**

**<u>NOTE 12 — RISKS</u>**

A. Credit
 risk

<u>Accounts receivable, net</u>

In order to minimize the credit risk, the management of the Company has delegated a team responsible for determination of credit limits and credit approvals. Other monitoring procedures are in place to ensure that follow-up action is taken to recover overdue debts. Internal credit rating has been given to each category of debtors after considering aging, historical observed default rates and repayment history. Estimated loss rates are based on probability of default and loss given default with reference to an external credit report and are adjusted for reasonable and supportable forward-looking information that is available without undue costs or effort while credit-impaired trade balances were assessed individually. In this regard, the directors consider that the Company's credit risk is significantly reduced. The maximum potential loss of accounts receivable for the years ended June 30, 2025 and 2024 is $349,981 and $124,762, respectively.

<u>Bank balances</u>

The credit risk on liquid funds is limited because the counterparties are banks with high credit ratings assigned by international credit-rating agencies. The Company is exposed to concentration of credit risk on liquid funds which are deposited with several banks with high credit ratings. The Company maintains the bank accounts in Hong Kong. Cash balances in bank accounts in Hong Kong are insured under the Deposit Protection Scheme introduced by the Hong Kong Government for a maximum amount of $102,564 (HK$800,000). Cash balances in bank accounts in Hong Kong are not otherwise insured by the Federal Deposit Insurance Corporation or other programs.

<u>Other current assets</u>

The Company assessed the impairment for other current assets individually based on internal credit rating and ageing of these debtors which, in the opinion of the directors, have had no significant increase in credit risk since initial recognition. Based on the impairment assessment performed by the Company, the directors consider the loss allowance for other current assets as of June 30, 2025 and 2024 is $48 and nil, respectively.

B. Interest
 rate risk

<u>Cash flow interest rate risk</u>

The Company is exposed to cash flow interest rate risk through the changes in interest rates related mainly to the Company's variable-rates bank balances.

The Company currently does not have any interest rate hedging policy in relation to fair value interest rate risk and cash flow interest rate risk. The directors monitor the Company's exposures on an ongoing basis and will consider hedging the interest rate should the need arises.

<u>Sensitivity analysis</u>

Except for bank deposits grouped under cash in the consolidated balance sheets, the Company has no other significant floating interest-bearing assets or liabilities.

Since there is no floating interest-bearing borrowing in the Company, the cash flow interest rate risk is considered to be low. Therefore, its income and operating cash flows are substantially independent of changes in market interest rates and no sensitivity analysis has been presented.

C. Foreign
 currency risk

Foreign currency risk is the risk that the holding of foreign currency assets will affect the Company's financial position as a result of a change in foreign currency exchange rates.

The Company's monetary assets and liabilities are mainly denominated in $, which is the functional currency of the operating subsidiary. In the opinion of the directors of the Company, the currency risk of $ is considered insignificant. The Company currently does not resort to any foreign currency hedging facilities to eliminate the currency exposures. However, the directors closely monitor the related foreign currency exposure and will consider foreign currency hedging to mitigate foreign currency risk should the need arise.

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

**JOYBYTE HOLDINGS LIMITED<br> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<br> FOR THE YEARS ENDED JUNE 30, 2025 AND 2024<br> (Stated in US Dollars)**

**<u>NOTE 12 — RISKS</u>** (cont.)

D. Economic
 and political risks

The Company's operations are mainly conducted in Hong Kong. Accordingly, the Company's business, financial condition, and results of operations may be influenced by changes in the political, economic, and legal environments in Hong Kong.

The Company's operations in Hong Kong are subject to special considerations and significant risks not typically associated with companies in North America and Western Europe. These include risks associated with, among others, the political, economic and legal environment and foreign currency exchange. The Company's results may be adversely affected by changes in the political and social conditions in Hong Kong, and by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion, remittances abroad, and rates and methods of taxation, among other things.

E. Inflation
 risk

Management monitors changes in prices levels. Historically inflation has not materially impacted the Company's consolidated financial statements; however, significant increases in the price of labor that cannot be passed to the Company's customers could adversely impact the Company's results of operations.

**<u>NOTE 13 — RELATED PARTY TRANSACTIONS</u>**

A. Names and relationship of related parties

---

| | |
|:---|:---|
| **Name of related parties** | **Relationship with the Company** |
| Yujie Chen | A director of the Company since March 7, 2025, and is a beneficial shareholder, indirectly owning 55.5% of the equity interest in JoyByte through full ownership of Champion Wave. |
| Wai Shing Man | The chief executive officer of the Company since January 1, 2025. |
| Champion Wave | A controlling shareholder of JoyByte, owning 55.5% of its equity interest. |

---

B. Summary of balances with related parties

---

| | | |
|:---|:---|:---|
| | **June 30,** | **June 30,** |
| <br>**Amounts due to a director:** | **2025** | **2024** |
| Yujie Chen | $(311106) | $(294867) |
| **Total** | (311106) | (294867) |

---

As of June 30, 2025 and 2024, amounts due to the director of $311,106 and $294,867, respectively, represented the outstanding balances owed to Yujie Chen, the director and beneficial controlling shareholder of the Company. Amounts due to the director primarily represent advances for operational purposes of the Company. These balances are non-trade in nature, unsecured, non-interest bearing and repayable on demand. For the years ended June 30, 2025 and 2024, the Company received advances of $66,239 and $1,277, respectively, from Yujie Chen, and repaid $50,000 and nil, respectively, to Yujie Chen.

C. Summary of related party transactions

---

| | | |
|:---|:---|:---|
| | **For the years ended<br> June 30,** | **For the years ended<br> June 30,** |
| <br>**Employee benefit expense paid to senior management:** | **2025** | **2024** |
| Yujie Chen | $7692 | $— |
| Wai Shing Man | $7692 | $— |
| **Total** | $15384 | $— |

---

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

**JOYBYTE HOLDINGS LIMITED<br> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<br> FOR THE YEARS ENDED JUNE 30, 2025 AND 2024<br> (Stated in US Dollars)**

**<u>NOTE 14 — SEGMENT REPORTING</u>**

The Company uses the management approach in determining its operating segments. The Company's CODM has been identified as the chief executive officer, who reviews consolidated results when making decisions about allocating resources and assessing performance of the Company. For the purpose of internal reporting and management's operation review, the Company's chief executive officer does not segregate the Company's business by service lines. Management has determined that the Company has one operating segment, which is the provision of marketing and operation services of online games. The CODM assesses performance and decides how to allocate resources based on consolidated net income as reported on the consolidated statements of operations. Significant segment expenses and other segment items are consistent with the financial information included in the consolidated statements of operations. Substantially all of the Company's long-lived assets were derived in and located in Hong Kong.

Key financial performance measures of the segments are as follows:

---

| | | |
|:---|:---|:---|
|  | **For the years ended<br> June 30,** | **For the years ended<br> June 30,** |
|  | **2025** | **2024** |
| **Revenue** | $**2934765** | $**1130773** |
| **Cost of revenue** | **1531414** | **1340282** |
| **Gross profit (loss)** | **1403351** | **(209509)** |
| General and administrative expenses | 110626 | 9291 |
| **Total operating expenses** | **110626** | **9291** |
| **Operating income (loss)** | **1292725** | **(218800)** |
| Interest expense | 8129 | 8742 |
| **Income (loss) before taxes** | **1284596** | **(227542)** |
| Provision for (benefit from) income taxes | 200528 | (35894) |
| **Net income (loss)** | $**1084068** | $**(191648)** |

---

---

| | | |
|:---|:---|:---|
|  | **June 30,** | **June 30,** |
|  | **2025** | **2024** |
| **Total assets** | $2597014 | $376671 |
| **Total liabilities** | 1373725 | 622065 |
| **Net assets (liabilities)** | $1223289 | $(245394) |

---

**<u>NOTE 15 — COMMITMENTS AND CONTINGENCIES</u>**

<u>Contingencies</u>

In the ordinary course of business, the Company may be subject to legal proceedings regarding contractual and employment relationships and a variety of other matters. The Company records contingent liabilities resulting from such claims, when a loss is assessed to be probable, and the amount of the loss is reasonably estimable. In the opinion of management, there were no pending or threatened claims and litigation as of June 30, 2025 and 2024 through the issuance date of these consolidated financial statements.

**<u>NOTE 16 — SUBSEQUENT EVENTS</u>**

The Company evaluates subsequent events that have occurred after the balance sheet date but before the consolidated financial statements are issued. There are two types of subsequent events: (1) recognized, or those that provide additional evidence with respect to conditions that existed at the dates of the consolidated balance sheets, including the estimates inherent in the process of preparing the consolidated financial statements, and (2) non-recognized, or those that provide evidence with respect to conditions that did not exist at the date of the balance sheet but arose subsequent to that date. The Company has analyzed its operations subsequent to June 30, 2025 to the date of September 23, 2025, these consolidated financial statements were issued, and has determined that it does not have any material events to disclose.

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

**[**●**] ORDINARY SHARES**

**JOYBYTE HOLDINGS LIMITED**

PRELIMINARY PROSPECTUS

[●], 2025

American Trust Investment Services, Inc.

Until [●], 2026 (25 days after the date of this prospectus), all dealers that buy, sell or trade our securities, whether or not participating in this Offering, may be required to deliver a prospectus. This is in addition to the dealers' obligation to deliver a prospectus when acting as underwriters and with respect to their unsold allotments or subscriptions.

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

**PART II**

**INFORMATION NOT REQUIRED IN PROSPECTUS**

**Item 6. Exculpation, Insurance, and Indemnification of Office Holders (Including Directors and Officers).**

Cayman Islands law does not limit the extent to which a company's articles of association may provide indemnification of officers and directors, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to the public interest, such as providing indemnification against civil fraud or the consequences of committing a crime. Our articles of association provide that to the extent permitted by law, we shall indemnify each existing or former director (including alternate director), secretary and other officer of us (including an investment adviser or an administrator or liquidator) and their personal representatives against:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all
actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or sustained by the existing or former director
(including alternate director), secretary or officer in or about the conduct of our business or affairs or in the execution or discharge
of the existing or former director's (including alternate director's), secretary's or officer's duties, powers,
authorities or discretions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) without
limitation to paragraph (a), all costs, expenses, losses or liabilities incurred by the existing or former director (including alternate
director), secretary or officer in defending (whether successfully or otherwise) any civil, criminal, administrative or investigative
proceedings (whether threatened, pending or completed) concerning us or our affairs in any court or tribunal, whether in the Cayman Islands
or elsewhere.

No such existing or former director (including alternate director), secretary or officer, however, shall be indemnified in respect of any matter arising out of his own dishonesty.

To the extent permitted by the Companies Act, we may make a payment, or agree to make a payment, whether by way of advance, loan or otherwise, for any legal costs incurred by an existing or former director (including alternate director), secretary or officer of the Company in respect of any matter identified in above on condition that the director (including alternate director), secretary or officer must repay the amount paid by us to the extent that we are ultimately found not liable to indemnify the director (including alternate director), secretary or officer for those legal costs.

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.**

Set forth below is information regarding ordinary shares issued by us during the last three years. None of the below described transactions involved any underwriters, underwriting discounts and commissions or commissions, or any public offering.

On April 3, 2025, Champion Wave Holdings Limited entered into Sale and Purchase Agreements with Leading Best Global Limited and five other investors, respectively. Pursuant to the Sales and Purchase Agreements, Champion Wave Holdings Limited was to sell, and Leading Best Global Limited and five other investors were to acquire, 20.00%, 4.90%, 4.90%, 4.90%, 4.90% and 4.90% of the issued equity interests in JoyByte Holdings Limited, at the consideration of HK$600,000, HK$147,000, HK$147,000, HK$147,000, HK$147,000 and HK$147,000, respectively. On the same date, Champion Wave Holdings Limited executed the instrument of transfers whereby Champion Wave Holdings Limited transferred 2,000, 490, 490, 490, 490 and 490 Ordinary Shares, out of its 10,000 Ordinary Shares, to Leading Best Global Limited and five other investors, respectively. Subsequent to the transfers, JoyByte Holdings Limited is owned as to 5,550, 2,000, 490, 490, 490, 490 and 490 Ordinary Shares by Champion Wave Holdings Limited, Leading Best Global Limited and five other investors, respectively.

All of the foregoing issuances were made outside of the U.S. pursuant to Regulation S or to U.S. entities pursuant to Section 4(a)(2) of the Securities Act.

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

**Item 8. Exhibits and Financial Statement Schedules.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Exhibits

The exhibits of the registration statement are listed in the Exhibit Index to this registration statement and are incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&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 consolidated financial statements or the notes thereto.

**Item 9. Undertakings.**

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the SEC pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) To file a post-effective amendment to the registration statement to include any financial statements required by "Item 8.A. of Form 20-F" at the start of any delayed offering or throughout a continuous offering. Financial statements and information otherwise required by Section 10(a)(3) of the Act need not be furnished, provided that the registrant includes in the prospectus, by means of a post-effective amendment, financial statements required pursuant to this paragraph (4) and other information necessary to ensure that all other information in the prospectus is at least as current as the date of those financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) That, 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;&nbsp;&nbsp;&nbsp;&nbsp;(6) 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;&nbsp;&nbsp;&nbsp;&nbsp;(7) That, for the purpose of determining liability under the Securities Act to any purchaser:

Each prospectus filed by the registrant 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.

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

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 1.1\*\* | Form of Underwriting Agreement |
| 3.1\* | [Memorandum of Association and Articles of Association, as currently in effect](joybyteex3-1.htm) |
| 4.1\*\* | Specimen certificate evidencing Ordinary Shares |
| 5.1\*\* | Opinion of Ogier regarding the validity of the Shares being registered |
| 8.1\*\* | Opinion of Ogier as to certain Cayman Islands tax matters (included in Exhibit 5.1) |
| 10.1\*^ | [Employment Agreement between the registrant and Mr. Wai Shing MAN, registrant's Director and Chief Executive Officer](joybyteex10-1.htm) |
| 10.2\*^ | [Employment Agreement between the registrant and Mr. Sing Hon LAM, registrant's Chief Financial Officer](joybyteex10-2.htm) |
| 10.3\* | [Form of Director Agreement by and between the registrant and its non-Independent Directors](joybyteex10-3.htm) |
| 10.4\* | [Form of Independent Director Agreement by and between the registrant and its Independent Directors](joybyteex10-4.htm) |
| 10.5\*† | [Tenancy Agreement of Unit 1211, 12/F, One Midtown, 11 Hoi Shing Road, Tsuen Wan, Hong Kong dated December 31, 2024](joybyteex10-5.htm) |
| 10.6\*^ | [English Translation of Game Licensing Agreement with Guangzhou Qingzhou Information Technology Company Limited dated February 3, 2023](joybyteex10-6.htm) |
| 10.7\*^ | [English Translation of Game Licensing Agreement with Nexfun Company Limited dated July 1, 2024](joybyteex10-7.htm) |
| 10.8\*^ | [English Translation of Marketing Service Framework Agreement with Cloudtrons Century Co., Limited dated January 1, 2025](joybyteex10-8.htm) |
| 10.9\*†^ | [Advertisement Placement Contract with Bluemedia Pte. Ltd. dated March 1, 2023](joybyteex10-9.htm) |
| 10.10\*\* | Form of Lock-Up Agreement (included in Exhibit 1.1) |
| 10.11\* | [Form of Indemnification Agreement](joybyteex10-11.htm) |
| 14.1\* | [Form of Code of Business Conduct and Ethics](joybyteex14-1.htm) |
| 21.1\* | [List of subsidiaries of the Company](joybyteex21-1.htm) |
| 23.1\* | [Consent of WWC, P.C.](joybyteex23-1.htm) |
| 23.2\*\* | Consent of Ogier (included in Exhibit 5.1) |
| 23.3\* | [Consent of David Fong & Co., Solicitors (included in Exhibit 99.4)](joybyteex99-4.htm) |
| 23.4\* | [Consent of Migo Corporation Limited](joybyteex23-4.htm) |
| 23.5\* | [Consent of China Commercial Law Firm (included in Exhibit 99.5)](joybyteex99-5.htm) |
| 24.1\* | [Power of Attorney (included in the signature page to the Form F-1)](#p_001) |
| 99.1\* | [Form of Audit Committee Charter](joybyteex99-1.htm) |
| 99.2\* | [Form of Nominating Committee Charter](joybyteex99-2.htm) |
| 99.3\* | [Form of Compensation Committee Charter](joybyteex99-3.htm) |
| 99.4\* | [Opinion of David Fong & Co., Solicitors, as to certain Hong Kong Legal Matters](joybyteex99-4.htm) |
| 99.5\* | [Opinion of China Commercial Law Firm, as to certain PRC Legal Matters](joybyteex99-5.htm) |
| 99.6\* | [Form of Executive Compensation Recovery Policy](joybyteex99-6.htm) |
| 99.7\* | [Form of Insider Trading Policy](joybyteex99-7.htm) |
| 107\* | [Calculation of Filing Fee Table](joybyteex-fee.htm) |

---

---

| | |
|:---|:---|
| \* | Filed herewith. |
| \*\* | To be filed by amendment. |
| † | Certain schedules and exhibits to this Exhibit have been omitted pursuant to Regulation S-K Item 601(a)(5). The Registrant agrees to furnish supplementally a copy of any omitted schedule or exhibit to the SEC upon request. |
| ^ | Certain terms have been omitted pursuant to Regulation S-K Item 601(a)(6). The Registrant agrees to furnish supplementally a copy of any of the terms to the SEC upon request. |

---

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

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, 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 Hong Kong on January 27, 2026.

---

| | |
|:---|:---|
| **JOYBYTE HOLDINGS LIMITED** | **JOYBYTE HOLDINGS LIMITED** |
| By: | /s/ Wai Shing MAN |
| Name: | Wai Shing MAN |
| Title: | Chief Executive Officer |

---

**POWER OF ATTORNEY**

Each person whose signature appears below constitutes and appoints Mr. Wai Shing MAN, as attorney-in-fact with full power of substitution, for him or her in any and all capacities, to do any and all acts and all things and to execute any and all instruments that said attorney and agent may deem necessary or desirable to enable the registrant to comply with the Securities Act, and any rules, regulations and requirements of the SEC thereunder, in connection with the registration under the Securities Act of shares of the registrant (the "Shares"), including, without limitation, the power and authority to sign the name of each of the undersigned in the capacities indicated below to the Registration Statement on Form F-1 (the "Registration Statement") to be filed with the SEC with respect to such Shares, to any and all amendments or supplements to such Registration Statement, whether such amendments or supplements are filed before or after the effective date of such Registration Statement, to any related Registration Statement filed pursuant to Rule 462(b) under the Securities Act, and to any and all instruments or documents filed as part of or in connection with such Registration Statement or any and all amendments thereto, whether such amendments are filed before or after the effective date of such Registration Statement, and each of the undersigned hereby ratifies and confirms all that such attorney and agent shall do or cause to be done by virtue hereof.

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 dates indicated.

---

| | | |
|:---|:---|:---|
| **Signatures** | **Title** | **Date** |
| /s/ Wai Shing MAN | Director, Chief Executive Officer | January 27, 2026 |
| Wai Shing MAN | (Principal Executive Officer) |  |
| /s/ Yujie CHEN | Chairman of the Board of Directors, | January 27, 2026 |
| Yujie CHEN | Director |  |
| /s/ Sing Hon LAM | Chief Financial Officer | January 27, 2026 |
| Sing Hon LAM | (Principal Accounting and Financial Officer) |  |

---

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

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

Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant's duly authorized representative has signed this registration statement on Form F-1 in New York, NY on January 27, 2026.

---

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

---

## Exhibit 3.1

**Exhibit 3.1**

Date 17 February 2025

**Companies Act (Revised)**

**Company Limited by Shares**

**MEMORANDUM OF ASSOCIATION<br> OF<br> JOYBYTE HOLDINGS LIMITED**

![](ex3-1_001.jpg)

**Companies Act (Revised)**

**Company Limited by Shares**

**Memorandum of Association**

**of**

**JoyByte Holdings Limited**

---

| | |
|:---|:---|
| 1 | The name of the Company is **JoyByte Holdings Limited**. |

---

2 The Company's registered office will be situated at the office of Ogier Global (Cayman) Limited, 89 Nexus Way, Camana Bay, Grand Cayman, KY1-9009, Cayman Islands or at such other place in the Cayman Islands as the directors may at any time decide.

3 The Company's objects are unrestricted. As provided by section 7(4) of the Companies Act (Revised), the Company has full power and authority to carry out any object not prohibited by any law of the Cayman Islands.

4 The Company has unrestricted corporate capacity. Without limitation to the foregoing, as provided by section 27 (2) of the Companies Act (Revised), the Company has and is capable of exercising all the functions of a natural person of full capacity irrespective of any question of corporate benefit.

5 Nothing in any of the preceding paragraphs permits the Company to carry on any of the following businesses without being duly licensed, namely:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
business of a bank or trust company without being licensed in that behalf under the Banks and Trust Companies Act (Revised); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) insurance
business from within the Cayman Islands or the business of an insurance manager, agent, sub-agent or broker without being licensed in
that behalf under the Insurance Act (Revised);or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
business of company management without being licensed in that behalf under the Companies Management Act (Revised).

---

| | |
|:---|:---|
| 6 | The Company will not trade in the Cayman Islands with any person, firm or corporation except in furtherance of its business carried on outside the Cayman Islands. Despite this, the Company may effect and conclude contracts in the Cayman Islands and exercise in the Cayman Islands any of its powers necessary for the carrying on of its business outside the Cayman Islands. |

---

---

| | |
|:---|:---|
| 7 | The Company is a company limited by shares and accordingly the liability of each member is limited to the amount (if any) unpaid on that member's shares. |

---

---

| | |
|:---|:---|
| 8 | The share capital of the Company is US$50,000 divided into 5,000,000,000 shares of US$0.00001 each. Other than as set out in the preceding sentence, there is no limit on the number of shares of any class which the Company is authorised to issue. However, subject to the Companies Act (Revised) and the Company's articles of association, the Company has power to do any one or more of the following: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) redeem
or repurchase any of its shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) increase
or reduce its capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) issue
any part of its capital (whether original, redeemed, increased or reduced):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with
or without any preferential, deferred, qualified or special rights, privileges or conditions; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) subject
to any limitations or restrictions

and unless the condition of issue expressly declares otherwise, every issue of shares (whether declared to be ordinary, preference or otherwise) is subject to this power; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) alter
any of those rights, privileges, conditions, limitations or restrictions.

9 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.

We, the subscriber to this memorandum of association, wish to be formed into a company pursuant to this memorandum; and we agree to take the number of shares in the capital of the Company shown opposite our name in the table below.

Dated 17 February 2025

---

| | | |
|:---|:---|:---|
| **Name and address of Subscriber** | **Number of <br> shares taken** | **Signature** |
| Ogier Global Subscriber (Cayman) Limited<br> 89 Nexus Way<br> Camana Bay<br> Grand Cayman, KY1-9009<br> Cayman Islands | 1 Ordinary Share | <br> Per: __________________<br> Name: <br> Authorised Signatory |
| **Witness to above signature** | <br> ____________________<br> Name: <br>Ogier Global (Cayman) Limited<br> 89 Nexus Way<br> Camana Bay<br> Grand Cayman, KY1-9009<br> Cayman Islands<br>Occupation: Administrator | <br> ____________________<br> Name: <br>Ogier Global (Cayman) Limited<br> 89 Nexus Way<br> Camana Bay<br> Grand Cayman, KY1-9009<br> Cayman Islands<br>Occupation: Administrator |

---

---

| |
|:---|
| &nbsp;&nbsp;Dated 17 February 2025 |
| &nbsp;&nbsp; **Companies Act (Revised)**<br>**Company Limited By Shares** |
| &nbsp;&nbsp;**<br> articles of association<br> of<br> JoyByte Holdings Limited** |

---

![](ex3-1_002.jpg)

**Contents**

---

| | |
|:---|:---|
| **1 Definitions, interpretation and exclusion of Table A** | **1** |
| Definitions | 1 |
| Interpretation | 4 |
| Exclusion of Table A Articles | 5 |
| **2 Shares** | **5** |
| Power to issue Shares and options, with or without special rights | 5 |
| Power to issue fractions of a Share | 6 |
| Power to pay commissions and brokerage fees | 6 |
| Trusts not recognised | 7 |
| Security interests | 7 |
| Power to vary class rights | 7 |
| Effect of new Share issue on existing class rights | 7 |
| No bearer Shares or warrants | 8 |
| Treasury Shares | 8 |
| Rights attaching to Treasury Shares and related matters | 8 |
| Register of Members | 8 |
| Annual Return | 9 |
| **3 Share certificates** | **9** |
| Issue of share certificates | 9 |
| Renewal of lost or damaged share certificates | 10 |
| **4 Lien on Shares** | **10** |
| Nature and scope of lien | 10 |
| Company may sell Shares to satisfy lien | 10 |
| Authority to execute instrument of transfer | 11 |
| Consequences of sale of Shares to satisfy lien | 11 |
| Application of proceeds of sale | 12 |
| **5 Calls on Shares and forfeiture** | **12** |
| Power to make calls and effect of calls | 12 |
| Time when call made | 12 |
| Liability of joint holders | 12 |
| Interest on unpaid calls | 13 |
| Deemed calls | 13 |
| Power to accept early payment | 13 |
| Power to make different arrangements at time of issue of Shares | 13 |
| Notice of default | 13 |
| Forfeiture or surrender of Shares | 14 |
| Disposal of forfeited or surrendered Share and power to cancel forfeiture or surrender | 14 |
| Effect of forfeiture or surrender on former Member | 14 |
| Evidence of forfeiture or surrender | 15 |
| Sale of forfeited or surrendered Shares | 15 |
| **6 Transfer of Shares** | **15** |
| Form of Transfer | 15 |
| Power to refuse registration for Shares not listed on a Designated Stock Exchange | 16 |
| Suspension of transfers | 16 |
| Company may retain instrument of transfer | 16 |
| Notice of refusal to register | 16 |

---

i

---

| | |
|:---|:---|
| **7 Transmission of Shares** | **17** |
| Persons entitled on death of a Member | 17 |
| Registration of transfer of a Share following death or bankruptcy | 17 |
| Indemnity | 18 |
| Rights of person entitled to a Share following death or bankruptcy | 18 |
| **8 Alteration of capital** | **18** |
| Increasing, consolidating, converting, dividing and cancelling share capital | 18 |
| Dealing with fractions resulting from consolidation of Shares | 19 |
| Reducing share capital | 19 |
| **9 Redemption and purchase of own Shares** | **19** |
| Power to issue redeemable Shares and to purchase own Shares | 19 |
| Power to pay for redemption or purchase in cash or in specie | 20 |
| Effect of redemption or purchase of a Share | 20 |
| **10 Meetings of Members** | **21** |
| Annual and extraordinary general meetings | 21 |
| Power to call meetings | 21 |
| Content of notice | 22 |
| Period of notice | 22 |
| Persons entitled to receive notice | 23 |
| Accidental omission to give notice or non-receipt of notice | 23 |
| **11 Proceedings at meetings of Members** | **23** |
| Quorum | 23 |
| Lack of quorum | 24 |
| Chairman | 24 |
| Right of a Director to attend and speak | 24 |
| Accommodation of Members at Virtual Meeting | 24 |
| Security | 25 |
| Adjournment, postponement and cancellation | 25 |
| Method of voting | 25 |
| Taking of a poll | 26 |
| Chairman's casting vote | 26 |
| Written resolutions | 26 |
| Sole-Member Company | 28 |
| **12 Voting rights of Members** | **28** |
| Right to vote | 28 |
| Rights of joint holders | 28 |
| Representation of corporate Members | 28 |
| Member with mental disorder | 29 |
| Objections to admissibility of votes | 29 |
| Form of proxy | 29 |
| How and when proxy is to be delivered | 30 |
| Voting by proxy | 31 |
| **13 Number of Directors** | **32** |

---

ii

---

| | |
|:---|:---|
| **14 Appointment, disqualification and removal of Directors** | **32** |
| First Directors | 32 |
| No age limit | 32 |
| Corporate Directors | 32 |
| No shareholding qualification | 32 |
| Appointment of Directors | 32 |
| Board's power to appoint Directors | 33 |
| Removal of Directors | 33 |
| Resignation of Directors | 33 |
| Termination of the office of Director | 33 |
| **15 Alternate Directors** | **34** |
| Appointment and removal | 34 |
| Notices | 35 |
| Rights of alternate Director | 35 |
| Appointment ceases when the appointor ceases to be a Director | 35 |
| Status of alternate Director | 35 |
| Status of the Director making the appointment | 36 |
| **16 Powers of Directors** | **36** |
| Powers of Directors | 36 |
| Directors below the minimum number | 36 |
| Appointments to office | 36 |
| Provisions for employees | 37 |
| Exercise of voting rights | 37 |
| Remuneration | 38 |
| Disclosure of information | 38 |
| **17 Delegation of powers** | **39** |
| Power to delegate any of the Directors' powers to a committee | 39 |
| Local boards | 39 |
| Power to appoint an agent of the Company | 40 |
| Power to appoint an attorney or authorised signatory of the Company | 40 |
| Borrowing Powers | 41 |
| Corporate Governance | 41 |
| **18 Meetings of Directors** | **41** |
| Regulation of Directors' meetings | 41 |
| Calling meetings | 41 |
| Notice of meetings | 41 |
| Use of technology | 41 |
| Quorum | 42 |
| Chairman or deputy to preside | 42 |
| Voting | 42 |
| Recording of dissent | 42 |
| Written resolutions | 42 |
| Validity of acts of Directors in spite of formal defect | 43 |
| **19 Permissible Directors' interests and disclosure** | **43** |
| **20 Minutes** | **43** |
| **21 Accounts and audit** | **44** |
| Auditors | 44 |

---

iii

---

| | |
|:---|:---|
| **22 Record dates** | **45** |
| **23 Dividends** | **45** |
| Source of dividends | 45 |
| Declaration of dividends by Members | 45 |
| Payment of interim dividends and declaration of final dividends by Directors | 45 |
| Apportionment of dividends | 46 |
| Right of set off | 46 |
| Power to pay other than in cash | 47 |
| How payments may be made | 47 |
| Dividends or other monies not to bear interest in absence of special rights | 48 |
| Dividends unable to be paid or unclaimed | 48 |
| **24 Capitalisation of profits** | **48** |
| Capitalisation of profits or of any share premium account or capital redemption reserve; | 48 |
| Applying an amount for the benefit of Members | 49 |
| **25 Share Premium Account** | **49** |
| Directors to maintain share premium account | 49 |
| Debits to share premium account | 49 |
| **26 Seal** | **49** |
| Company seal | 49 |
| Duplicate seal | 49 |
| When and how seal is to be used | 50 |
| If no seal is adopted or used | 50 |
| Power to allow non-manual signatures and facsimile printing of seal | 50 |
| Validity of execution | 50 |
| **27 Indemnity** | **51** |
| Release | 51 |
| Insurance | 52 |
| **28 Notices** | **52** |
| Form of notices | 52 |
| Electronic communications | 52 |
| Persons entitled to notices | 53 |
| Persons authorised to give notices | 54 |
| Delivery of written notices | 54 |
| Joint holders | 54 |
| Signatures | 54 |
| Giving notice to a deceased or bankrupt Member | 55 |
| Date of giving notices | 55 |
| Saving provision | 55 |
| **29 Authentication of Electronic Records** | **56** |
| Application of Articles | 56 |
| Authentication of documents sent by Members by Electronic means | 56 |
| Authentication of document sent by the Secretary or Officers of the Company by Electronic means | 56 |
| Manner of signing | 57 |
| Saving provision | 57 |
| **30 Transfer by way of continuation** | **57** |
| **31 Winding up** | **58** |
| Distribution of assets in specie | 58 |
| No obligation to accept liability | 58 |
| **32 Amendment of Memorandum and Articles** | **58** |
| Power to change name or amend Memorandum | 58 |
| Power to amend these Articles | 58 |

---

iv

**Companies Act (Revised)**

**Company Limited by Shares**

**Articles of Association**

**of**

**JoyByte Holdings Limited**

1 Definitions, interpretation and exclusion of Table A

**Definitions**

1.1 In these Articles, the following definitions apply:

**Act** means the Companies Act (Revised) of the Cayman Islands, including any statutory modification or re-enactment thereof for the time being in force;

**Articles** means, as appropriate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) these articles of association as amended from time to time: or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) two or more particular articles of these Articles;

and **Article** refers to a particular article of these Articles;

**Auditors** means the auditor or auditors for the time being of the Company;

**Board** means the board of Directors from time to time;

**Business Day** means a day when banks in Grand Cayman, the Cayman Islands are open for the transaction of normal banking business and for the avoidance of doubt, shall not include a Saturday, Sunday or public holiday in the Cayman Islands;

**Cayman Islands** means the British Overseas Territory of the Cayman Islands;

**Clear Days**, in relation to a period of notice, means that period of calendar days excluding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the calendar day when the notice is given or deemed to be given; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the calendar day for which it is given or on which it is to take effect;

**Commission** means Securities and Exchange Commission of the United States of America or other federal agency for the time being administering the U.S. Securities Act;

**Company** means the above-named company;

**Default Rate** means ten per cent per annum;

**Designated Stock Exchanges** means the Nasdaq Capital Market in the United States of America for so long as the Company's Shares are there listed and any other stock exchange on which the Company's 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 Exchanges;

**Directors** means the directors for the time being of the Company and the expression Director shall be construed accordingly;

**Electronic** has the meaning given to that term in the Electronic Transactions Act (Revised) of the Cayman Islands;

**Electronic 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;

**Electronic Record** has the meaning given to that term in the Electronic Transactions Act (Revised) of the Cayman Islands;

**Electronic Signature** has the meaning given to that term in the Electronic Transactions Act (Revised) of the Cayman Islands;

**Fully Paid Up** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in relation to a Share with par value, means that the par value for that Share and any premium payable
in respect of the issue of that Share, has been fully paid or credited as paid in money or money's worth; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to a Share without par value, means that the agreed issue price for that Share has been fully
paid or credited as paid in money or money's worth;

**General Meeting** means a general meeting of the Company duly constituted in accordance with the Articles;

**Independent Director** means a Director who is an independent director as defined in the Designated Stock Exchange Rules as determined by the Board;

**Member** means any person or persons entered on the register of Members from time to time as the holder of a Share;

**Memorandum** means the memorandum of association of the Company as amended from time to time;

**month** means a calendar month;

**Officer** means a person appointed to hold an office in the Company including a Director, alternate Director or liquidator and excluding the Secretary;

**Ordinary Resolution** means a resolution of a General Meeting passed by a simple majority of the votes by Members who (being entitled to do so) vote in person or by proxy or, in the case of corporations, by their duly authorised representatives, at that meeting. The expression includes a written resolution signed by the requisite majority in accordance with Article 11.14;

**Ordinary Share** means an ordinary share in the capital of the Company;

**Partly Paid Up** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in relation to a Share with par value, that the par value for that Share and any premium payable in respect
of the issue of that Share, has not been fully paid or credited as paid in money or money's worth; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to a Share without par value, means that the agreed issue price for that Share has not been
fully paid or credited as paid in money or money's worth;

**Secretary** means a person appointed to perform the duties of the secretary of the Company, including a joint, assistant or deputy secretary;

**Share** means a share in the share capital of the Company and the expression:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) includes stock (except where a distinction between shares and stock is expressed or implied); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) where the context permits, also includes a fraction of a Share;

**Special Resolution** means a resolution of a General Meeting or a resolution of a meeting of the holders of any class of Shares in a class meeting duly constituted in accordance with the Articles in each case passed by a majority of not less than two-thirds of the votes by Members who (being entitled to do so) vote in person or by proxy at that meeting. The expression includes a unanimous written resolution signed by all of the Members entitled to vote at such meeting;

**Treasury Shares** means Shares held in treasury pursuant to the Act and Article 2.14;

**U.S. 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; and

**Virtual Meeting** means any general meeting of the Members at which the Members (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 Electronic Communication Facilities.

**Interpretation**

1.2 In the interpretation of these Articles, the following provisions apply unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A reference in these Articles to a statute is a reference to a statute of the Cayman Islands as known
by its short title, and includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any statutory modification, amendment or re-enactment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any subordinate legislation or regulations issued under that statute.

Without limitation to the preceding sentence, a reference to a revised Act of the Cayman Islands is taken to be a reference to the revision of that Act in force from time to time as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Headings are inserted for convenience only and do not affect the interpretation of these Articles, unless
there is ambiguity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If a day on which any act, matter or thing is to be done under these Articles is not a Business Day, the
act, matter or thing must be done on the next Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A word which denotes the singular also denotes the plural, a word which denotes the plural also denotes
the singular, and a reference to any gender also denotes the other genders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) A reference to a **person** includes, as appropriate, a company, trust, partnership, joint venture,
association, body corporate or government agency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Where a word or phrase is given a defined meaning another part of speech or grammatical form in respect
to that word or phrase has a corresponding meaning.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) All references to time are to be calculated by reference to time in the place where the Company's
registered office is located.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The words **written** and **in writing** include all modes of representing or reproducing words
in a visible form, but do not include an Electronic Record where the distinction between a document in writing and an Electronic Record
is expressed or implied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The words **including**, **include** and **in particular** or any similar expression are to be
construed without limitation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The term "**present**" means, in respect of any person attending a meeting, such person's
presence at a general meeting of Members (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 authorized representative (or, in the case of any Member, a proxy which
has been validly appointed by such Member in accordance with these Articles), being: (a) physically present at the meeting; or (b) in
the case of any meeting at which Electronic Communication Facilities are permitted in accordance with these Articles, including any Virtual
Meeting, connected by means of the use of such Electronic Communication Facilities.

1.3 The headings in these Articles are intended for convenience only and shall not affect the interpretation
of these Articles.

**Exclusion of Table A Articles**

1.4 The regulations contained in Table A in the First Schedule of the Act and any other regulations contained
in any statute or subordinate legislation are expressly excluded and do not apply to the Company.

---

| | |
|:---|:---|
| 2 | Shares |

---

**Power to issue Shares and options, with or without special rights**

2.1 Subject to the provisions of the Act and these Articles about the redemption and purchase of the Shares,
the Directors have general and unconditional authority to allot (with or without confirming rights of renunciation), grant options over
or otherwise deal with any unissued Shares to such persons, at such times and on such terms and conditions as they may decide. No Share
may be issued at a discount except in accordance with the provisions of the Act.

2.2 Without limitation to the preceding Article, the Directors may so deal with the unissued Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) either at a premium or at par; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with or without preferred, deferred or other special rights or restrictions, whether in regard to dividend,
voting, return of capital or otherwise.

2.3 Without limitation to the two preceding Articles,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company may issue rights, options, warrants or convertible securities or securities of similar nature
conferring the right upon the holders thereof to subscribe for, purchase or receive any class of Shares or other securities in the Company
at such times and on such terms and conditions as the Directors may decide;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 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.

**Power to issue fractions of a Share**

2.4 Subject to the Act, the Company may issue fractions of a Share of any class. A fraction of a Share shall
be subject to and carry the corresponding fraction of liabilities (whether with respect to calls or otherwise), limitations, preferences,
privileges, qualifications, restrictions, rights and other attributes of a Share of that class of Shares.

**Power to pay commissions and brokerage fees**

2.5 The Company may pay a commission to any person in consideration of that person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) subscribing or agreeing to subscribe, whether absolutely or conditionally; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) procuring or agreeing to procure subscriptions, whether absolute or conditional,

for any Shares. That commission may be satisfied by the payment of cash or the allotment of Fully Paid Up or Partly Paid Up Shares or partly in one way and partly in another.

2.6 The Company may employ a broker in the issue of its capital and pay him any proper commission or brokerage.

**Trusts not recognised**

2.7 Except as required by Act:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) no person shall be recognised by the Company as holding any Share on any trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no person other than the Member shall be recognised by the Company as having any right in a Share.

**Security interests**

2.8 Notwithstanding the preceding Article, the Company may (but shall not be obliged to) recognise a security
interest of which it has actual notice over shares. The Company shall not be treated as having recognised any such security interest unless
it has so agreed in writing with the secured party.

**Power to vary class rights**

2.9 If the share capital is divided into different classes of Shares then, unless the terms on which a class
of Shares was issued state otherwise, the rights attaching to a class of Shares may only be varied if one of the following applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Members holding not less than two-thirds of the issued Shares of that class consent in writing to
the variation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the variation is made with the sanction of a Special Resolution passed at a separate general meeting of
the Members holding the issued Shares of that class.

2.10 For the purpose of Article 2.9(b), all the provisions of these Articles relating to general meetings apply,
mutatis mutandis, to every such separate meeting except that the necessary quorum shall be one or more persons holding, or representing
by proxy, not less than one third of the issued Shares of the class.

2.11 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 classes 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.

**Effect of new Share issue on existing class rights**

2.12 Unless the terms on which a class of Shares was issued state otherwise, the rights conferred on the Member
holding Shares of any class shall not be deemed to be varied by the creation or issue of further Shares ranking *pari passu* with
the existing Shares of that class.

**No bearer Shares or warrants**

2.13 The Company shall not issue Shares or warrants to bearers.

**Treasury Shares**

2.14 Shares that the Company purchases, redeems or acquires by way of surrender in accordance with the Act
shall be held as Treasury Shares and not treated as cancelled if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Directors so determine prior to the purchase, redemption or surrender of those shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the relevant provisions of the Memorandum and Articles and the Act are otherwise complied with.

**Rights attaching to Treasury Shares and related matters**

2.15 No dividend may be declared or paid, and no other distribution (whether in cash or otherwise) of the Company's
assets (including any distribution of assets to Members on a winding up) may be made to the Company in respect of a Treasury Share.

2.16 The Company shall be entered in the register of Members as the holder of the Treasury Shares. However:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company shall not be treated as a Member for any purpose and shall not exercise any right in respect
of the Treasury Shares, and any purported exercise of such a right shall be void; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a Treasury Share shall not be voted, directly or indirectly, at any meeting of the Company and shall not
be counted in determining the total number of issued shares at any given time, whether for the purposes of these Articles or the Act.

2.17 Nothing in Article 2.16 prevents an allotment of Shares as Fully Paid Up bonus shares in respect of a
Treasury Share and Shares allotted as Fully Paid Up bonus shares in respect of a Treasury Share shall be treated as Treasury Shares.

2.18 Treasury Shares may be disposed of by the Company in accordance with the Act and otherwise on such terms
and conditions as the Directors determine.

**Register of Members**

2.19 The Directors shall keep or cause to be kept a register of Members as required by the Act and may cause
the Company to maintain one or more branch registers as contemplated by the Act, provided that where the Company is maintaining one or
more branch registers, the Directors shall ensure that a duplicate of each branch register is kept with the Company's principal register
of Members and updated within such number of days of any amendment having been made to such branch register as may be required by the
Act.

2.20 The title to Shares listed on a Designated Stock Exchange may be evidenced and transferred in accordance
with the laws applicable to the rules and regulations of the Designated Stock Exchange and, for these purposes, the register of Members
may be maintained in accordance with section 40B of the Act.

**Annual Return**

2.21 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 Act and shall deliver a copy thereof to the registrar of companies for the Cayman Islands.

3 Share certificates

**Issue of share certificates**

3.1 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. If the Directors
resolve that share certificates shall be issued, upon being entered in the register of Members as the holder of a Share, the Directors
may issue to any Member:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) without payment, one certificate for all the Shares of each class held by that Member (and, upon transferring
a part of the Member's holding of Shares of any class, to a certificate for the balance of that holding); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) upon payment of such reasonable sum as the Directors may determine for every certificate after the first,
several certificates each for one or more of that Member's Shares.

3.2 Every certificate shall specify the number, class and distinguishing numbers (if any) of the Shares to
which it relates and whether they are Fully Paid Up or Partly Paid Up. A certificate may be executed under seal or executed in such other
manner as the Directors determine.

3.3 Every certificate shall bear legends required under the applicable laws, including the U.S. Securities
Act.

3.4 The Company shall not be bound to issue more than one certificate for Shares held jointly by several persons
and delivery of a certificate for a Share to one joint holder shall be a sufficient delivery to all of them.

**Renewal of lost or damaged share certificates**

3.5 If a share certificate is defaced, worn-out, lost or destroyed, it may be renewed on such terms (if any)
as to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) evidence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) indemnity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) payment of the expenses reasonably incurred by the Company in investigating the evidence; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) payment of a reasonable fee, if any for issuing a replacement share certificate,

as the Directors may determine, and (in the case of defacement or wearing-out) on delivery to the Company of the old certificate.

4 Lien on Shares

**Nature and scope of lien**

4.1 The Company has 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). The lien is for all monies payable to the Company by the Member or the Member's
estate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) either alone or jointly with any other person, whether or not that other person is a Member; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) whether or not those monies are presently payable.

4.2 At any time the Board may declare any Share to be wholly or partly exempt from the provisions of this
Article.

**Company may sell Shares to satisfy lien**

4.3 The Company may sell any Shares over which it has a lien if all of the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the sum in respect of which the lien exists is presently payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Company gives notice to the Member holding the Share (or to the person entitled to it in consequence
of the death or bankruptcy of that Member) demanding payment and stating that if the notice is not complied with the Shares may be sold;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) that sum is not paid within fourteen Clear Days after that notice is deemed to be given under these Articles,

and Shares to which this Article 4.3 applies shall be referred to as Lien Default Shares.

4.4 The Lien Default Shares may be sold in such manner as the Board determines.

4.5 To the maximum extent permitted by law, the Directors shall incur no personal liability to the Member
concerned in respect of the sale.

**Authority to execute instrument of transfer**

4.6 To give effect to a sale, the Directors may authorise any person to execute an instrument of transfer
of the Lien Default Shares sold to, or in accordance with the directions of, the purchaser.

4.7 The title of the transferee of the Lien Default Shares shall
not be affected by any irregularity or invalidity in the proceedings in respect of the sale.

**Consequences of sale of Shares to satisfy lien**

4.8 On a sale pursuant to the preceding Articles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the name of the Member concerned shall be removed from the register of Members as the holder of those
Lien Default Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that person shall deliver to the Company for cancellation the certificate (if any) for those Lien Default
Shares.

4.9 Notwithstanding the provisions of Article 4.8, such person shall remain liable to the Company for all
monies which, at the date of sale, were presently payable by him to the Company in respect of those Lien Default Shares. That person shall
also be liable to pay interest on those monies from the date of sale until payment at the rate at which interest was payable before that
sale or, failing that, at the Default Rate. The Board may waive payment wholly or in part or enforce payment without any allowance for
the value of the Lien Default Shares at the time of sale or for any consideration received on their disposal.

**Application of proceeds of sale**

4.10 The net proceeds of the sale, after payment of the costs, shall be applied in payment of so much of the
sum for which the lien exists as is presently payable. Any residue shall be paid to the person whose Lien Default Shares have been sold:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if no certificate for the Lien Default Shares was issued, at the date of the sale; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if a certificate for the Lien Default Shares was issued, upon surrender to the Company of that certificate
for cancellation

but, in either case, subject to the Company retaining a like lien for all sums not presently payable as existed on the Lien Default Shares before the sale.

5 Calls on Shares and forfeiture

**Power to make calls and effect of calls**

5.1 Subject to the terms of allotment, the Board may make calls on the Members in respect of any monies unpaid
on their Shares including any premium. The call may provide for payment to be by instalments. Subject to receiving at least 14 Clear Days'
notice specifying when and where payment is to be made, each Member shall pay to the Company the amount called on his Shares as required
by the notice.

5.2 Before receipt by the Company of any sum due under a call, that call may be revoked in whole or in part
and payment of a call may be postponed in whole or in part. Where a call is to be paid in instalments, the Company may revoke the call
in respect of all or any remaining instalments in whole or in part and may postpone payment of all or any of the remaining instalments
in whole or in part.

5.3 A Member on whom a call is made shall remain liable for that call notwithstanding the subsequent transfer
of the Shares in respect of which the call was made. He shall not be liable for calls made after he is no longer registered as Member
in respect of those Shares.

**Time when call made**

5.4 A call shall be deemed to have been made at the time when the resolution of the Directors authorising
the call was passed.

**Liability of joint holders**

5.5 Members registered as the joint holders of a Share shall be jointly and severally liable to pay all calls
in respect of the Share.

**Interest on unpaid calls**

5.6 If a call remains unpaid after it has become due and payable the person from whom it is due and payable
shall pay interest on the amount unpaid from the day it became due and payable until it is paid:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at the rate fixed by the terms of allotment of the Share or in the notice of the call; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if no rate is fixed, at the Default Rate.

The Directors may waive payment of the interest wholly or in part.

**Deemed calls**

5.7 Any amount payable in respect of a Share, whether on allotment or on a fixed date or otherwise, shall
be deemed to be payable as a call. If the amount is not paid when due the provisions of these Articles shall apply as if the amount had
become due and payable by virtue of a call.

**Power to accept early payment**

5.8 The Company may accept from a Member the whole or a part of the amount remaining unpaid on Shares held
by him although no part of that amount has been called up.

**Power to make different arrangements at time of issue of Shares**

5.9 Subject to the terms of allotment, the Directors may make arrangements on the issue of Shares to distinguish
between Members in the amounts and times of payment of calls on their Shares.

**Notice of default**

5.10 If 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 14 Clear Days' notice requiring payment of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the amount unpaid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any interest which may have accrued; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any expenses which have been incurred by the Company due to that person's default.

5.11 The notice shall state the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the place where payment is to be made; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a warning that if the notice is not complied with the Shares in respect of which the call is made will
be liable to be forfeited.

**Forfeiture or surrender of Shares**

5.12 If the notice given pursuant to Article 5.10 is not complied with, the Directors may, before the payment
required by the notice has been received, resolve that any Share the subject of that notice be forfeited. The forfeiture shall include
all dividends or other monies payable in respect of the forfeited Share and not paid before the forfeiture. Despite the foregoing, the
Board may determine that any Share the subject of that notice be accepted by the Company as surrendered by the Member holding that Share
in lieu of forfeiture.

**Disposal of forfeited or surrendered Share and power to cancel forfeiture or surrender**

5.13 A forfeited or surrendered Share may be sold, re-allotted or otherwise disposed of on such terms and in
such manner as the Board determine either to the former Member who held that Share or to any other person. The forfeiture or surrender
may be cancelled on such terms as the Directors think fit at any time before a sale, re-allotment or other disposition. Where, for the
purposes of its disposal, a forfeited or surrendered Share is to be transferred to any person, the Directors may authorise some person
to execute an instrument of transfer of the Share to the transferee.

**Effect of forfeiture or surrender on former Member**

5.14 On forfeiture or surrender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the name of the Member concerned shall be removed from the register of Members as the holder of those
Shares and that person shall cease to be a Member in respect of those Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that person shall surrender to the Company for cancellation the certificate (if any) for the forfeited
or surrendered Shares.

5.15 Despite the forfeiture or surrender of his Shares, that person shall remain liable to the Company for
all monies which at the date of forfeiture or surrender were presently payable by him to the Company in respect of those Shares together
with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all expenses; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) interest from the date of forfeiture or surrender until payment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) at the rate of which interest was payable on those monies before forfeiture; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if no interest was so payable, at the Default Rate.

The Directors, however, may waive payment wholly or in part.

**Evidence of forfeiture or surrender**

5.16 A declaration, whether statutory or under oath, made by a Director or the Secretary shall be conclusive
evidence of the following matters stated in it as against all persons claiming to be entitled to forfeited Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that the person making the declaration is a Director or Secretary of the Company, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that the particular Shares have been forfeited or surrendered on a particular date.

Subject to the execution of an instrument of transfer, if necessary, the declaration shall constitute good title to the Shares.

**Sale of forfeited or surrendered Shares**

5.17 Any person to whom the forfeited or surrendered Shares are disposed of shall not be bound to see to the
application of the consideration, if any, of those Shares nor shall his title to the Shares be affected by any irregularity in, or invalidity
of the proceedings in respect of, the forfeiture, surrender or disposal of those Shares.

6 Transfer of Shares

**Form of Transfer**

6.1 Subject to the following Articles about the transfer of Shares, and provided that such transfer complies
with applicable rules of the Designated Stock Exchange, a Member may freely transfer Shares to another person by completing an instrument
of transfer in a common form or in a form prescribed by the Designated Stock Exchange (if such Shares are listed on the Designated Stock
Exchange) or in any other form approved by the Directors, executed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) where the Shares are Fully Paid, by or on behalf of that Member; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) where the Shares are partly paid, by or on behalf of that Member and the transferee.

6.2 The transferor shall be deemed to remain the holder of a Share until the name of the transferee is entered
into the register of Members.

**Power to refuse registration for Shares not listed on a Designated Stock Exchange**

6.3 Where the Shares in question are not listed on or subject to the rules of any Designated Stock Exchange,
the Directors may in their absolute discretion decline to register any transfer of such Shares which are not Fully Paid Up or on which
the Company has a lien. The Directors may also, but are not required to, decline to register any transfer of any such Share unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the instrument of transfer is lodged with the Company, accompanied by the certificate (if any) 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;(b) 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;(c) 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;(d) 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Shares transferred are Fully Paid Up and free of any lien in favour of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any applicable fee of such maximum sum as the Designated Stock Exchanges may determine to be payable,
or such lesser sum as the Board may from time to time require, related to the transfer is paid to the Company.

**Suspension of transfers**

6.4 The registration of transfers may, on 14 Clear Days' notice being given by advertisement in such
one or more newspapers or by electronic means, be suspended and the register of Members 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 of Members closed for more than 30 Clear Days in any year.

**Company may retain instrument of transfer**

6.5 All instruments of transfer that are registered shall be retained by the Company.

**Notice of refusal to register**

6.6 If the Directors refuse to register a transfer of any Shares not listed on a Designated Stock Exchange,
they shall within one month after the date on which the instrument of transfer was lodged with the Company send to each of the transferor
and the transferee notice of the refusal.

7 Transmission of Shares

**Persons entitled on death of a Member**

7.1 If a Member dies, the only persons recognised by the Company as having any title to the deceased Members'
interest are the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) where the deceased Member was a joint holder, the survivor or survivors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) where the deceased Member was a sole holder, that Member's personal representative or representatives.

7.2 Nothing in these Articles shall release the deceased Member's estate from any liability in respect
of any Share, whether the deceased was a sole holder or a joint holder.

**Registration of transfer of a Share following death or bankruptcy**

7.3 A person becoming entitled to a Share in consequence of the death or bankruptcy of a Member may elect
to do either of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to become the holder of the Share; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to transfer the Share to another person.

7.4 That person must produce such evidence of his entitlement as the Directors may properly require.

7.5 If the person elects to become the holder of the Share, he must give notice to the Company to that effect.
For the purposes of these Articles, that notice shall be treated as though it were an executed instrument of transfer.

7.6 If the person elects to transfer the Share to another person then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the Share is Fully Paid Up, the transferor must execute an instrument of transfer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the Share is nil or Partly Paid Up, the transferor and the transferee must execute an instrument of
transfer.

7.7 All the Articles relating to the transfer of Shares shall apply to the notice or, as appropriate, the
instrument of transfer.

**Indemnity**

7.8 A person registered as a Member by reason of the death or bankruptcy of another Member shall indemnify
the Company and the Directors against any loss or damage suffered by the Company or the Directors as a result of that registration.

**Rights of person entitled to a Share following death or bankruptcy**

7.9 A person becoming entitled to a Share by reason of the death or bankruptcy of a Member shall have the
rights to which he would be entitled if he were registered as the holder of the Share. But, until he is registered as Member in respect
of the Share, he shall not be entitled to attend or vote at any meeting of the Company or at any separate meeting of the holders of that
class of Shares.

8 Alteration of capital

**Increasing, consolidating, converting, dividing and cancelling share capital**

8.1 To the fullest extent permitted by the Act, the Company may by Ordinary Resolution do any of the following
and amend its Memorandum for that purpose:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) increase its share capital by new Shares of the amount fixed by that Ordinary Resolution and with the
attached rights, priorities and privileges set out in that Ordinary Resolution;

&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) sub-divide its Shares or any of them into Shares of an amount smaller than that fixed by the Memorandum,
so, however, that in the sub-division, 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 Shares which, at the date of the passing of that 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 or, in the case of Shares
without nominal par value, diminish the number of Shares into which its capital is divided.

**Dealing with fractions resulting from consolidation of Shares**

8.2 Whenever, as a result of a consolidation of Shares, any Members would become entitled to fractions of
a Share the Directors may on behalf of those Members deal with the fractions as it thinks fit, including (without limitation):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) either round up or down the fraction to the nearest whole number, such rounding to be determined by the
Directors acting in their sole discretion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) sell the Shares representing the fractions for the best price reasonably obtainable to any person (including,
subject to the provisions of the Act, the Company); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) distribute the net proceeds in due proportion among those Members.

8.3 For the purposes of Article 8.2, the Directors may authorise some person to execute an instrument of transfer
of the Shares to, in accordance with the directions of, the purchaser. The transferee shall not be bound to see to the application of
the purchase money nor shall the transferee's title to the Shares be affected by any irregularity in, or invalidity of, the proceedings
in respect of the sale.

**Reducing share capital**

8.4 Subject to the Act and to any rights for the time being conferred on the Members holding a particular
class of Shares, the Company may, by Special Resolution, reduce its share capital in any way.

9 Redemption and purchase of own Shares

**Power to issue redeemable Shares and to purchase own Shares**

9.1 Subject to the Act and to any rights for the time being conferred on the Members holding a particular
class of Shares, the Company may by its Directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) issue Shares that are to be redeemed or liable to be redeemed, at the option of the Company or the Member
holding those redeemable Shares, on the terms and in the manner its Directors determine before the issue of those Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with the consent by Special Resolution of the Members holding Shares of a particular class, vary the rights
attaching to that class of Shares so as to provide that those Shares are to be redeemed or are liable to be redeemed at the option of
the Company on the terms and in the manner which the Directors determine at the time of such variation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) purchase all or any of its own Shares of any class including any redeemable Shares on the terms and in
the manner which the Directors determine at the time of such purchase.

The Company may make a payment in respect of the redemption or purchase of its own Shares in any manner authorised by the Act, including out of any combination of the following: capital, its profits and the proceeds of a fresh issue of Shares. No share may be redeemed or purchased unless it is Fully Paid Up.

**Power to pay for redemption or purchase in cash or in specie**

9.2 When making a payment in respect of the redemption or purchase of Shares, the Directors may make the payment
in cash or *in specie* (or partly in one and partly in the other) if so authorised by the terms of the allotment of those Shares
or by the terms applying to those Shares in accordance with Article 9.1, or otherwise by agreement with the Member holding those Shares.

**Effect of redemption or purchase of a Share**

9.3 Upon the date of redemption or purchase of a Share:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Member holding that Share shall cease to be entitled to any rights in respect of the Share other than
the right to receive:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the price for the Share; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any dividend declared in respect of the Share prior to the date of redemption or purchase;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Member's name shall be removed from the register of Members with respect to the Share; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Share shall be cancelled or held as a Treasury Share, as the Directors may determine.

9.4 For the purpose of Article 9.3, the date of redemption or purchase is the date when the Member's name
is removed from the register of Members with respect to the Shares the subject of the redemption or purchase.

10 Meetings of Members

**Annual and extraordinary general meetings**

10.1 The Company may, but shall not (unless required by the Designated Stock Exchange Rules) be obligated to,
in each year hold a general meeting as an annual general meeting, which, if held, shall be convened by the Board, in accordance with these
Articles.

10.2 All general meetings other than annual general meetings shall be called extraordinary general meetings.

**Power to call meetings**

10.3 The Directors may call a general meeting at any time.

10.4 If there are insufficient Directors to constitute a quorum and the remaining Directors are unable to agree
on the appointment of additional Directors, the Directors must call a general meeting for the purpose of appointing additional Directors.

10.5 The Directors must also call a general meeting if requisitioned in the manner set out in the next two
Articles.

10.6 The requisition must be in writing and given by one or more Members who together hold at least ten per
cent of the rights to vote at such general meeting.

10.7 The requisition must also:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) specify the purpose of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) be signed by or on behalf of each requisitioner (and for this purpose each joint holder shall be obliged
to sign). The requisition may consist of several documents in like form signed by one or more of the requisitioners; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) be delivered in accordance with the notice provisions.

10.8 Should the Directors fail to call a general meeting within 21 Clear Days' from the date of receipt
of a requisition, the requisitioners or any of them may call a general meeting within three months after the end of that period.

10.9 Without limitation to the foregoing, if there are insufficient Directors to constitute a quorum and the
remaining Directors are unable to agree on the appointment of additional Directors, any one or more Members who together hold at least
five per cent of the rights to vote at a general meeting may call a general meeting for the purpose of considering the business specified
in the notice of meeting which shall include as an item of business the appointment of additional Directors.

10.10 If the Members call a meeting under the above provisions, the Company shall reimburse their reasonable
expenses.

**Content of notice**

10.11 Notice of a general meeting shall specify each of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the place, the date and the hour of the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) whether the meeting will be held virtually, at a physical place or both;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if the meeting is to be held in any part at a physical place, the address of such place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if the meeting is to be held in two or more places, or in any part virtually, the Electronic Communication
Facilities that will be used to facilitate the meeting, including the procedures to be followed by any Member or other participant of
the meeting who wishes to utilise such Electronic Communication Facilities for the purposes of attending and participating in such meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) subject to paragraph (f) and the requirements of (to the extent applicable) the Designated Stock Exchange
Rules, the general nature of the business to be transacted; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) if a resolution is proposed as a Special Resolution, the text of that resolution.

10.12 In each notice there shall appear with reasonable prominence the following statements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that a Member who is entitled to attend and vote is entitled to appoint one or more proxies to attend
and vote instead of that Member; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that a proxyholder need not be a Member.

**Period of notice**

10.13 At least five Clear Days' notice must be given to Members for any general meeting.

10.14 Subject to the Act, a meeting may be convened on shorter notice, subject to the Act with the consent of
the Member or Members who, individually or collectively, hold at least ninety per cent of the voting rights of all those who have a right
to vote at that meeting.

**Persons entitled to receive notice**

10.15 Subject to the provisions of these Articles and to any restrictions imposed on any Shares, the notice
shall be given to the following people:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Members

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) persons entitled to a Share in consequence of the death or bankruptcy of a Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Auditors.

10.16 The Board may determine that the Members entitled to receive notice of, attend and vote at a meeting are
those persons entered on the register of Members at the close of business on a day determined by the Board.

**Accidental omission to give notice or non-receipt of notice**

10.17 Proceedings at a meeting shall not be invalidated by the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an accidental failure to give notice of the meeting to any person entitled to notice; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) non-receipt of notice of the meeting by any person entitled to notice.

10.18 In addition, where a notice of meeting is published on a website proceedings at the meeting shall not
be invalidated merely because it is accidentally published:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in a different place on the website; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for part only of the period from the date of the notification until the conclusion of the meeting to which
the notice relates.

11 Proceedings at meetings of Members

**Quorum**

11.1 Save as provided in the following Article, no business shall be transacted at any meeting unless a quorum
is present in person or by proxy at the meeting. A quorum is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the Company has only one Member: that Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the Company has more than one Member: one or more Members holding Shares that represent not less than
one-third of the outstanding Shares carrying the right to vote at such general meeting.

**Lack of quorum**

11.2 If a quorum is not present at the meeting within fifteen minutes of the time appointed for the meeting,
or if at any time during the meeting it becomes inquorate, then the following provisions apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the meeting was requisitioned by Members, it shall be cancelled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In any other case, the meeting shall stand adjourned to the same time and place seven days hence, or to
such other time or place as is determined by the Directors. If a quorum is not present at the meeting within fifteen minutes of the time
appointed for the adjourned meeting, then the Members present in person or by proxy at the meeting shall constitute a quorum.

**Chairman**

11.3 The chairman of a general meeting (including any Virtual Meeting) shall be the chairman of the Board or
such other Director as the Directors may determine. Absent any such person being present at the meeting within fifteen minutes of the
time appointed for the meeting, the Directors present shall elect one of their number to chair the meeting. The chairman of the meeting
shall be entitled to attend and participate at any such general meeting by means of Electronic Communication Facilities, and to act as
the chairman of such general meeting, in which event the chairman of the meeting shall be deemed to be present at the meeting.

11.4 If no Director is present within fifteen minutes of the time appointed for the meeting, or if no Director
is willing to act as chairman, the Members present in person or by proxy and entitled to vote shall choose one of their number to chair
the meeting.

**Right of a Director to attend and speak**

11.5 Even if a Director is not a Member, he shall be entitled to attend and speak at any general meeting and
at any separate meeting of Members holding a particular class of Shares.

**Accommodation of Members at Virtual Meeting**

11.6 A Member entitled to receive notice and attend a meeting will be deemed to be in attendance at such meeting
despite their attendance being virtual if adequate facilities are available to ensure that the Member is able to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to participate in the business for which the meeting has been convened; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to hear all that happens at the meeting.

Without limiting the generality of the foregoing, the Directors may determine that any general meeting may be held as a Virtual Meeting.

**Security**

11.7 In addition to any measures which the Board may be required to take due to the location or venue of the
meeting, the Board may make any arrangement and impose any restriction it considers appropriate and reasonable in the circumstances to
ensure the security of a meeting including, without limitation, the searching of any person attending the meeting and the imposing of
restrictions on the items of personal property that may be taken into the meeting place. The Board may refuse entry to, or eject from,
a meeting a person who refuses to comply with any such arrangements or restrictions.

**Adjournment, postponement and cancellation**

11.8 A meeting may be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) postponed or cancelled prior to the meeting at the discretion of the Directors by written notice provided
to all persons entitled to attend the meeting, unless the meeting was requisitioned by Members or otherwise called by Members pursuant
to Article 10; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) adjourned, with or without an appointed date for resumption, at any time during the meeting at the discretion
of the chairman with the consent of the Members constituting a quorum.

The chairman must adjourn the meeting if so directed by the Members constituting a quorum at the meeting. No business, however, can be transacted at an adjourned or postponed meeting other than business which might properly have been transacted at the original meeting.

11.9 Should a meeting be adjourned for more than seven Clear Days, whether because of a lack of quorum or otherwise,
Members shall be given at least seven Clear Days' notice of the date, time and place of the adjourned meeting and the general nature of
the business to be transacted. Otherwise it shall not be necessary to give any notice of the adjournment.

**Method of voting**

11.10 A resolution put to the vote of the meeting shall be decided on a poll.

**Taking of a poll**

11.11 A poll shall be taken in such manner as the chairman directs. He may appoint scrutineers (who need not
be Members) and fix a place and time for declaring the result of the poll. If, through the aid of technology, the meeting is held as a
Virtual Meeting or in more than one place, the chairman may appoint scrutineers virtually and in more than one place; but if he considers
that the poll cannot be effectively monitored at that meeting, the chairman shall adjourn the holding of the poll to a date, place and
time when that can occur.

**Chairman's casting vote**

11.12 In the case of an equality of votes, the Chairman of the meeting shall not be entitled to a second or
casting vote.

**Written resolutions**

11.13 Without limitation to section 60(1) of the Act, Members may pass a Special Resolution in writing without
holding a meeting if the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all Members entitled to vote on the resolution are given notice of the resolution as if the same were
being proposed at a meeting of Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all Members entitled so to vote;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) sign a document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) sign several documents in the like form each signed by one or more of those Members; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the signed document or documents is or are delivered to the Company, including, if the Company so nominates,
by delivery of an Electronic Record by Electronic means to the address specified for that purpose.

Such written resolution, which shall be as effective as if it had been passed at a meeting of the Members entitled to vote duly convened and held, is passed when all such Members have so signified their agreement to the resolution.

11.14 Members may pass an Ordinary Resolution in writing without holding a meeting if the following conditions
are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all Members entitled to vote on the resolution are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) given notice of the resolution as if the same were being proposed at a meeting of Members; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) notified in the same or an accompanying notice of the date by which the resolution must be passed if it
is not to lapse, being a period of 7 days beginning with the date that the notice is first given;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the required majority of the Members entitled so to vote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) sign a document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) sign several documents in the like form each signed by one or more of those Members; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the signed document or documents is or are delivered to the Company, including, if the Company so nominates,
by delivery of an Electronic Record by Electronic means to the address specified for that purpose.

Such written resolution, which shall be as effective as if it had been passed at a meeting of the Members entitled to vote duly convened and held, is passed upon the later of these dates: (i) subject to the following Article, the date next immediately following the end of the period of 5 days beginning with the date that notice of the resolution is first given and (ii) the date when the required majority have so signified their agreement to the resolution. However, the proposed written resolution lapses if it is not passed before the end of the period of 7 days beginning with the date that notice of it is first given.

11.15 If all Members entitled to be given notice of the Ordinary Resolution consent, a written resolution may
be passed as soon as the required majority have signified their agreement to the resolution, without any minimum period of time having
first elapsed. Save that the consent of the majority may be incorporated in the written resolution, each consent shall be in writing or
given by Electronic Record and shall otherwise be given to the Company in accordance with Article 28 (*Notices*) prior to the written
resolution taking effect.

11.16 The Directors may determine the manner in which written resolutions shall be put to Members. In particular,
they may provide, in the form of any written resolution, for each Member to indicate, out of the number of votes the Member would have
been entitled to cast at a meeting to consider the resolution, how many votes he wishes to cast in favour of the resolution and how many
against the resolution or to be treated as abstentions. The result of any such written resolution shall be determined on the same basis
as on a poll.

11.17 If a written resolution is described as a Special Resolution or as an Ordinary Resolution, it has effect
accordingly.

**Sole-Member Company**

11.18 If the Company has only one Member, and the Member records in writing his decision on a question, that
record shall constitute both the passing of a resolution and the minute of it.

12 Voting rights of Members

**Right to vote**

12.1 Unless their Shares carry no right to vote, or unless a call or other amount presently payable has not
been paid, all Members are entitled to vote at a general meeting, and all Members holding Shares of a particular class of Shares are entitled
to vote at a meeting of the holders of that class of Shares.

12.2 Members may vote in person or by proxy.

12.3 On a poll a Member shall have one vote for each Share he holds, unless any Share carries special voting
rights.

12.4 No Member is bound to vote on his Shares or any of them; nor is he bound to vote each of his Shares in
the same way.

**Rights of joint holders**

12.5 If Shares are held jointly, only one of the joint holders may vote. If more than one of the joint holders
tenders a vote, the vote of the holder whose name in respect of those Shares appears first in the register of Members shall be accepted
to the exclusion of the votes of the other joint holder.

**Representation of corporate Members**

12.6 Save where otherwise provided, a corporate Member must act by a duly authorised representative.

12.7 A corporate Member wishing to act by a duly authorised representative must identify that person to the
Company by notice in writing.

12.8 The authorisation may be for any period of time, and must be delivered to the Company before the commencement
of the meeting at which it is first used.

12.9 The Directors of the Company may require the production of any evidence which they consider necessary
to determine the validity of the notice.

12.10 Where a duly authorised representative is present at a meeting that Member is deemed to be present in
person; and the acts of the duly authorised representative are personal acts of that Member.

12.11 A corporate Member may revoke the appointment of a duly authorised representative at any time by notice
to the Company; but such revocation will not affect the validity of any acts carried out by the duly authorised representative before
the Directors of the Company had actual notice of the revocation.

**Member with mental disorder**

12.12 A Member in respect of whom an order has been made by any court having jurisdiction (whether in the Cayman
Islands or elsewhere) in matters concerning mental disorder may vote, by that Member's receiver, *curator bonis* or other person
authorised in that behalf appointed by that court.

12.13 For the purpose of the preceding Article, evidence to the satisfaction of the Directors of the authority
of the person claiming to exercise the right to vote must be received not less than 24 hours before holding the relevant meeting or the
adjourned meeting in any manner specified for the delivery of forms of appointment of a proxy, whether in writing or by Electronic means.
In default, the right to vote shall not be exercisable.

**Objections to admissibility of votes**

12.14 An objection to the validity of a person's vote may only be raised at the meeting or at the adjourned
meeting at which the vote is sought to be tendered. Any objection duly made shall be referred to the chairman whose decision shall be
final and conclusive.

**Form of proxy**

12.15 An instrument appointing a proxy shall be in any common form or in any other form approved by the Directors.

12.16 The instrument must be in writing and signed in one of the following ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by the Member; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by the Member's authorised attorney; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if the Member is a corporation or other body corporate, under seal or signed by an authorised officer,
secretary or attorney.

If the Directors so resolve, the Company may accept an Electronic Record of that instrument delivered in the manner specified below and otherwise satisfying the Articles about authentication of Electronic Records.

12.17 The Directors may require the production of any evidence which they consider necessary to determine the
validity of any appointment of a proxy.

12.18 A Member may revoke the appointment of a proxy at any time by notice to the Company duly signed in accordance
with Article 12.16.

12.19 No revocation by a Member of the appointment of a proxy made in accordance with Article 12.18 will affect
the validity of any acts carried out by the relevant proxy before the Directors of the Company had actual notice of the revocation.

**How and when proxy is to be delivered**

12.20 Subject to the following Articles, 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 form of appointment
of a proxy and any authority under which it is signed (or a copy of the authority certified notarially or in any other way approved by
the Directors) must be delivered so that it is received by the Company before the time for holding the meeting or adjourned meeting at
which the person named in the form of appointment of proxy proposes to vote. They must be delivered in either of the following ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the case of an instrument in writing, it must be left at or sent by post:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to the registered office of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to such other place within the Cayman Islands specified in the notice convening the meeting or in any
form of appointment of proxy sent out by the Company in relation to the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If, pursuant to the notice provisions, a notice may be given to the Company in an Electronic Record, an
Electronic Record of an appointment of a proxy must be sent to the address specified pursuant to those provisions unless another address
for that purpose is specified:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in the notice convening the meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in any form of appointment of a proxy sent out by the Company in relation to the meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in any invitation to appoint a proxy issued by the Company in relation to the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding Article 12.20(a) and Article 12.20(b), the chairman of the Company may, in any event at
his discretion, direct that an instrument of proxy shall be deemed to have been duly deposited.

12.21 If the form of appointment of proxy is not delivered on time, it is invalid.

12.22 When two or more valid but differing appointments of proxy are delivered or received in respect of the
same Share for use at the same meeting and in respect of the same matter, the one which is last validly delivered or received (regardless
of its date or of the date of its execution) shall be treated as replacing and revoking the other or others as regards that Share. lf
the Company is unable to determine which appointment was last validly delivered or received, none of them shall be treated as valid in
respect of that Share.

12.23 The Board may at the expense of the Company send forms of appointment of proxy to the Members by post
(that is to say, pre-paying and posting a letter), or by Electronic communication or otherwise (with or without provision for their return
by pre-paid post) for use at any general meeting or at any separate meeting of the holders of any class of Shares, either blank or nominating
as proxy in the alternative any one or more of the Directors or any other person. lf for the purpose of any meeting invitations to appoint
as proxy a person or one of a number of persons specified in the invitations are issued at the Company's expense, they shall be
issued to all (and not to some only) of the Members entitled to be sent notice of the meeting and to vote at it. The accidental omission
to send such a form of appointment or to give such an invitation to, or the non-receipt of such form of appointment by, any Member entitled
to attend and vote at a meeting shall not invalidate the proceedings at that meeting

**Voting by proxy**

12.24 A proxy shall have the same voting rights at a meeting or adjourned meeting as the Member would have had
except to the extent that the instrument appointing him limits those rights. Notwithstanding the appointment of a proxy, a Member may
attend and vote at a meeting or adjourned meeting. If a Member votes on any resolution a vote by his proxy on the same resolution, unless
in respect of different Shares, shall be invalid.

12.25 The instrument appointing a proxy to vote at a meeting shall not confer any further right to speak at
the meeting, except with the permission of the chairman of the meeting.

13 Number of Directors

13.1 There shall be a Board consisting of not less than one person provided however that the Company may by
Ordinary Resolution increase or reduce the limits in the number of Directors. Unless fixed by Ordinary Resolution, the maximum number
of Directors shall be unlimited.

14 Appointment, disqualification and removal of Directors

**First Directors**

14.1 The first Directors shall be appointed in writing by the subscriber or subscribers to the Memorandum,
or a majority of them.

**No age limit**

14.2 There is no age limit for Directors save that they must be at least eighteen years of age.

**Corporate Directors**

14.3 Unless prohibited by law, a body corporate may be a Director. If a body corporate is a Director, the Articles
about representation of corporate Members at general meetings apply, mutatis mutandis, to the Articles about Directors' meetings.

**No shareholding qualification**

14.4 Unless a shareholding qualification for Directors is fixed by Ordinary Resolution, no Director shall be
required to own Shares as a condition of his appointment.

**Appointment of Directors**

14.5 A Director may be appointed by Ordinary Resolution or by the Directors. Any appointment may be to fill
a vacancy or as an additional Director.

14.6 A remaining Director may appoint a Director even though there is not a quorum of Directors.

14.7 No appointment can cause the number of Directors to exceed the maximum (if one is set); and any such appointment
shall be invalid.

14.8 For so long as Shares are listed on a Designated Stock Exchange, the Directors shall include at least
such number of Independent Directors as applicable law, rules or regulations or the Designated Stock Exchange Rules require as determined
by the Board.

**Board's power to appoint Directors**

14.9 Without prejudice to the Company's power to appoint a person to be a Director pursuant to these
Articles, the Board shall have power at any time to appoint any person who is willing to act as a Director, either to fill a vacancy or
as an addition to the existing Board, subject to the total number of Directors not exceeding any maximum number fixed by or in accordance
with these Articles.

14.10 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. Each Director whose term of office expires shall be eligible for re-election at a meeting of the Members or re-appointment
by the Board.

**Removal of Directors**

14.11 A Director may be removed by Ordinary Resolution.

**Resignation of Directors**

14.12 A Director may at any time resign office by giving to the Company notice in writing or, if permitted pursuant
to the notice provisions, in an Electronic Record delivered in either case in accordance with those provisions.

14.13 Unless the notice specifies a different date, the Director shall be deemed to have resigned on the date
that the notice is delivered to the Company.

**Termination of the office of Director**

14.14 A Director may retire from office as a Director by giving notice in writing to that effect to the Company
at the registered office, which notice shall be effective upon such date as may be specified in the notice, failing which upon delivery
to the registered office.

14.15 Without prejudice to the provisions in these Articles for retirement (by rotation or otherwise), a Director's
office shall be terminated forthwith if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) he is prohibited by the law of the Cayman Islands from acting as a Director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) he is made bankrupt or makes an arrangement or composition with his creditors generally; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) he resigns his office by notice to the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) he only held office as a Director for a fixed term and such term expires; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) in the opinion of a registered medical practitioner by whom he is being treated he becomes physically
or mentally incapable of acting as a Director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) he is given notice by the majority of the other Directors (not being less than two in number) to vacate
office (without prejudice to any claim for damages for breach of any agreement relating to the provision of the services of such Director);
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) he is made subject to any law relating to mental health or incompetence, whether by court order or otherwise;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) without the consent of the other Directors, he is absent from meetings of Directors for a continuous period
of six months.

15 Alternate Directors

**Appointment and removal**

15.1 Any Director may appoint any other person, including another Director, to act in his place as an alternate
Director. No appointment shall take effect until the Director has given notice of the appointment to the Board.

15.2 A Director may revoke his appointment of an alternate at any time. No revocation shall take effect until
the Director has given notice of the revocation to the Board.

15.3 A notice of appointment or removal of an alternate Director shall be effective only if given to the Company
by one or more of the following methods:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by notice in writing in accordance with the notice provisions contained in these Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the Company has a facsimile address for the time being, by sending by facsimile transmission to that
facsimile address a facsimile copy or, otherwise, by sending by facsimile transmission to the facsimile address of the Company's registered
office a facsimile copy (in either case, the facsimile copy being deemed to be the notice unless Article 29.7 applies), in which event
notice shall be taken to be given on the date of an error-free transmission report from the sender's fax machine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if the Company has an email address for the time being, by emailing to that email address a scanned copy
of the notice as a PDF attachment or, otherwise, by emailing to the email address provided by the Company's registered office a scanned
copy of the notice as a PDF attachment (in either case, the PDF version being deemed to be the notice unless Article 29.7 applies), in
which event notice shall be taken to be given on the date of receipt by the Company or the Company's registered office (as appropriate)
in readable form; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if permitted pursuant to the notice provisions, in some other form of approved Electronic Record delivered
in accordance with those provisions in writing.

**Notices**

15.4 All notices of meetings of Directors shall continue to be given to the appointing Director and not to
the alternate.

**Rights of alternate Director**

15.5 An alternate Director shall be entitled to attend and vote at any Board meeting or meeting of a committee
of the Directors at which the appointing Director is not personally present, and generally to perform all the functions of the appointing
Director in his absence. An alternate Director, however, is not entitled to receive any remuneration from the Company for services rendered
as an alternate Director.

**Appointment ceases when the appointor ceases to be a Director**

15.6 An alternate Director shall cease to be an alternate Director if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Director who appointed him ceases to be a Director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Director who appointed him revokes his appointment by notice delivered to the Board or to the registered
office of the Company or in any other manner approved by the Board; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in any event happens in relation to him which, if he were a Director of the Company, would cause his office
as Director to be vacated.

**Status of alternate Director**

15.7 An alternate Director shall carry out all functions of the Director who made the appointment.

15.8 Save where otherwise expressed, an alternate Director shall be treated as a Director under these Articles.

15.9 An alternate Director is not the agent of the Director appointing him.

15.10 An alternate Director is not entitled to any remuneration for acting as alternate Director.

**Status of the Director making the appointment**

15.11 A Director who has appointed an alternate is not thereby relieved from the duties which he owes the Company.

16 Powers of Directors

**Powers of Directors**

16.1 Subject to the provisions of the Act, the Memorandum and these Articles the business of the Company shall
be managed by the Directors who may for that purpose exercise all the powers of the Company.

16.2 No prior act of the Directors shall be invalidated by any subsequent alteration of the Memorandum or these
Articles. However, to the extent allowed by the Act, Members may, by Special Resolution, validate any prior or future act of the Directors
which would otherwise be in breach of their duties.

**Directors below the minimum number**

16.3 lf the number of Directors is less than the minimum prescribed in accordance with these Articles, the
remaining Director or Directors shall act only for the purposes of appointing an additional Director or Directors to make up such minimum
or of convening a general meeting of the Company for the purpose of making such appointment. lf there are no Director or Directors able
or willing to act, any two Members may summon a general meeting for the purpose of appointing Directors. Any additional Director so appointed
shall hold office (subject to these Articles) only until the dissolution of the annual general meeting next following such appointment
unless he is re-elected during such meeting.

**Appointments to office**

16.4 The Directors may appoint a Director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as chairman of the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) as managing Director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to any other executive office,

for such period, and on such terms, including as to remuneration as they think fit.

16.5 The appointee must consent in writing to holding that office.

16.6 Where a chairman is appointed he shall, unless unable to do so, preside at every meeting of Directors.

16.7 If there is no chairman, or if the chairman is unable to preside at a meeting, that meeting may select
its own chairman; or the Directors may nominate one of their number to act in place of the chairman should he ever not be available.

16.8 Subject to the provisions of the Act, the Directors may also appoint and remove any person, who need not
be a Director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as Secretary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to any office that may be required

for such period and on such terms, including as to remuneration, as they think fit. In the case of an Officer, that Officer may be given any title the Directors decide.

16.9 The Secretary or Officer must consent in writing to holding that office.

16.10 A Director, Secretary or other Officer of the Company may not the hold the office, or perform the services,
of auditor.

**Provisions for employees**

16.11 The Board may make provision for the benefit of any persons employed or formerly employed by the Company
or any of its subsidiary undertakings (or any member of his family or any person who is dependent on him) in connection with the cessation
or the transfer to any person of the whole or part of the undertaking of the Company or any of its subsidiary undertakings.

**Exercise of voting rights**

16.12 The Board may exercise the voting power conferred by the Shares in any body corporate held or owned by
the Company in such manner in all respects as it thinks fit (including, without limitation, the exercise of that power in favour of any
resolution appointing any Director as a Director of such body corporate, or voting or providing for the payment of remuneration to the
Directors of such body corporate).

**Remuneration**

16.13 Every Director may be remunerated by the Company for the services he provides for the benefit of the Company,
whether as Director, employee or otherwise, and shall be entitled to be paid for the expenses incurred in the Company's business
including attendance at Directors' meetings.

16.14 Until otherwise determined by the Company by Ordinary Resolution, the Directors (other than alternate
Directors) shall be entitled to such remuneration by way of fees for their services in the office of Director as the Directors may determine.

16.15 Remuneration may take any form and may include arrangements to pay pensions, health insurance, death or
sickness benefits, whether to the Director or to any other person connected to or related to him.

16.16 Unless his fellow Directors determine otherwise, a Director is not accountable to the Company for remuneration
or other benefits received from any other company which is in the same group as the Company or which has common shareholdings.

**Disclosure of information**

16.17 Subject to compliance with applicable laws, including the applicable federal securities laws of the United
States, the Directors may release or disclose to a third party any information regarding the affairs of the Company, including any information
contained in the register of Members relating to a Member, (and they may authorise any Director, Officer or other authorised agent of
the Company to release or disclose to a third party any such information in his possession) if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company or that person, as the case may be, is lawfully required to do so under the laws of any jurisdiction
to which the Company is subject; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such disclosure is in compliance with the Designated Stock Exchange Rules; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) such disclosure is in accordance with any contract entered into by the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Directors are of the opinion such disclosure would assist or facilitate the Company's operations.

17 Delegation of powers

**Power to delegate any of the Directors' powers to a committee**

17.1 The Directors may delegate any of their powers to any committee consisting of one or more persons who
need not be Members. Persons on the committee may include non-Directors so long as the majority of those persons are Directors. For so
long as Shares are listed on a Designated Stock Exchange, any such committee shall be made up of such number of Independent Directors
as required from time to time by the Designated Stock Exchange Rules or otherwise required by applicable law.

17.2 The delegation may be collateral with, or to the exclusion of, the Directors' own powers.

17.3 The delegation may be on such terms as the Directors think fit, including provision for the committee
itself to delegate to a sub-committee; save that any delegation must be capable of being revoked or altered by the Directors at will.

17.4 Unless otherwise permitted by the Directors, a committee must follow the procedures prescribed for the
taking of decisions by Directors.

17.5 For so long as Shares are listed on a Designated Stock Exchange, the Board shall, if required by the Designated
Stock Exchange Rules, establish an audit committee, a compensation committee and a nominating and corporate governance committee. Each
of these committees shall be empowered to do all things necessary to exercise the rights of such committee set forth in these Articles.
Each of the audit committee, compensation committee and nominating and corporate governance committee shall consist of at least three
Directors (or such larger minimum number as may be required from time to time by the Designated Stock Exchange Rules). The committees
shall be made up of such number of Independent Directors as required from time to time by the Designated Stock Exchange Rules or otherwise
required by applicable law, subject to any exemptions permitted under the Designated Stock Exchange Rules and other applicable laws.

**Local boards**

17.6 The Board may establish any local or divisional board or agency for managing any of the affairs of the
Company whether in the Cayman Islands or elsewhere and may appoint any persons to be members of a local or divisional Board, or to be
managers or agents, and may fix their remuneration.

17.7 The Board may delegate to any local or divisional board, manager
or agent any of its powers and authorities (with power to sub-delegate) and may authorise the members of any local or divisional board
or any of them to fill any vacancies and to act notwithstanding vacancies.

17.8 Any appointment or delegation under this Article 17.8 may be made on such terms and subject to such conditions
as the Board thinks fit and the Board may remove any person so appointed, and may revoke or vary any delegation.

**Power to appoint an agent of the Company**

17.9 The Directors may appoint any person, either generally or in respect of any specific matter, to be the
agent of the Company with or without authority for that person to delegate all or any of that person's powers. The Directors may
make that appointment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by causing the Company to enter into a power of attorney or agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in any other manner they determine.

**Power to appoint an attorney or authorised signatory of the Company**

17.10 The Directors may appoint any person, whether nominated directly or indirectly by the Directors, to be
the attorney or the authorised signatory of the Company. The appointment may be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for any purpose;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with the powers, authorities and discretions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) for the period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) subject to such conditions

as they think fit. The powers, authorities and discretions, however, must not exceed those vested in, or exercisable, by the Directors under these Articles. The Directors may do so by power of attorney or any other manner they think fit.

17.11 Any power of attorney or other appointment may contain such provision for the protection and convenience
for persons dealing with the attorney or authorised signatory as the Directors think fit. Any power of attorney or other appointment may
also authorise the attorney or authorised signatory to delegate all or any of the powers, authorities and discretions vested in that person.

17.12 The Board may remove any person appointed under Article 17.10 and may revoke or vary the delegation.

**Borrowing Powers**

17.13 The Directors may exercise all the powers of the Company to borrow money and to mortgage or charge its
undertaking, property and assets both present and future and uncalled capital, or any part thereof, and to issue debentures and other
securities, whether outright or as collateral security for any debt, liability or obligation of the Company or its parent undertaking
(if any) or any subsidiary undertaking of the Company or of any third party.

**Corporate Governance**

17.14 The Board may, from time to time, and except as required by applicable law or the Designated Stock Exchange
Rules, adopt, institute, amend, modify or revoke the corporate governance policies or initiatives of the Company, which shall be intended
to set forth the guiding principles and policies of the Company and the Board on various corporate governance related matters as the Board
shall determine by resolution from time to time.

18 Meetings of Directors

**Regulation of Directors' meetings**

18.1 Subject to the provisions of these Articles, the Directors may regulate their proceedings as they think
fit.

**Calling meetings**

18.2 Any Director may call a meeting of Directors at any time. The Secretary must call a meeting of the Directors
if requested to do so by a Director.

**Notice of meetings**

18.3 Notice of a Board meeting may be given to a Director personally or by word of mouth or given in writing
or by Electronic communications at such address as he may from time to time specify for this purpose (or, if he does not specify an address,
at his last known address). A Director may waive his right to receive notice of any meeting either prospectively or retrospectively.

**Use of technology**

18.4 A Director may participate in a meeting of Directors through the medium of conference telephone, video
or any other form of communications equipment providing all persons participating in the meeting are able to hear and speak to each other
throughout the meeting.

18.5 A Director participating in this way is deemed to be present in person at the meeting.

**Quorum**

18.6 The quorum for the transaction of business at a meeting of Directors shall be two unless the Directors
fix some other number.

**Chairman or deputy to preside**

18.7 The Board may appoint a chairman and one or more deputy chairman or chairmen and may at any time revoke
any such appointment.

18.8 The chairman, or failing him any deputy chairman (the longest in office taking precedence if more than
one is present), shall preside at all Board meetings. If no chairman or deputy chairman has been appointed, or if he is not present within
five minutes after the time fixed for holding the meeting, or is unwilling to act as chairman of the meeting, the Directors present shall
choose one of their number to act as chairman of the meeting.

**Voting**

18.9 A question which arises at a Board meeting shall be decided by a majority of votes. If votes are equal
the chairman may, if he wishes, exercise a casting vote.

**Recording of dissent**

18.10 A Director present at a meeting of Directors shall be presumed to have assented to any action taken at
that meeting unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) his dissent is entered in the minutes of the meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) he has filed with the meeting before it is concluded signed dissent from that action; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) he has forwarded to the Company as soon as practical following the conclusion of that meeting signed dissent.

A Director who votes in favour of an action is not entitled to record his dissent to it.

**Written resolutions**

18.11 The Directors may pass a resolution in writing without holding a meeting if all Directors sign a document
or sign several documents in the like form each signed by one or more of those Directors.

18.12 A written resolution signed by a validly appointed alternate Director need not also be signed by the appointing
Director.

18.13 A written resolution signed personally by the appointing Director need not also be signed by his alternate.

18.14 A resolution in writing passed pursuant to Article 18.11, Article 18.12 and/or Article 18.13 shall be
as effective as if it had been passed at a meeting of the Directors duly convened and held; and it shall be treated as having been passed
on the day and at the time that the last Director signs (and for the avoidance of doubt, such day may or may not be a Business Day).

**Validity of acts of Directors in spite of formal defect**

18.15 All acts done by a meeting of the Board, or of a committee of the Board, or by any person acting as a
Director or an alternate Director, shall, notwithstanding that it is afterwards discovered that there was some defect in the appointment
of any Director or alternate Director or member of the committee, or that any of them were disqualified or had vacated office or were
not entitled to vote, be as valid as if every such person had been duly appointed and qualified and had continued to be a Director or
alternate Director and had been entitled to vote.

19 Permissible Directors' interests and disclosure

19.1 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 provided the Director discloses to his fellow directors the nature and extent of any
material interests in respect of any contract or transaction or proposed contract or transaction 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.

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| | |
|:---|:---|
| 20 | Minutes |

---

20.1 The Company shall cause minutes to be made in books of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all appointments of Officers and committees made by the Board and of any such Officer's remuneration;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the names of Directors present at every meeting of the Directors, a committee of the Board, the Company
or the holders of any class of shares or debentures, and all orders, resolutions and proceedings of such meetings.

20.2 Any such minutes, if purporting to be signed by the chairman of the meeting at which the proceedings were
held or by the chairman of the next succeeding meeting or the Secretary, shall be prima facie evidence of the matters stated in them.

21 Accounts and audit

21.1 The Directors must ensure that proper accounting and other records are kept, and that accounts and associated
reports are distributed in accordance with the requirements of the Act.

21.2 The books of account shall be kept at the registered office of the Company and shall always be open to
inspection by the Directors. No Member (other than a Director) shall have any right of inspecting any account or book or document of the
Company except as conferred by the Act or as authorised by the Directors or by Ordinary Resolution.

21.3 Unless the Directors otherwise prescribe, the financial year of the Company shall end on 31 December in
each year and begin on 1 January in each year.

**Auditors**

21.4 The Directors may appoint an Auditor of the Company who shall hold office on such terms as the Directors
determine.

21.5 At any general meeting convened and held at any time in accordance with these Articles, the Members may,
by Ordinary Resolution, remove the Auditor before the expiration of his term of office. If they do so, the Members shall, by Ordinary
Resolution, at that meeting appoint another Auditor in his stead for the remainder of his term.

21.6 The Auditors shall examine such books, accounts and vouchers; as may be necessary for the performance
of their duties.

21.7 The Auditors shall, if so requested 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 Company.

22 Record dates

22.1 Except to the extent of any conflicting rights attached to Shares, the resolution declaring a dividend
on Shares of any class, whether it be an Ordinary Resolution of the Members or a Director's resolution, may specify that the dividend
is payable or distributable to the persons registered as the holders of those Shares at the close of business on a particular date, notwithstanding
that the date may be a date prior to that on which the resolution is passed.

22.2 If the resolution does so specify, the dividend shall be payable or distributable to the persons registered
as the holders of those Shares at the close of business on the specified date in accordance with their respective holdings so registered,
but without prejudice to the rights *inter se* in respect of the dividend of transferors and transferees of any of those Shares.

22.3 The provisions of this Article apply, *mutatis mutandis*, to bonuses, capitalisation issues, distributions
of realised capital profits or offers or grants made by the Company to the Members.

23 Dividends

**Source of dividends**

23.1 Dividends may be declared and paid out of any funds of the Company lawfully available for distribution.

23.2 Subject to the requirements of the Act regarding the application of a company's Share premium account
and with the sanction of an Ordinary Resolution, dividends may also be declared and paid out of any share premium account.

**Declaration of dividends by Members**

23.3 Subject to the provisions of the Act, the Company may by Ordinary Resolution declare dividends in accordance
with the respective rights of the Members but no dividend shall exceed the amount recommended by the Directors.

**Payment of interim dividends and declaration of final dividends by Directors**

23.4 The Directors may declare and pay interim dividends or recommend final dividends in accordance with the
respective rights of the Members if it appears to them that they are justified by the financial position of the Company and that such
dividends may lawfully be paid.

23.5 Subject to the provisions of the Act, in relation to the distinction between interim dividends and final
dividends, the following applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon determination to pay a dividend or dividends described as interim by the Directors in the dividend

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon declaration of a dividend or dividends described as final by the Directors in the dividend resolution,
a debt shall be created immediately following the declaration, the due date to be the date the dividend is stated to be payable in the
resolution.

If the resolution fails to specify whether a dividend is final or interim, it shall be assumed to be interim.

23.6 In relation to Shares carrying differing rights to dividends or rights to dividends at a fixed rate, the
following applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the share capital is divided into different classes, the Directors may pay dividends on Shares which
confer deferred or non-preferred rights with regard to dividends as well as on Shares which confer preferential rights with regard to
dividends but no dividend shall be paid on Shares carrying deferred or non-preferred rights if, at the time of payment, any preferential
dividend is in arrears.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Directors may also pay, at intervals settled by them, any dividend payable at a fixed rate if it appears
to them that there are sufficient funds of the Company lawfully available for distribution to justify the payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Directors act in good faith, they shall not incur any liability to the Members holding Shares conferring
preferred rights for any loss those Members may suffer by the lawful payment of the dividend on any Shares having deferred or non-preferred
rights.

**Apportionment of dividends**

23.7 Except as otherwise provided by the rights attached to Shares all dividends shall be declared and paid
according to the amounts Paid Up on the Shares on which the dividend is paid. All dividends shall be apportioned and paid proportionately
to the amount Paid Up on the Shares during the time or part of the time in respect of which the dividend is paid. But if a Share is issued
on terms providing that it shall rank for dividend as from a particular date, that Share shall rank for dividend accordingly.

**Right of set off**

23.8 The Directors may deduct from a dividend or any other amount payable to a person in respect of a Share
any amount due by that person to the Company on a call or otherwise in relation to a Share.

**Power to pay other than in cash**

23.9 If the Directors so determine, any resolution declaring a dividend may direct that it shall be satisfied
wholly or partly by the distribution of assets. If a difficulty arises in relation to the distribution, the Directors may settle that
difficulty in any way they consider appropriate. For example, they may do any one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) issue fractional Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) fix the value of assets for distribution and make cash payments to some Members on the footing of the
value so fixed in order to adjust the rights of Members; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) vest some assets in trustees.

**How payments may be made**

23.10 A dividend or other monies payable on or in respect of a Share may be paid in any of the following ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the Member holding that Share or other person entitled to that Share nominates a bank account for that
purpose - by wire transfer to that bank account; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by cheque or warrant sent by post to the registered address of the Member holding that Share or other
person entitled to that Share.

23.11 For the purposes of Article 23.10(a), the nomination may be in writing or in an Electronic Record and
the bank account nominated may be the bank account of another person. For the purposes of Article 23.10(b), subject to any applicable
law or regulation, the cheque or warrant shall be made to the order of the Member holding that Share or other person entitled to the Share
or to his nominee, whether nominated in writing or in an Electronic Record, and payment of the cheque or warrant shall be a good discharge
to the Company.

23.12 If two or more persons are registered as the holders of the Share or are jointly entitled to it by reason
of the death or bankruptcy of the registered holder (**Joint Holders**), a dividend (or other amount) payable on or in respect of that
Share may be paid as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to the registered address of the Joint Holder of the Share who is named first on the register of Members
or to the registered address of the deceased or bankrupt holder, as the case may be; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to the address or bank account of another person nominated by the Joint Holders, whether that nomination
is in writing or in an Electronic Record.

23.13 Any Joint Holder of a Share may give a valid receipt for a dividend (or other amount) payable in respect
of that Share.

**Dividends or other monies not to bear interest in absence of special rights**

23.14 Unless provided for by the rights attached to a Share, no dividend or other monies payable by the Company
in respect of a Share shall bear interest.

**Dividends unable to be paid or unclaimed**

23.15 If a dividend cannot be paid to a Member or remains unclaimed within six weeks after it was declared or
both, the Directors may pay it into a separate account in the Company's name. If a dividend is paid into a separate account, the
Company shall not be constituted trustee in respect of that account and the dividend shall remain a debt due to the Member.

23.16 A dividend that remains unclaimed for a period of six years after it became due for payment shall be forfeited
to, and shall cease to remain owing by, the Company.

24 Capitalisation of profits

**Capitalisation of profits or of any share premium account or capital redemption reserve;**

24.1 The Directors may resolve to capitalise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any part of the Company's profits not required for paying any preferential dividend (whether or
not those profits are available for distribution); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any sum standing to the credit of the Company's share premium account or capital redemption reserve, if
any.

24.2 The amount resolved to be capitalised must be appropriated to the Members who would have been entitled
to it had it been distributed by way of dividend and in the same proportions. The benefit to each Member so entitled must be given in
either or both of the following ways::

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by paying up the amounts unpaid on that Member's Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by issuing Fully Paid Up Shares, debentures or other securities of the Company to that Member or as that
Member directs. The Directors may resolve that any Shares issued to the Member in respect of Partly Paid Up Shares (**Original Shares**)
rank for dividend only to the extent that the Original Shares rank for dividend while those Original Shares remain Partly Paid Up.

**Applying an amount for the benefit of Members**

24.3 The amount capitalised must be applied to the benefit of Members in the proportions to which the Members
would have been entitled to dividends if the amount capitalised had been distributed as a dividend.

24.4 Subject to the Act, if a fraction of a Share, a debenture or other security is allocated to a Member,
the Directors may issue a fractional certificate to that Member or pay him the cash equivalent of the fraction.

25 Share Premium Account

**Directors to maintain share premium account**

25.1 The Directors shall establish a share premium account in accordance with the Act. They shall carry to
the credit of that account from time to time an amount equal to the amount or value of the premium paid on the issue of any Share or capital
contributed or such other amounts required by the Act.

**Debits to share premium account**

25.2 The following amounts shall be debited to any share premium account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) on the redemption or purchase of a Share, the difference between the nominal value of that Share and the
redemption or purchase price; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any other amount paid out of a share premium account as permitted by the Act.

25.3 Notwithstanding the preceding Article, on the redemption or purchase of a Share, the Directors may pay
the difference between the nominal value of that Share and the redemption purchase price out of the profits of the Company or, as permitted
by the Act, out of capital.

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| | |
|:---|:---|
| 26 | Seal |

---

**Company seal**

26.1 The Company may have a seal if the Directors so determine.

**Duplicate seal**

26.2 Subject to the provisions of the Act, the Company may also have a duplicate seal or seals for use in any
place or places outside the Cayman Islands. Each duplicate seal shall be a facsimile of the original seal of the Company. However, if
the Directors so determine, a duplicate seal shall have added on its face the name of the place where it is to be used.

**When and how seal is to be used**

26.3 A seal may only be used by the authority of the Directors. Unless the Directors otherwise determine, a
document to which a seal is affixed must be signed in one of the following ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by a Director (or his alternate) and the Secretary; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by a single Director (or his alternate).

**If no seal is adopted or used**

26.4 If the Directors do not adopt a seal, or a seal is not used, a document may be executed in the following
manner:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by a Director (or his alternate) and the Secretary; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by a single Director (or his alternate); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in any other manner permitted by the Act.

**Power to allow non-manual signatures and facsimile printing of seal**

26.5 The Directors may determine that either or both of the following applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that the seal or a duplicate seal need not be affixed manually but may be affixed by some other method
or system of reproduction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that a signature required by these Articles need not be manual but may be a mechanical or Electronic Signature.

**Validity of execution**

26.6 If a document is duly executed and delivered by or on behalf of the Company, it shall not be regarded
as invalid merely because, at the date of the delivery, the Secretary, or the Director, or other Officer or person who signed the document
or affixed the seal for and on behalf of the Company ceased to be the Secretary or hold that office and authority on behalf of the Company.

27 Indemnity

27.1 To the extent permitted by law, the Company shall indemnify each existing or former Director (including
alternate Director), Secretary and other Officer of the Company (including an investment adviser or an administrator or liquidator) and
their personal representatives against:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or sustained
by the existing or former Director (including alternate Director), Secretary or Officer in or about the conduct of the Company's business
or affairs or in the execution or discharge of the existing or former Director's (including alternate Director's), Secretary's or
Officer's duties, powers, authorities or discretions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) without limitation to paragraph (a), all costs, expenses, losses or liabilities incurred by the existing
or former Director (including alternate Director), Secretary or Officer in defending (whether successfully or otherwise) any civil, criminal,
administrative or investigative proceedings (whether threatened, pending or completed) concerning the Company or its affairs in any court
or tribunal, whether in the Cayman Islands or elsewhere.

No such existing or former Director (including alternate Director), Secretary or Officer, however, shall be indemnified in respect of any matter arising out of his own dishonesty.

27.2 To the extent permitted by Act, the Company may make a payment, or agree to make a payment, whether by
way of advance, loan or otherwise, for any legal costs incurred by an existing or former Director (including alternate Director), Secretary
or Officer of the Company in respect of any matter identified in Article 27.1 on condition that the Director (including alternate Director),
Secretary or Officer must repay the amount paid by the Company to the extent that it is ultimately found not liable to indemnify the Director
(including alternate Director), Secretary or that Officer for those legal costs.

**Release**

27.3 To the extent permitted by Act, the Company may by Special Resolution release any existing or former Director
(including alternate Director), Secretary or other Officer of the Company from liability for any loss or damage or right to compensation
which may arise out of or in connection with the execution or discharge of the duties, powers, authorities or discretions of his office;
but there may be no release from liability arising out of or in connection with that person's own dishonesty.

**Insurance**

27.4 To the extent permitted by Act, the Company may pay, or agree to pay, a premium in respect of a contract
insuring each of the following persons against risks determined by the Directors, other than liability arising out of that person's
own dishonesty:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an existing or former Director (including alternate Director), Secretary or Officer or auditor of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a company which is or was a subsidiary of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a company in which the Company has or had an interest (whether direct or indirect); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a trustee of an employee or retirement benefits scheme or other trust in which any of the persons referred
to in paragraph (a) is or was interested.

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| | |
|:---|:---|
| 28 | Notices |

---

**Form of notices**

28.1 Save where these Articles provide otherwise, and subject to the Designated Stock Exchange Rules, any notice
to be given to or by any person pursuant to these Articles shall be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in writing signed by or on behalf of the giver in the manner set out below for written notices; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) subject to the next Article, in an Electronic Record signed by or on behalf of the giver by Electronic
Signature and authenticated in accordance with Articles about authentication of Electronic Records; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) where these Articles expressly permit, by the Company by means of a website.

**Electronic communications**

28.2 A notice may only be given to the Company in an Electronic Record if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Directors so resolve or otherwise accept the notice; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Director or Officer provides the giver of the notice an electronic address to which the notice may
be sent and a notice is sent to that address within a reasonable period of time.

28.3 A notice may not be given by Electronic Record to a person other than the Company unless the recipient
has provided the giver of the notice with an Electronic address to which notice may be sent.

28.4 Subject to the Act, the Designated Stock Exchange Rules and to any other rules which the Company is bound
to follow, the Company may also send any notice or other document pursuant to these Articles to a Member by publishing that notice or
other document on a website where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company and the Member have agreed to his having access to the notice or document on a website (instead
of it being sent to him);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the notice or document is one to which that agreement applies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Member is notified (in accordance with any requirements laid down by the Act and, in a manner for
the time being agreed between him and the Company for the purpose) of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the publication of the notice or document on a website;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the address of that website; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the place on that website where the notice or document may be accessed, and how it may be accessed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the notice or document is published on that website throughout the publication period, provided that,
if the notice or document is published on that website for a part, but not all of, the publication period, the notice or document shall
be treated as being published throughout that period if the failure to publish that notice of document throughout that period is wholly
attributable to circumstances which it would not be reasonable to have expected the Company to prevent or avoid. For the purposes of this
Article 28.4 "publication period" means a period of not less than twenty-one days, beginning on the day on which the notification
referred to in Article 28.4(c) is deemed sent.

**Persons entitled to notices**

28.5 Any notice or other document to be given to a Member may be given by reference to the register of Members
as it stands at any time within the period of twenty-one days before the day that the notice is given or (where and as applicable) within
any other period permitted by, or in accordance with the requirements of, (to the extent applicable) the Designated Stock Exchange Rules
and/or the Designated Stock Exchanges. No change in the register of Members after that time shall invalidate the giving of such notice
or document or require the Company to give such item to any other person.

**Persons authorised to give notices**

28.6 A notice by either the Company or a Member pursuant to these Articles may be given on behalf of the Company
or a Member by a Director or company secretary of the Company or a Member.

**Delivery of written notices**

28.7 Save where these Articles provide otherwise, a notice in writing may be given personally to the recipient,
or left at (as appropriate) the Member's or Director's registered address or the Company's registered office, or posted
to that registered address or registered office.

**Joint holders**

28.8 Where Members are joint holders of a Share, all notices shall be given to the Member whose name first
appears in the register of Members.

**Signatures**

28.9 A written notice shall be signed when it is autographed by or on behalf of the giver, or is marked in
such a way as to indicate its execution or adoption by the giver.

28.10 An Electronic Record may be signed by an Electronic Signature.

**Evidence of transmission**

28.11 A notice given by Electronic Record shall be deemed sent if an Electronic Record is kept demonstrating
the time, date and content of the transmission, and if no notification of failure to transmit is received by the giver.

28.12 A notice given in writing shall be deemed sent if the giver can provide proof that the envelope containing
the notice was properly addressed, pre-paid and posted, or that the written notice was otherwise properly transmitted to the recipient.

28.13 A Member present, either in person or by proxy, at any meeting of the Company or of the holders of any
class of Shares shall be deemed to have received due notice of the meeting and, where requisite, of the purposes for which it was called.

**Giving notice to a deceased or bankrupt Member**

28.14 A notice may be given by the Company to the persons entitled to a Share in consequence of the death or
bankruptcy of a Member by sending or delivering it, in any manner authorised by these Articles for the giving of notice to a Member, 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,
if any, supplied for that purpose by the persons claiming to be so entitled.

28.15 Until such an address has been supplied, a notice may be given
in any manner in which it might have been given if the death or bankruptcy had not occurred.

**Date of giving notices**

28.16 A notice is given on the date identified in the following table

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Method for giving notices** | &nbsp;&nbsp;**When taken to be given** |
| &nbsp;&nbsp;(A) Personally | &nbsp;&nbsp;At the time and date of delivery |
| &nbsp;&nbsp;(B) By leaving it at the Member's registered address | &nbsp;&nbsp;At the time and date it was left |
| &nbsp;&nbsp;(C) By posting it by prepaid post to the street or postal address of that recipient | &nbsp;&nbsp;48 hours after the date it was posted |
| &nbsp;&nbsp;(D) By Electronic Record (other than publication on a website), to recipient's Electronic address | &nbsp;&nbsp;48 hours after the date it was sent |
| &nbsp;&nbsp;(E) By publication on a website | &nbsp;&nbsp;24 hours after the date on which the Member is deemed to have been notified of the publication of the notice or document on the website |

---

**Saving provision**

28.17 None of the preceding notice provisions shall derogate from the Articles about the delivery of written
resolutions of Directors and written resolutions of Members.

29 Authentication of Electronic Records

**Application of Articles**

29.1 Without limitation to any other provision of these Articles, any notice, written resolution or other document
under these Articles that is sent by Electronic means by a Member, or by the Secretary, or by a Director or other Officer of the Company,
shall be deemed to be authentic if either Article 29.2 or Article 29.4 applies.

**Authentication of documents sent by Members by Electronic means**

29.2 An Electronic Record of a notice, written resolution or other document sent by Electronic means by or
on behalf of one or more Members shall be deemed to be authentic if the following conditions are satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Member or each Member, as the case may be, signed the original document, and for this purpose **Original Document** includes several documents in like form signed by one or more of those Members; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Electronic Record of the Original Document was sent by Electronic means by, or at the direction of,
that Member to an address specified in accordance with these Articles for the purpose for which it was sent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Article 29.7 does not apply.

29.3 For example, where a sole Member signs a resolution and sends the Electronic Record of the original resolution,
or causes it to be sent, by facsimile transmission to the address in these Articles specified for that purpose, the facsimile copy shall
be deemed to be the written resolution of that Member unless Article 29.7 applies.

**Authentication of document sent by the Secretary or Officers of the Company by Electronic means**

29.4 An Electronic Record of a notice, written resolution or other document sent by or on behalf of the Secretary
or an Officer or Officers of the Company shall be deemed to be authentic if the following conditions are satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Secretary or the Officer or each Officer, as the case may be, signed the original document, and for
this purpose **Original Document** includes several documents in like form signed by the Secretary or one or more of those Officers;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Electronic Record of the Original Document was sent by Electronic means by, or at the direction of,
the Secretary or that Officer to an address specified in accordance with these Articles for the purpose for which it was sent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Article 29.7 does not apply.

This Article 29.4 applies whether the document is sent by or on behalf of the Secretary or Officer in his own right or as a representative of the Company.

29.5 For example, where a sole Director signs a resolution and scans the resolution, or causes it to be scanned,
as a PDF version which is attached to an email sent to the address in these Articles specified for that purpose, the PDF version shall
be deemed to be the written resolution of that Director unless Article 29.7 applies.

**Manner of signing**

29.6 For the purposes of these Articles about the authentication of Electronic Records, a document will be
taken to be signed if it is signed manually or in any other manner permitted by these Articles.

**Saving provision**

29.7 A notice, written resolution or other document under these Articles will not be deemed to be authentic
if the recipient, acting reasonably:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) believes that the signature of the signatory has been altered after the signatory had signed the original
document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) believes that the original document, or the Electronic Record of it, was altered, without the approval
of the signatory, after the signatory signed the original document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) otherwise doubts the authenticity of the Electronic Record of the document

and the recipient promptly gives notice to the sender setting the grounds of its objection. If the recipient invokes this Article, the sender may seek to establish the authenticity of the Electronic Record in any way the sender thinks fit.

30 Transfer by way of continuation

30.1 The Company may, by Special Resolution, resolve to be registered by way of continuation in a jurisdiction
outside:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Cayman Islands; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such other jurisdiction in which it is, for the time being, incorporated, registered or existing.

30.2 To give effect to any resolution made pursuant to the preceding Article, the Directors may cause the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an application be made to the Registrar of Companies of the Cayman Islands to deregister the Company in
the Cayman Islands or in the other jurisdiction in which it is for the time being incorporated, registered or existing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all such further steps as they consider appropriate to be taken to effect the transfer by way of continuation
of the Company.

31 Winding up

**Distribution of assets in specie**

31.1 If the Company is wound up the Members may, subject to these Articles and any other sanction required
by the 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 Members 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 between the Members or different classes of Members;
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 Members and those liable to
contribute to the winding up.

**No obligation to accept liability**

31.2 No Member shall be compelled to accept any assets if an obligation attaches to them.

31.3 The Directors are authorised to present a winding up petition

31.4 The Directors have the authority to present a petition for the winding up of the Company to the Grand
Court of the Cayman Islands on behalf of the Company without the sanction of a resolution passed at a general meeting.

32 Amendment of Memorandum and Articles

**Power to change name or amend Memorandum**

32.1 Subject to the Act, the Company may, by Special Resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) change its name; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) change the provisions of its Memorandum with respect to its objects, powers or any other matter specified
in the Memorandum.

**Power to amend these Articles**

32.2 Subject to the Act and as provided in these Articles, the Company may, by Special Resolution, amend these
Articles in whole or in part.

Dated 17 February 2025

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name and address of Subscriber** | &nbsp;&nbsp;**Number of shares taken** | &nbsp;&nbsp;**Signature** |
| &nbsp;&nbsp; Ogier Global Subscriber (Cayman) Limited<br> 89 Nexus Way<br> Camana Bay<br> Grand Cayman, KY1-9009<br> Cayman Islands | &nbsp;&nbsp;1 Ordinary Share | &nbsp;&nbsp; <br> Per:__________________<br> Name:<br> Authorised Signatory |
| &nbsp;&nbsp;**Witness to above signature** | &nbsp;&nbsp; <br> ____________________<br> Name:<br>Ogier Global (Cayman) Limited<br> 89 Nexus Way<br> Camana Bay<br> Grand Cayman, KY1-9009<br> Cayman Islands<br>Occupation: Administrator | &nbsp;&nbsp; <br> ____________________<br> Name:<br>Ogier Global (Cayman) Limited<br> 89 Nexus Way<br> Camana Bay<br> Grand Cayman, KY1-9009<br> Cayman Islands<br>Occupation: Administrator |

---

## Exhibit 10.1

**Exhibit 10.1**

Certain terms have been omitted pursuant to Regulation S-K Item 601(a)(6). The Registrant agrees to <br> furnish supplementally a copy of any of the terms to the SEC upon request.

**EMPLOYMENT CONTRACT**

THIS AGREEMENT will be effective upon the approval of the relevant board resolution (the **"Agreement"**).

**Parties**

---

| | |
|:---|:---|
| (1) | <u>JoyByte Holdings Limited</u>, an exempt company incorporated in the Cayman Islands<u>,</u> having its registered office at c/o Ogier Global (Cayman) Limited, 89 Nexus Way, Camana Bay, Grand Cayman, KY1-9009, Cayman Islands (the "**Employer**" or "**we**" or "**us**"), |
| (2) | Wai Shing MAN, whose residential address is Flat A，20/F，Blk 3, Lido Gdn, 41 Castle Peak Rd, Sham Tseng, Nt, Hong Kong with a HKID No. <u>[\*\*\*]</u> (the "**Employee**" or "**you**"), |
|  | Collectively the "**Parties**" and each individually a "**Party**". |

---

**Agreed terms**

---

| | |
|:---|:---|
| 1 | **Key terms** |

---

---

| | |
|:---|:---|
| Position: | **<u>Chief Executive Officer</u>** |
| Effective date: | Effective upon the approval of the relevant board resolution |
| Duration: | Until either party terminates the contract |
| Remuneration: | Fifteen Thousand Four Hundred U.S. dollars (USD 15,400) per year |

---

---

| | |
|:---|:---|
| 2.0 | **Definitions and interpretation** |
| 2.1 | The following definitions and rules of interpretation apply in this Agreement: |

---

**Confidential Information**: information in whatever form (whether or not recorded in writing) and wherever located relating to the business, affairs, finance, or connections of the Employer, any Group Company and their directors, officers, clients, customers, and suppliers, that is for the time being confidential or commercially sensitive. Confidential Information includes: Any trade secrets, technical data, proprietary information, business processes or methods or any know-how relating to the business or affairs of the Employer or of any Group Company, whether or not such information is marked confidential; but does not include any information that is already in, or comes into, the public domain other than through unauthorised disclosure.

**Group**: the Employer, together with any of its subsidiaries, its holding company, and fellow subsidiaries of its holding company, and **Group Company** means any one of them**.**

**Intellectual Property Rights**: patents, utility models, rights to inventions, copyright and neighbouring and related rights, trademarks and service marks, business names and domain names, rights in get-up and trade dress, goodwill and the right to sue for passing off or unfair competition, rights in designs, database rights, rights to use, and protect the confidentiality of, confidential information (including know-how and trade secrets), and all other intellectual property rights, in each case whether registered or unregistered and including all applications and rights to apply for and be granted, renewals or extensions of, and rights to claim priority from, such rights and all similar or equivalent rights or forms of protection which subsist or will subsist now or in the future in any part of the world.

**Moral Rights**: the right (a) to be attributed or credited as the author of a work; (b) not to have his work treated in a derogatory way; and (c) not to have a work falsely attributed to him as author, and any other similar right capable of protection under the laws of any relevant jurisdiction.

**Start Date**: such date as stated in Clause 1.

---

| | |
|:---|:---|
| 2.2 | Clause and paragraph headings shall not affect the interpretation of this Agreement. |
| 2.3 | Unless the context otherwise requires, words in the singular shall include the plural and, in the plural, shall include the singular and a reference to one gender shall include a reference to the other genders. |
| 2.4 | A reference to writing or written includes fax and email unless otherwise provided. |
| 3.0 | **Term of employment** |
| 3.1 | The employment will commence (or be deemed to have commenced) on the Start Date. |
| 4.0 | **Duties** |
| 4.1 | You are employed in the position as stated in Clause 1, or such other role as we may require from time to time having regard to the needs of the business and your skills, qualifications, and experience. |

---

4.2 Your
 main duties will be to be responsible for our Group's overall management.

4.3 You
 will also perform such functions and duties as we may from time to time assign to you and fulfil any duties and responsibilities
 as are required by, inherent in, or consistent with your position or role.

4.4 During
 the employment, you will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Work
 in Hong Kong as the normal place of work, and such other locations as we reasonably require from time to time to meet our business
 needs and for the proper performance of your duties;

(b) conform
 to such hours of work as may from time to time be reasonably required by us. For the avoidance of doubt, you will not be entitled
 to receive any additional remuneration for work performed outside normal office hours;

(c) unless
 prevented by incapacity, devote the whole of your time, attention, and abilities to our business; and

(d) use
 your best endeavors to promote, protect, and develop our business.

---

| | |
|:---|:---|
| 5.0 | **Remuneration** |
| 5.1 | You will be paid the remuneration as stated in Clause 1. |
| 5.2 | Your month wage will be computed based on the number of hours you work in the company in that calendar month. |
| 5.3 | Your wage will be reviewed annually. We have no obligation however to award an increase following a wage review. There will be no review of the wage after notice has been given by either Party to terminate the employment. |
| 5.4 | You may be paid an end-of-year payment or bonus at our discretion at such time and of such amount as we may determine. Such payment is entirely discretionary and does not form part of your entitlement under this Agreement. |
| 6.0 | **Expenses** |

---

We will reimburse you for all proper and reasonable out-of-pocket expenses actually incurred by you in the performance of your duties upon presentation of supporting statements, receipts, or vouchers.

---

| | |
|:---|:---|
| 7 | **Hours of work** |

---

Your normal working hours will be 9:00 a.m. to 6:00 p.m. on Monday, Tuesday, Wednesday, Thursday, and Friday, including a meal break of one (1) hour each day at such time as agreed with us.

---

| | |
|:---|:---|
| 8 | **Rest days** |

---

Saturday, and Sunday will be your regular rest day(s). Your rest day pay has been not included in the calculation of your basic wages.

---

| | |
|:---|:---|
| 9.0 | **Holidays** |
| 9.1 | Subject to Clause 10.2 and Clause 10.3, you are not required to work on statutory holidays or general holidays ("Holidays"). |
| 9.2 | We may ask you to work on a statutory holiday, provided that you are given an alternative holiday and are properly notified in accordance with the Employment Ordinance (Cap 57). |

---

---

| | |
|:---|:---|
| 9.3 | In addition to statutory holidays, you are entitled to general holidays as stipulated in General Holidays Ordinance (Cap 149). We may at our discretion require you to work on a general holiday. |
| 10.0 | **Work arrangements during typhoons and rainstorms** |

---

When typhoon signal no. 8 or above is hoisted, or when the black rainstorm warning is in force, you will not be required to work and no wages or benefits will be deducted during this period. You are required to resume duty if typhoon signal no. 8 is lowered, or the black rainstorm warning is cancelled, not less than two (2) hours before the close of working hours.

---

| | |
|:---|:---|
| 11 | **Employee protections** |

---

You are entitled to all other rights, benefits, and protection under the Employment Ordinance (Cap 57), the Minimum Wage Ordinance (Cap 608), the Employees' Compensation Ordinance (Cap 282), and any other relevant labour legislation.

---

| | |
|:---|:---|
| 12.0 | **Employee handbook and policies** |
| 12.1 | We have issued an employee handbook that sets out the rules, policies, and procedures that apply to your employment with us, for example the procedures to follow when you have any complaints, grievances, or objections. |
| 12.2 | You must also adhere to all our company policies, procedures, practices, and guidelines as published and updated from time to time, including any policies regarding how personal data (as defined in applicable data protection laws or regulations) should be handled. |
| 12.3 | A copy of the employee handbook and our policies currently in force will be made available to you. It is important that you become familiar with, and abide by, the employee handbook and the policies (as amended from time to time). |
| 12.4 | Failure by you to comply with our rules, policies, and procedures as set out in the employee handbook and our published policies may be grounds for disciplinary action, including termination of your employment. |

---

---

| | |
|:---|:---|
| 12.5 | You acknowledge that terms of the employee handbook and policies do not form part of this Agreement and are not intended to be contractual in nature, and that we may vary or cancel any policy or procedure from time to time in our absolute discretion. |
| 13.0 | **Confidential information** |
| 13.1 | In the ordinary course of your employment, you will have access to Confidential Information. Such information may not be readily available to competitors of the Employer or the general public, and if disclosed could cause significant harm to the Employer, the Group, or their clients, customers, or suppliers. |

---

13.2 You
 undertake not to, whether during or after termination of your employment howsoever arising, disclose or divulge to any person, company,
 or organization, or otherwise make use of, any Confidential Information, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as
 required by applicable law, a court of competent jurisdiction, or any governmental or regulatory authority;

(b) as
 authorized by us in writing; or

(c) as
 required in the proper course of your duties.

---

| | |
|:---|:---|
| 13.3 | If you become aware of any suspected or actual unauthorised use or disclosure of any Confidential Information, you must immediately notify us. |
| 13.4 | If you fail to comply with your obligations under this clause, you may face disciplinary action and/or summary dismissal. |
| 13.5 | Any documents, materials, records, storage of any kind, or tangible items of any nature generated, accessed, or acquired by you in the course of your employment that contain any Confidential Information is and remains our property. You must not remove any such property from our premises at any time without our prior written consent. At any time upon our request, and in any event upon termination of your employment howsoever arising, you must return to us all such property that is in your possession or under your control. |
| 13.6 | You undertake to, upon our request, delete all Confidential Information from any reusable material and/or destroy all other records, storage, or tangible items in your possession or under your control that contain any Confidential Information. |
| 14.0 | **Intellectual property** |
| 14.1 | You acknowledge that all Intellectual Property Rights created or generated by you (whether alone or with any other persons) in the course of, in connection with, or arising out of your employment with us, including any Intellectual Property Rights created: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) before
 this Agreement is signed;

(b) outside
 working hours and/or outside your workplace; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) using
 the Employer's property (including intellectual property), resources, or Confidential Information, belong
to the Employer and are vested in the Employer (or will vest in the Employer upon creation).

---

| | |
|:---|:---|
| 14.2 | You may have Moral Rights (and all similar rights in any jurisdiction) in the Intellectual Property Rights created or generated by you. To the extent permitted by law, you waive your Moral Rights and consent to all or any acts or omissions by the Employer (or persons authorised by the Employer) or its successors or assignees in respect of the Intellectual Property Rights created or generated by you. |
| 14.3 | You must disclose to us everything in which Intellectual Property Rights may subsist. You agree to promptly execute all documents and do all acts as may, in our opinion, be necessary to give effect to this clause. |
| 15.0 | **Outside interests** |
| 15.1 | You should devote the whole of your time, attention, and skill to the duties of your position and should at all times perform such duties faithfully and diligently, and obey all reasonable and lawful directions of the Employer. |
| 15.2 | Without limiting the generality of the above clause, during your employment, you must not: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) be
 directly or indirectly engaged or concerned or have any financial interests in any other business, trade, profession, or occupation
 except with our prior written consent;

(b) act
 in conflict with the best interests of the Employer or any Group Company;

(c) be
 involved in any Competing Business; or

(d) hold
 a position in any committee or board outside the Group without our prior written consent.

---

| | |
|:---|:---|
| 15.3 | You acknowledge that damages (that is, monetary compensation) may not be adequate remedy for the Employer if you are in breach of this clause, and the Employer may take legal action to restrain you from continuing any action that is in breach of this clause. |
| 16.0 | **Termination by notice or payment** |
| 16.1 | During the first month of the Probation Period, either Party can terminate the Agreement without notice, cause, or payment in lieu of notice to the other Party. After the first month, either Party may terminate the Agreement at any time with one (1) month of notice without cause. |
| 16.2 | On expiry of the Probation Period, either Party may terminate the employment with three (1) months of notice. |

---

---

| | |
|:---|:---|
| 16.3 | Upon termination of your employment howsoever arising, you must return all our property that is in your possession. You will be liable to reimburse us for any loss of or damage to such property, except for fair wear and tear. The amount of such loss or damage shall be deducted from your final pay within the limits provided by the Employment Ordinance (Cap 57). |
| 16.4 | Upon termination of your employment howsoever arising, you must also irretrievably delete any information relating to our business stored on any magnetic or optical disk or memory or device that is in your possession or under your control. |
| 16.5 | At any time after termination, you must not represent yourself as connected with us in any capacity, other than as a former employee, or use any registered names or trading names associated with us. |
| 17.0 | **Termination without notice** |
| 17.1 | We may terminate your employment with immediate effect without notice and with no liability to make any further payment to you (other than in respect of amounts accrued due at the date of termination) if you: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) are
 guilty of any gross misconduct affecting our business;

(b) commit
 any serious or repeated breach of any of the provisions of this Agreement, or refuse or neglect to comply with any reasonable and
 lawful directions we may give you; or

(c) are,
 in our reasonable opinion, negligent or incompetent in the performance of your duties.

17.2 Our
 rights under this clause are without prejudice to any other rights that we might have at law to terminate the employment or to accept
 any breach of this Agreement by you as having brought the Agreement to an end. Any delay by us in exercising our rights to terminate
 will not constitute a waiver of these rights.

---

| | |
|:---|:---|
| 18 | **Personal data** |

---

In the course of your employment, you have provided or you will provide us with your personal data (as defined under applicable data protection laws and regulations). We will comply with our obligations under such applicable laws and regulations. You should familiarise yourself with our personal data protection policies and notices to understand why and how your personal data is collected and processed by us. Your rights regarding your personal data (for example a right to request access to or correction of your personal data held by us) are set out in our personal data protection policies and notices as published and updated from time to time.

---

| | |
|:---|:---|
| 19 | **Waiver** |

---

The failure of either Party at any time to insist on the performance of, or to exercise a right or remedy under, any provision of this Agreement is not a waiver of its right at any later time to insist on the performance of, or exercise a right or remedy under, that or any other provision of this Agreement.

---

| | |
|:---|:---|
| 20 | **Severance** |

---

If any provision of this Agreement is or becomes invalid, illegal, or unenforceable, it will be deemed modified to the minimum extent necessary to make it valid, legal, and enforceable. If such modification is not possible, the relevant provision will be deemed deleted. Any modification to or deletion of a provision under this clause will not affect the validity and enforceability of the rest of this Agreement.

---

| | |
|:---|:---|
| 21.0 | **Entire agreement** |
| 21.1 | This Agreement constitutes the entire agreement between the Parties and supersedes and extinguishes all previous agreements, promises, assurances, warranties, representations, and understandings between us, whether written or oral, relating to its subject matter. |
| 21.2 | Each Party agrees that it will have no remedies in respect of any statement, representation, assurance, or warranty (whether made innocently or negligently) that is not set out in this Agreement. |
| 22.0 | **Changes to terms of employment** |
| 22.1 | We reserve the right to make reasonable changes to your duties according to the needs of our operation. This may include change of your work duties or working hours and/or relocating you to a different workplace. |
| 22.2 | We reserve the right to make reasonable changes to any term or condition of your employment, including your wages and other entitlements or benefits. |
| 22.3 | In the event of any change to your employment terms, we will notify you of the details in writing. Such changes will be deemed to be accepted by you unless you notify us of your objection in writing as soon as practicable. Your objection will be processed in accordance with our dispute resolution procedures, details of which are set out in our employee handbook. |
| 23.0 | **Counterparts** |

---

This Agreement may be executed in any number of counterparts, each of which when executed shall constitute a duplicate original, but all the counterparts shall together constitute the one Agreement.

---

| | |
|:---|:---|
| 24 | **Rights of third parties** |

---

This Agreement is personal to the Parties. The provisions of the Contracts (Rights of Third Parties) Ordinance (Cap 623) do not apply to this Agreement. No person who is not a party to this Agreement (whether or not such person is named, referred to, or otherwise identified, or forms part of a class of persons so named, referred to, or identified in this Agreement) shall have any right under the Contracts (Rights of Third Parties) Ordinance (Cap 623) to enforce this Agreement or to enjoy the benefit of any term of this Agreement.

---

| | |
|:---|:---|
| 25 | **Governing law** |

---

This Agreement and any dispute or claim arising out of or in connection with it or its subject matter or formation (including non-contractual disputes or claims) shall be governed by and construed in accordance with the laws of the Hong Kong Special Administrative Region.

**This Agreement has been entered into on the date stated at the beginning of it.**

---

| |
|:---|
| **For and on behalf of** |
| **<u>JoyByte Holdings Limited</u>** |
| /s/ Yujie CHEN |
| **Yujie CHEN** |
| Director |

---

**I, <u>Wai Shing MAN</u>, hereby accept employment with <u>JoyByte Holdings Limited</u> on the terms and conditions set out in this Agreement. I acknowledge that I have been given an opportunity to obtain professional advice with respect to the terms and conditions in this Agreement, and execute this Agreement freely and voluntarily with full understanding of its contents.**

---

| |
|:---|
| /s/ Wai Shing MAN |
| **Wai Shing MAN** |

---

## Exhibit 10.2

**Exhibit 10.2**

Certain terms have been omitted pursuant to Regulation S-K Item 601(a)(6). The Registrant agrees to

furnish supplementally a copy of any of the terms to the SEC upon request.

**EMPLOYMENT CONTRACT**

THIS AGREEMENT will be effective upon the approval of the relevant board resolution (the **"Agreement"**).

**Parties**

---

| | |
|:---|:---|
| (1) | <u>JoyByte Holdings Limited</u>, an exempt company incorporated in the Cayman Islands<u>,</u> having its registered office at c/o Ogier Global (Cayman) Limited, 89 Nexus Way, Camana Bay, Grand Cayman, KY1-9009, Cayman Islands (the "**Employer**" or "**we**" or "**us**"), |
| (2) | Sing Hon LAM, whose residential address is Unit 55D, Tower 12, Caribbean Coast, 1 Kin Tung Road, Tung Chung, Hong Kong with a HKID No. <u>[\*\*\*]</u> (the "**Employee**" or "**you**"), |
|  | Collectively the "**Parties**" and each individually a "**Party**". |

---

**Agreed terms**

---

| | |
|:---|:---|
| 1 | **Key terms** |

---

---

| | |
|:---|:---|
| Position: | **<u>Chief Financial Officer</u>** |
| Effective date: | Effective upon the approval of the relevant board resolution |
| Duration: | Until either party terminates the contract |
| Remuneration: | Fifteen Thousand Four Hundred U.S. dollars (USD 15,400) per year |

---

---

| | |
|:---|:---|
| 2.0 | **Definitions and interpretation** |
| 2.1 | The following definitions and rules of interpretation apply in this Agreement: |

---

**Confidential Information**: information in whatever form (whether or not recorded in writing) and wherever located relating to the business, affairs, finance, or connections of the Employer, any Group Company and their directors, officers, clients, customers, and suppliers, that is for the time being confidential or commercially sensitive. Confidential Information includes: Any trade secrets, technical data, proprietary information, business processes or methods or any know-how relating to the business or affairs of the Employer or of any Group Company, whether or not such information is marked confidential; but does not include any information that is already in, or comes into, the public domain other than through unauthorised disclosure.

**Group**: the Employer, together with any of its subsidiaries, its holding company, and fellow subsidiaries of its holding company, and **Group Company** means any one of them**.**

**Intellectual Property Rights**: patents, utility models, rights to inventions, copyright and neighbouring and related rights, trademarks and service marks, business names and domain names, rights in get-up and trade dress, goodwill and the right to sue for passing off or unfair competition, rights in designs, database rights, rights to use, and protect the confidentiality of, confidential information (including know-how and trade secrets), and all other intellectual property rights, in each case whether registered or unregistered and including all applications and rights to apply for and be granted, renewals or extensions of, and rights to claim priority from, such rights and all similar or equivalent rights or forms of protection which subsist or will subsist now or in the future in any part of the world.

**Moral Rights**: the right (a) to be attributed or credited as the author of a work; (b) not to have his work treated in a derogatory way; and (c) not to have a work falsely attributed to him as author, and any other similar right capable of protection under the laws of any relevant jurisdiction.

**Start Date**: such date as stated in Clause 1.

---

| | |
|:---|:---|
| 2.2 | Clause and paragraph headings shall not affect the interpretation of this Agreement. |
| 2.3 | Unless the context otherwise requires, words in the singular shall include the plural and, in the plural, shall include the singular and a reference to one gender shall include a reference to the other genders. |
| 2.4 | A reference to writing or written includes fax and email unless otherwise provided. |
| 3.0 | **Term of employment** |
| 3.1 | The employment will commence (or be deemed to have commenced) on the Start Date. |
| 4.0 | **Duties** |
| 4.1 | You are employed in the position as stated in Clause 1, or such other role as we may require from time to time having regard to the needs of the business and your skills, qualifications, and experience. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 Your main duties will be to be responsible for our Group's financial management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 You will also perform such functions and duties as we may from time to time assign to you and fulfil any duties and responsibilities as are required by, inherent in, or consistent with your position or role.

4.4 During the employment, you will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Work in Hong Kong as the normal place of work, and such other locations as we reasonably require from time to time to meet our business needs and for the proper performance of your duties;

(b) conform to such hours of work as may from time to time be reasonably required by us. For the avoidance of doubt, you will not be entitled to receive any additional remuneration for work performed outside normal office hours;

(c) unless prevented by incapacity, devote the whole of your time, attention, and abilities to our business; and

(d) use your best endeavors to promote, protect, and develop our business.

---

| | |
|:---|:---|
| 5.0 | **Remuneration** |
| 5.1 | You will be paid the remuneration as stated in Clause 1. |
| 5.2 | Your month wage will be computed based on the number of hours you work in the company in that calendar month. |
| 5.3 | Your wage will be reviewed annually. We have no obligation however to award an increase following a wage review. There will be no review of the wage after notice has been given by either Party to terminate the employment. |
| 5.4 | You may be paid an end-of-year payment or bonus at our discretion at such time and of such amount as we may determine. Such payment is entirely discretionary and does not form part of your entitlement under this Agreement. |
| 6.0 | **Expenses** |

---

We will reimburse you for all proper and reasonable out-of-pocket expenses actually incurred by you in the performance of your duties upon presentation of supporting statements, receipts, or vouchers.

---

| | |
|:---|:---|
| 7 | **Hours of work** |

---

Your normal working hours will be 9:00 a.m. to 6:00 p.m. on Monday, Tuesday, Wednesday, Thursday, and Friday, including a meal break of one (1) hour each day at such time as agreed with us.

---

| | |
|:---|:---|
| 8 | **Rest days** |

---

Saturday, and Sunday will be your regular rest day(s). Your rest day pay has been not included in the calculation of your basic wages.

---

| | |
|:---|:---|
| 9.0 | **Holidays** |
| 9.1 | Subject to Clause 10.2 and Clause 10.3, you are not required to work on statutory holidays or general holidays ("**Holidays**"). |
| 9.2 | We may ask you to work on a statutory holiday, provided that you are given an alternative holiday and are properly notified in accordance with the Employment Ordinance (Cap 57). |

---

---

| | |
|:---|:---|
| 9.3 | In addition to statutory holidays, you are entitled to general holidays as stipulated in General Holidays Ordinance (Cap 149). We may at our discretion require you to work on a general holiday. |
| 10.0 | **Work arrangements during typhoons and rainstorms** |

---

When typhoon signal no. 8 or above is hoisted, or when the black rainstorm warning is in force, you will not be required to work and no wages or benefits will be deducted during this period. You are required to resume duty if typhoon signal no. 8 is lowered, or the black rainstorm warning is cancelled, not less than two (2) hours before the close of working hours.

---

| | |
|:---|:---|
| 11 | **Employee protections** |

---

You are entitled to all other rights, benefits, and protection under the Employment Ordinance (Cap 57), the Minimum Wage Ordinance (Cap 608), the Employees' Compensation Ordinance (Cap 282), and any other relevant labour legislation.

---

| | |
|:---|:---|
| 12.0 | **Employee handbook and policies** |
| 12.1 | We have issued an employee handbook that sets out the rules, policies, and procedures that apply to your employment with us, for example the procedures to follow when you have any complaints, grievances, or objections. |
| 12.2 | You must also adhere to all our company policies, procedures, practices, and guidelines as published and updated from time to time, including any policies regarding how personal data (as defined in applicable data protection laws or regulations) should be handled. |
| 12.3 | A copy of the employee handbook and our policies currently in force will be made available to you. It is important that you become familiar with, and abide by, the employee handbook and the policies (as amended from time to time). |
| 12.4 | Failure by you to comply with our rules, policies, and procedures as set out in the employee handbook and our published policies may be grounds for disciplinary action, including termination of your employment. |

---

---

| | |
|:---|:---|
| 12.5 | You acknowledge that terms of the employee handbook and policies do not form part of this Agreement and are not intended to be contractual in nature, and that we may vary or cancel any policy or procedure from time to time in our absolute discretion. |
| 13.0 | **Confidential information** |
| 13.1 | In the ordinary course of your employment, you will have access to Confidential Information. Such information may not be readily available to competitors of the Employer or the general public, and if disclosed could cause significant harm to the Employer, the Group, or their clients, customers, or suppliers. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2 You undertake not to, whether during or after termination of your employment howsoever arising, disclose or divulge to any person, company, or organization, or otherwise make use of, any Confidential Information, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as required by applicable law, a court of competent jurisdiction, or any governmental or regulatory authority;

(b) as authorized by us in writing; or

(c) as required in the proper course of your duties.

---

| | |
|:---|:---|
| 13.3 | If you become aware of any suspected or actual unauthorised use or disclosure of any Confidential Information, you must immediately notify us. |
| 13.4 | If you fail to comply with your obligations under this clause, you may face disciplinary action and/or summary dismissal. |
| 13.5 | Any documents, materials, records, storage of any kind, or tangible items of any nature generated, accessed, or acquired by you in the course of your employment that contain any Confidential Information is and remains our property. You must not remove any such property from our premises at any time without our prior written consent. At any time upon our request, and in any event upon termination of your employment howsoever arising, you must return to us all such property that is in your possession or under your control. |
| 13.6 | You undertake to, upon our request, delete all Confidential Information from any reusable material and/or destroy all other records, storage, or tangible items in your possession or under your control that contain any Confidential Information. |
| 14.0 | **Intellectual property** |
| 14.1 | You acknowledge that all Intellectual Property Rights created or generated by you (whether alone or with any other persons) in the course of, in connection with, or arising out of your employment with us, including any Intellectual Property Rights created: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) before this Agreement is signed;

(b) outside working hours and/or outside your workplace; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) using the Employer's
 property (including intellectual property), resources, or Confidential Information, belong to the Employer and are
vested in the Employer (or will vest in the Employer upon creation).

---

| | |
|:---|:---|
| 14.2 | You may have Moral Rights (and all similar rights in any jurisdiction) in the Intellectual Property Rights created or generated by you. To the extent permitted by law, you waive your Moral Rights and consent to all or any acts or omissions by the Employer (or persons authorised by the Employer) or its successors or assignees in respect of the Intellectual Property Rights created or generated by you. |
| 14.3 | You must disclose to us everything in which Intellectual Property Rights may subsist. You agree to promptly execute all documents and do all acts as may, in our opinion, be necessary to give effect to this clause. |
| 15.0 | **Outside interests** |
| 15.1 | You should devote the whole of your time, attention, and skill to the duties of your position and should at all times perform such duties faithfully and diligently, and obey all reasonable and lawful directions of the Employer. |
| 15.2 | Without limiting the generality of the above clause, during your employment, you must not: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) be directly or indirectly engaged or concerned or have any financial interests in any other business, trade, profession, or occupation except with our prior written consent;

(b) act in conflict with the best interests of the Employer or any Group Company;

(c) be involved in any Competing Business; or

(d) hold a position in any committee or board outside the Group without our prior written consent.

---

| | |
|:---|:---|
| 15.3 | You acknowledge that damages (that is, monetary compensation) may not be adequate remedy for the Employer if you are in breach of this clause, and the Employer may take legal action to restrain you from continuing any action that is in breach of this clause. |
| 16.0 | **Termination by notice or payment** |
| 16.1 | During the first month of the Probation Period, either Party can terminate the Agreement without notice, cause, or payment in lieu of notice to the other Party. After the first month, either Party may terminate the Agreement at any time with one (1) month of notice without cause. |
| 16.2 | On expiry of the Probation Period, either Party may terminate the employment with three (1) months of notice. |

---

---

| | |
|:---|:---|
| 16.3 | Upon termination of your employment howsoever arising, you must return all our property that is in your possession. You will be liable to reimburse us for any loss of or damage to such property, except for fair wear and tear. The amount of such loss or damage shall be deducted from your final pay within the limits provided by the Employment Ordinance (Cap 57). |
| 16.4 | Upon termination of your employment howsoever arising, you must also irretrievably delete any information relating to our business stored on any magnetic or optical disk or memory or device that is in your possession or under your control. |
| 16.5 | At any time after termination, you must not represent yourself as connected with us in any capacity, other than as a former employee, or use any registered names or trading names associated with us. |
| 17.0 | **Termination without notice** |
| 17.1 | We may terminate your employment with immediate effect without notice and with no liability to make any further payment to you (other than in respect of amounts accrued due at the date of termination) if you: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) are guilty of any gross misconduct affecting our business;

(b) commit any serious or repeated breach of any of the provisions of this Agreement, or refuse or neglect to comply with any reasonable and lawful directions we may give you; or

(c) are, in our reasonable opinion, negligent or incompetent in the performance of your duties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.2 Our rights under this clause are without prejudice to any other rights that we might have at law to terminate the employment or to accept any breach of this Agreement by you as having brought the Agreement to an end. Any delay by us in exercising our rights to terminate will not constitute a waiver of these rights.

---

| | |
|:---|:---|
| 18 | **Personal data** |

---

In the course of your employment, you have provided or you will provide us with your personal data (as defined under applicable data protection laws and regulations). We will comply with our obligations under such applicable laws and regulations. You should familiarise yourself with our personal data protection policies and notices to understand why and how your personal data is collected and processed by us. Your rights regarding your personal data (for example a right to request access to or correction of your personal data held by us) are set out in our personal data protection policies and notices as published and updated from time to time.

---

| | |
|:---|:---|
| 19 | **Waiver** |

---

The failure of either Party at any time to insist on the performance of, or to exercise a right or remedy under, any provision of this Agreement is not a waiver of its right at any later time to insist on the performance of, or exercise a right or remedy under, that or any other provision of this Agreement.

---

| | |
|:---|:---|
| 20 | **Severance** |

---

If any provision of this Agreement is or becomes invalid, illegal, or unenforceable, it will be deemed modified to the minimum extent necessary to make it valid, legal, and enforceable. If such modification is not possible, the relevant provision will be deemed deleted. Any modification to or deletion of a provision under this clause will not affect the validity and enforceability of the rest of this Agreement.

---

| | |
|:---|:---|
| 21.0 | **Entire agreement** |
| 21.1 | This Agreement constitutes the entire agreement between the Parties and supersedes and extinguishes all previous agreements, promises, assurances, warranties, representations, and understandings between us, whether written or oral, relating to its subject matter. |
| 21.2 | Each Party agrees that it will have no remedies in respect of any statement, representation, assurance, or warranty (whether made innocently or negligently) that is not set out in this Agreement. |
| 22.0 | **Changes to terms of employment** |
| 22.1 | We reserve the right to make reasonable changes to your duties according to the needs of our operation. This may include change of your work duties or working hours and/or relocating you to a different workplace. |
| 22.2 | We reserve the right to make reasonable changes to any term or condition of your employment, including your wages and other entitlements or benefits. |
| 22.3 | In the event of any change to your employment terms, we will notify you of the details in writing. Such changes will be deemed to be accepted by you unless you notify us of your objection in writing as soon as practicable. Your objection will be processed in accordance with our dispute resolution procedures, details of which are set out in our employee handbook. |
| 23.0 | **Counterparts** |

---

This Agreement may be executed in any number of counterparts, each of which when executed shall constitute a duplicate original, but all the counterparts shall together constitute the one Agreement.

---

| | |
|:---|:---|
| 24 | **Rights of third parties** |

---

This Agreement is personal to the Parties. The provisions of the Contracts (Rights of Third Parties) Ordinance (Cap 623) do not apply to this Agreement. No person who is not a party to this Agreement (whether or not such person is named, referred to, or otherwise identified, or forms part of a class of persons so named, referred to, or identified in this Agreement) shall have any right under the Contracts (Rights of Third Parties) Ordinance (Cap 623) to enforce this Agreement or to enjoy the benefit of any term of this Agreement.

---

| | |
|:---|:---|
| 25 | **Governing law** |

---

This Agreement and any dispute or claim arising out of or in connection with it or its subject matter or formation (including non-contractual disputes or claims) shall be governed by and construed in accordance with the laws of the Hong Kong Special Administrative Region.

**This Agreement has been entered into on the date stated at the beginning of it.**

---

| |
|:---|
| **For and on behalf of** |
| **<u>JoyByte Holdings Limited</u>** |
| /s/ Yujie CHEN |
| **Yujie CHEN** |
| Director |

---

**I, <u>Sing Hon LAM</u>, hereby accept employment with <u>JoyByte Holdings Limited</u> on the terms and conditions set out in this Agreement. I acknowledge that I have been given an opportunity to obtain professional advice with respect to the terms and conditions in this Agreement, and execute this Agreement freely and voluntarily with full understanding of its contents.**

---

| |
|:---|
| /s/ Sing Hon LAM |
| **Sing Hon LAM** |

---

## Exhibit 10.3

**Exhibit 10.3**

Date: [●]

Dear [●],

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Appointment as DIRECTOR of JoyByte Holdings Limited</u> 

We are pleased to confirm that the directors **("Board")** of JoyByte Holdings Limited **("Company")** has resolved that you be appointed as Director of the Company and your appointment shall take effect as of [●]. The purpose of this letter **("letter")** is to confirm the terms of your appointment should you be willing to accept. Please sign and return the attached copy in acknowledgement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Term of Appointment</u> 

Your appointment shall be made pursuant to the Company's Memorandum and Articles of Association as amended and restated **("M&AA")** and shall be subject at all times to the Companies Act (as revised) of the Cayman Islands, as amended, supplemented or otherwise modified from time to time (the **"Companies Act")** and the M&AA. Your appointment is initially for the period expiring at the next annual general meeting, at which time the shareholders will consider you for re-election. Upon your re-election, the terms and provisions of this Letter shall remain in full force and effect.

From time to time, you may also be appointed to be a member of various board committees of the Company **("Board Committees"),** for which you are eligible to serve under the NASDAQ Listing Rules. As a Director, you are not considered independent and therefore are not eligible to serve on the Audit Committee, Compensation Committee, or Nominating and Corporate Governance Committee.

You may resign by notice in writing in accordance with the provisions of the M&AA. Under the M&AA and the rules of the Nasdaq Stock Market LLC governing listed companies **("NASDAQ Listing Rules"),** your appointment may cease in certain prescribed circumstances. Upon termination of your directorship (or if you resign for any reason), your directors' fees will be payable only up to and including the date of termination. You will not be entitled to any damages for loss of office.

<u>Role of Director</u>

You will be expected to participate as an active member of the Board in the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) attending all Board meetings and meetings of the Board Committees which you are a member of.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) taking up memberships in Board Committees as appointed from time to time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) attending general meetings.

In particular, you are expected to fulfil your directorial duties, including being adequately prepared for meetings, attendance and undertaking allocated follow-up tasks, office and site visit(s) if necessary, and being available for ad-hoc discussions from time-to-time.

In your role as a Director, you have the same general fiduciary responsibilities to the Company as any other director. Your duties and responsibilities as a director are largely embodied in the common law, the Companies Act, the M&AA and NASDAQ Listing Rules. In addition to your duties as a director, you shall perform such executive duties and responsibilities as may be assigned to you by the Board from time to time.

In addition to Board meetings and Board Committee meetings which you would be attending, you may request for all relevant information pertaining to the Company's affairs as is reasonably necessary in order to assist you in your role. As far as reasonably practicable and in accordance with applicable law, information will be shared with you in a timely manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Remuneration</u> 

As Director, you will be entitled to remuneration of USD[●] per annum, payable quarterly in arrears, subject to the approval received at the annual general meeting of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Disclosure</u> 

To ensure compliance with the Companies Act, NASDAQ Listing Rules and the M&AA, you are required to make certain disclosures related to and/or which may affect your role as a director. These include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) giving notice to the Board of any relevant or material personal interest or conflict in relation to the affairs or business of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) promptly advising details of any interests, or changes thereto, in the Company's shares or securities.

You agree to notify the Company as soon as possible if at any time there is any change in circumstances relating to your appointment as a director which may affect the discharge of your duties, including but not limited to matters relating to your qualification as a director, your independence (if applicable), conflict of interests and your ability to continue discharging your duties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Director liability Insurance</u> 

The Company shall, during your term of appointment, maintain directors' and officers' liability insurance policies for your benefit on terms no less favorable than those provided to other directors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Indemnification</u> 

The Company shall provide you with indemnification to the fullest extent permitted by applicable law and the Company's M&AA. In connection therewith, the Company will enter into its standard form of Indemnification Agreement with you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Company Policies</u> 

As a director, you shall act at all times in accordance with the M&AA and comply with the Company's corporate policies and procedures that relate to your role as a director covering such areas as corporate governance, privacy and travel. Copies of these will be provided to you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. This letter shall be governed by, and construed in accordance with, the laws of the Cayman Islands.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. We look forward to your acceptance of the abovementioned offer.

Yours Sincerely,

---

| | |
|:---|:---|
| Name: | [\*] |
| *For and on behalf of* | *For and on behalf of* |
| JoyByte Holdings Limited | JoyByte Holdings Limited |

---

**ACKNOWLEDGEMENT**

I have read the letter above and hereby accept the terms and conditions set out in the letter in relation to my appointment as Director of the Company.

 <br> [●] <br> Date: [●]

## Exhibit 10.4

**Exhibit 10.4**

Date: [●]

Dear [●]

1. <u>Appointment as INDEPENDENT DIRECTOR (ID) of JOYBYTE HOLDINGS LIMITED</u>

We are pleased to confirm that the directors ("**Board**") of <u>JoyByte Holdings Limited</u> ("**Company**") has resolved that you be appointed as an Independent Director of the Company and your appointment shall take effect as of _______________________. The purpose of this letter ("**Letter**") is to confirm the terms of your appointment should you be willing to accept. Please sign and return the attached copy in acknowledgement.

2. <u>Term of Appointment</u>

Your appointment shall be made pursuant to the Company's Memorandum and Articles of Association as amended and restated ("**M&AA**") and shall be subject at all times to the Companies Act (as revised) of the Cayman Islands, as amended, supplemented or otherwise modified from time to time (the "**Companies Act**") and the M&AA. Your appointment is initially for the period expiring at the next annual general meeting, at which time the shareholders will consider you for re-election. Upon your re-election, the terms and provisions of this Letter shall remain in full force and effect.

From time to time, you may also be appointed to be a member of various board committees of the Company ("**Board Committees**"), including the audit committee, compensation committee and/or nominating and corporate governance committee.

You may resign by notice in writing in accordance with the provisions of the M&AA. Under the M&AA and the rules of the Nasdaq Stock Market LLC governing listed companies ("**NASDAQ Listing Rules**"), your appointment may cease in certain prescribed circumstances. Upon termination of your directorship (or if you resign for any reason), your directors' fees will be payable only up to and including the date of termination. You will not be entitled to any damages for loss of office.

3. <u>Role of Director</u>

You will be expected to participate as an active member of the Board in the following:

&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) attending all Board meetings and meetings of the Board Committees which you are a member of.

&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) taking up memberships in Board Committees as appointed from time to time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) attending general meetings.

In particular, you are expected to fulfil your directorial duties, including being adequately prepared for meetings, attendance and undertaking allocated follow-up tasks, office and site visit(s) if necessary, and being available for ad-hoc discussions from time-to-time.

In your role as a ID, you have the same general fiduciary responsibilities to the Company as any other director. Your duties and responsibilities as a director are largely embodied in the common law, the Companies Act, the M&AA and NASDAQ Listing Rules. The laws and applicable rules may be amended from time to time.

In addition to Board meetings and Board Committee meetings which you would be attending, you may request for all relevant information pertaining to the Company's affairs as is reasonably necessary in order to assist you in your role. As far as reasonably practicable and in accordance with applicable law, information will be shared with you in a timely manner.

4. <u>Director's fee</u>

As ID, you will be entitled to a director's fee of USD$[•] per annum, payable quarterly in arrears, subject to the approval received at the annual general meeting of the Company.

5. <u>Disclosure</u>

To ensure compliance with the Companies Act, NASDAQ Listing Rules and the M&AA, you are required to make certain disclosures related to and/or which may affect your role as a director. These include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) giving notice to the Board of any relevant or material personal interest or conflict in relation to the affairs or business of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) promptly advising details of any interests, or changes thereto, in the Company's shares or securities.

You agree to notify the Company as soon as possible if at any time there is any change in circumstances relating to your appointment as a director which may affect the discharge of your duties, including but not limited to matters relating to your qualification as a director, your independence (if applicable), conflict of interests and your ability to continue discharging your duties.

6. <u>Director liability Insurance</u>

The Company shall, during your term of appointment, maintain directors' and officers' liability Insurance policies for your benefit on terms no less favorable than those provided to other directors of the Company.

7. <u>Indemnification</u>

The Company shall provide you with indemnification to the fullest extent permitted by applicable law and the Company's M&AA. In connection therewith, the Company will enter into its standard form of Indemnification Agreement with you.

8. <u>Company Policies</u>

As a director, you shall act at all times in accordance with the M&AA and comply with the Company's corporate policies and procedures that relate to your role as a director covering such areas as corporate governance, privacy and travel. Copies of these will be provided to you.

9. This Letter shall be governed by, and construed in accordance with, the laws of the Cayman Islands.

10. We look forward to your acceptance of the abovementioned offer.

Yours Sincerely,

---

| |
|:---|
| [\*] |
| *Director* |
| JoyByte Holdings Limited |

---

**ACKNOWLEDGEMENT**

I have read the letter above and hereby accept the terms and conditions set out in the letter in relation to my appointment as Independent Director of the Company.

  <br> Name: [\*] <br> Date: [\*]

## Exhibit 10.5

**Exhibit 10.5**

Certain schedules and exhibits have been omitted pursuant to Item 601(a)(5) of Regulation S-K. The Registrant agrees to furnish supplementally a copy of any omitted schedule or exhibit to the SEC, upon request.

**<u>Tenancy Agreement</u>**

This Agreement is made on the 31<sup>st</sup> December 2024 between the Landlord and the Tenant as more particularly described in Schedule I.

The Landlord shall let and the Tenant shall take all that Unit 1211 on 12/F One Midtown, 11 Hoi Shing Road, Tsuen Wan, NT (hereinafter called " the Premises") for the Term and at the Rent as more particularly described in Schedule I and both parties agree to observe and perform the terms and conditions as follows :-

1. The Tenant shall pay to the Landlord the Rent in advance
on the first commencing day of each and every calendar month during the Term. If the Tenant shall fail to pay the Rent within 7 days
from the due date, the Landlord shall have right to institute appropriate action to recover the Rent and all costs, expenses and other
outgoings so incurred by the Landlord in relation to such action shall be a debt owed by the Tenant to the Landlord and shall be recoverable
in full by the Landlord.

2. The Tenant shall not make any alteration and/or additions
to the Premises without the prior written consent of the Landlord, which consent shall not be unreasonably withheld.

3. The Tenant shall comply with all ordinances, regulations and rules of Hong Kong and shall observe and
perform the covenants, terms and conditions of the Deed of Mutual Covenant and Sub-Deed of mutual covenant (if any) relating to the Premises.

4. The Tenant shall during the Term pay and discharge all charges in respect of electricity, telephone and other similar charges payable
in respect of the Premises.

5. The Tenant shall during the Term keep the interior of the Premises in good and tenantable repair and condition
(fair wear and tear and damage caused by inherent defects excepted) and shall deliver up vacant possession of the Premises in the same
repair and condition on the expiration or sooner terminate of this Agreement

6. The Tenant shall pay to the Landlord the Security Deposit set out in Schedule I for the due observance
and performance of the terms and conditions herein contained and on his part to be observed and performed provided that there is no antecedent
breach of any of the terms and conditions herein contained, the Landlord shall refund the Security Deposit to the Tenant without interest
within 30 days from the date of delivery of vacant possession of the Premises to Landlord or settlement of any outstanding payment owed
by the Tenant hereunder or any part thereof shall be unpaid for seven (7) days after the same shall become payable (whether legally demanded
or not) or if the Tenant shall commit a breach of any of the terms and conditions herein contained, it shall be lawful for the Landlord
at time thereafter to re-enter the Premises whereupon this Agreement shall absolutely terminate. Any loss or damages suffered by the Landlord
as a result of Tenant's breach can deduct from the Security Deposit without prejudice to any other right of action.

7. Provided the Tenant shall have paid the Rent and other outgoings
on the days, the Tenant shall hold and enjoy the Premises during the Terms without any interruption by the Landlord.

8. The Landlord shall keep and maintain the structural parts
of the Premises including the main drains, pipes and cables in proper state of repair. The Landlord's liability shall not be incurred
unless and until written notice of any defect or want of repair has been given by the Tenant to the Landlord. The Landlord shall take
reasonable steps to repair and remedy the same at a reasonable time.

9. The Stamp Duty payable on this Agreement in duplicate shall
be borne by the Landlord and the Tenant in equal shares.

---

| | |
|:---|:---|
| **<u>Sign by Landlord</u>** | **<u>Sign by Tenant</u>** |
| Received the Security Deposit of | Received **<u>2</u>** keys of the Premises |
| **<u>HK$22,000</u>** by the Landlord | by the Tenant |
| /s/ | /s/ |
| Confirmed and Accepted all the terms and <br> conditions contained herein by the Landlord | Confirmed and Accepted all the terms and <br> conditions contained herein by the Tenant |
| /s/ Welltec Group Limited | /s/ Hong Kong Grand Universe Technology Limited |
| Welltec Group Limited | Hong Kong Grand Universe Technology Limited |
| Represented by : LAU Ka Kit | Represented by : Chen Yujie |
| 31<sup>st</sup> December, 2024 | 31<sup>st</sup> December, 2024 |

---

## Exhibit 10.6

**Exhibit 10.6**

Certain terms have been omitted pursuant to Regulation S-K Item 601(a)(6). The Registrant agrees to

furnish supplementally a copy of any of the terms to the SEC upon request.

CONFIDENTIAL

**Contract Number:**

**Exclusive Agency** 

**and Distribution Agreement for** 

**Game Products**

**Party A：HongKong Grand Universe Technology Limited**

**Party B：Guangzhou Qingzhou Technology Co., Ltd**

**Exclusive Agency and Distribution Agreement for Game Products**

This Agreement is entered into on **February 7, 2023**.

**Parties:**

● **Party A:** HongKong Grand Universe Technology Limited

Address: Room 50031211, 125/F One Midtown, Yau Lee Centre, 45 Hoi Yuen Road, Kwun Tong, 11 Hoi Shing Road, Tsuen Wan, Hong Kong

Contact Person: Vivi Chan

Email: [\*\*\*]

● **Party B:** Guangzhou Qingzhou Technology Co., Ltd

Registered Address: 广州市海珠区琶洲大道68号1504室

Contact Person: [\*\*\*]

Email: [\*\*\*]

Party A desires to obtain from Party B the exclusive license to distribute and operate the mobile app versions of the games《Match3 Game - Annie's Pursuit》and 《Merge Game》 see appendix 1 within the agreed scope. After mutual consultation, the Parties agree as follows:

**1. Representations and Warranties**

● 1.1 Each Party is a legally established and validly existing independent legal entity.

● 1.2 Each Party is qualified to engage in the cooperation under this Agreement and will maintain such qualification during the term.

● 1.3 Each Party's authorized representative has full authority to sign this Agreement.

● 1.4 Each Party has the ability to perform its obligations hereunder, and such performance does not violate applicable laws or infringe third-party rights.

● 1.5 Any breach of the above representations constitutes a breach of this Agreement, and the breaching Party shall bear liability accordingly.

第 1 页 共 30 页

**2. Definition**

Unless otherwise agreed by both parties, the following terms in this agreement and its annexes shall have the meanings as set forth below (the headings of the chapters and clauses of this agreement are for convenience only and shall not be used to interpret this agreement):

&nbsp;&nbsp;&nbsp;&nbsp;2.1 **Game**: Refers to the mobile app version of 《Match3
Game - Annie's Pursuit》and 《Merge Game》(subject to the final released game name), developed and fully owned
by Party B, including complete ownership and intellectual property rights, as well as updates, upgrades, patches, sequels, and expansion
packs for iOS and Android versions. For the avoidance of doubt, the H5 version and mini-programs of 《Match3 Game - Annie's
Pursuit》 and 《Merge Game》 operated in cooperation by Party B or a third party designated by Party B in Mainland
China (subject to the final released game name) are not within the scope of authorization of this Agreement and are not governed by this
Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;2.2 **End User**: A user of the online game services provided
and operated by Party A, each end user has a designated ID number.

&nbsp;&nbsp;&nbsp;&nbsp;2.3 **User Data**: Refers to data related to the end user
and the game, including but not limited to the appearance (face/body, etc.) and attributes (level/experience points, etc.) of in-game
characters, item inventories, and any other data related to the end user, hereinafter referred to as 'User Game Data'; as well as all
identity information of end users, including real name, ID number, credit card, address, landline phone, mobile number, email, or other
identity information of the end user, hereinafter referred to as 'User Registration and Identity Information'.

&nbsp;&nbsp;&nbsp;&nbsp;2.4 **SDK**: A software development kit developed and provided
for mobile developers, including mobile client SDKs and server-side SDKs, along with corresponding sample source code, development manuals,
and other development tools used to create mobile applications, designed to call payment interfaces and guide users through the payment
process.

&nbsp;&nbsp;&nbsp;&nbsp;2.5 **Confidential Information**: All materials, technical
knowledge, software, or other information, including but not limited to all proprietary information and materials related to a party's
technology, products, or business, or any information that a party considers should be kept confidential from peers.

&nbsp;&nbsp;&nbsp;&nbsp;2.6 **Intellectual Property**: All patents, designs, utility
models, copyrights, know-how, trade secrets, trademarks, service marks, trade dress, or other intellectual property rights related to
the game or technical information. Intellectual property also includes any modified game names and character names, any modified forms
of images in the game, any modified service marks, trademarks, and other relevant intellectual property rights arising from changes to
game services in the given territory.

第 2 页 共 30 页

&nbsp;&nbsp;&nbsp;&nbsp;2.7 **Day:** refers to a business day.

&nbsp;&nbsp;&nbsp;&nbsp;2.8 **Commercial Operation**: The stage in which Party A officially
makes the game publicly available to users and provides paid services within the game and through other channels. Paid services include,
but are not limited to, time-based billing, subscription systems, and item sales.

&nbsp;&nbsp;&nbsp;&nbsp;2.9 **Total Operating Revenue**: The total nominal amount
of revenue that Party A receives after deducting from the consideration paid by the advertising company the payment channel fees (i.e.,
costs incurred from using third-party payment channels), distribution channel shares, taxes, and bank fees (if any). It can be identified
based on the revenue amount recognized by Party A, regardless of the payment method, and shall be subject to Party A's backend sales
data. When calculating total operating revenue, appreciation or depreciation factors should not be considered. If cash income is generated
from sales of game derivatives or other related products, such income shall not be included in the "**Total Operating Revenue** "
and the parties shall separately negotiate the revenue sharing.

The following types of non-profit operational revenue that users have not actually paid in legal tender are not considered fees paid by users for game services, are not included in the total operational revenue, and are not subject to revenue sharing, including but not limited to:

1) Game vouchers, virtual currency, or the platform's virtual currency given to users by Party A through game activities or other means;

2) Other game virtual currency or the platform's virtual currency obtained by users without actual payment;

3) Test points: referring to in-game currency recharges conducted for testing purposes;

4) Customer service compensation or returns: referring to in-game currency returned by customer service staff in response to user purchases or other actions;

5) Bad debts or uncollectible amounts: referring to amounts that Party A fails to actually receive due to user refunds, credit card fraud, or use of fraudulent cards.

&nbsp;&nbsp;&nbsp;&nbsp;2.10 **Error**: refers to defects and bugs that prevent the
game or related software from operating according to the proper configuration requirements and the files provided by Party B to the end
users during game operation, or software malfunctions that worsen the use of the software. However, this error does not refer to, nor
does it include, any defects and bugs directly or indirectly caused by external factors. External factors include, but are not limited
to, hacker attacks and issues not caused by the aforementioned game, files, and software defects and bugs. Errors can be divided into
two types: major errors and minor errors, defined as follows:<br>
<br> **Major Error** refers to an error that causes the complete halt and interruption of game services or customer support systems.<br>
<br> **Minor Error** refers to all other errors not included in the definition of "**Major Error**" above.

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&nbsp;&nbsp;&nbsp;&nbsp;2.11 **Update**: refers to supplementary improvements to a
game product, including but not limited to changes, modifications, or additions to game rules, the addition of events, facilitating end-user
usage, altering level reward rules, implementing an online messenger system, adding new game items and mission modes. Updates may take
the form of patches, expansions, or other formats.

&nbsp;&nbsp;&nbsp;&nbsp;2.12 **Availability**: refers to the game's ability to provide
normal service during the specified period, usually expressed as a percentage.<br>
Availability = (Time the game provides normal service - Time the service is unavailable) / Time the game provides normal service
× 100%;<br>
Where: Game normal service time defined in the agreement: 24-hour around-the-clock service - scheduled maintenance downtime;<br>
Time the service is unavailable: the cumulative time from when a failure occurs to when it is restored.

&nbsp;&nbsp;&nbsp;&nbsp;2.13 **Promotable Test Version**: is a version of the game that
can be found and successfully launched on the App Store and/or Google Play after its release, allowing users to register a game account,
log in, and use the corresponding game services.

**3.** **License** 

&nbsp;&nbsp;&nbsp;&nbsp;3.1 In accordance with the provisions of this agreement, Party
B hereby grants Party A the exclusive, non-transferable, sublicensable rights to the mobile app versions of the games 《Match3
Game - Annie's Pursuit》 and 《Merge Game》 within the authorized territory. These rights include the right to
provide the games to end users, promote, distribute, and publicize the aforementioned games, the right to use technical information for
these purposes, as well as the rights related to advertising on gaming platforms. The specific scope of authorization includes, but is
not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.1 Operate, publish, sell, promote, or market the licensed game
in any form through any distribution channel within the authorized territory;

第 4 页 共 30 页

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.2 Modify, improve, and enhance promotional materials related
to the distribution, marketing, sales, and authorized game operations within the authorized territory;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.3 Exercising the licensed rights through the use of the game
program;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.4 Using or modifying files;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.5 Allows Party A and its affiliated companies, or third parties
to whom Party A transfers the agency operation rights or obtains co-operation rights, to exercise the above rights within the authorized
territory. This transfer of agency operation rights must be approved in writing by Party B in advance. To avoid any ambiguity, Party
B has the right to refuse Party A's request to transfer the agency operation rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.6 Grant Party A the rights to live stream and record the authorized
game. Party A may sublicense or sub-authorize this right to third parties.

In order to clarify the meaning of exclusivity, Party B agrees not to provide services, use, promote, distribute, and/or market the licensed games within the authorized territory, and shall not grant any of the above licensing rights to any company, organization, or individual other than Party A.

&nbsp;&nbsp;&nbsp;&nbsp;3.2 Party B hereby grants Party A the rights to use the trademarks,
logos, character names, trade names, or other names ()"**Identifiers**") owned by Party B in relation to game services,
usage, promotion, distribution, and marketing in the specified region.

&nbsp;&nbsp;&nbsp;&nbsp;3.3 When the game is serviced, used, promoted, distributed, and
marketed, Party A is responsible for creating and using logos, trademarks, character names, trade names, or other names ()"**Logos** ").
If Party A believes from an operational perspective that the Logos need to be changed due to user perception or other social environmental
factors, Party A may propose a suitable new logo ()"**New Logo**") and notify Party B of the change in writing. The change
and use can proceed after obtaining written consent from Party B.

&nbsp;&nbsp;&nbsp;&nbsp;3.4 Party B hereby explicitly grants Party A the rights related
to the game that can be used during the cooperation period for game services, use, promotion, distribution, and marketing (including
but not limited to game character names, logos, portraits, audio and video, scenes, costumes, and other game-specific items).

&nbsp;&nbsp;&nbsp;&nbsp;3.5 Authorized Territory: Worldwide, excluding Mainland China.

&nbsp;&nbsp;&nbsp;&nbsp;3.6 Term of Authorization: The rights granted under this agreement
shall take effect from February 3, 2023, and shall remain valid for a period of five (5) years.

第 5 页 共 30 页

**4.** **Servers** 

&nbsp;&nbsp;&nbsp;&nbsp;4.1 Server Costs and Setup: Party A shall bear the necessary hardware
equipment, broadband resources, and costs required for game operation, and shall complete the installation, debugging, and maintenance
of the required server software. Party B shall install and set up game servers, database servers, network servers, and other necessary
servers within the agreed area, and place the servers in an online network environment suitable for providing game services.

&nbsp;&nbsp;&nbsp;&nbsp;4.2 Game Deployment: Party B shall provide detailed game deployment
and installation documentation, and actively cooperate with Party A to resolve any issues encountered during the game installation process
(including but not limited to: game installer bugs, data anomalies).

&nbsp;&nbsp;&nbsp;&nbsp;4.3 Server Stress Testing and Resource Optimization: To ensure
the commercial operation of the game, Party B shall cooperate with relevant technical tests as required by Party A. Party A has the right
to request Party B to make necessary optimizations to server resource usage (including but not limited to optimization of the game deployment
architecture and compression or recycling of server resources).

&nbsp;&nbsp;&nbsp;&nbsp;4.4 Server Ownership: The cooperation between Party A and Party
B does not change the ownership of each party's servers. Any user losses caused by server technical failures or other reasons provided
by either party shall be compensated by the responsible party.

&nbsp;&nbsp;&nbsp;&nbsp;4.5 Others: During the cooperation period, if additional servers
or related supporting facilities and support are needed due to game operation, both parties shall negotiate and cooperate to resolve
the matter.

**5.** **Game Delivery** 

&nbsp;&nbsp;&nbsp;&nbsp;5.1 Party A shall provide Party B with the complete game SDK and
integration documentation. After receiving the SDK from Party A, Party B shall integrate the SDK into the authorized game within the
time agreed upon by both parties, ensuring the game can operate smoothly.

&nbsp;&nbsp;&nbsp;&nbsp;5.2 After the parties agree on the regular update release schedule,
Party B shall provide the update program at least five working days in advance to allow Party A to set up the test environment, conduct
testing, and upload to the client. Any additional time required due to modifications to game content and functionality requested by Party
A beyond the aforementioned development requirements is not included in this provision.

第 6 页 共 30 页

&nbsp;&nbsp;&nbsp;&nbsp;5.3 If Party A finds any defects in the source code and documentation
(collectively referred to as "Submitted Materials") received from Party B for assisting with game operation services (including
but not limited to operating the games in the agreed regions under the agreement), Party A shall notify Party B to make corrections,
and Party B shall supplement or correct them within ten working days after receiving the notice from Party A.

&nbsp;&nbsp;&nbsp;&nbsp;5.4 According to Party A's game distribution requirements, if Party
A deems it necessary to make modifications or changes, Party B shall make the corresponding modifications or changes free of charge.

**6.** **Technical Support** 

&nbsp;&nbsp;&nbsp;&nbsp;6.1 Within seven working days after the Agreement takes effect,
Party B shall provide Party A's technical personnel and game administrators with operational-related technical documents and training,
including but not limited to basic introduction to the game system, game system setup, operation and maintenance processes, and game
management tools. Both parties may communicate and consult on the above content via telephone or in writing.

&nbsp;&nbsp;&nbsp;&nbsp;6.2 After the Agreement takes effect, Party B shall provide technical
support services to Party A through telephone consultation or written communication, ensuring that technical personnel can answer Party
A's inquiries. If necessary, both parties may negotiate for Party B to dispatch developers to Party A's business location or other relevant
locations designated by Party A for support.

&nbsp;&nbsp;&nbsp;&nbsp;6.3 Party A shall prepare servers that meet Party B's software
installation requirements, and Party B will provide hardware configuration requirements in advance.

&nbsp;&nbsp;&nbsp;&nbsp;6.4 Both parties shall take reasonable measures to prevent the
game's or customer service system's servers and other technical equipment from being attacked or deceived by hackers. Upon discovering
any attack or deceitful behavior, the party must immediately notify the other party and submit a written report describing the nature
of the incident in detail, so that the other party can understand the situation. Party B shall provide a written response within one
working day of discovering or receiving this report, and resolve it within the timeframe agreed upon in Annex 2 of the contract (Cheat
Level/Resolution Time Standards). If the situation is extremely serious, both parties may negotiate for Party B to dispatch developers
to Party A's business location or other relevant locations designated by Party A for support.

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&nbsp;&nbsp;&nbsp;&nbsp;6.5 After receiving a BUG report from Party A, Party B shall resolve
it within the timeframe agreed upon in Annex 2 of the contract (Bug Level/Resolution Time Standards); after receiving a written report
of an emergency incident from Party A, Party B shall respond according to the emergency incident handling timeframe specified in Annex
3 (Game Malfunction Handling Standards). If the situation is extremely serious, both parties may negotiate for Party B to dispatch developers
to Party A's business location or other relevant locations designated by Party A for support.

&nbsp;&nbsp;&nbsp;&nbsp;6.6 If negotiated between both parties, in cases where the major
errors described in Clauses 6.4 and 6.5 are clearly caused by each party's own reasons, each party shall bear the costs and losses of
resolving these errors. If the cause of an incident cannot be clearly attributed to either party, both parties shall jointly negotiate
how to share the costs and losses.

&nbsp;&nbsp;&nbsp;&nbsp;6.7 Both parties agree to maintain at least 12 online meetings
or face-to-face communications per year during the term of the Agreement.

**7.** **Revenue Sharing** 

&nbsp;&nbsp;&nbsp;&nbsp;7.1 Both parties agree that Party A shall pay Party B a royalty
equivalent to 7.5% of the revenue (income turnover) generated from the licensed game. The revenue-sharing calculation formula is as follows:<br>
Revenue share = Revenue \* 7.5%

Where

"Revenue" refers to the amount actually received by Party A from the gaming platform (including but not limited to Apple App Store or Google Play Store) from consumers in the authorized territory for purchasing/downloading the licensed game, viewing in-game advertisements, and making in-game purchases;

&nbsp;&nbsp;&nbsp;&nbsp;7.2 The royalty shall be calculated on a monthly basis and paid
by Party A via bank wire transfer within thirty (30) days after the end of the month upon receipt of a valid invoice, or, where permitted
by local law and with Party B's consent, through an automated payment plan. Party A shall provide Party B with a report containing the
necessary information to reasonably calculate the amount due to Party B for that period (if any). With reasonable notice (not more than
once per year), Party B may audit Party A's records used as the basis for this report.

第 8 页 共 30 页

[\*\*\*]

If Party B's account is changed or becomes unavailable, Party B shall promptly notify Party A in writing. Otherwise, Party B shall bear all losses arising therefrom.

&nbsp;&nbsp;&nbsp;&nbsp;7.3 The type of invoice Party B shall issue to Party A is: INVOICE;

&nbsp;&nbsp;&nbsp;&nbsp;7.4 Each party shall be responsible for paying any taxes or fees
imposed by any government authority.

**8.** **Marketing and Operation** 

&nbsp;&nbsp;&nbsp;&nbsp;8.1 Party A will make every effort to carry out market promotion
and marketing activities for the game. Within two months before the game officially begins commercialization, Party A shall formulate
and finalize the marketing plan (the "Marketing Plan") and, before the Marketing Plan is implemented, notify Party B in writing
of the specific details of the Marketing Plan. Party B has the right to propose modifications to the Marketing Plan. The Marketing Plan
includes, among other things, the schedule, budget, pricing, promotion plan, advertising plan, and strategy for the commercialization
and operation of the game in the specified region. Party B shall fully assist Party A in implementing the Marketing Plan.

&nbsp;&nbsp;&nbsp;&nbsp;8.2 The copyright of marketing and promotional materials produced
by Party A for the game shall be exclusively owned by Party A (including but not limited to advertising materials, marketing plans, etc.).
Party A has the right to use these advertising materials for promotion related to the game under this Agreement as well as for the promotion
of its own brand. For the avoidance of doubt, both parties confirm that the advertising materials also include game-derived products
or other promotional products.

&nbsp;&nbsp;&nbsp;&nbsp;8.3 Party A shall be responsible for authorizing the game analysis
tools and data analysis, providing Party B with access and usage rights, and sharing the data analysis results with Party B. In accordance
with the relevant provisions of this Agreement, both parties agree to reasonably adjust the operation of the authorized game based on
the game data analysis results to meet the needs of game operation.

第 9 页 共 30 页

&nbsp;&nbsp;&nbsp;&nbsp;8.4 If Party A's game promotion, operation, or related content
does not comply with local laws, regulations, and policies, or may otherwise affect the normal operation of the authorized game, Party
A shall modify or delete it. Party B shall not bear any compensation or joint liability for complaints, claims, disputes, administrative
penalties, lawsuits, arbitration, or other situations arising from game promotion, operation, or related content, and all shall be handled
and resolved by Party A. Any actual losses arising from this shall be fully borne by Party A.

&nbsp;&nbsp;&nbsp;&nbsp;8.5 When Party A enters into contracts with advertising/distribution
channels, Party A shall notify Party B; (2) Party B shall be the ultimate beneficiary of all contracts signed by Party A with advertising
agents and distribution channels; (3) before signing, Party B shall review the contracts with the distribution platforms.

**9.** **Responsibilities** 

&nbsp;&nbsp;&nbsp;&nbsp;9.1 Party A is responsible for providing game operation services
to end users within the authorized region in accordance with this Agreement. Party A shall use the game products and art materials provided
by Party B to provide the SDK for cooperating games and a membership billing system for the authorized game products. Users shall use
the membership account and password of Party A or a third party designated by Party A to log in to the cooperating games, and registration,
login, and top-up shall directly link to the top-up system of Party A or the system designated by Party A. Party A guarantees that the
SDK functions embedded in the authorized games must not violate the relevant laws and regulations of the authorized region (including
but not limited to stealing user privacy, unauthorized charges, modifying users' mobile systems, or infringing on users' rights in any
way). Any user complaints or legal disputes arising from Party A's SDK shall be borne by Party A, and Party B shall not be responsible
in any way.

&nbsp;&nbsp;&nbsp;&nbsp;9.2 Party B is responsible for providing ongoing development support
for the licensed game, including but not limited to: technical assessment, architecture design optimization support, server/client configuration,
and bandwidth analysis; cooperating with Party A to implement localization of the licensed game in aspects such as game UI, gameplay
operations, beginner guidance, character and item optimization, quests, and game maps; and cooperating with Party A to implement ongoing
game updates, game design, business model planning, event management, and community design planning.

第 10 页 共 30 页

&nbsp;&nbsp;&nbsp;&nbsp;9.3 Party B shall be responsible for the continuous development
of the licensed game and related technical support. After Party A officially begins commercial operations in the licensed region, Party
B shall provide Party A with update services at least once every two weeks (as defined in Clause 1) and at least one minor expansion
update per quarter, as well as at least one major expansion update every six months. Party A may request in writing that Party B provide
update services for special local events or specific occasions in the designated region, with the actual implementation and scheduling
of such services to be determined through mutual consultation between both parties.

&nbsp;&nbsp;&nbsp;&nbsp;9.4 In order to assist end users in using the game, Party A shall
provide comprehensive and considerate technical support, including but not limited to a 24-hour technical service window, online customer
service, sufficient outbound bandwidth and lines for running the game, and servers suitable for online game operation. Party B shall
provide the necessary training and support for Party A's customer service work in accordance with the provisions of this agreement, and
provide necessary cooperation based on Party A's actual situation.

&nbsp;&nbsp;&nbsp;&nbsp;9.5 If both parties discover that an end user is using the cooperative
game in violation of the user agreement or relevant laws, or is engaging in behavior that seriously affects the normal operation of the
cooperative game, they shall promptly inform the other party of the situation. After confirmation by Party A, appropriate penalties shall
be imposed on the end user exhibiting such behavior (including but not limited to warnings, account suspension, etc.). Party B shall
actively cooperate and take effective measures to enforce penalties or sanctions, provided that it does not violate legal regulations.
However, penalties imposed on such violating players shall not affect other normal players, nor shall they affect the normal operation
or in-game purchases.

&nbsp;&nbsp;&nbsp;&nbsp;9.6 Party B and Party A shall make every effort to take legal and
administrative measures to prevent third parties from infringing on the game. The costs incurred from taking such measures shall be jointly
borne by both parties. Both parties confirm that Party A will be solely responsible for the rights protection of the game. After deducting
the costs, the profits from rights protection shall be distributed between Party A and Party B according to the revenue-sharing ratio
of that month. Any disputes arising involving players shall be resolved through mutual consultation, with the party at fault bearing
full responsibility.

&nbsp;&nbsp;&nbsp;&nbsp;9.7 Before the game's official commercialization, both Party A
and Party B shall jointly confirm the security solutions for anti-hacking and anti-cheat measures. This solution shall be collaboratively
negotiated and implemented by technical personnel from both parties based on the standards listed by Party A. Party B shall, according
to the jointly confirmed security solution, make the necessary technical modifications to the game to meet the anti-hacking and anti-cheat
technical standards stipulated in Annex II of the contract (Cheat Level/Resolution Time Standards).

第 11 页 共 30 页

&nbsp;&nbsp;&nbsp;&nbsp;9.8 All relevant fees for game services provided to end users,
including but not limited to membership fees and the prices of in-game items, shall be determined through mutual consultation, but Party
B shall have the final decision-making authority.

&nbsp;&nbsp;&nbsp;&nbsp;9.9 Party A is responsible for all the necessary authorization
and approval applications required for operating the game in the regions where it will be launched (if any). Party B is obligated to
make every effort to assist Party A in carrying out the aforementioned application work.

&nbsp;&nbsp;&nbsp;&nbsp;9.10 If Party B develops or releases a series of games after executing
this agreement, Party A shall have the right of first priority to operate as an agent under the same conditions with third-party distribution
partners. Both parties agree to discuss the right of first priority for operating these games when renewing this agreement.

**10.** **Intellectual Property** 

&nbsp;&nbsp;&nbsp;&nbsp;10.1 Party B shall have independent and full copyrights, trademark
rights, and other intellectual property and proprietary rights over the Chinese name of the subject matter, developed characters, gameplay,
UI, game texts, in-game items, source code, and other works, all of which are created at its own expense. Party A may, for operational
purposes, adapt, translate, annotate, and organize the symbols, images, and characters of the subject matter in the course of the online
game service of the subject matter. Party A may also use the trademarks, images, symbols, and characters of the subject matter independently
or in combination with trademarks, images, symbols, and characters owned by Party A to fulfill the purposes of this Agreement. Party
A shall have independent and full intellectual property rights over the trademarks, images, symbols, and characters created through such
adaptation, translation, annotation, organization, and combined use. Party A shall notify Party B in writing in advance, and with Party
B's consent, Party A has the right to use the above intellectual property in the manner described. If Party B does not respond to Party
A's written notice within 20 (twenty) working days, it shall be deemed that Party B has tacitly agreed to Party A's use.

&nbsp;&nbsp;&nbsp;&nbsp;10.2 For any infringement, illegal use, or misuse of the subject
matter reported by Party A to a third party, or for similar situations that Party B becomes aware of, both parties shall actively take
necessary measures to stop such illegal infringements; Party A has the right to take action in its own name through the courts, administrative
agencies, or other competent authorities to protect the subject matter from illegal infringement.

第 12 页 共 30 页

&nbsp;&nbsp;&nbsp;&nbsp;10.3 Except for work required under this Agreement, neither party
shall use or reproduce the other party's trademarks, logos, commercial information, technology, or other data without the prior written
consent of the other party.

&nbsp;&nbsp;&nbsp;&nbsp;10.4 When using the other party's name for publicity with authorization,
neither party shall engage in any misleading or confusing actions that might cause others to mistakenly believe that one party is a subsidiary,
branch, affiliate, or other entity with a substantive relationship to the other party.

&nbsp;&nbsp;&nbsp;&nbsp;10.5 Party B hereby represents and warrants that it owns all legal
and valid rights related to the game and will grant the relevant rights and licenses to Party A in accordance with the provisions of
this Agreement. The game, game-related images, game interfaces, characters, logos, roles, text, images, music, geographical indications,
videos, and technical information do not infringe any third-party copyrights, patents, trademarks, or other intellectual property rights.
If Party B requests that the game's trademark or software copyright be registered domestically or internationally in Party B's
name, Party A shall actively cooperate with Party B in such registration, including but not limited to providing corresponding channels
for processing, registration, and expedited services. However, if, after receiving written notice from Party A, Party B refuses in writing
to handle such trademark or software copyright registration, or fails to respond to Party A's written notice within 20 (twenty)
business days, Party A may proceed with the domestic or international registration on its own, and Party B shall actively cooperate in
accordance with the provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;10.6 If Party B violates the provisions in Article 10.5 and causes
claims from a third party, Party B shall indemnify and protect Party A against any losses, expenses, and liabilities arising from such
third-party claims, including but not limited to compensation or reimbursement costs that Party A bears due to intellectual property
issues as determined by a court or arbitration, as well as litigation fees, travel expenses, etc., incurred by Party A. If mediation
or settlement is involved, the plan must be approved by Party B, and any attorney fees involved must also be reviewed and approved by
Party B. Party B shall unconditionally pay the above amount to Party A within three working days upon receiving written notice, and Party
A has the right to deduct the above amount from any payment due to Party B. If Party B fails to pay on time or if the payment due to
Party B is insufficient to cover the above amount, Party B shall return to Party A the authorization fees, revenue shares, or other amounts
already paid. Party B shall unconditionally pay the above amount to Party A within three working days upon receiving Party A's written
notice, and Party A has the right to deduct the above amount from any payment due to Party B. Under these circumstances, Party A has
the right to notify Party B in writing to suspend or terminate this agreement in advance. To the extent permitted under applicable laws,
Party A owns the operations database, user data, and other related materials of the games "Idle Game, Tile Game, Screw Game,"
but at Party B's reasonable request, Party A shall provide the necessary disclosures to Party B.

第 13 页 共 30 页

&nbsp;&nbsp;&nbsp;&nbsp;10.7 Except as otherwise stipulated in this agreement, the intellectual
property rights of the game content and game derivatives developed by Party B shall solely belong to Party A. The intellectual property

projects, and characters, shall have all rights and interests jointly owned by both parties.

**11.** **Breach of Contract** 

&nbsp;&nbsp;&nbsp;&nbsp;11.1 Except as otherwise provided in this Agreement, any party who
directly or indirectly violates any clause of this Agreement, or fails to perform or fails to timely and fully perform its obligations
under this Agreement, shall constitute a breach of contract. The non-breaching party shall have the right to require the breaching party,
by written notice, to correct its breach and take sufficient, effective, and timely measures to eliminate the consequences of the breach,
and to compensate the non-breaching party for any losses incurred as a result of the breaching party's breach. If the breaching party
fails to correct its breach within 15 working days after receiving the above notice from the non-breaching party regarding its violation,
the non-breaching party shall have the right to terminate this Agreement prematurely upon issuing a written notice.

&nbsp;&nbsp;&nbsp;&nbsp;11.2 Except as otherwise provided in this Agreement, if after the
occurrence of a breach, the non-breaching party reasonably and objectively determines that such breach has fundamentally made it impossible
to achieve the purpose for which this Agreement was signed, the non-breaching party shall have the right to terminate this Agreement
in advance by giving written notice, and the breaching party shall compensate the non-breaching party for all direct losses incurred
as a result of the breaching party's breach.

&nbsp;&nbsp;&nbsp;&nbsp;11.3 If Party A fails to pay Party B the revenue share from the
authorized game operations as agreed, and the delay exceeds 30 (thirty) days, Party B has the right to request the termination of this
agreement.

&nbsp;&nbsp;&nbsp;&nbsp;11.4 Party B, in accordance with the authorization content stipulated
in Article 3 of this Agreement, shall grant Party A the rights to this game exclusively and solely. Under no circumstances shall Party
B engage in the cooperation content stipulated in this Agreement with any third party in any form. Otherwise, Party A has the right to
unilaterally terminate this Agreement and require Party B to return all amounts paid by Party A (including but not limited to licensing
fees, revenue shares, etc.), as well as compensate Party A for all losses incurred, including but not limited to game promotion costs,
game operation costs, personnel costs, maintenance costs, etc. Moreover, all income generated from Party B's cooperation with any
third party under the authorized content of this Agreement shall belong to Party A, and Party B shall, unconditionally, pay such income
to Party A within three working days upon receiving written notice from Party A.

第 14 页 共 30 页

&nbsp;&nbsp;&nbsp;&nbsp;11.5 If Party B engages in any of the following breaches, Party
A has the right to unilaterally terminate the agreement and require Party B to return the authorization fees. Party B shall compensate
Party A for any resulting losses:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5.1 If the authorized game encounters a fatal or serious issue,
and Party B fails to resolve it within the time agreed upon by both parties, resulting in the game being unable to operate normally within
a reasonable period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5.2 During the term of the agreement, if the development team of
the licensed game disbands or the product cannot undergo further development;

&nbsp;&nbsp;&nbsp;&nbsp;11.6 In the event of a breach by one party, the breaching party
shall bear all losses caused to the other party, including transportation costs, attorney's fees, litigation costs, and preservation
insurance fees.

**12.** **Governing Law** 

&nbsp;&nbsp;&nbsp;&nbsp;12.1 If any dispute arises between the parties during the performance
of this agreement, it shall be resolved through friendly consultation. If the dispute cannot be resolved after consultation, either party
shall submit the dispute to the Shenzhen Court of International Arbitration (SCIA) for arbitration in accordance with the arbitration
rules of SCIA. The arbitration award shall be final and binding on both parties.

&nbsp;&nbsp;&nbsp;&nbsp;12.2 The conclusion, validity, interpretation, performance, and
dispute resolution of this Agreement shall be governed by the laws of the People's Republic of China.

第 15 页 共 30 页

**13.** **Confidentiality** 

&nbsp;&nbsp;&nbsp;&nbsp;13.1 Without the other party's written consent, neither party shall
disclose to any third party (except as required by relevant laws, regulations, government authorities, stock exchanges, or other regulatory
agencies, and the legal, accounting, business, and other advisors or authorized employees of both parties) any content of this agreement,
the execution and performance of this agreement, or any information of the other party and its affiliates obtained through the signing
and performance of this agreement.

&nbsp;&nbsp;&nbsp;&nbsp;13.2 The confidentiality obligations under this agreement are permanent,
unless required or authorized by relevant government authorities or judicial institutions for use by their advisors, or unless such confidential
information is declassified by the owner of the information.

&nbsp;&nbsp;&nbsp;&nbsp;13.3 Party B shall make every effort to protect the game source
code and shall not disclose it to any other party for any reason. If the source code is leaked due to Party B's negligence or improper
intent, Party B shall be responsible for the losses caused by the leakage. Moreover, Party B shall implement strict confidentiality measures
to prevent its employees from leaking or third parties from stealing such source code.

&nbsp;&nbsp;&nbsp;&nbsp;13.4 The ownership of data generated by the game on the game data
server belongs to both parties, but user data (including but not limited to user registration information, user character information,
user top-up information, user item consumption data, and other user-related data) belongs to Party A. Neither party may provide or disclose
such data to any third party without the other party's written consent.

&nbsp;&nbsp;&nbsp;&nbsp;13.5 Notwithstanding the above provisions, the recipient has no
obligation regarding any of the following confidential information：

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Before or after the execution of this agreement, confidential
information is not disclosed or made known to the public due to a breach by either party；

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The receiving party was already aware of the confidential information before it was disclosed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Before or after such confidential information is lawfully disclosed to the receiving party by a third
party (who has no obligation to keep the confidential information confidential);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Confidential information independently developed by the receiving party without reference to any confidential
information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Confidential information disclosed in accordance with a valid order or request from a court, administrative
agency, or other government department, provided that the receiving party gives prior written notice of such order or request to the disclosing
party, allowing the disclosing party to seek reasonable and effective protective measures to prevent or limit the disclosure.

第 16 页 共 30 页

**14.** **Contract Duration** 

&nbsp;&nbsp;&nbsp;&nbsp;14.1 This Agreement shall come into effect on the Effective Date.
Unless terminated earlier in accordance with this Agreement, it shall remain in effect for five (5) years from the date the game begins
commercial operations.

**15.** **Notice Provisions** 

&nbsp;&nbsp;&nbsp;&nbsp;15.1 Any notice, document, or application sent by one party to the
other under this Agreement shall be in writing, bearing the official seal, and delivered by registered mail, express courier, or by hand.

&nbsp;&nbsp;&nbsp;&nbsp;15.2 If sent by registered mail, it shall be deemed delivered on
the fifth day after posting; if delivered by a person (including express delivery), it shall be deemed delivered on the date the recipient
signs for it.

&nbsp;&nbsp;&nbsp;&nbsp;15.3 The above-mentioned notices, documents, or applications issued
under this Agreement shall be delivered in accordance with the following contact information or any other contact information as may
be changed in writing by both parties to this Agreement:

Party A： HongKong Grand Universe Technology Limited

Address：Room 5003，5/F., Yau Lee Centre, 45 Hoi Yuen Road, Kwun Tong, Hong Kong: Vivi Chen

Email：[\*\*\*]

Party B: GUANGZHOU QINGZHOU TECH CO.,LTD

Address：广州市海珠区琶洲大道68号1504室

Contact person：[\*\*\*]

Email：[\*\*\*]

第 17 页 共 30 页

**16.** **Termination** 

&nbsp;&nbsp;&nbsp;&nbsp;16.1 This agreement may be terminated upon mutual consent of both
parties after consultation.

&nbsp;&nbsp;&nbsp;&nbsp;16.2 If any of the following situations occur, both parties have
the right to immediately terminate this agreement：

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If one party, due to a serious breach of the agreement, receives
written notice specifying the nature of the breach, the ineffectiveness of performance, or remedial measures, and fails to remedy the
breach within thirty days of receiving the notice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If one party or its creditors or any other lawful parties apply
for liquidation, bankruptcy, reorganization, settlement, or dissolution; or if one party is unable to pay any of its due debts; or if
the creditors of one party take over its operations;

&nbsp;&nbsp;&nbsp;&nbsp;16.3 In the event that the cooperation between both parties is terminated
due to reasons other than force majeure or reasons not attributable to Party A, or upon expiration of the contract, in order to protect
the interests of the players, both parties shall make every effort to terminate the service in an appropriate manner from the perspective
of player experience. The specific method shall be determined through friendly negotiation between both parties and confirmed in writing.
After the cooperation between both parties is terminated or the contract expires, Party B has the right to authorize the content stipulated
in Clause 3 of this Agreement to a third party and enter into a contract with the third party with the same content as this Agreement,
but this can only begin after Party A has finally shut down all servers.

&nbsp;&nbsp;&nbsp;&nbsp;16.4 After the termination of this Agreement, unless explicitly
stated otherwise in the terms of the Agreement, Articles 10, 12, and 13 shall remain in effect.

**17.** **Force Majeure** 

&nbsp;&nbsp;&nbsp;&nbsp;17.1 "**Force Majeure**" refers to events that neither
Party A nor Party B can reasonably control, foresee, or, even if foreseen, avoid, which hinder, affect, or delay the performance of all
or part of their obligations under the agreement. Such events include, but are not limited to, government actions, natural disasters,
wars, strikes, hacker attacks, computer viruses (such as Trojan horses, worms, etc.), technical adjustments by telecommunications authorities,
or any other similar events.

&nbsp;&nbsp;&nbsp;&nbsp;17.2 In the event of a force majeure, the affected party shall promptly
and adequately notify the other party in writing, informing the other party of the potential impact of such event on this agreement,
and shall, within a reasonable period (within 30 days after the occurrence of the force majeure event), provide detailed information
about such event and relevant certification issued by the relevant organizations explaining why the affected party is unable to perform
all or part of its obligations under this agreement.

第 18 页 共 30 页

&nbsp;&nbsp;&nbsp;&nbsp;17.3 If, due to the aforementioned force majeure events, all or
part of the agreement cannot be performed or is delayed, neither Party A nor Party B shall bear any liability for breach between each
other.

**18.** **Amendment of the Agreement** 

After this agreement comes into effect, unless otherwise stipulated, neither party may unilaterally modify it. Any modifications to this agreement must be made in writing and will only take effect after being signed by authorized representatives of both parties and affixed with the official seals of both parties or the special seal filed with the public security authorities. If any provision of this agreement is amended by mutual consent and conflicts, ambiguities, or inconsistencies arise with other provisions or annexes, the mutually agreed amended provisions or annexes shall prevail.

**19.** **Other Provisions** 

&nbsp;&nbsp;&nbsp;&nbsp;19.1 The terms "in writing," "written form,"
or "written confirmation" as stipulated in this agreement refer to a written form or confirmation that is considered valid
only when the sender or confirmer has affixed an official seal on a paper document and delivered it.

&nbsp;&nbsp;&nbsp;&nbsp;19.2 Both parties agree that if this agreement expires or is terminated
early for any reason, resulting in the inability to continue performing this agreement, Articles 10, 11, and 12 of this agreement shall
remain in effect.

&nbsp;&nbsp;&nbsp;&nbsp;19.3 All attachments to this Agreement are an integral part of this
Agreement. This Agreement and its attachments constitute the complete agreement between the parties regarding the subject matter of this
Agreement and supersede all prior oral and written discussions, negotiations, notices, memoranda, documents, agreements, contracts, and
communications between the parties concerning that subject matter.

&nbsp;&nbsp;&nbsp;&nbsp;19.4 Regardless of the reason (including but not limited to violation
of applicable laws and regulations) that causes any provision of this agreement to be wholly or partially invalid or unenforceable, it
shall not affect the validity, legality, and enforceability of any other provision of this agreement.

&nbsp;&nbsp;&nbsp;&nbsp;19.5 This agreement shall come into effect from the date when it
is signed by the legal/authorized representatives of both parties and stamped with their official seals or other specialized seals registered
with the public security authorities.

第 19 页 共 30 页

&nbsp;&nbsp;&nbsp;&nbsp;19.6 This agreement is written and executed in Chinese.

&nbsp;&nbsp;&nbsp;&nbsp;19.7 Without the prior written consent of the other party, neither
party may assign its rights (in whole or in part) or transfer its obligations (in whole or in part) under this Agreement, except as otherwise
provided in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;19.8 This agreement is made in four original copies, with each party
holding two copies, all of which have the same legal effect.

&nbsp;&nbsp;&nbsp;&nbsp;19.9 Any matters not covered in this agreement shall be resolved
through separate negotiations between both parties.

(Except for the attachments to this agreement, there is no main text of this agreement below.)

第 20 页 共 30 页

---

| | |
|:---|:---|
| **Party A:** | **Party A:** |
| Signature: | /s/ HongKong Grand Universe Technology Limited |
| Name: | |
| Date: | February 7, 2023 |
| **Party B:** | **Party B:** |
| Signature: | /s/ Zhengchao Lu |
| Name: | |
| Date: | February 7, 2023 |

---

第 21 页 共 30 页

**Appendix 1：Power of Attorney**

Authorised Person：Hongkong Grand Universe Technology Limited

《 Match3 Game - Annie's Pursuit》 and 《Merge Game 》 (hereinafter referred to as the 'Licensed Game') is an online game product independently developed by our company. Our company holds full and independent copyright rights to this game, sufficient to authorize your company to operate the Licensed Game. We hereby grant your company the exclusive right to operate the Licensed Game. Your company may operate the Licensed Game on its own or, with our prior written consent, authorize a third party to operate the Licensed Game.

During the authorization period, your company has the exclusive, non-transferable, and sublicensable right to operate the authorized game (your company must obtain our written consent before granting any sublicenses), including but not limited to：

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Your company has the right to decide on the marketing and promotional plans for the authorized games.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Your company has the right to designate or provide the user system and payment system for the authorized game;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Your company has the right to authorize third parties to provide information services, advertising services, promotional services, and other related services for the authorized games.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Your company has the right to authorize third parties to provide user systems and payment systems for the authorized game;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Your company has the right to build websites, forums, and other platforms for the authorized games;

第 22 页 共 30 页

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Your company has the right to reasonably use the authorized game's name, our company's trademarks, logos, and name in the operation and promotion activities of the authorized game.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Authorisation Period：Five years from Febrary 3, 2023

Licensed Version：Mobile App version（iOS and Android）

Authorised Channel：App Store and Google Play

Authorised Region：Worldwide excluding Mainland China

《 Match3 Game - Annie's Pursuit》 and 《Merge Game 》 include below games:

1. Color Wood Puzzle

2. Annie's Pursuit Android

3. Annie's Pursuit iOS

4. Love Matters Android

5. Love Matters iOS

6. Garage Billionaire

7. Arrow Defense 3D iOS

8. Jigsort Master

9. Screw Secret

10. Love Fashion Android

11. Love Fashion iOS

12. Screw & Fashion-Makeover Story

Authoriser: Guangzhou Qingzhou Technology Co., Ltd <br>Date: February 3, 2023

第 23 页 共 30 页

**Appendix 2：Cheat/Exploit Severity Levels and Resolution Time Standards**

**Definition of Game Anomaly Levels (Cheats or Exploits)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Anomaly Level | Definition | Response Time | Solution Proposal Time | Resolution Time | Resolution Process |
| Highest | Severely affects game fairness | 30 minutes | 8 hours | ≤ 72 hours | Step 1: Provide description of the anomaly and the affected user ID(s); Step 2: Verify and ban the cheating user ID(s); Step 3: Patch the vulnerability at the same time. If no vulnerability exists, only perform Steps 1–2. |
|  | Able to illegally obtain in-game virtual items |  |  |  |  |
|  | Able to participate in the game automatically for extended periods without human intervention |  |  |  |  |
|  | Able to automatically complete most major game functions |  |  |  |  |
| High |  | 2 hours | 4 hours | ≤ 72 hours | Same process as above |
|  | Able to automatically complete some major game functions |  |  |  |  |

---

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Anomaly Level | Definition | Response Time | Solution Proposal Time | Resolution Time | Resolution Process |
|  | Dedicated cheating tools developed specifically for the game |  |  |  |  |
| Medium | Affects game fairness but can only perform simple automated functions, usually relying on generic tools | Negotiated | Negotiated | ≤ 72 hours | Same process as above |

---

---

| | |
|:---|:---|
| Cheat Type | Definitions |
| Cheat Level | Cheat Type |
| Highest | Data modification cheats |
|  | Data forgery cheats |
| High | Speed hacks / accelerators |
| Medium | Macro tools + scripting (e.g., AutoHotkey-style scripts) |

---

第 25 页 共 30 页

**Appendix 2: Bug Severity Levels and Resolution Time Standards**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Bug Level | Definition | Response Time | Solution Proposal Time | Resolution Time |
| Fatal | Players cannot log in normally or encounter severe abnormal errors after logging in | Immediate | 1 hour | 1 hour |
| Serious | Players can log in, but abnormal errors occur in-game that do not severely affect core functions | 1 hour | 2 hours | 8 hours |
| Normal | Affects regular player experience | 2 hours | Same-day email reply | Next version update |
| Prompt | Text errors | Negotiated | Negotiated | Next version update |

---

Detailed Bug Examples (including but not limited to)

Fatal

● Crashes, freezes, or illegal exits caused by legitimate in-game operations

● Database deadlocks during gameplay

● Severe logic errors preventing normal play

● Item/money duplication that breaks fairness and balance

● Money-related bugs in trading, shops, auctions, etc.

● Unauthorized attribute modification via abnormal methods

● Repeating one-time tasks for extra rewards

● Security issues related to passwords, etc.

● Unable to download/update or update errors

● Severe client/server performance degradation affecting normal play

● Other major defects that seriously damage game fairness and balance

Serious

● Severe logic errors inconsistent with design documents

● Continuous client memory growth

● Interface/program errors

● Minor numerical calculation errors

● UI issues that severely affect feature experience

● Unreasonable numerical design severely impacting experience

● Non-standard display severely affecting understanding of game features

第 26 页 共 30 页

Normal

● Legacy bugs that do not affect gameplay

● Minor functional bugs

● Unclear version notes, right-click descriptions, or help text

● Unclear terminology in prompts

● No confirmation prompt for delete operations

● Simple input validation not handled on client side

● Non-standard display formatting

● No clear distinction between editable and read-only fields

Prompt

● Aesthetic UI issues

● General user experience problems

● Suggestions regarding values or design

第 27 页 共 30 页

A**ppendix 3: Game Malfunction Handling Standards**

Terminology

---

| | |
|:---|:---|
| Term | Explanation |
| Availability | The ability of an application service or component to function normally at a given time or over a period. High availability means minimal downtime and rapid recovery. |
| Reliability | The characteristic of an application service not experiencing operational failures during operation. Sufficient reliability means no interruptions during agreed service periods and strong recovery capability. |
| Minimum Uptime | The shortest interval between two failures of an application service or component. |

---

Malfunction Severity Levels and Examples

Extremely Critical (affects data security and system security)

● Serious security vulnerabilities due to unreasonable system design

● Complete or partial data loss due to design flaws

● Data corruption due to design flaws

● Leakage of confidential information due to design flaws

Critical

● Program crashes, freezes, disappearance, etc.

● System crashes or illegal shutdowns caused by the program

● Excessive memory allocation causing system memory shortage

● Major logic errors rendering primary functions unusable

● Payment module failure resulting in zero revenue

● Errors severely affecting game balance/fairness with serious consequences

● Severe server performance degradation seriously affecting normal play

● Unrecoverable download/update failures

Serious

● Logic errors affecting some game functions

● Memory leaks

● Excessive CPU/memory usage (performance targets)

● Server performance degradation affecting some players

● High update failure rate

● Payment module issues causing revenue loss

● Major peripheral system failures

第 28 页 共 30 页

Normal

● Logic errors with limited impact

● Minor peripheral system failures

Detailed Malfunction Standards by System Layer

---

| | | | | |
|:---|:---|:---|:---|:---|
| Layer | Modules (examples) | Severity | Expected<br> Reliability <br> (min. interval) | Response & <br> Solution Proposal <br> Time |
| Access Layer | Version server, directory server, load balancer | Extremely Critical | Never occur |  |
|  |  | Critical | 1 year | Response: 1h / Proposal: 4h |
|  |  | Serious | 6 months | Response: 2h / Proposal: 12h |
|  |  | Normal | 3 months | Response: 24h / Proposal: 72h |
| Business Logic Layer | Game server, scene server, relay server, cache, competition/PK servers | Extremely Critical | Never occur |  |
|  |  | Critical | 6 months | Response: 2h / Proposal: 12h |
|  |  | Serious | 3 months | Response: 8h / Proposal: 24h |
|  |  | Normal | 1 month | Response: 24h / Proposal: 72h |
| Data Layer | Database buffer server | Extremely Critical | Never occur |  |
|  |  | Critical | 1 year | Response: 1h / Proposal: 4h |
|  |  | Serious | 6 months | Response: 1h / Proposal: 8h |
| Payment Module | Billing, payment, shop, delivery servers | Extremely Critical | Never occur |  |
|  |  | Critical | 1 year | Response: 1h / Proposal: 4h |
|  |  | Serious | 6 months | Response: 1h / Proposal: 8h |

---

第 29 页 共 30 页

**Appendix 4**

After the games 《 Match3 Game - Annie's Pursuit》and 《Merge Game 》 （obtain the Computer Software Copyright Registration Certificate and Trademark Registration Certificate (if any), Party B shall provide copies of these certificates to Party A.

第 30 页 共 30 页

## Exhibit 10.7

**Exhibit 10.7**

Certain terms have been omitted pursuant to Regulation S-K Item 601(a)(6). The Registrant agrees to

furnish supplementally a copy of any of the terms to the SEC upon request.

CONFIDENTIAL

**Contract Number:**

**Exclusive Agency** 

**and Distribution Agreement for** 

**Game Products**

**Party A：HongKong Grand Universe Technology Limited**

**Party B：Nexfun Company Limited**

**Exclusive Agency and Distribution Agreement for Game Products**

This Agreement is entered into on **July 1, 2024**.

**Parties:**

● **Party A:** HongKong Grand Universe Technology Limited Address: Room 50031211, 125/F One Midtown, Yau Lee Centre, 45 Hoi Yuen Road, Kwun Tong, 11 Hoi Shing Road, Tsuen Wan, Hong Kong Contact Person: Vivi Chan Email: [\*\*\*]

● **Party B:** NEXFUN Company Limited Registered Address: Lo A17B, Floor 3A, KoCham Office Building, Le Duan Street, Phu Hoa Ward, Thu Dau Mot City, Binh Duong Province, Vietnam Contact Person: Liyun Email: [\*\*\*]

Party A desires to obtain from Party B the exclusive license to distribute and operate the mobile app versions of the games《idle Game，Tile Game，Screw Game》within the agreed scope. After mutual consultation, the Parties agree as follows:

**1.** **Representations and Warranties** 

● 1.1 Each Party is a legally established and validly existing independent legal entity.

● 1.2 Each Party is qualified to engage in the cooperation under this Agreement and will maintain such qualification during the term.

● 1.3 Each Party's authorized representative has full authority to sign this Agreement.

● 1.4 Each Party has the ability to perform its obligations hereunder, and such performance does not violate applicable laws or infringe third-party rights.

● 1.5 Any breach of the above representations constitutes a breach of this Agreement, and the breaching Party shall bear liability accordingly.

第 1 页 共 29页

**2.** **Definition** 

Unless otherwise agreed by both parties, the following terms in this agreement and its annexes shall have the meanings as set forth below (the headings of the chapters and clauses of this agreement are for convenience only and shall not be used to interpret this agreement):

&nbsp;&nbsp;&nbsp;&nbsp;2.1 **Game**: Refers to the mobile app version of 《idle
Game, Tile Game, Screw Game》 (subject to the final released game name), developed and fully owned by Party B, including complete
ownership and intellectual property rights, as well as updates, upgrades, patches, sequels, and expansion packs for iOS and Android versions.
For the avoidance of doubt, the H5 version and mini-programs of 《idle Game, Tile Game, Screw Game》 operated in cooperation
by Party B or a third party designated by Party B in Mainland China (subject to the final released game name) are not within the scope
of authorization of this Agreement and are not governed by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;2.2 **End User**: A user of the online game services provided
and operated by Party A, each end user has a designated ID number.

&nbsp;&nbsp;&nbsp;&nbsp;2.3 **User Data**: Refers to data related to the end user
and the game, including but not limited to the appearance (face/body, etc.) and attributes (level/experience points, etc.) of in-game
characters, item inventories, and any other data related to the end user, hereinafter referred to as 'User Game Data'; as well as all
identity information of end users, including real name, ID number, credit card, address, landline phone, mobile number, email, or other
identity information of the end user, hereinafter referred to as 'User Registration and Identity Information'.

&nbsp;&nbsp;&nbsp;&nbsp;2.4 **SDK**: A software development kit developed and provided
for mobile developers, including mobile client SDKs and server-side SDKs, along with corresponding sample source code, development manuals,
and other development tools used to create mobile applications, designed to call payment interfaces and guide users through the payment
process.

&nbsp;&nbsp;&nbsp;&nbsp;2.5 **Confidential Information**: All materials, technical
knowledge, software, or other information, including but not limited to all proprietary information and materials related to a party's
technology, products, or business, or any information that a party considers should be kept confidential from peers.

&nbsp;&nbsp;&nbsp;&nbsp;2.6 **Intellectual Property**: All patents, designs, utility
models, copyrights, know-how, trade secrets, trademarks, service marks, trade dress, or other intellectual property rights related to
the game or technical information. Intellectual property also includes any modified game names and character names, any modified forms
of images in the game, any modified service marks, trademarks, and other relevant intellectual property rights arising from changes to
game services in the given territory.

&nbsp;&nbsp;&nbsp;&nbsp;2.7 **Day:** refers to a business day.

第 2 页 共 29页

&nbsp;&nbsp;&nbsp;&nbsp;2.8 **Commercial Operation**: The stage in which Party A officially
makes the game publicly available to users and provides paid services within the game and through other channels. Paid services include,
but are not limited to, time-based billing, subscription systems, and item sales.

&nbsp;&nbsp;&nbsp;&nbsp;2.9 **Total Operating Revenue**: The total nominal amount
of revenue that Party A receives after deducting from the consideration paid by the advertising company the payment channel fees (i.e.,
costs incurred from using third-party payment channels), distribution channel shares, taxes, and bank fees (if any). It can be identified
based on the revenue amount recognized by Party A, regardless of the payment method, and shall be subject to Party A's backend sales
data. When calculating total operating revenue, appreciation or depreciation factors should not be considered. If cash income is generated
from sales of game derivatives or other related products, such income shall not be included in the "**Total Operating Revenue** "
and the parties shall separately negotiate the revenue sharing.

The following types of non-profit operational revenue that users have not actually paid in legal tender are not considered fees paid by users for game services, are not included in the total operational revenue, and are not subject to revenue sharing, including but not limited to:

1) Game vouchers, virtual currency, or the platform's virtual currency given to users by Party A through game activities or other means;<br>

2) Other game virtual currency or the platform's virtual currency obtained by users without actual payment;<br>

3) Test points: referring to in-game currency recharges conducted for testing purposes;<br>

4) Customer service compensation or returns: referring to in-game currency returned by customer service staff in response to user purchases or other actions;<br>

5) Bad debts or uncollectible amounts: referring to amounts that Party A fails to actually receive due to user refunds, credit card fraud, or use of fraudulent cards.

&nbsp;&nbsp;&nbsp;&nbsp;2.10 **Error**: refers to defects and bugs that prevent the
game or related software from operating according to the proper configuration requirements and the files provided by Party B to the end
users during game operation, or software malfunctions that worsen the use of the software. However, this error does not refer to, nor
does it include, any defects and bugs directly or indirectly caused by external factors. External factors include, but are not limited
to, hacker attacks and issues not caused by the aforementioned game, files, and software defects and bugs. Errors can be divided into
two types: major errors and minor errors, defined as follows:<br>
<br> **Major Error** refers to an error that causes the complete halt and interruption of game services or customer support systems.<br>
<br> **Minor Error** refers to all other errors not included in the definition of "**Major Error**" above.

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&nbsp;&nbsp;&nbsp;&nbsp;2.11 **Update**: refers to supplementary improvements to a
game product, including but not limited to changes, modifications, or additions to game rules, the addition of events, facilitating end-user
usage, altering level reward rules, implementing an online messenger system, adding new game items and mission modes. Updates may take
the form of patches, expansions, or other formats.

&nbsp;&nbsp;&nbsp;&nbsp;2.12 **Availability**: refers to the game's ability to provide normal service during the specified period, usually expressed as a percentage. Availability = (Time the game provides normal service - Time the service is unavailable) / Time the game provides normal service × 100%; Where: Game normal service time defined in the agreement: 24-hour around-the-clock service - scheduled maintenance downtime; Time the service is unavailable: the cumulative time from when a failure occurs to when it is restored.

&nbsp;&nbsp;&nbsp;&nbsp;2.13 **Promotable Test Version**: is a version of the game that can be found and successfully launched on
the App Store and/or Google Play after its release, allowing users to register a game account, log in, and use the corresponding game
services.

**3.** **License** 

&nbsp;&nbsp;&nbsp;&nbsp;3.1 In accordance with the provisions of this agreement, Party B hereby grants Party A the exclusive, non-transferable,
sublicensable rights to the mobile app versions of the games 《Idle Game, Tile Game, Screw Game》 within the authorized territory.
These rights include the right to provide the games to end users, promote, distribute, and publicize the aforementioned games, the right
to use technical information for these purposes, as well as the rights related to advertising on gaming platforms. The specific scope
of authorization includes, but is not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.1 Operate, publish, sell, promote, or market the licensed game in any form through any distribution channel
within the authorized territory;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.2 Modify, improve, and enhance promotional materials related to the distribution, marketing, sales, and
authorized game operations within the authorized territory;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.3 Exercising the licensed rights through the use of the game program;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.4 Using or modifying files;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.5 Allows Party A and its affiliated companies, or third parties to whom Party A transfers the agency operation
rights or obtains co-operation rights, to exercise the above rights within the authorized territory. This transfer of agency operation
rights must be approved in writing by Party B in advance. To avoid any ambiguity, Party B has the right to refuse Party A's request to
transfer the agency operation rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.6 Grant Party A the rights to live stream and record the authorized game. Party A may sublicense or sub-authorize
this right to third parties.

In order to clarify the meaning of exclusivity, Party B agrees not to provide services, use, promote, distribute, and/or market the licensed games within the authorized territory, and shall not grant any of the above licensing rights to any company, organization, or individual other than Party A.

&nbsp;&nbsp;&nbsp;&nbsp;3.2 Party B hereby grants Party A the rights to use the trademarks,
logos, character names, trade names, or other names ()"**Identifiers**") owned by Party B in relation to game services,
usage, promotion, distribution, and marketing in the specified region.

&nbsp;&nbsp;&nbsp;&nbsp;3.3 When the game is serviced, used, promoted, distributed, and
marketed, Party A is responsible for creating and using logos, trademarks, character names, trade names, or other names ()"**Logos** ").
If Party A believes from an operational perspective that the Logos need to be changed due to user perception or other social environmental
factors, Party A may propose a suitable new logo ()"**New Logo**") and notify Party B of the change in writing. The change
and use can proceed after obtaining written consent from Party B.

&nbsp;&nbsp;&nbsp;&nbsp;3.4 Party B hereby explicitly grants Party A the rights related
to the game that can be used during the cooperation period for game services, use, promotion, distribution, and marketing (including
but not limited to game character names, logos, portraits, audio and video, scenes, costumes, and other game-specific items).

&nbsp;&nbsp;&nbsp;&nbsp;3.5 Authorized Territory: Worldwide, excluding Mainland China.

&nbsp;&nbsp;&nbsp;&nbsp;3.6 Term of Authorization: The rights granted under this agreement
shall take effect from July 1, 2024, and shall remain valid for a period of three (3) years.

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**4.** **Servers** 

&nbsp;&nbsp;&nbsp;&nbsp;4.1 Server Costs and Setup: Party A shall bear the necessary
hardware equipment, broadband resources, and costs required for game operation, and shall complete the installation, debugging, and maintenance
of the required server software. Party B shall install and set up game servers, database servers, network servers, and other necessary
servers within the agreed area, and place the servers in an online network environment suitable for providing game services.

&nbsp;&nbsp;&nbsp;&nbsp;4.2 Game Deployment: Party B shall provide detailed game deployment
and installation documentation, and actively cooperate with Party A to resolve any issues encountered during the game installation process
(including but not limited to: game installer bugs, data anomalies).

&nbsp;&nbsp;&nbsp;&nbsp;4.3 Server Stress Testing and Resource Optimization: To ensure
the commercial operation of the game, Party B shall cooperate with relevant technical tests as required by Party A. Party A has the right
to request Party B to make necessary optimizations to server resource usage (including but not limited to optimization of the game deployment
architecture and compression or recycling of server resources).

&nbsp;&nbsp;&nbsp;&nbsp;4.4 Server Ownership: The cooperation between Party A and Party
B does not change the ownership of each party's servers. Any user losses caused by server technical failures or other reasons provided
by either party shall be compensated by the responsible party.

&nbsp;&nbsp;&nbsp;&nbsp;4.5 Others: During the cooperation period, if additional servers
or related supporting facilities and support are needed due to game operation, both parties shall negotiate and cooperate to resolve
the matter.

**5.** **Game Delivery** 

&nbsp;&nbsp;&nbsp;&nbsp;5.1 Party A shall provide Party B with the complete game SDK
and integration documentation. After receiving the SDK from Party A, Party B shall integrate the SDK into the authorized game within
the time agreed upon by both parties, ensuring the game can operate smoothly.

&nbsp;&nbsp;&nbsp;&nbsp;5.2 After the parties agree on the regular update release schedule,
Party B shall provide the update program at least five working days in advance to allow Party A to set up the test environment, conduct
testing, and upload to the client. Any additional time required due to modifications to game content and functionality requested by Party
A beyond the aforementioned development requirements is not included in this provision.

&nbsp;&nbsp;&nbsp;&nbsp;5.3 If Party A finds any defects in the source code and documentation
(collectively referred to as "Submitted Materials") received from Party B for assisting with game operation services (including
but not limited to operating the games in the agreed regions under the agreement), Party A shall notify Party B to make corrections,
and Party B shall supplement or correct them within ten working days after receiving the notice from Party A.

&nbsp;&nbsp;&nbsp;&nbsp;5.4 According to Party A's game distribution requirements, if Party A deems it necessary to make modifications
or changes, Party B shall make the corresponding modifications or changes free of charge.

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&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Technical Support** 

&nbsp;&nbsp;&nbsp;&nbsp;6.1 Within seven working days after the Agreement takes effect,
Party B shall provide Party A's technical personnel and game administrators with operational-related technical documents and training,
including but not limited to basic introduction to the game system, game system setup, operation and maintenance processes, and game
management tools. Both parties may communicate and consult on the above content via telephone or in writing.

&nbsp;&nbsp;&nbsp;&nbsp;6.2 After the Agreement takes effect, Party B shall provide technical
support services to Party A through telephone consultation or written communication, ensuring that technical personnel can answer Party
A's inquiries. If necessary, both parties may negotiate for Party B to dispatch developers to Party A's business location or other relevant
locations designated by Party A for support.

&nbsp;&nbsp;&nbsp;&nbsp;6.3 Party A shall prepare servers that meet Party B's software
installation requirements, and Party B will provide hardware configuration requirements in advance.

&nbsp;&nbsp;&nbsp;&nbsp;6.4 Both parties shall take reasonable measures to prevent the
game's or customer service system's servers and other technical equipment from being attacked or deceived by hackers. Upon discovering
any attack or deceitful behavior, the party must immediately notify the other party and submit a written report describing the nature
of the incident in detail, so that the other party can understand the situation. Party B shall provide a written response within one
working day of discovering or receiving this report, and resolve it within the timeframe agreed upon in Annex 2 of the contract (Cheat
Level/Resolution Time Standards). If the situation is extremely serious, both parties may negotiate for Party B to dispatch developers
to Party A's business location or other relevant locations designated by Party A for support.

&nbsp;&nbsp;&nbsp;&nbsp;6.5 After receiving a BUG report from Party A, Party B shall
resolve it within the timeframe agreed upon in Annex 2 of the contract (Bug Level/Resolution Time Standards); after receiving a written
report of an emergency incident from Party A, Party B shall respond according to the emergency incident handling timeframe specified
in Annex 3 (Game Malfunction Handling Standards). If the situation is extremely serious, both parties may negotiate for Party B to dispatch
developers to Party A's business location or other relevant locations designated by Party A for support.

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&nbsp;&nbsp;&nbsp;&nbsp;6.6 If negotiated between both parties, in cases where the major
errors described in Clauses 6.4 and 6.5 are clearly caused by each party's own reasons, each party shall bear the costs and losses of
resolving these errors. If the cause of an incident cannot be clearly attributed to either party, both parties shall jointly negotiate
how to share the costs and losses.

&nbsp;&nbsp;&nbsp;&nbsp;6.7 Both parties agree to maintain at least 12 online meetings
or face-to-face communications per year during the term of the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Revenue Sharing** 

&nbsp;&nbsp;&nbsp;&nbsp;7.1 Both parties agree that Party A shall pay Party B a royalty
equivalent to 7.5% of the revenue (income turnover) generated from the licensed game. The revenue-sharing calculation formula is as follows:<br>
Revenue share = Revenue \* 7.5%

Where

"Revenue" refers to the amount actually received by Party A from the gaming platform (including but not limited to Apple App Store or Google Play Store) from consumers in the authorized territory for purchasing/downloading the licensed game, viewing in-game advertisements, and making in-game purchases;

&nbsp;&nbsp;&nbsp;&nbsp;7.2 The royalty shall be calculated on a monthly basis and paid by Party A via bank wire transfer within thirty
(30) days after the end of the month upon receipt of a valid invoice, or, where permitted by local law and with Party B's consent, through
an automated payment plan. Party A shall provide Party B with a report containing the necessary information to reasonably calculate the
amount due to Party B for that period (if any). With reasonable notice (not more than once per year), Party B may audit Party A's records
used as the basis for this report.

[\*\*\*]

If Party B's account is changed or becomes unavailable, Party B shall promptly notify Party A in writing. Otherwise, Party B shall bear all losses arising therefrom.

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&nbsp;&nbsp;&nbsp;&nbsp;7.3 The type of invoice Party B shall issue to Party A is: INVOICE;

&nbsp;&nbsp;&nbsp;&nbsp;7.4 Each party shall be responsible for paying any taxes or fees
imposed by any government authority.

**8.** **Marketing and Operation** 

&nbsp;&nbsp;&nbsp;&nbsp;8.1 Party A will make every effort to carry out market promotion
and marketing activities for the game. Within two months before the game officially begins commercialization, Party A shall formulate
and finalize the marketing plan (the "Marketing Plan") and, before the Marketing Plan is implemented, notify Party B in writing
of the specific details of the Marketing Plan. Party B has the right to propose modifications to the Marketing Plan. The Marketing Plan
includes, among other things, the schedule, budget, pricing, promotion plan, advertising plan, and strategy for the commercialization
and operation of the game in the specified region. Party B shall fully assist Party A in implementing the Marketing Plan.

&nbsp;&nbsp;&nbsp;&nbsp;8.2 The copyright of marketing and promotional materials produced
by Party A for the game shall be exclusively owned by Party A (including but not limited to advertising materials, marketing plans, etc.).
Party A has the right to use these advertising materials for promotion related to the game under this Agreement as well as for the promotion
of its own brand. For the avoidance of doubt, both parties confirm that the advertising materials also include game-derived products
or other promotional products.

&nbsp;&nbsp;&nbsp;&nbsp;8.3 Party A shall be responsible for authorizing the game analysis
tools and data analysis, providing Party B with access and usage rights, and sharing the data analysis results with Party B. In accordance
with the relevant provisions of this Agreement, both parties agree to reasonably adjust the operation of the authorized game based on
the game data analysis results to meet the needs of game operation.

&nbsp;&nbsp;&nbsp;&nbsp;8.4 If Party A's game promotion, operation, or related
content does not comply with local laws, regulations, and policies, or may otherwise affect the normal operation of the authorized game,
Party A shall modify or delete it. Party B shall not bear any compensation or joint liability for complaints, claims, disputes, administrative
penalties, lawsuits, arbitration, or other situations arising from game promotion, operation, or related content, and all shall be handled
and resolved by Party A. Any actual losses arising from this shall be fully borne by Party A.

&nbsp;&nbsp;&nbsp;&nbsp;8.5 When Party A enters into contracts with advertising/distribution
channels, Party A shall notify Party B; (2) Party B shall be the ultimate beneficiary of all contracts signed by Party A with advertising
agents and distribution channels; (3) before signing, Party B shall review the contracts with the distribution platforms.

第 9 页 共 29页

**9.** **Responsibilities** 

&nbsp;&nbsp;&nbsp;&nbsp;9.1 Party A is responsible for providing game operation services
to end users within the authorized region in accordance with this Agreement. Party A shall use the game products and art materials provided
by Party B to provide the SDK for cooperating games and a membership billing system for the authorized game products. Users shall use
the membership account and password of Party A or a third party designated by Party A to log in to the cooperating games, and registration,
login, and top-up shall directly link to the top-up system of Party A or the system designated by Party A. Party A guarantees that the
SDK functions embedded in the authorized games must not violate the relevant laws and regulations of the authorized region (including
but not limited to stealing user privacy, unauthorized charges, modifying users' mobile systems, or infringing on users' rights in any
way). Any user complaints or legal disputes arising from Party A's SDK shall be borne by Party A, and Party B shall not be responsible
in any way.

&nbsp;&nbsp;&nbsp;&nbsp;9.2 Party B is responsible for providing ongoing development
support for the licensed game, including but not limited to: technical assessment, architecture design optimization support, server/client
configuration, and bandwidth analysis; cooperating with Party A to implement localization of the licensed game in aspects such as game
UI, gameplay operations, beginner guidance, character and item optimization, quests, and game maps; and cooperating with Party A to implement
ongoing game updates, game design, business model planning, event management, and community design planning.

&nbsp;&nbsp;&nbsp;&nbsp;9.3 Party B shall be responsible for the continuous development
of the licensed game and related technical support. After Party A officially begins commercial operations in the licensed region, Party
B shall provide Party A with update services at least once every two weeks (as defined in Clause 1) and at least one minor expansion
update per quarter, as well as at least one major expansion update every six months. Party A may request in writing that Party B provide
update services for special local events or specific occasions in the designated region, with the actual implementation and scheduling
of such services to be determined through mutual consultation between both parties.

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&nbsp;&nbsp;&nbsp;&nbsp;9.4 In order to assist end users in using the game, Party A shall
provide comprehensive and considerate technical support, including but not limited to a 24-hour technical service window, online customer
service, sufficient outbound bandwidth and lines for running the game, and servers suitable for online game operation. Party B shall
provide the necessary training and support for Party A's customer service work in accordance with the provisions of this agreement, and
provide necessary cooperation based on Party A's actual situation.

&nbsp;&nbsp;&nbsp;&nbsp;9.5 If both parties discover that an end user is using the cooperative
game in violation of the user agreement or relevant laws, or is engaging in behavior that seriously affects the normal operation of the
cooperative game, they shall promptly inform the other party of the situation. After confirmation by Party A, appropriate penalties shall
be imposed on the end user exhibiting such behavior (including but not limited to warnings, account suspension, etc.). Party B shall
actively cooperate and take effective measures to enforce penalties or sanctions, provided that it does not violate legal regulations.
However, penalties imposed on such violating players shall not affect other normal players, nor shall they affect the normal operation
or in-game purchases.

&nbsp;&nbsp;&nbsp;&nbsp;9.6 Party B and Party A shall make every effort to take legal
and administrative measures to prevent third parties from infringing on the game. The costs incurred from taking such measures shall
be jointly borne by both parties. Both parties confirm that Party A will be solely responsible for the rights protection of the game.
After deducting the costs, the profits from rights protection shall be distributed between Party A and Party B according to the revenue-sharing
ratio of that month. Any disputes arising involving players shall be resolved through mutual consultation, with the party at fault bearing
full responsibility.

&nbsp;&nbsp;&nbsp;&nbsp;9.7 Before the game's official commercialization, both Party
A and Party B shall jointly confirm the security solutions for anti-hacking and anti-cheat measures. This solution shall be collaboratively
negotiated and implemented by technical personnel from both parties based on the standards listed by Party A. Party B shall, according
to the jointly confirmed security solution, make the necessary technical modifications to the game to meet the anti-hacking and anti-cheat
technical standards stipulated in Annex II of the contract (Cheat Level/Resolution Time Standards).

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&nbsp;&nbsp;&nbsp;&nbsp;9.8 All relevant fees for game services provided to end users,
including but not limited to membership fees and the prices of in-game items, shall be determined through mutual consultation, but Party
B shall have the final decision-making authority.

&nbsp;&nbsp;&nbsp;&nbsp;9.9 Party A is responsible for all the necessary authorization
and approval applications required for operating the game in the regions where it will be launched (if any). Party B is obligated to
make every effort to assist Party A in carrying out the aforementioned application work.

&nbsp;&nbsp;&nbsp;&nbsp;9.10 If Party B develops or releases a series of games after executing
this agreement, Party A shall have the right of first priority to operate as an agent under the same conditions with third-party distribution
partners. Both parties agree to discuss the right of first priority for operating these games when renewing this agreement.

**10.** **Intellectual Property** 

&nbsp;&nbsp;&nbsp;&nbsp;10.1 Party B shall have independent and full copyrights, trademark
rights, and other intellectual property and proprietary rights over the Chinese name of the subject matter, developed characters, gameplay,
UI, game texts, in-game items, source code, and other works, all of which are created at its own expense. Party A may, for operational
purposes, adapt, translate, annotate, and organize the symbols, images, and characters of the subject matter in the course of the online
game service of the subject matter. Party A may also use the trademarks, images, symbols, and characters of the subject matter independently
or in combination with trademarks, images, symbols, and characters owned by Party A to fulfill the purposes of this Agreement. Party
A shall have independent and full intellectual property rights over the trademarks, images, symbols, and characters created through such
adaptation, translation, annotation, organization, and combined use. Party A shall notify Party B in writing in advance, and with Party
B's consent, Party A has the right to use the above intellectual property in the manner described. If Party B does not respond to Party
A's written notice within 20 (twenty) working days, it shall be deemed that Party B has tacitly agreed to Party A's use.

&nbsp;&nbsp;&nbsp;&nbsp;10.2 For any infringement, illegal use, or misuse of the subject
matter reported by Party A to a third party, or for similar situations that Party B becomes aware of, both parties shall actively take
necessary measures to stop such illegal infringements; Party A has the right to take action in its own name through the courts, administrative
agencies, or other competent authorities to protect the subject matter from illegal infringement.

第 12 页 共 29页

&nbsp;&nbsp;&nbsp;&nbsp;10.3 Except for work required under this Agreement, neither party
shall use or reproduce the other party's trademarks, logos, commercial information, technology, or other data without the prior written
consent of the other party.

&nbsp;&nbsp;&nbsp;&nbsp;10.4 When using the other party's name for publicity with authorization,
neither party shall engage in any misleading or confusing actions that might cause others to mistakenly believe that one party is a subsidiary,
branch, affiliate, or other entity with a substantive relationship to the other party.

&nbsp;&nbsp;&nbsp;&nbsp;10.5 Party B hereby represents and warrants that it owns all legal
and valid rights related to the game and will grant the relevant rights and licenses to Party A in accordance with the provisions of
this Agreement. The game, game-related images, game interfaces, characters, logos, roles, text, images, music, geographical indications,
videos, and technical information do not infringe any third-party copyrights, patents, trademarks, or other intellectual property rights.
If Party B requests that the game's trademark or software copyright be registered domestically or internationally in Party B's
name, Party A shall actively cooperate with Party B in such registration, including but not limited to providing corresponding channels
for processing, registration, and expedited services. However, if, after receiving written notice from Party A, Party B refuses in writing
to handle such trademark or software copyright registration, or fails to respond to Party A's written notice within 20 (twenty)
business days, Party A may proceed with the domestic or international registration on its own, and Party B shall actively cooperate in
accordance with the provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;10.6 If Party B violates the provisions in Article 10.5 and causes
claims from a third party, Party B shall indemnify and protect Party A against any losses, expenses, and liabilities arising from such
third-party claims, including but not limited to compensation or reimbursement costs that Party A bears due to intellectual property
issues as determined by a court or arbitration, as well as litigation fees, travel expenses, etc., incurred by Party A. If mediation
or settlement is involved, the plan must be approved by Party B, and any attorney fees involved must also be reviewed and approved by
Party B. Party B shall unconditionally pay the above amount to Party A within three working days upon receiving written notice, and Party
A has the right to deduct the above amount from any payment due to Party B. If Party B fails to pay on time or if the payment due to
Party B is insufficient to cover the above amount, Party B shall return to Party A the authorization fees, revenue shares, or other amounts
already paid. Party B shall unconditionally pay the above amount to Party A within three working days upon receiving Party A's written
notice, and Party A has the right to deduct the above amount from any payment due to Party B. Under these circumstances, Party A has
the right to notify Party B in writing to suspend or terminate this agreement in advance. To the extent permitted under applicable laws,
Party A owns the operations database, user data, and other related materials of the games "Idle Game, Tile Game, Screw Game,"
but at Party B's reasonable request, Party A shall provide the necessary disclosures to Party B.

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&nbsp;&nbsp;&nbsp;&nbsp;10.7 Except as otherwise stipulated in this agreement, the intellectual
property rights of the game content and game derivatives developed by Party B shall solely belong to Party A. The intellectual property

projects, and characters, shall have all rights and interests jointly owned by both parties.

**11.** **Breach of Contract** 

&nbsp;&nbsp;&nbsp;&nbsp;11.1 Except as otherwise provided in this Agreement, any party
who directly or indirectly violates any clause of this Agreement, or fails to perform or fails to timely and fully perform its obligations
under this Agreement, shall constitute a breach of contract. The non-breaching party shall have the right to require the breaching party,
by written notice, to correct its breach and take sufficient, effective, and timely measures to eliminate the consequences of the breach,
and to compensate the non-breaching party for any losses incurred as a result of the breaching party's breach. If the breaching party
fails to correct its breach within 15 working days after receiving the above notice from the non-breaching party regarding its violation,
the non-breaching party shall have the right to terminate this Agreement prematurely upon issuing a written notice.

&nbsp;&nbsp;&nbsp;&nbsp;11.2 Except as otherwise provided in this Agreement, if after
the occurrence of a breach, the non-breaching party reasonably and objectively determines that such breach has fundamentally made it
impossible to achieve the purpose for which this Agreement was signed, the non-breaching party shall have the right to terminate this
Agreement in advance by giving written notice, and the breaching party shall compensate the non-breaching party for all direct losses
incurred as a result of the breaching party's breach.

&nbsp;&nbsp;&nbsp;&nbsp;11.3 If Party A fails to pay Party B the revenue share from the
authorized game operations as agreed, and the delay exceeds 30 (thirty) days, Party B has the right to request the termination of this
agreement.

&nbsp;&nbsp;&nbsp;&nbsp;11.4 Party B, in accordance with the authorization content stipulated
in Article 3 of this Agreement, shall grant Party A the rights to this game exclusively and solely. Under no circumstances shall Party
B engage in the cooperation content stipulated in this Agreement with any third party in any form. Otherwise, Party A has the right to
unilaterally terminate this Agreement and require Party B to return all amounts paid by Party A (including but not limited to licensing
fees, revenue shares, etc.), as well as compensate Party A for all losses incurred, including but not limited to game promotion costs,
game operation costs, personnel costs, maintenance costs, etc. Moreover, all income generated from Party B's cooperation with any
third party under the authorized content of this Agreement shall belong to Party A, and Party B shall, unconditionally, pay such income
to Party A within three working days upon receiving written notice from Party A.

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&nbsp;&nbsp;&nbsp;&nbsp;11.5 If Party B engages in any of the following breaches, Party
A has the right to unilaterally terminate the agreement and require Party B to return the authorization fees. Party B shall compensate
Party A for any resulting losses:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5.1 If the authorized game encounters a fatal or serious issue, and Party B fails to resolve it within the
time agreed upon by both parties, resulting in the game being unable to operate normally within a reasonable period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5.2 During the term of the agreement, if the development team of the licensed game disbands or the product
cannot undergo further development;

&nbsp;&nbsp;&nbsp;&nbsp;11.6 In the event of a breach by one party, the breaching party
shall bear all losses caused to the other party, including transportation costs, attorney's fees, litigation costs, and preservation
insurance fees.

**12.** **Governing Law** 

&nbsp;&nbsp;&nbsp;&nbsp;12.1 If any dispute arises between the parties during the performance
of this agreement, it shall be resolved through friendly consultation. If the dispute cannot be resolved after consultation, either party
shall submit the dispute to the Shenzhen Court of International Arbitration (SCIA) for arbitration in accordance with the arbitration
rules of SCIA. The arbitration award shall be final and binding on both parties.

&nbsp;&nbsp;&nbsp;&nbsp;12.2 The conclusion, validity, interpretation, performance, and
dispute resolution of this Agreement shall be governed by the laws of the People's Republic of China.

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**13.** **Confidentiality** 

&nbsp;&nbsp;&nbsp;&nbsp;13.1 Without the other party's written consent, neither party
shall disclose to any third party (except as required by relevant laws, regulations, government authorities, stock exchanges, or other
regulatory agencies, and the legal, accounting, business, and other advisors or authorized employees of both parties) any content of
this agreement, the execution and performance of this agreement, or any information of the other party and its affiliates obtained through
the signing and performance of this agreement.

&nbsp;&nbsp;&nbsp;&nbsp;13.2 The confidentiality obligations under this agreement are
permanent, unless required or authorized by relevant government authorities or judicial institutions for use by their advisors, or unless
such confidential information is declassified by the owner of the information.

&nbsp;&nbsp;&nbsp;&nbsp;13.3 Party B shall make every effort to protect the game source
code and shall not disclose it to any other party for any reason. If the source code is leaked due to Party B's negligence or improper
intent, Party B shall be responsible for the losses caused by the leakage. Moreover, Party B shall implement strict confidentiality measures
to prevent its employees from leaking or third parties from stealing such source code.

&nbsp;&nbsp;&nbsp;&nbsp;13.4 The ownership of data generated by the game on the game data
server belongs to both parties, but user data (including but not limited to user registration information, user character information,
user top-up information, user item consumption data, and other user-related data) belongs to Party A. Neither party may provide or disclose
such data to any third party without the other party's written consent.

&nbsp;&nbsp;&nbsp;&nbsp;13.5 Notwithstanding the above provisions, the recipient has no
obligation regarding any of the following confidential information：

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Before or after the execution of this agreement, confidential
information is not disclosed or made known to the public due to a breach by either party；

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The receiving party was already aware of the confidential
information before it was disclosed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Before or after such confidential information is lawfully
disclosed to the receiving party by a third party (who has no obligation to keep the confidential information confidential);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Confidential information independently developed by the receiving
party without reference to any confidential information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Confidential information disclosed in accordance with a valid
order or request from a court, administrative agency, or other government department, provided that the receiving party gives prior written
notice of such order or request to the disclosing party, allowing the disclosing party to seek reasonable and effective protective measures
to prevent or limit the disclosure.

第 16 页 共 29页

**14.** **Contract Duration** 

&nbsp;&nbsp;&nbsp;&nbsp;14.1 This Agreement shall come into effect on the Effective Date.
Unless terminated earlier in accordance with this Agreement, it shall remain in effect for three (3) years from the date the game begins
commercial operations.

**15.** **Notice Provisions** 

&nbsp;&nbsp;&nbsp;&nbsp;15.1 Any notice, document, or application sent by one party to
the other under this Agreement shall be in writing, bearing the official seal, and delivered by registered mail, express courier, or
by hand.

&nbsp;&nbsp;&nbsp;&nbsp;15.2 If sent by registered mail, it shall be deemed delivered
on the fifth day after posting; if delivered by a person (including express delivery), it shall be deemed delivered on the date the recipient
signs for it.

&nbsp;&nbsp;&nbsp;&nbsp;15.3 The above-mentioned notices, documents, or applications issued
under this Agreement shall be delivered in accordance with the following contact information or any other contact information as may
be changed in writing by both parties to this Agreement:

Party A： HongKong Grand Universe Technology Limited

Address：Room 5003，5/F., Yau Lee Centre, 45 Hoi Yuen Road, Kwun Tong, Hong Kong

Email：[\*\*\*]

Party B: NEXFUN COMPANY LIMITED

Address：Lo A17B, Tang 3A, Toa nha van phong KoCham, Duong Le Duan, Phuong Phu Hoa, Thanh pho Thu Dau Mot, Tinh Binh Duong, Viet Nam

Email：[\*\*\*]

第 17 页 共 29页

&nbsp;&nbsp;&nbsp;&nbsp;**16.** **Termination** 

&nbsp;&nbsp;&nbsp;&nbsp;16.1 This agreement may be terminated upon mutual consent of both
parties after consultation.

&nbsp;&nbsp;&nbsp;&nbsp;16.2 If any of the following situations occur, both parties have
the right to immediately terminate this agreement：

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If one party, due to a serious breach of the agreement, receives
written notice specifying the nature of the breach, the ineffectiveness of performance, or remedial measures, and fails to remedy the
breach within thirty days of receiving the notice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If one party or its creditors or any other lawful parties
apply for liquidation, bankruptcy, reorganization, settlement, or dissolution; or if one party is unable to pay any of its due debts;
or if the creditors of one party take over its operations;

&nbsp;&nbsp;&nbsp;&nbsp;16.3 In the event that the cooperation between both parties is
terminated due to reasons other than force majeure or reasons not attributable to Party A, or upon expiration of the contract, in order
to protect the interests of the players, both parties shall make every effort to terminate the service in an appropriate manner from
the perspective of player experience. The specific method shall be determined through friendly negotiation between both parties and confirmed
in writing. After the cooperation between both parties is terminated or the contract expires, Party B has the right to authorize the
content stipulated in Clause 3 of this Agreement to a third party and enter into a contract with the third party with the same content
as this Agreement, but this can only begin after Party A has finally shut down all servers.

&nbsp;&nbsp;&nbsp;&nbsp;16.4 After the termination of this Agreement, unless explicitly
stated otherwise in the terms of the Agreement, Articles 10, 12, and 13 shall remain in effect.

**17.** **Force Majeure** 

&nbsp;&nbsp;&nbsp;&nbsp;17.1 "**Force Majeure**" refers to events that neither
Party A nor Party B can reasonably control, foresee, or, even if foreseen, avoid, which hinder, affect, or delay the performance of all
or part of their obligations under the agreement. Such events include, but are not limited to, government actions, natural disasters,
wars, strikes, hacker attacks, computer viruses (such as Trojan horses, worms, etc.), technical adjustments by telecommunications authorities,
or any other similar events.

第 18 页 共 29页

&nbsp;&nbsp;&nbsp;&nbsp;17.2 In the event of a force majeure, the affected party shall
promptly and adequately notify the other party in writing, informing the other party of the potential impact of such event on this agreement,
and shall, within a reasonable period (within 30 days after the occurrence of the force majeure event), provide detailed information
about such event and relevant certification issued by the relevant organizations explaining why the affected party is unable to perform
all or part of its obligations under this agreement.

&nbsp;&nbsp;&nbsp;&nbsp;17.3 If, due to the aforementioned force majeure events, all or part of the agreement cannot be performed or
is delayed, neither Party A nor Party B shall bear any liability for breach between each other.

**18.** **Amendment of the Agreement** 

After this agreement comes into effect, unless otherwise stipulated, neither party may unilaterally modify it. Any modifications to this agreement must be made in writing and will only take effect after being signed by authorized representatives of both parties and affixed with the official seals of both parties or the special seal filed with the public security authorities. If any provision of this agreement is amended by mutual consent and conflicts, ambiguities, or inconsistencies arise with other provisions or annexes, the mutually agreed amended provisions or annexes shall prevail.

**19.** **Other Provisions** 

&nbsp;&nbsp;&nbsp;&nbsp;19.1 The terms "in writing," "written form,"
or "written confirmation" as stipulated in this agreement refer to a written form or confirmation that is considered valid
only when the sender or confirmer has affixed an official seal on a paper document and delivered it.

&nbsp;&nbsp;&nbsp;&nbsp;19.2 Both parties agree that if this agreement expires or is terminated
early for any reason, resulting in the inability to continue performing this agreement, Articles 10, 11, and 12 of this agreement shall
remain in effect.

&nbsp;&nbsp;&nbsp;&nbsp;19.3 All attachments to this Agreement are an integral part of
this Agreement. This Agreement and its attachments constitute the complete agreement between the parties regarding the subject matter
of this Agreement and supersede all prior oral and written discussions, negotiations, notices, memoranda, documents, agreements, contracts,
and communications between the parties concerning that subject matter.

第 19 页 共 29页

&nbsp;&nbsp;&nbsp;&nbsp;19.4 Regardless of the reason (including but not limited to violation
of applicable laws and regulations) that causes any provision of this agreement to be wholly or partially invalid or unenforceable, it
shall not affect the validity, legality, and enforceability of any other provision of this agreement.

&nbsp;&nbsp;&nbsp;&nbsp;19.5 This agreement shall come into effect from the date when
it is signed by the legal/authorized representatives of both parties and stamped with their official seals or other specialized seals
registered with the public security authorities.

&nbsp;&nbsp;&nbsp;&nbsp;19.6 This agreement is written and executed in Chinese.

&nbsp;&nbsp;&nbsp;&nbsp;19.7 Without the prior written consent of the other party, neither
party may assign its rights (in whole or in part) or transfer its obligations (in whole or in part) under this Agreement, except as otherwise
provided in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;19.8 This agreement is made in four original copies, with each
party holding two copies, all of which have the same legal effect.

&nbsp;&nbsp;&nbsp;&nbsp;19.9 Any matters not covered in this agreement shall be resolved
through separate negotiations between both parties.

(Except for the attachments to this agreement, there is no main text of this agreement below.)

第 20 页 共 29页

---

| | |
|:---|:---|
| **Party A：** |  |
| Signature： | /s/ HongKong Grand Universe Technology Limited |
| Name： | Vivi Chen |
| Date： | July 1, 2024 |

---

---

| | |
|:---|:---|
| **Party B：** | **Party B：** |
| Signature： | /s/ Nexfun Company Limited |
| Name： | Liyun |
| Date： | July 1, 2024 |

---

第 21 页 共 29页

**Appendix 1：Power of Attorney**

Authorised Person：Hongkong Grand Universe Technology Limited

《 idle Game，Tile Game，Screw Game 》(hereinafter referred to as the 'Licensed Game') is an online game product independently developed by our company. Our company holds full and independent copyright rights to this game, sufficient to authorize your company to operate the Licensed Game. We hereby grant your company the exclusive right to operate the Licensed Game. Your company may operate the Licensed Game on its own or, with our prior written consent, authorize a third party to operate the Licensed Game.

During the authorization period, your company has the exclusive, non-transferable, and sublicensable right to operate the authorized game (your company must obtain our written consent before granting any sublicenses), including but not limited to：

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Your company has the right to decide on the marketing and promotional plans for the authorized games.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Your company has the right to designate or provide the user system and payment system for the authorized game;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Your company has the right to authorize third parties to provide information services, advertising services, promotional services, and other related services for the authorized games.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Your company has the right to authorize third parties to provide user systems and payment systems for the authorized game;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Your company has the right to build websites, forums, and other platforms for the authorized games;

第 22 页 共 29页

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Your company has the right to reasonably use the authorized game's name, our company's trademarks, logos, and name in the operation and promotion activities of the authorized game.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Authorisation Period：Three years from July 1, 2024

Licensed Version：Mobile App version（iOS and Android）

Authorised Channel：App Store and Google Play

Authorised Region：Worldwide excluding Mainland China

《 idle Game，Tile Game，Screw Game 》include below games:

1. Beauty Onet

2. Supreme Jigsaw

3. Lovely Screw

4. Fantasy Screw

5. Block Sort

6. Travel Onet

7. Travel Tile

8. Travel Screw

9. Word Master

Authoriser： NEXFUN COMPANY LIMITED <br>Date： July 1, 2024

第 23 页 共 29页

**Appendix 2：Cheat/Exploit Severity Levels and Resolution Time Standards**

**Definition of Game Anomaly Levels (Cheats or Exploits)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Anomaly Level | Definition | Response Time | Solution Proposal Time | Resolution Time | Resolution Process |
| Highest | Severely affects game fairness | 30 minutes | 8 hours | ≤ 72 hours | Step 1: Provide description of the anomaly and the affected user ID(s); Step 2: Verify and ban the cheating user ID(s); Step 3: Patch the vulnerability at the same time. If no vulnerability exists, only perform Steps 1–2. |
|  | Able to illegally obtain in-game virtual items |  |  |  |  |
|  | Able to participate in the game automatically for extended periods without human intervention |  |  |  |  |
|  | Able to automatically complete most major game functions |  |  |  |  |
| High |  | 2 hours | 4 hours | ≤ 72 hours | Same process as above |
|  | Able to automatically complete some major game functions |  |  |  |  |
|  | Dedicated cheating tools developed specifically for the game |  |  |  |  |
| Medium | Affects game fairness but can only perform simple automated functions, usually relying on generic tools | Negotiated | Negotiated | ≤ 72 hours | Same process as above |

---

Cheat Type Definitions

---

| | |
|:---|:---|
| Cheat Level | Cheat Type |
| Highest | Data modification cheats |
|  | Data forgery cheats |
| High | Speed hacks / accelerators |
| Medium | Macro tools + scripting (e.g., AutoHotkey-style scripts) |

---

第 24 页 共 29页

**Appendix 2: Bug Severity Levels and Resolution Time Standards**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Bug Level | Definition | Response Time | Solution Proposal Time | Resolution Time |
| Fatal | Players cannot log in normally or encounter severe abnormal errors after logging in | Immediate | 1 hour | 1 hour |
| Serious | Players can log in, but abnormal errors occur in-game that do not severely affect core functions | 1 hour | 2 hours | 8 hours |
| Normal | Affects regular player experience | 2 hours | Same-day email reply | Next version update |
| Prompt | Text errors | Negotiated | Negotiated | Next version update |

---

Detailed Bug Examples (including but not limited to)

Fatal

● Crashes, freezes, or illegal exits caused by legitimate in-game operations

● Database deadlocks during gameplay

● Severe logic errors preventing normal play

● Item/money duplication that breaks fairness and balance

● Money-related bugs in trading, shops, auctions, etc.

● Unauthorized attribute modification via abnormal methods

● Repeating one-time tasks for extra rewards

● Security issues related to passwords, etc.

● Unable to download/update or update errors

● Severe client/server performance degradation affecting normal play

● Other major defects that seriously damage game fairness and balance

第 25 页 共 29页

Serious

● Severe logic errors inconsistent with design documents

● Continuous client memory growth

● Interface/program errors

● Minor numerical calculation errors

● UI issues that severely affect feature experience

● Unreasonable numerical design severely impacting experience

● Non-standard display severely affecting understanding of game features

Normal

● Legacy bugs that do not affect gameplay

● Minor functional bugs

● Unclear version notes, right-click descriptions, or help text

● Unclear terminology in prompts

● No confirmation prompt for delete operations

● Simple input validation not handled on client side

● Non-standard display formatting

● No clear distinction between editable and read-only fields

Prompt

● Aesthetic UI issues

● General user experience problems

● Suggestions regarding values or design

第 26 页 共 29页

A**ppendix 3: Game Malfunction Handling Standards**

Terminology

---

| | |
|:---|:---|
| Term | Explanation |
| Availability | The ability of an application service or component to function normally at a given time or over a period. High availability means minimal downtime and rapid recovery. |
| Reliability | The characteristic of an application service not experiencing operational failures during operation. Sufficient reliability means no interruptions during agreed service periods and strong recovery capability. |
| Minimum Uptime | The shortest interval between two failures of an application service or component. |

---

Malfunction Severity Levels and Examples

Extremely Critical (affects data security and system security)

● Serious security vulnerabilities due to unreasonable system design

● Complete or partial data loss due to design flaws

● Data corruption due to design flaws

● Leakage of confidential information due to design flaws

Critical

● Program crashes, freezes, disappearance, etc.

● System crashes or illegal shutdowns caused by the program

● Excessive memory allocation causing system memory shortage

● Major logic errors rendering primary functions unusable

● Payment module failure resulting in zero revenue

● Errors severely affecting game balance/fairness with serious consequences

● Severe server performance degradation seriously affecting normal play

● Unrecoverable download/update failures

第 27 页 共 29页

Serious

● Logic errors affecting some game functions

● Memory leaks

● Excessive CPU/memory usage (performance targets)

● Server performance degradation affecting some players

● High update failure rate

● Payment module issues causing revenue loss

● Major peripheral system failures

Normal

● Logic errors with limited impact

● Minor peripheral system failures

Detailed Malfunction Standards by System Layer

---

| | | | | |
|:---|:---|:---|:---|:---|
| Layer | Modules (examples) | Severity | Expected Reliability (min. interval) | Response & Solution Proposal Time |
| Access Layer | Version server, directory server, load balancer | Extremely Critical | Never occur |  |
|  |  | Critical | 1 year | Response: 1h / Proposal: 4h |
|  |  | Serious | 6 months | Response: 2h / Proposal: 12h |
|  |  | Normal | 3 months | Response: 24h / Proposal: 72h |
| Business Logic Layer | Game server, scene server, relay server, cache, competition/PK servers | Extremely Critical | Never occur |  |
|  |  | Critical | 6 months | Response: 2h / Proposal: 12h |
|  |  | Serious | 3 months | Response: 8h / Proposal: 24h |
|  |  | Normal | 1 month | Response: 24h / Proposal: 72h |
| Data Layer | Database buffer server | Extremely Critical | Never occur |  |
|  |  | Critical | 1 year | Response: 1h / Proposal: 4h |
|  |  | Serious | 6 months | Response: 1h / Proposal: 8h |
| Payment Module | Billing, payment, shop, delivery servers | Extremely Critical | Never occur |  |
|  |  | Critical | 1 year | Response: 1h / Proposal: 4h |
|  |  | Serious | 6 months | Response: 1h / Proposal: 8h |

---

第 28 页 共 29页

**Appendix 4**

After the games 《Idle Game, Tile Game, Screw Game》 obtain the Computer Software Copyright Registration Certificate and Trademark Registration Certificate (if any), Party B (NEXFUN COMPANY LIMITED) shall provide copies of these certificates to Party A.

第 29 页 共 29页

## Exhibit 10.8

**Exhibit 10.8**

Certain terms have been omitted pursuant to Regulation S-K Item 601(a)(6). The Registrant agrees to<br> furnish supplementally a copy of any of the terms to the SEC upon request.

**Marketing Service Framework Agreement**

Contract No.: 202501010001

**Hongkong Grand Universe Technology Limited** (hereinafter referred to as "Party A") and **Cloudtrons Century Co., Limited** (hereinafter referred to as "Party B"), through friendly consultation, sign the following basic agreement (hereinafter referred to as "this Agreement") regarding their ongoing cooperation.

**1. Purpose**

On the basis of equality, mutual benefit, and sincere cooperation, Party A and Party B agree to continuously cooperate in the business of overseas promotion of games, as outlined below.

**2. Transaction Business**

The transaction business under this Agreement (hereinafter referred to as "Transaction Business") includes the following:

● Advertising agency and marketing services related to the internet and mobile internet ("Advertising Agency").

● Marketing strategy and consulting services for internet, mobile internet, and other advertising ("Planning Business").

● Production of advertising materials necessary for advertising agencies.

● Preparation of advertising research reports and analysis reports related to internet and mobile internet ("Research Reports").

● Other related business concerning internet and mobile internet ("Other Business").

**3. Content of Agreement**

This Agreement serves as a basic framework. Specific cooperation details and methods shall be based on actual cooperation and the signed **Execution Order**.

An Execution Order is a document describing the specific transaction business, including name, quantity, amount, usage period or delivery date, delivery location, and other necessary conditions.

**4. Applicability**

During the validity of this Agreement, it applies to all content confirmed and signed in the Execution Orders.

Execution Orders may exclude part or all of the provisions of this Agreement if both parties agree, and may also include matters different from this Agreement. In case of inconsistency, the Execution Order shall prevail. Matters not specified in the Execution Order shall follow this Agreement.

**5. Effectiveness**

This Agreement becomes effective immediately upon signature and seal by both parties.

When Party A expresses a specific cooperation intention and Party B accepts, the Execution Order for that project becomes effective upon signature by both parties. Party B guarantees to provide the agreed advertising services in full.

&nbsp;&nbsp;&nbsp;&nbsp;1. Party A shall submit a written Execution Order (including email form) to Party B for confirmation.

&nbsp;&nbsp;&nbsp;&nbsp;2. Party B shall confirm by sending a reply to Party A's designated contact (address, email, or fax).
This confirmation constitutes acceptance, and the Execution Order becomes effective.

&nbsp;&nbsp;&nbsp;&nbsp;3. Once effective, the Execution Order cannot be unilaterally terminated unless otherwise agreed in this
Agreement or the Execution Order, or by mutual consent. If Party A requests suspension of advertising services for reasonable special
reasons, Party B shall cooperate.

**6. Delivery**

Party B shall deliver results (videos/materials) or complete the promised services within the delivery period specified in this Agreement and/or Execution Order, at the designated location and in the agreed manner.

Delivery requirements for each business:

● **Advertising Agency:** Business execution begins upon commencement of advertisement placement.

● **Planning Business:** Party B provides proposals and implementation plans; once confirmed by Party A, the business is deemed completed.

● **Advertising Materials:** Delivery to Party A's designated location; deemed delivered once inspected and confirmed by Party A.

● **Research Reports:** Delivery to Party A's designated location; deemed delivered once confirmed by Party A.

● **Other Business:** To be separately agreed in writing.

**7. Acceptance**

Party A has the right to inspect delivered results or completed services. Confirmation by email or other written form constitutes acceptance. If Party A does not respond within 5 days of receipt, acceptance is deemed granted.

Acceptance requirements for each business:

● **Advertising Agency:** Party A inspects advertising results; Party B must provide records within 5 days of publication and a summary report within 5 days after completion.

● **Planning Business:** Acceptance upon Party A's confirmation of Party B's proposal. If not feasible, Party B must adjust per Party A's requirements.

● **Advertising Materials:** Acceptance upon Party A's confirmation; if Party A uses the materials before formal acceptance, it is deemed accepted.

● **Research Reports:** Acceptance upon Party A's confirmation.

● **Other Business:** To be separately agreed in writing.

**8. Ownership of Rights**

Any products, software, materials, or documents provided by Party A remain Party A's property.

All advertising creative results and research reports produced by Party B under this Agreement belong to Party A. Party B may not disclose them to third parties without Party A's written consent. Any benefits obtained from unauthorized disclosure shall belong to Party A, and Party B shall compensate for any losses caused.

If Party A's provided materials infringe upon third-party rights, Party A shall bear all resulting disputes, liabilities, and penalties, and compensate Party B for any losses.

**9. Settlement**

&nbsp;&nbsp;&nbsp;&nbsp;1. Party A shall pay Party B according to the Execution Order after receiving Party B's invoice. If
currency conversion is involved, the exchange rate shall be based on the **Mitsubishi UFJ Bank TTM (mid-rate between TTS and TTB)** on the last business day of the relevant month.

&nbsp;&nbsp;&nbsp;&nbsp;2. Unless otherwise agreed, each party shall pay its own taxes according to applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;3. Settlement may be made according to the project execution plan and progress. Party B has the right to
negotiate with Party A regarding payment timing and amount.

**10. Intellectual Property**

&nbsp;&nbsp;&nbsp;&nbsp;1. All information provided by Party B to Party A (including but
not limited to system-related technical information, proprietary technology, advertising proposals, marketing materials, and other business-related
information), Copyrights, patents, trademarks, and other intellectual property rights related to advertising materials independently

materials/software—shall belong to Party B. These rights are not transferred to Party A or any third party under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;2. Party A may use Party B's works, trademarks, and other
elements contained in the advertising materials free of charge within the scope defined by this Agreement. Party B guarantees that all
design/production services, materials, images, and copy it provides comply with relevant laws, regulations, and policies, and do not
infringe upon any third party's legal rights. Party B further guarantees that no unauthorized use, infringement, plagiarism, or
imitation of third-party intellectual property will occur. If any third-party complaints, penalties, or claims arise due to Party B's
materials or actions, Party B shall handle them and bear all resulting responsibilities.

&nbsp;&nbsp;&nbsp;&nbsp;3. For the information described in Item 1, if Party A wishes to
obtain a license for reproduction, adaptation, secondary use, transfer of intellectual property, or other purposes, Party B must separately
agree with Party A on feasibility and conditions.

&nbsp;&nbsp;&nbsp;&nbsp;4. If Party A discovers that Party B's intellectual property
or usage rights under this clause are infringed or threatened, Party A shall immediately notify Party B, and Party B shall take all necessary
measures to eliminate or prevent such infringement.

**11. Third-Party Intellectual Property**

&nbsp;&nbsp;&nbsp;&nbsp;1. If Party B uses advertising materials from third parties that are subject to copyright, trademark, or
other intellectual property rights, Party B must take necessary measures to ensure lawful use. Otherwise, if any third party asserts claims
against Party A, Party B shall resolve the matter and bear all resulting losses.

&nbsp;&nbsp;&nbsp;&nbsp;2. Party A may not use such third-party advertising materials for any purpose outside this Agreement, nor
may Party A copy them without cause.

&nbsp;&nbsp;&nbsp;&nbsp;3. Party B guarantees that the advertising materials provided to Party A are lawful, do not infringe third-party
copyrights, trademarks, or other intellectual property rights, and comply with local laws, regulations, and policies.

**12. Disputes Concerning Rights**

&nbsp;&nbsp;&nbsp;&nbsp;1. If Party A, due to its own responsibility, causes disputes with Party B or third parties regarding copyrights,
industrial property rights, trademarks, or other intellectual property rights under this Agreement, Party A shall resolve such disputes
at its own responsibility and expense, and compensate Party B for any losses.

&nbsp;&nbsp;&nbsp;&nbsp;2. If Party B, due to its own responsibility, causes disputes with Party A or third parties regarding copyrights,
industrial property rights, trademarks, or other intellectual property rights under this Agreement, Party B shall resolve such disputes
at its own responsibility and expense, and compensate Party A for any losses.

&nbsp;&nbsp;&nbsp;&nbsp;3. Upon learning of any disputes as described above, both parties shall promptly notify each other.

&nbsp;&nbsp;&nbsp;&nbsp;4. Party B guarantees that without Party A's written consent, it shall not alter any advertising materials
or redirect links already confirmed by Party A. If Party B does so, Party A has the right to refuse payment for the corresponding Execution
Order. If payment has already been made, Party B shall refund it. Party B shall also compensate Party A for any additional losses.

&nbsp;&nbsp;&nbsp;&nbsp;5. If Party B cooperates with creators for the purpose of fulfilling this Agreement and Execution Orders,
Party B shall be responsible for managing such relationships and ensuring that creators provide services as agreed. If Party B or its
creators cause losses to Party A, Party B and its creators shall bear joint liability for compensation.

**13. Confidentiality**

&nbsp;&nbsp;&nbsp;&nbsp;1. Any confidential information obtained by either party from the other under this Agreement shall not be
used for purposes outside this Agreement, nor disclosed to any third party.

&nbsp;&nbsp;&nbsp;&nbsp;2. The following information is not considered confidential:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Information disclosed to third parties with prior written consent of the owner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Information already publicly known at the time of disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Information that becomes publicly known after disclosure without fault of the recipient.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Information required to be disclosed by law, administrative authority, or court order.

&nbsp;&nbsp;&nbsp;&nbsp;3. Notwithstanding the above, either party may disclose confidential information or the content of this Agreement
if compelled by law, court, or government authority. The disclosing party shall promptly notify the other party upon receiving such orders.

&nbsp;&nbsp;&nbsp;&nbsp;4. This confidentiality obligation remains effective even after the expiration, termination, cancellation,
invalidity, or non-establishment of this Agreement.

**14. Personal Information Protection**

&nbsp;&nbsp;&nbsp;&nbsp;1. Party B shall ensure the security of data and user personal information provided by Party A or obtained
through this business. Party B shall not leak, process, alter, copy, or counterfeit such information, and must supervise personnel involved
in this business.

&nbsp;&nbsp;&nbsp;&nbsp;2. If Party A's data is leaked, altered, or otherwise compromised, Party B must promptly report to
Party A. Both parties shall investigate and handle the matter. If the incident is due to Party B's responsibility, Party B shall
compensate Party A for all resulting losses.

&nbsp;&nbsp;&nbsp;&nbsp;3. Matters not specified in this Agreement shall be resolved through friendly consultation between both parties.

**15. Limitation of Liability**

Neither party shall be liable for the other's lost profits, incidental losses, or consequential damages arising from non-performance or unlawful acts under this Agreement.

**16. Compensation for Losses**

If either party breaches this Agreement due to its own responsibility and causes losses to the other party, it shall compensate for such losses, including attorney's fees, litigation costs, guarantee fees, and preservation fees incurred by the non-breaching party in resolving disputes.

**17. Force Majeure**

In the event of natural disasters, fire, strikes, floods, epidemics, riots, government intervention, acts of war, or other external force majeure, the affected party shall not be liable for full or partial performance of contractual obligations. The affected party must promptly notify the other party in writing and provide supporting documents. If force majeure continues for more than 60 days, either party may request termination of this Agreement.

**18. Termination**

Either party may terminate this Agreement immediately, without notice, if the other party:

&nbsp;&nbsp;&nbsp;&nbsp;1. Is subject to seizure, temporary seizure, auction, or delinquency disposition.

&nbsp;&nbsp;&nbsp;&nbsp;2. Is declared or begins procedures for reorganization, bankruptcy, special liquidation, or mediation.

&nbsp;&nbsp;&nbsp;&nbsp;3. Is ordered by government authorities to cease operations or has its business license revoked.

&nbsp;&nbsp;&nbsp;&nbsp;4. Resolves to dissolve (except in cases of merger) or ceases operations.

&nbsp;&nbsp;&nbsp;&nbsp;5. Has checks or bills dishonored and payment stopped.

&nbsp;&nbsp;&nbsp;&nbsp;6. Experiences severe financial deterioration making performance difficult.

&nbsp;&nbsp;&nbsp;&nbsp;7. Violates provisions of this Agreement and fails to correct after notice within the prescribed period.

19. Term of Agreement

This Agreement shall be valid for two years from the date of signing. If neither party raises objections upon expiration, the Agreement shall automatically be extended for one year.

20. Governing Jurisdiction

Dispute resolution: If disputes arise regarding the performance of this Agreement, both parties shall attempt friendly consultation. If consultation fails, either party may submit the dispute to the Guangzhou Arbitration Commission in China, in accordance with its arbitration rules. The arbitration award shall be final and binding on both parties.

21. Governing Law and Interpretation

Matters not specified in this Agreement, including validity, interpretation, and performance, shall be governed by the laws of the People's Republic of China. If the parties cannot agree on interpretation of terms, the Chinese version of the Agreement shall prevail, interpreted in light of commercial practice.

**22. Miscellaneous**

&nbsp;&nbsp;&nbsp;&nbsp;1. Both parties shall cooperate and perform this Agreement. Any matters not specified or ambiguous shall
be resolved through sincere consultation.

&nbsp;&nbsp;&nbsp;&nbsp;2. This Agreement is executed in two copies, signed and sealed by both parties, with each party holding one
copy of equal legal effect.

**Party A (Seal): Hongkong Grand Universe Technology Limited**

Legal Representative (or Authorized Person): Yujie Chen

Address: Room 1211, 12/F One Midtown, 11 Hoi Shing Road, Tsuen Wan, Hong Kong

Contact: [\*\*\*]

Date: January 1, 2025

**Party B (Seal): Cloudtrons Century Co., Limited**

Legal Representative (or Authorized Person): Chen Xuming

Address: Room 803B, 8/F West Coast International Building, 290–296 Un Chau Street, Cheung Sha Wan, Kowloon, Hong Kong

Contact: [\*\*\*]

Date: January 1, 2025

## Exhibit 10.9

**Exhibit 10.9**

Certain terms have been omitted pursuant to Regulation S-K Item 601(a)(6), and certain schedules and exhibits have been omitted pursuant to Item 601(a)(5) of Regulation S-K. The Registrant agrees to furnish supplementally a copy of any of the terms to the SEC, or a copy of any omitted schedule or exhibit to the SEC, upon request.

合同编号：

**广告发布合同**

**Advertisement Placement Contract**

**甲方**：【HongKong Grand Universe Technology Limited 】

注册地址：Room 5003, Floor 5, Yau Lee Centre, 45 HoiYuen Road, Kwun Tong, Kowloon,Hongkong

注册地所属国家或地区：中国香港

**Party A:** [HongKong Grand Universe Technology Limited ] , a company incorporated in[Hong Kong], whose residence or registered office is [Room 5003, Floor 5, Yau Lee Centre, 45 Hoi

Yuen Road, Kwun Tong, Kowloon,Hongkong].

**乙方**：【BLUEMEDIA PTE. LTD. 】

注册地址：6 RAFFLES QUAY #14-06 SINGAPORE (048580)

注册地所属国家或地区：新加坡

**Party B:** [BLUEMEDIA PTE. LTD. ] , a company incorporated in[6 RAFFLES QUAY #14-06 SINGAPORE (048580], whose residence or registered office is [Singapore].

甲方为提高甲方或甲方客户的品牌及业务的认知度和美誉度，特此委托乙方为其在广告发布媒体平台（"媒体"）上提供广告发布服务，并为此达成本合同，以资双方共同遵守。

Party A hereby entrusts Party B to provide advertisement placement service on the advertisement placement platform (the "media") in order to improve the brand and business recognition and reputation of Party A or Party A's clients. Therefore, Party A and Party B enter into the following contract and shall abide by all provisions.

**1. 广告发布要求：**

Advertisement Placement Requirements:

1.1 广告形式：以合作媒体所提供的广告版位形式为准。

Advertisement form: to be determined according to the advertising position provided by the cooperation media.

1.2 合作期限：自 2023 年 3 月 1 日 至 2026年 12 月 31 日

Cooperation period: from <u>1 (</u>day) <u>3 (</u>month)<u>2022(</u>year) to <u>31 (</u>day) <u>12(</u>month)<u>2026(</u>year).

1.3 具体投放媒体、账期、商务政策等以双方签署的《广告发布合同政策》以及相关的补充协议为准。

The issues such as the specific placement media, billing period, and business policies are subject to the "Policies of Advertisement Placement Contract" and the relevant supplemental agreements signed by both parties.

1.4 合作过程中的合作内容（包括但不限于账单、特殊定制等），双方可通过本合同条款3中约定的以及补充协议约定的双方指定项目联系人发送邮件进行确认。

The contents in the process of cooperation (including but not limited to billing, special customization, etc.) can be confirmed by both parties through emails sent by the designated project contact person of both parties as agreed in clause 3 of this contract and as agreed in the supplemental agreement.

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合同编号：

**2.** **双方的账户信息如下：** 

The account information of the parties is set forth as follows:

<u>甲方账户信息：</u>

户 名： [\*\*\*]

账 号：[\*\*\*]

开户银行：[\*\*\*]

银行地址：[\*\*\*]

Account Information of Party A:

Account Name: [\*\*\*]

Account Number: [\*\*\*]

Bank: [\*\*\*]

Bank Address: [\*\*\*]

<u>乙方账户信息：</u>

户 名： [\*\*\*]

账 号：[\*\*\*]

开户银行：[\*\*\*]

Swift Code：[\*\*\*]

银行地址：[\*\*\*]

Account Information of Party B:

Account Name: [\*\*\*]

Account Number: [\*\*\*]

Bank: [\*\*\*]

Swift Code: [\*\*\*]

Bank Address: [\*\*\*]

**3. 双方项目联系人：**

Contact of both parties:

---

| | |
|:---|:---|
| 甲方项目联系人姓名**\***：[\*\*\*] | 乙方项目联系人姓名**\***：[\*\*\*] |
| 电子邮箱**\***：[\*\*\*] | 电子邮箱**\***：[\*\*\*] |
| 电话：[\*\*\*] | 电话：[\*\*\*] |
| 通信地址：广州市海珠区琶洲街道琶洲中悦广场30楼3002室 | 通信地址：上海市徐汇区云锦路600号航汇大厦15楼 |

---

---

| | |
|:---|:---|
| Project contact of **Party A\***：[\*\*\*] | Project contact of **Party b\***：[\*\*\*] |
| E-mail **\***：[\*\*\*] | E-mail **\***：[\*\*\*] |
| Tel：[\*\*\*] | Tel：[\*\*\*] |
| Address: 广州市海珠区琶洲街道琶洲中悦广场30楼3002室 | Address: 上海市徐汇区云锦路600号航汇大厦15楼 |

---

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合同编号：

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 本条约定的通知地址以及补充协议约定的亦为双方工作联系往来、法律文书及争议解决时人民法院和/或仲裁机构的法律文书送达地址，人民法院和/或仲裁机构的诉讼文书（含裁判文书）向合同任何一方当事人的上述地址和/或工商登记公示地址（居民身份证登记地址）送达的，视为有效送达。当事人对电子通信终端的联系送达适用于争议解决时的送达。

The address for notification stipulated in this clause and the address stipulated in the supplemental agreement shall also be the address for business communication of both parties and the delivery address for legal documents and court/arbitration documents during dispute settlement. If the People's Court and/or arbitral institution delivers legal instruments (including judgments and awards) to either party at the above address or the public address registered with industrial and commercial registration authorities (or the address stated on the Resident Identity Card), such instruments shall be deemed to be validly serviced. The electronic communication terminal of both parties may also be used for the purpose of delivery during dispute settlement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 任何一方当事人向/对他方所发出的信件，自信件交邮后的第【7】日视为送达；发出的短信/传真/微信/QQ/电子邮件，自前述电子文件内容在发送方正确填写地址且未被系统退回的情况下，视为进入对方数据电文接收系统即视为送达。若送达日为非工作日,
则视为在下一工作日送达。

The letter sent by either party to the other party shall be deemed to have been delivered on [7th] day after the letter is mailed. Any communication via SMS / fax / WeChat / QQ / e-mail shall be deemed to have been delivered when entering into the recipient's data message receiving system if the sender has filled in the correct address and the data message is not returned by the system. If the delivery date is not a working day, the delivery shall be deemed to occur on the immediately succeeding working day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 本合同所列的双方联系人以及甲方后缀为【@grand-universe.com】的邮箱、乙方后缀为【@bluefocus.com】的邮箱均为甲乙方确认的有权分别代表甲乙方发送、或确认与本合同以及与本合同执行过程中相关的文件和信息的有效联系人及有效邮箱。包括但不限于订单、确认件、结算及确认付款的材料以及与业务相关的任何电子邮件等。

The contacts of both parties listed above and all email addresses of Party A suffixed with @grand-universe.com ] and all email addresses of Party B's suffixed with [@bluefocus.com ] shall be deemed as valid contacts and valid email addresses with valid authorization to send or confirm, on behalf of Party A and Party B, relevant documents and information related to this contract and the performance of this contract, including but not limited to orders, confirmations, settlement and payment confirmation records, and all emails related to the business.

4 **生效及其他**Effectiveness and Miscellaneous

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 《广告发布合同条款》、《广告发布合同政策》是本合同的组成部分，与本合同具有同等法律效力。

The "Terms and Conditions of Advertisement Placement Contract" and the "Policies of Advertisement Placement Contract" are integral parts of this contract, and they shall have the same legal effect with this contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 本合同由中英文书就，如不一致，应以中文版为准。

This contract is concluded in both English and Chinese. In case of any discrepancy between the two languages, Chinese version shall prevail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 本合同自双方盖章之日起生效。本合同壹式贰份，双方各执壹份。具有等同的法律效力。

This contract shall come into force from the date of sealing by both Parties. This contract is made in two counterparts with each party holding one counterpart, and both of which shall have the same legal effect.

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合同编号：

（本行以下无条款正文，为签字盖章页）

(The page below is for signature only)

---

| | |
|:---|:---|
| 甲方：【HongKong Grand Universe Technology Limited 】 | 乙方：【BLUEMEDIA PTE. LTD.】 |
| 盖章 | 盖章 |
| 签订日期： | 签订日期： |
| **Party A: [**HongKong Grand Universe Technology Limited | **Party B: [** BLUEMEDIA PTE. LTD. **]** |
| Seal: | Seal: |
| Signing Date: | Signing Date: |

---

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合同编号：

**广告发布合同条款**

**Terms and Conditions for Advertisement Placement Contract**

**甲方**：【HongKong Grand Universe Technology Limited 】

Party A:[HongKong Grand Universe Technology Limited ]

**乙方**：【BLUEMEDIA PTE. LTD.】

Party B:[ BLUEMEDIA PTE. LTD.]

**第一章 定义与解释**

**Chapter 1 Definitions and Interpretations**

除非本合同中另有定义，下列可能出现在本合同的词语均应具有以下特定涵义：

Unless otherwise specified herein, each of the following terms that may appear in this contract shall have the following specific meaning:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1. CPM：Cost Per Mille，每千次展示成本，即所发布的广告每一千次在网络用户前展现所对应的价格。

CPM: Cost Per Mille, meaning the price for one thousand displays to web users for each released advertisement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2. CPA：Cost Per Action，每次行动成本，即所发布的广告每一次获得网络用户以特定形式回应的价格。

CPA: Cost Per Action, meaning the price for one specific response by web user in respect of each released advertisement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3. CPL: Cost Per Leads，每次网络用户通过特定链接，进入相关平台注册成功后的价格。

CPL: Cost Per Leads, meaning the price for each web user entering into a platform through a specific link and completing registration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4. CPC：Cost Per Click，每次网络用户点击特定广告栏目或广告链接的价格。

CPC: Cost Per Click, meaning the price for each click by a web user on a specific advertisement position or a specific advertisement link.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5. PV值：Page View，即页面被浏览的次数。

PV: Page View, meaning the volume the page is viewed

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6. CPT：Cost Per Time，每次网络广告展示价格。

CPT: Cost Per Time, meaning the price for each display of an online advertisement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7. CPI：Cost Per Install，每次安装成本。

CPI: Cost Per Install, meaning the costs for each installation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8. 广告/软件推送：乙方将甲方指定的广告内容/软件主动推送到网络客户端平台的显示页面上并加以显示，以引导网络用户使用该软件。

Advertisement/Software Push: meaning Party B will push the advertising content / software designated by Party A to the display page of the Internet network user terminal and display the same to guide the Internet network users to use the software.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9. 发布平台：指提供网络广告发布的媒体平台。

Placement Platform: refers to the media platform on which the online advertisement to be launched.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10. 效果类广告：在以效果为基础的广告系统中，只需要为可衡量的结果而付费的广告类型。

Performance Advertising：A type of advertising with Performance-based, the advertiser pays only for measurable results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11. 品牌类广告：以树立品牌形象，提高品牌的市场占有率为直接目的，突出传播品牌在消费者心目中确定的位置的一种广告类型。

Brand advertising：To establish a brand image, improve the market share of the brand as a direct purpose, highlighting the spread of the brand in the minds of consumers to determine the position of a type of advertising.

**第二章 协议结构**

**Chapter 2 Agreement Structure**

&nbsp;&nbsp;&nbsp;&nbsp;2.1. 《广告发布合同》，《广告发布合同条款》、《广告发布合同政策》、双方签署或通过合同约定的双方指定的有效联系人电子邮件确认的制定的任何补充附件、通知文件、有效联系人沟通邮件等，共同构成双方就合作事宜达成的完整协议。

The "Advertisement Placement Contract", the "Terms and Conditions for the Advertisement Placement Contract" and the "Policies for the Advertisement Placement Contract", any supplemental attachments, notification documents, and correspondence emails signed by the parties or confirmed by the effective project contact persons of both parties shall constitute a complete agreement on the subject cooperation matters between Party A and Party B.

**第三章 统计数据**

**Chapter 3 Statistics Data**

&nbsp;&nbsp;&nbsp;&nbsp;3.1. 双方广告投放统计结算数据以 广告发布媒体 平台（"媒体"）的统计数据为准。

Statistics data for settlement of advertisement placement services shall be determined based on the statistical data provided by the Advertisement Placement Platform (the "media").

**第四章 双方义务**

**Chapter 4 Obligations of both Parties**

&nbsp;&nbsp;&nbsp;&nbsp;4.1. <u>甲方权利与义务</u> 

<u>Party A's rights and obligations</u>

4.1.1. 甲方在签署本合同前应当熟悉并了解媒体平台的投放规则和要求，甲方可以就不清楚的部分向乙方联系人咨询，未提出咨询要求的，视为甲方已知悉并接受媒体平台的全部投放规则和要求。甲方应在本合同期内持续关注上述服务平台方系统上的提示或政策，如上述服务平台方通过其系统就服务不定期发布和更新相关规则的，包括但不限于信息上传、点击统计管理等，甲方不同意遵守新规则的，应当及时向乙方提出并协商解决办法，未提出的，视为接受新规则。甲方自行承担违反媒体平台的投放规则和要求而产生的全部责任，包括但不限于扣除保证金（如有）、罚款、相应账号被封停且/或被封停账号的所有投放不享受任何返点政策等，如给乙方造成损失的，甲方还应赔偿乙方全部损失，包括但不限于乙方因此需向平台方承担的违约和赔偿责任，同时乙方有权解除本合同。

Party A shall be familiar with and understand the placement rules and requirements of the media platform before entering into this contract. Party A may consult Party B's contact person for any unclear part. Otherwise, Party A shall be deemed to have understood and accepted all the placement rules and requirements of the media platform. Party A shall continue to pay attention to the reminders or policies of the above-mentioned service platform during the term of this contract. If the above-mentioned service platform releases and updates the relevant rules through its system from time to time, including but not limited to information uploading, click statistics management and Party A does not agree to abide by the new rules, Party A shall promptly raise with Party B and discuss solutions. If Party A does not raise any issue with Party B, Party A shall be deemed to accept the new rules. Party A shall bear all the responsibilities arising from any violation of the placement rules and requirements of the media platform, including but not limited to deduction of deposit (if any), fine, suspension of relevant account and / or all placements through such account not entitling to commission rebates. Party A shall also compensate Party B for all losses (if any) caused to Party B, including but not limited to any liability of Party B for breach of contract and compensation to the platform arising therefrom. In addition, Party B shall be entitled to terminate this contract.

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4.1.2. 如果甲方自行提供广告文件，应保证在广告发布日前【3】个工作日向乙方提供。

If Party A provides advertising documents, it shall provide such documents to Party B at least [3] working days prior to the advertisement release date.

4.1.3. 甲方若需在发布过程中更换广告文件，需至少提前【3】个工作日书面通知乙方；如果甲方自行提供广告文件创意制作，需同时将广告文件提供给乙方。

Party A shall notify Party B in writing at least three [3] working days in advance if Party A needs to replace the advertising documents during the process of release. If Party A provides advertising documents, it shall also provide such advertising documents to Party B simultaneously.

4.1.4. 甲方如需更改已经确认的服务的，应提前【3】个工作日通知乙方，乙方承诺尽量与发布平台方协商更改事宜。如发布平台方不同意更改的，双方应仍按原约定的执行发布。

If Party A needs to modify any confirmed services, it shall notify Party B [3] working days in advance. Party B undertakes to use its commercially reasonable efforts to discuss with the Placement Platform regarding such modification. If the Placement Platform does not agree with such modification, the parties shall continue to implement pursuant to the original arrangement.

4.1.5. 甲方应保证所提供的广告文件不包含下述内容：

Party A shall guarantee that the provided advertising documents do not contain the following contents:

4.1.5.1 中国法律认为是反动、诽谤、色情、淫秽或毁谤等违法性内容；

Any reactionary, defamatory, pornographic, obscene or scurrilous and other illegal contents as stipulated by the laws of P.R.China;

4.1.5.2 侵犯任何第三方知识产权或其他权利(包括但不仅限于版权、专利、商标、商业秘密和技术秘密等)的内容；

Any contents which infringes intellectual property or other rights (including but not limited to copyright, patents, trademarks, commercial secrets and technical secrets, etc.) of any third party.

4.1.5.3 侵犯任何第三方公众形象或隐私的内容；

any contents which infringes public image or privacy of any third party;

4.1.5.4 其他法律法规规定的不得包含的内容。

Any illegal contents stipulated by other laws and regulations.

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4.1.6. 甲方应保证其所提供资料内容，不限于图片、文字、字体、视频、音频等，不违反任何法律，也不会损害任何第三方的合法权益。任何由该内容引起之争议、诉求、纠纷均与乙方无关，且应由甲方自行承担相关法律责任，如乙方因此蒙受任何损失，甲方有义务向乙方提供赔偿。

Party A shall ensure that any information provided, including but not limited to pictures, text, fonts, video, audio, etc, does not violate any law or harm any third party's legitimate rights and interests. Party B shall not be liable for any controversy, claim or dispute arising from such information and Party A shall be solely liable therefor. Party A shall be obliged to fully compensate Party B for its losses arising from such information.

4.1.7. 甲方应保证其所提供的广告发布所对应的链接所指向的页面或下载数据是真实准确且客观存在的，不得出现无效链接、非法链接等。

Party A shall ensure that the page or download data connected with the links provided by Party A are authentic, accurate and real and donot contain any invalid links or illegal links.

4.1.8. 对于乙方在合同执行过程中提交给甲方的各类申请、确认、审核文件，甲方应当在收到该等文件后的24小时内予以回复，逾期未回复的，视为甲方认可乙方提交的文件并同意按照该等文件的内容执行，并承担相应的后果。

Party A shall respond to Party B within 24 hours after receipt if Party B submits any application, confirmation and review documents during performance of this contract. If Party A fails to reply within the stipulated time, it shall be deemed to have approved the documents submitted by Party B and agreed to carry out and bear the corresponding consequences in accordance with the contents of such documents.

4.1.9. 甲方对广告发布有异议的，应在约定的发布期结束后三个工作日内向乙方提出，逾期未提出或验收意见中未涉及乙方产品或服务严重违反甲方合作目的内容的，视为甲方确认委托的广告发布已按照本合同约定执行。

If Party A has any objection to any released advertisement, Party A shall raise the issue with Party B within three working days after the release date. If Party A fails to raise any objection or the acceptance report does not reflect that Party B's products or services materially violated the purpose of cooperation, Party A shall be deemed to have confirmed that the advertisement has been released in accordance with this contract.

4.1.10. 甲方的各项执行、确认、验收意见以本合同指定的甲方联系人以邮件或者其他形式发出的意见为准。

Party A's execution, confirmation and acceptance opinion shall be determined based on the conclusion sent by email or by other means by Party A's contact person as specified in this contract.

4.1.11. 甲方如采纳乙方所设计的广告，在交付全部设计费用后，该广告的使用权归甲方所有。否则乙方有权要求甲方承担违约责任，但无论何种情况乙方保留在任何地方展示的权利。

If Party A adopts the advertisement designed by Party B, the right to use the advertisement shall belong to Party A after all design costs have been paid. Otherwise, Party B shall have the right to claim breach of contract against Party A. In any event, Party B reserves the right to display the advertisement in any place.

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4.1.12. 如因本合同的履行导致甲方与第三方之间产生任何投诉、诉讼、行政调查或其他纠纷的，甲方应在得知相关情况后立即将详细情况书面通知乙方，并应积极与第三方沟通，组织乙方参与到上述纠纷的解决程序中。甲方在未取得乙方书面同意的情况下，不得根据自行确定的处理思路参与诉讼、仲裁或谈判，不得就纠纷事项与第三方达成任何和解意见，不得向第三方支付包括但不限于任何违约金、赔偿金、罚金，或对第三方进行其他任何形式的补偿。否则，无论该纠纷事项是否因乙方过错导致，乙方均不对该事项承担任何责任，同时，甲方无权就其向第三方支付的任何费用向乙方进行追偿，且甲方亦无权就因该等纠纷遭受的任何损失要求乙方赔偿。

In the event that any complaint, lawsuit, administrative investigation or other dispute arises between Party A and any third Party in connection with the performance of this contract, Party A shall notify Party B in writing of the details as soon as possible and shall actively communicate with the third party. In addition, Party A shall arrange Party B to participate in the dispute settlement process. Without the written consent of Party B, Party A shall not participate in any litigation, arbitration or negotiation with its own handling ideas, or reach any settlement with any third party on disputed matters, or make any payment to any third party, including but not limited to any liquidated damages, compensation, fines, or any other form of compensation. Otherwise, Party B shall not bear any responsibility for the relevant matter, whether it is attributable to Party B or not. At the same time, Party A shall not be entitled to recover from Party B for any expenses paid to any third party. Party A shall not be entitled to claim compensation from Party B for any losses incurred from such disputes.

<u>4.2 乙方权利与义务</u>

<u>Party B's rights and obligations</u>

4.2.1 乙方负责为甲方联系广告发布平台，并制订广告发布计划。乙方保证在网络广告投放期间为甲方提供及时的技术支持服务、技术响应及提供广告优化指导支持。

Party B shall be responsible for contacting the Placement Platform for Party A and preparing the advertising plan. Party B guarantees to provide timely technical support services, technical response and advertising optimization guidance support to Party A during the online advertising period.

4.2.2 乙方在广告营销领域拥有专业的技术、团队和服务，可以根据甲方及其他客户需求为其定制广告素材创意策略服务、投放优化策略服务等。如在本合同履行期间，甲方需要乙方额外提供前述定制服务的，该笔费用由甲乙双方另行进行结算。

Party B has professional technology, team and services in the field of advertising and marketing. Party B is capable to provide customized advertisement design services, placement optimization strategy planning services according to Party A and other clients' requirements. If Party A needs Party B to provide additional customized services during the performance of this contract, the parties will separate settle relevant fees.

4.2.3 乙方负责按照经甲方在发布期间内确认的发布服务内容，为甲方在规定的发布期间进行广告发布管理，并保证甲方广告如约发布；如因发布平台原因造成约定内容执行困难，乙方应在广告发布日前向甲方以书面或邮件形式提出相应的调整计划，在甲方书面或邮件表示同意后方可改变原定计划。

Party B shall be responsible for advertising management for Party A according to the content confirmed by Party A during the placement period and ensure that Party A's advertisement is placed as agreed. If there is any difficulty in implementation due to reasons attributable to the Placement Platform, Party B shall propose an adjustment plan to Party A in writing or by email prior the placement date and may only change the originally agreed plan after Party A agrees in writing or by email.

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4.2.4 乙方应该积极配合实施甲方在约定的期限内提出的修改意见并积极与发布平台方协商更改。

Party B shall actively cooperate with Party A to carry out adjustments proposed by Party A within the agreed period and actively discuss with the Placement Platform to adopt such amendments.

4.2.5 乙方自收到甲方书面或邮件更换广告文件通知和提交的新的广告文件之日起【3】个工作日内必须完成相应的更换，需特殊设计的除外。

Party B shall complete replacement with the new advertising documents provided by Party A within [3] working days after receiving the written or email notification from Party A for replacing the original advertisement documents, except where special design is required.

4.2.6 乙方仅有义务按照合同约定为甲方提供广告发布服务，甲方确认，乙方未就甲方的广告发布效果作出过任何承诺，甲方不得以广告发布效果未达预期目标或以其他不合理、不合法的理由延付或拒付相关款项。

Party B is only obliged to provide advertising services for Party A as stipulated in the contract. Party A acknowledges that Party B has not made any commitment on the advertising effect. Party A shall not delay or refuse to pay the relevant fees because the effect of the advertisement has not reached its expected goal or based on any other unreasonable and illegal grounds.

4.2.7 如若因为乙方自身原因导致在甲方广告发布账户内存在剩余金额（以下简称"该等金额"）的，且该等金额甲方已经进行消耗的，甲方应在消耗完毕后【20】个工作日将该等金额款项一次性支付给乙方。如该等金额甲方未予以消耗，则乙方可单方决定是否将该等金额清零或甲乙双方另行协商解决是否延续到下一个服务周期。

If there is any residual amount (hereinafter referred to as "the residue") in Party A's advertising account due to Party B's reasons, and Party A has already consumed the amount, Party A shall pay the amount to Party B in one lump sum within [20] working days after consumption. If such amount is not consumed by Party A, Party B shall have right to decide to clear the residue or Party A and Party B may discuss separately to apply the residue for the next service cycle.

4.2.8 如若甲方广告被封停的广告账户被媒体重新解封，期间甲方所产生的广告发布费用应视为甲方接受并认可该等金额并应按本合同的约定支付款项。

If Party A's suspended advertising account is reactivated by the Placement Platform, the advertising fees incurred by Party A during the interim period shall be deemed to be approved by Party A, and shall be paid in accordance with the provisions of this contract.

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4.2.9 乙方可帮助甲方对甲方提供的广告内容进行初步审查，
乙方对甲方投放广告内容的审查， 或者乙方将甲方提供的广告内容投放均不代表乙方对甲方广告内容的任何实质性审查通过或者任何合法性承诺，
因广告内容所产生的一切经济与法律责任均应由甲方自行承担，
并应赔偿乙方因此遭受的全部损失。 甲方应严格按照投放的媒体平台的规则和各国法律、
法 规的规定投放并保证合法且不侵犯任何第三方权利及其他合法权益，
否则甲方应独立承担法律责任， 与乙方无关。

Party B may assist Party A to carry out preliminary review over the advertisements provided by Party A. Such review by Party B over Party A's advertisements or the placement by Party B of Party A's advertisements shall not be deemed to be substantive review or any commitment of legality. All economic and legal liabilities incurred from the contents of advertisements shall be borne by Party A. Party A shall compensate party B for all losses caused thereby. Party A shall strictly comply with the rules of the Placement Platform and the laws and regulations of other countries. Party A shall ensure the legitimacy of the contents and that the contents does not infringe any third party rights and other rights and interests. Otherwise, Party A shall solely bear all legal liabilities without recourse to Party B.

4.2.10 在不影响甲方账户的正常广告投放、账款结算、返点计算和信息隐私保障的情况下，乙方有权根据实际情况调整甲方账户所对应的账单计费主体的设置。

Party B shall have the right to change the billing entity corresponding to Party A's account according to the actual situation Without affecting the usual advertisements placements, account settlement, rebate calculation and data privacy protection.

**第五章 知识产权及保密**

**Chapter 5 Intellectual Property and Confidentiality**

5.1. 双方使用的所有硬件、软件、程序、密码、商品名、技术、许可证、专利、商标、技术知识等皆归各方所有权人所有，不存在任何权利瑕疵，另一方及第三方对于此无任何权利或利益。如甲方委托乙方创作广告的，甲方在支付乙方创作费用之后，对该广告作品的创意、草稿、内容等全部创作过程中任何阶段产生的任何作品享有全部的知识产权。

All hardware, software, programs, passwords, trade names, technologies, licenses, patents, trademarks, and technical knowledge used by the Parties shall be owned by the respective owner without any defect of rights. The other Party or any third party has no right or interest in the above items. In the event that Party A entrusts Party B to design advertisements, after full payment to Party B for such design services, Party A shall own full intellectual property rights in any works produced in any stage of such design process, such as originality, draft, content, etc.

5.2. 双方在本合同有效期间获知的对方的商业秘密、技术秘密、返点比例等需双方保密的事项，在合同期间及合同终止后两年内不得向第三方披露或公开。

The confidential information, such as trade secrets, rebate proportion and technical secrets of the other Party, obtained by either Party during the term of this contract shall not be disclosed to any third party or made public during the term of this contract or within two years after expiration of this contract.

5.3. 甲乙双方同意并确认，为广告推广/发布，内部培训，外部宣传之目的，乙方可在本合同有效期内并取得甲方同意后，可使用甲方公司名称、商号、商标、广告作品等信息。除前述约定外，未经对方事先书面同意，本协议任何一方不得擅自使用或复制另一方的商标和标识。甲乙双方应根据广告推广区域的法律法规，提前做好甲方的知识产权保护工作，如在广告发布过程中任何第三方因此提出争议，甲方应负责自行解决与乙方无关。

The parties agree and acknowledge that during the term of this contract, Party B may use Party A's company name, trade name, trademark, advertising works and other information in the course of advertising release / publication or for internal training or external marketing. Except as previously agreed, either Party shall not use or copy the trademarks and logos of the other Party without the prior written consent of the other Party. The Parties shall take advance measure to protect Party A's intellectual property rights according to the laws and regulations of the advertising and marketing area. If any third party raises claims in the course of advertising, Party A shall be solely responsible for resolving the disputes.

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5.4. 以下情形不作为保密信息，不适用本条规定：

This Chapter 5 shall not apply to the following items which are not confidential information:

5.4.1 获知时已经公开的信息；

Information that was made public before disclosure;

5.4.2 获知后非因获知一方的违约或者不当行为而被公开的信息；

Information that was made public after disclosure not due to breach of contract or misconduct of the receiving party;

5.4.3 自己独立开发，或从第三方合法取得且不负保密义务的；

Information that was independently developed by the receiving party or legally obtained from a third party not subject to any obligation of confidentiality;

5.4.4 尽管如此，如果法律要求或政府、司法机关提出命令要求披露保密信息，获知保密信息的一方有权根据要求披露信息，但应当在披露后立即通知保密信息的提供方。

notwithstanding the foregoing, in the event that disclosure of confidential information is required by law or ordered by government authorities or judiciary authorities, the receiving party shall be entitled to disclose the information, but the receiving party shall promptly notify the disclosure party after such disclosure.

**第六章 审计**

**Chapter 6 Audit**

6.1. 基于双方友好合作的基础，本合同履行期间以及本合同终止后的【5】年之内，甲方应当积极配合乙方委托的第三方审计或调查要求（包括但不限于配合乙方审计询证函回函，提供与本合同相关发票、记录等文件和材料、与甲方管理层人员和员工进行访谈等）

On the basis of friendly cooperation between the Parties, during the performance of this contract and within [5] years after expiration of this contract, Party A shall actively cooperate with the third party auditor or investigation request of Party B (including but not limited to replying to audit inquiry letters from Party B, providing relevant documents and materials such as invoices, records, and making interviews with Party A's management and staff, etc.).

6.2. 甲方应在本合同终止后【5】年之内保存与本合同履行相关的所有文件、往来函件、数据、账目、报告、记录、收据等材料。

Party A shall keep all documents, correspondence, data, accounts, reports, records, receipts and other materials related to the performance of this contract for [5] years after the expiration of this contract.

**第七章 违约责任**

**Chapter 7 Liability for Breach of Contract**

7.1. 甲方未能在本合同以及《广告发布合同》中规定的付款期限内向乙方支付费用的，应当自违约之日起按照欠款总金额的万分之六点五/每日向乙方支付逾期违约金，且乙方有权单方做出如下决定与行为并不承担任何法律责任：

If Party A fails to pay Party B's any fees within the payment period stipulated in this contract or the "Advertisement Placement Contract", Party A shall pay liquidated damages for overdue payment at the rate of 6.5‱ per day from the due date. Party B shall have the right to make the following decisions without any legal liability:

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7.1.1 甲方逾期支付等于或超过1个自然日的（以下简称"该等行为"），乙方有权停止对甲方提供任何服务包括但不限于取消返点并甲方应向乙方支付欠款费用及违约金，且如若乙方因该等行为遭致任何损失，甲方应承担赔偿责任。

If Party A's delay continues for one or more calendar days (including one calendar day), Party B shall have the right to cease providing any service to Party A, including but not limited to canceling rebates. At the same time, Party A shall pay Party B all outstanding fees and liquidated damages. If Party B suffers any losses due to such delay, Party A shall compensate.

7.1.2 甲方逾期支付等于或超过1个自然日的（以下简称"该等行为"），乙方有权取消返点、单方终止本合同以及《广告发布合同》和《广告发布合同政策》，并将甲方的广告账户冻结、封停或清零，并甲方应向乙方支付欠款费用及违约金，且如若乙方因该等行为遭致任何损失，甲方应承担赔偿责任。同时，乙方有权要求甲方退还乙方已享有的全部返点金额。

If Party A's delay continues for five or more calendar days, Party B shall have the right to cancel the rebates, unilaterally terminate this contract, the "Terms and Conditions for Advertisement Placement Contract" and the "Policies for Advertisement Placement Contract". At the same time, Party B may freeze, suspend or clear off Party A's advertising account. Party A shall pay Party B all outstanding fees and liquidated damages. If Party B suffers any losses due to such delay, Party A shall compensate. At the same time, Party B have the right to request Party A refund all the rebate that Party B has received or deducted.

7.2. 如因乙方的过错导致甲方的部分或全部广告不能按合同规定的期限、位置进行发布而给甲方造成经济损失的，就未依约发布的广告乙方应给予甲方同等价值的补发，直到原合同规定的广告发布数量和/或广告发布时间全部履行完毕时为止。

If due to Party B's fault, part or all of Party A's advertisements cannot be placed for the duration and at the position as stipulated in the contract, which results in economic losses to Party A, Party B shall arrange placement for Party A with equivalent value for the unplaced advertisements until the volume and the duration of advertisements as originally agreed in the contract have been fully implemented.

7.3. 非经乙方书面沟通同意，甲方单方提前终止本合同的，乙方有权单方做出如下决定于行为并不承担任何法律责任：

If Party A unilaterally terminates this contract prior to expiration without Party B's written consent, Party B shall be entitled to make the following decisions without any legal liability:

7.3.1 乙方有权取消当期返点，立即终止协议。

Cancel rebates for the current cycle and terminate the agreement immediately.

7.3.2 乙方已收取的费用款项全部不予退还。

Refuse to refund all fees received.

7.3.3 乙方有权要求甲方在终止后5个自然日内向乙方支付欠款费用，如甲方延迟支付，则应当自终止之日起按照欠款总金额的万分之六点五/每日向乙方支付逾期违约金。

Require Party A to pay all outstanding fees within 5 calendar days after termination. If Party A fails to pay the fees in time, Party A shall pay liquidated damages for overdue payment at the rate of 6.5‱ per day from the date of termination.

7.4. 由于甲方原因造成所发布广告的对应链接形成无效链接、非法链接的（如甲方app被app
store下架等），乙方可取消广告位展示，但甲方仍应按照原约定金额支付全部费用。但在约定投放期内，如甲方广告链接恢复有效（如app重新上架），如原约定广告发布期还未届满，乙方可以为甲方补偿发布直至期限届满，具体补偿广告位置由乙方决定；若恢复上架时广告发布期已结束，则乙方无义务为甲方补充发布。

If the links connected to the promoted online advertisement are invalid or illegal due to the reasons of Party A (such as Party A's app being removed from Appstore), Party B may cancel display at the advertising position, and Party A shall still pay all the fees as originally agreed. However, if Party A's links become effective again (such as the app being putting back to the Appstore) during the agreed term of service, Party B shall arrange for Party A with substitute placements until expiration of the term at advertising positions selected by Party B at its discretion. If the agreed term of advertising service has expired, Party B shall have no obligation to provide Party A with substitute placement service.

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7.5. 甲方因违反本合同以及《广告发布合同》《广告发布合同政策》约定应当向乙方承担的损害赔偿责任和乙方遭受的全部损失包括但不限于依照上述合同产生的直接/间接经济损失、预期利益、违约金、赔偿金、诉讼/仲裁费用、公证费、鉴定费、律师费、差旅费，以及乙方因甲方的违约应向平台方承担的包括但不限于前述各项费用在内的全部违约金、赔偿金。其中乙方的直接/间接经济损失及预期利益无法计算的，以不低于欠款总金额的三倍计算。

Party A shall be liable for damages and all losses suffered by Party B if Party A breaches of this contract and the "Terms and Conditions for Advertisement Placement Contract " and the "Policies for Advertisement Placement Contract", including but not limited to direct /indirect economic losses, expected benefits, liquidated damages, damages, litigation / arbitration costs, notarial fees, verification fees, attorney fee, travel expenses, and all damages or compensation payable by Party B to the Placement Platform due to Party A's breach of contract. If Party B's direct / indirect economic losses and expected benefits cannot be quantified, the amount shall be determined to be no less than three times of the total outstanding fees payable by Party A.

7.6. 除本合同另有约定外，如任何一方违反本合同所规定的义务，违约方在收到守约方要求纠正其违约行为的书面通知之日，应立即停止其违约行为，依照合同继续履行其义务，并在 10个自然日内赔偿守约方因此受到的所有损失。如违约方继续违约或不履行其义务，守约方除就其所有损失而获得违约方赔偿外，亦有权提前解除本合同。

Unless otherwise agreed herein, if either Party breaches obligations hereunder, the breaching Party shall cease its breach upon receipt of the written notice from the non-breaching party requesting it to correct its breach, continue to perform its obligations hereunder and indemnify the non-breaching Party against all losses arising therefrom within ten calendar days. If the breaching Party continues to breach the contract or fails to perform its obligations, the non-breaching Party shall be entitled to terminate this Contract ahead of time in addition to receiving the indemnity for its losses from the breaching Party.

**第八章 特殊免责**

**Chapter 8 Special Exemption**

8.1. 甲方理解发布平台运营方为了平台的正常运行，需要定期或不定期地对发布平台进行停机维护，如因此类情况而造成的本合同项下的广告不能按计划进行发布，甲方承诺对此不追究乙方法律责任，但乙方有义务尽力避免服务中断或将中断时间限制在最短时间内。

Party A understands that the operator of the Placement Platform may carry out downtime or maintenance periodically or from time to time in order to ensure the normal operation of the platform. If the advertisements under this contract cannot be released as scheduled due to such circumstances, Party A undertakes not to pursue Party B's legal liability, but Party B shall be obliged to make every effort to avoid service interruption or limit the duration of interruption to the shortest time.

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8.2. 基于市场整体利益考虑及经营需要，媒体平台运营方可能不定期对其网站的服务内容、版面布局、页面设计等有关方面进行调整，如因上述调整而影响本合同项下广告的发布(包括发布位置和/或发布期间等)，甲方将给予充分的谅解，乙方应将上述影响减少至最低程度。

Based on the overall interests of the market and operational needs, the operator of the Placement Platform may adjust the service content, layout, page design and other relevant aspects of the website from time to time. If such adjustment impacts the placement of advertisements under this contract (including placement position and/or placement duration), Party A acknowledges such potential impact. Party B shall minimize the impact of such adjustment.

8.3. 甲方同意，乙方因上述两种情形而不能按计划发布广告的，不视为乙方违约。但乙方应在影响广告发布的情形结束之后，尽可能按照原计划规定的时间和位置发布原广告，或与甲方协商确定其他合理的解决方案。

Party A agrees that Party B shall not be deemed to be in breach of contract if Party B is unable to place the advertisements as planned due to the above two circumstances. After the above two circumstances disappear, Party B shall place the advertisement at the time and position originally scheduled to the extent possible or discuss with Party A for other reasonable solutions.

8.4. 甲方同意，如在本合同履行期间，甲方投放的媒体平台的要求或政策有变化的，双方应根据该媒体平台的要求和变化积极变更合作内容，并双方均不向对方承担任何违约责任。

Party A agrees that during the performance of this contract, if there is any change in the requirements or policies of the Placement Platform, both Parties shall actively change the relevant arrangements and neither party will bear any liability for breach of contract to the other Party in connection therewith.

**第九章 不可抗力**

**Chapter 9 Force Majeure**

9.1. 不可抗力：指双方缔结本合同时所不能预见、并且它的发生及其后果是不能克服和不能避免的客观情况，包括但不限于：（1）自然灾害如洪水、冰雹、海啸、台风、旱灾、火灾；（2）政府或政党行为如政府当局或执政党颁布的政策、法律、法规和采取新的行为措施导致本合同不能履行；（3）社会异常现象如骚乱、战争、罢工但不包括双方内部劳资纠纷，所造成的不能履行本合同或延迟履行；（4）黑客攻击、计算机病毒、电信部门技术调整导致之影响、因政府管制而造成的暂时性关闭等在内的任何影响网络正常经营情形。

Force majeure: meaning objective circumstances which could not have been foreseen by both Parties at the time of executing this contract, and the occurrence and consequence of which cannot be overcome or avoided, including but not limited to: (1) natural disasters such as flood, hail, tsunami, typhoon, drought, fire disaster ; (2) actions of government or political party, such as policies, laws, regulations and adoption of new action measures promulgated by the government authorities or the ruling party resulting this contract not implementable; (3) social anomalies such as riot, wars, strikes, but excluding internal labor disputes between the Parties; (4) any impact on the normal operation of the network, including hacker attacks, computer virus, technical changes in the telecommunications department, temporary closures due to government regulation, etc.

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9.2. 如果出现以上不可抗力情形，双方在本合同中的义务在不可抗力影响范围及其持续期间内将中止履行，任何一方均不会因此而承担不履行上述义务的责任，但受影响一方应立即书面通知另一方并提供相关的证明文件。

In the event of any of the above force majeure events, the performance by either party of its obligations hereunder may be suspended within the scope and for lasting period of force majeure. Neither party shall be liable for non-performance of the contract. However, the affected party shall immediately notify the other party in writing and provide relevant supporting documents.

9.3. 如发生不可抗力，双方应立即协商解决问题的方案，合同期限可根据中止的期限而作相应延长。在不可抗力情况消除后，双方应依照协商的延长履行期限及解决问题方案继续履行合同或履行方案。

In the event of force majeure, both Parties shall immediately discuss a solution. The term of the contract may be extended in accordance with the duration of the suspension. After the force majeure event is terminated, both Parties shall continue to perform the contract or perform the program in accordance with the agreed extension of the performance period and the solution.

9.4. 如果不可抗力持续三十(30)日以上，且继续履行本合同将产生重大不利影响或者无法继续履行合同，则任何一方均可无条件终止本合同。

Either party may terminate this contract unconditionally if the force majeure lasts for more than 30 days or the continued performance of this contract will have a significant adverse effect or the continued performance of this contract is not possible.

**第十章 法律适用及争议解决**

**Chapter 10 Applicable Law and Dispute Resolution**

10.1. 本合同的订立、效力、执行和解释及争议的解决均应适用中华人民共和国法律。

The conclusion, validity, execution and interpretation of this contract and the settlement of disputes shall be governed by the Law of the People's Republic of China.

10.2. 对于因本合同的订立、效力、执行和解释而产生之争议，双方应首先协商解决，协商不成的，均提请北京仲裁委员会按照其仲裁规则进行仲裁。仲裁裁决是终局的，对双方均有约束力。

Disputes arising from the conclusion, validity, execution and interpretation of this contract shall be settled through consultation of the Parties. If no settlement can be reached through consultation, the Parties shall submit dispute to the Beijing Arbitration Commission for arbitration in accordance with its rules of arbitration. The arbitration award is final and binding upon both Parties.

**第十一章 通知**

**Chapter 11 Notice**

11.1. 双方之间的任何通知或书面函件必须以中文写成，以传真、专人送达（包括特快专递）、挂号邮件或电子邮件之形式发送。

Any notice or written communication between the Parties must be wrote in Chinese and shall be sent by fax, personal service (including express mail), registered mail or e-mail.

11.2. 任何一方当事人向/对他方所发出的信件，自信件交邮后的第【7】日视为送达；发出的短信/传真/QQ/微信/电子邮件，自前述电子文件内容在发送方正确填写地址且未被系统退回的情况下，视为进入对方数据电文接收系统即视为送达。若送达日为非工作日,
则视为在下一工作日送达。

The letter sent by each party to the other party shall be deemed to have been served on the seventh day after the letter is delivered. The electronic document is sent by SMS / fax / QQ / wechat / email shall be deemed to have been validly served if sender has filled in the correct address and have not been returned by the system. If the date of service is not a working day, it shall be deemed to have been served on the following working day.

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11.3. 双方可通过以下任一方式变更自身联系人：

Both Parties may change their contact person by any of the following means:

（1） 变更方以书面通知（应签章）的方式告知对方；

The changing party shall notify the other Party by written notice (sealed);

（2） 变更方原联系人以任何形式的书面通知方式告知对方。

The changing party's original contact person shall notify the other Party by any form of written notice.

（本行以下无条款正文，为签字盖章页）

(The page below is for signature only)

甲方【HongKong Grand Universe Technology Limited ]】

盖章 /s/ HongKong Grand Universe Technology Limited

签订日期：

乙方：【BLUEMEDIA PTE. LTD. 】

---

| | |
|:---|:---|
| <br> 盖章<br> 签订日期： | /s/ BLUEMEDIA PTE. LTD. |

---

**Party A: [ HongKong Grand Universe Technology Limited ]** 

Seal:

Signing Date:

**Party B: [**BLUEMEDIA PTE. LTD. **]** 

Seal:

Signing Date:

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**广告发布合同政策**

**Policies for Advertising Placement Contract**

**甲方**：【**HongKong Grand Universe Technology Limited** 】

**Party A: [HongKong Grand Universe Technology Limited ]**

**乙方**：【BLUEMEDIA PTE. LTD. 】

**Party B: [** BLUEMEDIA PTE. LTD. **]**

**一、媒体政策**

**I. Media Policy**

**本合同适用以下媒体政策**

This contract applies the media policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Meta（Facebook）** 

1.1甲方需遵循媒体广告政策规范规定进行广告投放，乙方有权对甲方的广告投放予以监督和检查，甲方有义务根据乙方传达的媒体政策执行广告发布，因甲方投放违背媒体政策产生的损失，由甲方承担。

Party A shall abide by the media advertising policies, and Party B shall have the right to supervise and inspect Party A's advertising. Party A shall be obliged to implement its advertising placement in accordance with the media policies provided by Party B. Otherwise, Party A shall bear the losses incurred due to violation of media policies.

1.2如甲方账户违反Facebook平台的广告准则、隐私政策或使用规则、程序或本协议的约定，则该账户视为排除账户。每出现一次排除账户，Facebook平台有权根据情节严重性采取包括不限于扣除1000美金、警告、减免返点等处罚措施。因甲方违规操作导致Facebook平台处罚的，甲方应独自承担上述处罚的不利后果，如因情节严重，造成Facebook额外的罚金，甲方也应独自承担处罚。因政策更新导致的损失，乙方有向甲方追究损失的权利。如出现上述情况，乙方有权从甲方的账户中扣除相应金额的罚款或要求甲方在乙方发出告知违规投放罚款通知的邮件之日起10个工作日内向乙方指定账户支付罚款。

Party A's account shall be deemed to be an excluded account if Party A breaches the Facebook platform's advertising guidelines, privacy policies or rules of use, procedures or this agreement. For every time Party A's account constitutes an excluded account, the Facebook platform will have the right to impose penal measures including but not limited a fine of $1,000, warning and reduction of rebates, depending on the seriousness of the violation. Party A shall bear independently the adverse consequences of the above-mentioned penalty if Party A violates the rules and regulations. If Party A's serious actions result in additional fines by Facebook, Party A shall bear such additional fines on its own. Party B shall have the right to claim from Party A losses caused by any policy update. In the event of any above-mentioned case, Party B shall have the right to deduct the corresponding fine from Party A's account, or to request Party A to pay the fine to the designated account of Party B within 10 working days from the date Party B sending out email notifying fines due to breaching advertisement placement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Google** 

以Google媒体的政策为准

Google media's policies shall govern.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Twitter** 

甲方认可因媒体回滚造成的广告费用，甲方需按照媒体账单支付广告费用。

Party A agrees to pay for the advertising costs caused by the media roll-back display. Party A shall pay the advertising costs based on the media's bill.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **TikTok** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 甲方需遵循媒体广告政策规范(包括但不限于《TikTok广告政策》网址：https://ads.TikTok.com/help/article?aid=9550)的规定进行广告投放 ，乙方有权对甲方的广告投放予以监督和检查，甲方有义务根据乙方传达的媒体政策执行广告发布，因甲方投放违背媒体政策产生的损失，由甲方承担。

Party A shall abide by the media advertising policies（including but not limited which website is https://ads.tiktok.com/help/article?aid=9550）, and Party B shall have the right to supervise and inspect Party A's advertising. Party A shall be obliged to implement its advertising placement in accordance with the media policies provided by Party B. Otherwise, Party A shall bear the losses incurred due to violation of media policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 甲方投放的广告可能存在相关法律禁止发布，或可能导致违法违规风险，或可能存在严重违背社会公序良俗、违反TikTok广告投放相关规则情形的，TikTok有权随时采取处理行为，包括但不限于下线广告，关停账户，扣除返点，不退还全部广告账户余额，处罚违约金等。

If Party A publish an advertisement that is prohibited by law , or may lead to the risk of violation of laws and regulations, or may seriously violate public order and customs, or break the relevant rules of TikTok's policy, Tiktok shall have the right, including but not limited to take the advertising offline , close the advertising account, cancel the rebates, non-refund of all advertising account balances, penalties for liquidated damage, etc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 因甲方违规操作导致TikTok平台处罚的，甲方应独自承担上述处罚的不利后果，如因情节严重，造成TikTok额外的罚金，甲方也应独自承担处罚。如出现上述情况，乙方有权从甲方的账户中扣除相应金额的罚款或要求甲方在乙方发出告知违规投放罚款通知的邮件之日起10个工作日内向乙方指定账户支付罚款。

Party A shall bear independently the adverse consequences of the above-mentioned penalty if Party A violates the rules and regulations. If Party A's serious actions result in additional fines by TikTok, Party A shall bear such additional fines on its own. Party B shall have the right to claim from Party A losses caused by any policy update. In the event of any above-mentioned case, Party B shall have the right to deduct the corresponding fine from Party A's account, or to request Party A to pay the fine to the designated account of Party B within 10 working days from the date Party B sending out email notifying fines due to breaching advertisement placement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Kwai/Taboola/BIGO/Yandex/VK/Snapchat/MIQ/Linkedin/Outbrain/Pinterest/微软** 

以投放媒体的政策为准。

The policies of the placement media shall govern.

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**二、计费、结算方式**

**II. Billing and settlement methods**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. 本合同项下所提及结算费用包含广告发布费用及服务费用。

The billing fees mentioned under this contract include advertising and service fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. 本合同适用以下结算方式：

This contract shall apply the following type of settlement method:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) <u>后付费</u>

<u>Afterward payment</u>

乙方在每自然月结束后的10个自然日内将该自然月甲方在各媒体平台上投放的结算金额及税费明细提供给甲方。甲方应在收到后24小时内回复，若甲方未在上述时间内回复视为甲方确认结算金额及税费明细的内容（具体结算金额及税费明细以乙方向甲方提供的邮件/（其他书面文件）上的内容为准）。乙方将根据实际结算费用向甲方提供相应的invoice。

Party B shall provide Party A with the billing amount and tax details of Party A's placement on each media platform for each natural month within 10 calendar days after the end of each natural month. Party A shall reply within 24 hours after receiving it. If Party A does not reply within the above time, Party A shall be deemed to confirm the contents of the settlement amount and tax details (the specific settlement amount and tax details shall be based on the contents of the email/(other written documents) provided by Party B to Party A). Party B will provide Party A with the corresponding invoice according to the actual settlement cost.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **账期：甲方在【Meta/Google/Tiktok/Twitter/Kwai/Taboola/BIGO/Yandex/VK/Snapchat/MIQ/Linkedin/Outbrain/Pinterest/微软】媒体平台进行的广告投放，甲方应于每自然月结束后的【45】个自然日内将该自然月的结算费用汇入乙方指定账户，甲方支付的上述广告费用及服务费用应包含所有税费、手续费、各项代扣代缴税费等。** 

Billing Period: Party A shall remit the settlement fee of the natural month to the account designated by Party B within [**Meta/Google/Tiktok/Twitter/Kwai/Taboola/BIGO/Yandex/VK/Snapchat/MIQ/Linkedin/Outbrain/Pinterest/微软** ] calendar days after the end of each natural month for the advertisement placement in **[45 ]** media platform, and the above advertisement fee and service fee paid by Party A shall include all taxes, handling fees, various withholding taxes, etc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Google媒体平台广告投放所涉及的数字服务税（Digital
Service Tax），应由甲方承担。该数字服务税目前为英国：2%；奥地利：5%；土耳其：5%；数字服务税的国家或地区及税费标准如有增加或变更的，均以谷歌的要求为准。

The Digital Service Tax (DST) involved in advertising on Google's media platform shall be borne by Party A. The Digital Service Tax is currently 2% in the United Kingdom, 5% in Austria and 5% in Turkey; any increase or change in the number of countries or regions and the standard of the Digital Service Tax shall be subject to the requirements of Google.

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**三、返点政策**

**III. Rebates policy**

**本合同适用以下返点政策**

**This contract applies the following type of rebates policies.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Meta（Facebook）** 

1.1甲方向乙方支付全额广告发布金额，在季度结束后，乙方向甲方实际支付的广告发布总额结算返点。甲方逾期支付款项或甲方存在具有媒体平台约定的减免支付返点的情形，即使甲方已经按时支付完毕广告发布金额，也不参与返点。

Party A shall pay Party B all fees for advertisement placements. Party B shall pay rebates to Party A based on the actual total advertising fees paid by Party A after the relevant quarter ends. If Party A delays in paying its advertisement fees or Party A is subject to rebates deduction or decrease circumstances as stipulated by the Placement Platform, Party A may not obtain rebates, even if it has paid all advertising fees on time.

1.2返点比例如下：

Rebate rate is set forth as follows:

---

| | |
|:---|:---|
| 广告发布额度区间（单位：万美元）<br> Range of Advertising Quota (in ten thousand USD) | 返点比例(%)<br> Rebate rate (%) |
| X＞0 | 8.5 |

---

1.3甲方延迟付款达到1个自然日的，乙方有权取消甲方应获返点金额。

If Party A delays in payment for one calendar day, Party B shall have the right to cancel the rebates of Party A.

1.4甲方对返点金额的计算存在异议，甲方应当在收到对账单之日起15个自然日内书面通知乙方，否则，视为甲方认可返点金额的计算方式。

If Party A has any doubt to the calculation of the rebates, Party A shall notify Party B in writing within 15 calendar days from the date of receipt of the statement. Otherwise, Party A shall be deemed to have agreed to the calculation of the rebates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Google** 

● **AC（App Campaign）** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 甲方在Google中使用AC产品进行广告投放，所涉及的消耗均无任何返点，且甲方需要向乙方额外支付下述2.2条款约定的服务费，该服务费用与当月广告消耗费用按约定账期一同结算。

If Party A uses AC products in Google for advertising, there is no rebate for any consumption amount involved, and Party A needs to pay Party B an additional service fee according to Clause 2.2 below, which will be settled together with the applicable month's advertising consumption cost in accordance with the agreed billing period.

2.2甲方在Google中使用AC产品进行广告投放, 应保证APP Optimization Score (优化得分指标)大于85，否则需按照如下标准按月向乙方支付服务费：

If party A uses AC products in Google for advertising, Party A should ensure that APP Optimization Score is more than 85, otherwise Party A should pay Party B a monthly service fee according to the following standards:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) 账期大于等于45个自然日的，甲方需要向乙方额外支付当月广告投放总消耗金额的【0】%作为服务费。

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) If the billing period is greater than or equal to 45 calendar days, Party A needs to pay Party B an additional [0%] of the total consumption of advertising in that month as the service fee.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) 账期在45个自然日以内的，甲方需要向乙方额外支付当月广告投放总消耗金额的【0】%作为服务费，并乙方有权在不影响甲方账户正常投放和结算的情况下针对甲方账户的账单计费主体进行调整，若甲方拒绝账户调整的，则乙方无法保障甲方账户的正常投放以及本合同约定的返点和账期，甲方悉知且确认在此情况下不视为乙方违约。

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) If the billing period is less than 45 calendar days, Party A shall pay Party B an additional [0%] of the total consumption of advertising in that month as the service fee, and Party B has the right to change the billing entity of Party A's account without affecting the normal placement and settlement of Party A's account. If Party A refuses to change the account, Party B cannot guarantee the normal placement of Party A's account and the rebate and accounting period agreed in this contract. Party A knows and confirms that it will not be deemed as Party B's breach of contract in this case.

2.3针对上述政策，如Google媒体有相关更新的，则以Google媒体更新后的指标为准。

With regard to the above policy, if there are relevant updates to Google Media, the updated indicators and standards from Google Media shall prevail.

● **通用** 

**General Terms**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 甲方开通的账户符合乙方确认的【海外尼日利亚账户】标准的，则甲方满足标准的账户消耗可以获得【25】%比例返点，该返点与任何其它返点政策不重叠；进一步的该海外账户的付款方式应为预付，否则甲方不享受任何返点。

If Party A's account has been confirmed by the Party B as a [Overseas Account], then Party A's account which has satisfied the consumption standards can get an additional [ 25] % rebate; This rebate cannot be applied simultaneously with any other rebate policy; Furthermore, the overseas account's advertising shall be paid in advance, otherwise Party A shall not enjoy any rebate.

2.10针对俄罗斯、法国和匈牙利的所有广告类型投放所涉及的消耗金额均无任何返点。

There is no rebate on the amount consumed for all advertising types placed in Russia, France and Hungary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 Google数字服务税不计入广告投放消耗金额，甲方不享受任何返点。

The digital service tax of Google is not included in the advertising consumption, and Party A does not enjoy any rebates.

2.12甲方延迟付款达到1个自然日的，乙方有权取消甲方应获返点金额。

If Party A delays any payment for more than one calendar day, Party B shall have the right to cancel the rebates that Party A is entitled to receive.

2.13甲方通过乙方投放的Google Ads广告账户不得关联乙方外的任何代理商，否则将导致此类账户甲方无法享受上述返点。

Party A's Google Ads advertising account through Party B shall not be associated with any agents other than Party B; otherwise, Party A will not be entitled to the rebates from such type of account.

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2.14如甲方与Google媒体进行了API对接，则无法享受上述返点优惠。

If Party A has conducted an API interface with Google Media, then Party A will not be entitled to the rebates.

2.15甲方已悉知针对Google不提供返点部分的消耗金额或因Google单方面决定不给予返点的，乙方也有权不向甲方提供任何返点。

Party A acknowledges that if Google does not provide rebates or Google has unilaterally decided not to grant any rebate, then Party B is also entitled not to provide any rebates to Party A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **TikTok** 

● **基础返点** 

**Basic rebate**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 甲方通过乙方投放Tiktok for business广告的，返点比例如下：

If Party A places Tiktok for business ads through Party B, the rebate percentage is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.1 甲方在Tiktok中投放目标受众区域为SEA,JP,KR,EUI的，则甲方可以获得【4】%

比例返点。

If the target audience area is SEA, JP, KR, EUI in Tiktok, Party A can get [4 ]% rebate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.2 甲方在Tiktok中投放目标受众区域为METAP, LATAM, Other Regions的，则甲

方可以获得【7】%比例返点。

If the target audience area is METAP, LATAM or Other Regions in Tiktok, Party A can get [ 7]% rebate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.3 甲方在Tiktok中投放目标受众区域为NA,AUNZ的，则甲方可以获得【2】%比例

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返点（仅适用于中国大陆、香港或澳门主体的开户）。

If Party A places the target audience area in Tiktok as NA,AUNZ, then Party A can get [2 ] % rebate (only applicable to accounts opened in mainland China, Hong Kong or Macau).

---

| | |
|:---|:---|
| &nbsp;&nbsp; **区域**<br> **Area** | &nbsp;&nbsp; **国家**<br> **Nation** |
| &nbsp;&nbsp;NA | &nbsp;&nbsp; 美国，加拿大<br> United States, Canada |
| &nbsp;&nbsp;AUNZ | &nbsp;&nbsp; 澳大利亚，新西兰，斐济<br> Australia, New Zealand, Fiji |
| &nbsp;&nbsp;SEA | &nbsp;&nbsp; 新加坡，越南，泰国，马来西亚，印度尼西亚，菲律宾，柬埔寨，缅甸，老挝，文莱，东帝汶<br> Singapore, Vietnam, Thailand, Malaysia, Indonesia, Philippines, Cambodia, Myanmar, Laos, Brunei, Timor-Leste |
| &nbsp;&nbsp;JP | &nbsp;&nbsp; 日本<br> Japan |
| &nbsp;&nbsp;KR | &nbsp;&nbsp; 韩国<br> South Korea |
| &nbsp;&nbsp;EUI | &nbsp;&nbsp; 英国，爱尔兰，德国，荷兰，比利时，卢森堡，摩纳哥，瑞典，丹麦，挪威，芬兰，意大利，西班牙，希腊, 葡萄牙，奥地利，瑞士，波兰，罗马尼亚，捷克，保加利亚，斯洛伐克，克罗地亚，塞尔维亚，立陶宛，斯洛文尼亚，拉脱维亚，爱沙尼亚，阿尔巴尼亚，黑山，波斯尼亚和黑塞哥维那共和国，列支敦士登，安道尔，冰岛，以色列，乌克兰，白俄罗斯，摩尔多瓦，格鲁吉亚，亚美尼亚，阿塞拜疆，哈萨克斯坦，吉尔吉斯斯坦，土库曼斯坦，塔吉克斯坦，乌兹别克斯坦<br> United Kingdom, Ireland, Germany, Netherlands, Belgium, Luxembourg, Monaco, Sweden, Denmark, Norway, Finland, Italy, Spain, Greece, Portugal, Austria, Switzerland, Poland, Romania, Czech Republic, Bulgaria, Slovakia, Croatia, Serbia, Lithuania, Slovenia, Latvia, Estonia, Albania, Montenegro, Bosnia and Herzegovina Republics, Liechtenstein, Andorra, Iceland, Israel, Ukraine, Belarus, Moldova, Georgia, Armenia, Azerbaijan, Kazakhstan, Kyrgyzstan, Turkmenistan, Tajikistan, Uzbekistan |
| &nbsp;&nbsp;METAP | &nbsp;&nbsp; 埃及，沙特阿拉伯，阿拉伯联合酋长国，巴林，科威特，卡塔尔，阿曼，阿尔及利亚，伊拉克，约旦，黎巴嫩 ，利比亚，摩洛哥，巴勒斯坦，苏丹，突尼斯，也门，土耳其，巴基斯坦，南非，肯尼亚，尼日利亚，毛里求斯，索马里，加纳，坦桑尼亚，毛里塔尼亚<br> Egypt, Saudi Arabia, United Arab Emirates, Bahrain, Kuwait, Qatar, Oman, Algeria, Iraq, Jordan, Lebanon, Libya, Morocco, Palestine, Sudan, Tunisia, Yemen, Turkey, Pakistan, South Africa, Kenya, Nigeria, Mauritius, Somalia, Ghana, Tanzania, Mauritania |
| &nbsp;&nbsp;LATAM | &nbsp;&nbsp; 巴西，秘鲁，智利，哥伦比亚，阿根廷，厄瓜多尔，多米尼加，波多黎各，玻利维亚，乌拉圭，哥斯达黎加，危地马拉，牙买加，洪都拉斯，巴拿马，委内瑞拉，巴拉圭，巴哈马，海地，尼加拉瓜<br> Brazil, Peru, Chile, Colombia, Argentina, Ecuador, Dominica, Puerto Rico, Bolivia, Uruguay, Costa Rica, Guatemala, Jamaica, Honduras, Panama, Venezuela, Paraguay, Bahamas, Haiti, Nicaragua |
| &nbsp;&nbsp;Others | &nbsp;&nbsp; 中国台湾<br> Taiwan, China |

---

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3.1.4甲方在Tiktok中投放目标受众除上述列明的其他国家和/或区域的，则无返点。

There is no rebate if Party A places the target audience in Tiktok in countries and/or regions other than those listed above.

● **赛道返点** 

**Track Rebates**

3.2甲方的账户被媒体判断为【新客】赛道标准的，则甲方满足标准的账户消耗可以额外获得【3】%比例返点；进一步的，乙方有权对上述账户进行调整以保证甲方账户满足媒体评判标准，若甲方拒绝账户调整的，则乙方有权不给予甲方任何返点。

If Party A's account is assessed by the media as [Acquisition], then Party A can get an additional [3] % percentage rebate for account consumption that meets the standard; furthermore, Party B has the right to adjust the above account to ensure that Party A's account meets the media judging standard, and if Party A refuses the account adjustment, then Party B can refuse to pay Party A any rebate.

3.3甲方的账户被媒体判断为【竞价代投】赛道标准的，则甲方满足标准的账户消耗可以额外获得【3】%比例返点；进一步的，乙方有权对上述账户进行调整，且甲方应积极配合，以保证甲方账户满足媒体评判标准，若甲方拒绝账户调整的，则乙方有权不给予甲方任何返点。进一步的，如果媒体的评判标准有任何修改，则以媒体实时更新的为准。

If Party A's account is assessed by the media as [Performance Service], Party A can get an additional [ 3] % rebate for the consumption of the account that meets the standard; further, Party B has the right to adjust the above account, and Party A shall actively cooperate to ensure that Party A's account meets the media judging standard, if Party A refuses to adjust the account, Party B has the right not to give Party A any rebate. Further, if there is any modification of the media's assessment criteria, subject to the any updates by media.

3.4甲方的账户被媒体判断为【品牌】赛道标准的，则甲方满足标准的账户消耗可以额外获得【3】%比例返点；进一步的，乙方有权对上述账户进行调整以保证甲方账户满足媒体评判标准，若甲方拒绝账户调整的，则乙方有权不给予甲方任何返点。

If Party A's account is assessed by the media as [Branding Service], then Party A's account consumption that meets the standard can get an additional [3 ] % percentage rebate; furthermore, Party B has the right to adjust the above account to ensure that Party A's account meets the media judging standard, if Party A refuses the account adjustment, then Party B has the right not to give Party A any rebate.

3.5甲方的账户被媒体判断为【生态】赛道标准的，则甲方满足标准的账户消耗可以额外获得【3】%比例返点；进一步的，乙方有权对上述账户进行调整以保证甲方账户满足媒体评判标准，若甲方拒绝账户调整的，则乙方有权不给予甲方任何返点。

If Party A's account is assessed by the media as [Ecosystem service], then Party A can get an additional [ 3 ]% percentage rebate for account consumption that meets the standard; furthermore, Party B has the right to adjust the above account to ensure that Party A's account meets the media judging standard, and if Party A refuses to adjust the account, then Party B has the right not to give Party A any rebate.

3.6甲方确认，赛道返点以每季度媒体给乙方的政策为准，如当季度媒体关闭给乙方的赛道返点，则乙方也无法给甲方提供上述赛道返点。

Party A acknowledges that Track Rebates are subject to the policy released to Party B by the media each quarter, and if the media closes the Track Rebates to Party B in the current quarter, Party B will not be able to provide Party A with said track rebates either.

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● **通用** 

**General terms**

3.7甲方向乙方支付全额广告发布金额并在季度结束后，乙方将根据甲方实际支付的广告发布总额结算返点。甲方若存在逾期支付款项具有媒体平台约定的减免支付返点的情形，即使甲方已经支付完毕广告发布金额，也不参与返点。

Party A shall pay the full amount of advertising to Party B. At the end of each quarter, Party B will settle the rebate according to the total amount of advertisement publication actually paid by Party A. If Party A is late in making payment or the media platform agreed to reduce the payment of rebate, Party A will not enjoy any rebate even if Party A has paid the full amount of advertising release.

3.8基础返点和赛道返点如同时满足，可重复叠加，具体以乙方每季度确认的返点金额为准。

If the Basic Rebate and Track Rebate standards are met at the same time, they can be applied simultaneously, and the specific rebate amount shall be subject to the amount confirmed by Party B every quarter.

3.9甲方已悉知针对Tiktok不提供返点部分的消耗金额或因Tiktok单方面决定不给予返点的，乙方也有权不向甲方提供任何返点，如乙方预先已提供的部分，则有权在下次结算时收回。

Party A acknowledged that if Tiktok does not provide rebates for the consumption amount of the rebates, or if Tiktok unilaterally decides not to provide rebates, Party B has the right not to provide any rebates to Party A. If Party B has provided rebates in advance, it shall have the right to withdraw them at the next settlement.

3.10如甲方被媒体判定为违规投放，则乙方有权保留由于甲方违规而产生的媒体罚金的追究权利，最终将以媒体判定为准。

If Party A is assessed by the media to be in violation of the rules, Party B reserves the right to ask the Party A for the media fines arising from Party A's violation, the amount of which will ultimately be determined by the media.

3.11甲方延迟付款达到1个自然日的，乙方有权取消甲方应获返点金额。

If Party A delays the payment for 1 calendar day, Party B has the right to cancel the rebate amount that Party A should receive.

3.12甲方对返点金额的计算存在异议，应当在收到对账单之日起15个自然日内书面通知乙方，否则，视为甲方认可返点金额的计算方式。进一步的，如媒体判定需要返还返点的，则乙方有权在甲方账单中直接扣除，如金额不足的，乙方有权要求甲方在收到通知后30日全额返还。

If Party A has any objection to the calculation of the rebate amount, it shall notify Party B in writing within 15 calendar days from the date of receipt of the statement. Otherwise, it shall be deemed that Party A has approved the calculation method of the rebate amount. Further, if the media determines that the rebate is required, Party B has the right to deduct it directly from Party A's bill. If the amount is insufficient, Party B has the right to require Party A to return it in full within 30 days after receiving the notice.

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3.13甲方在Tiktok中投放目标受众国家为墨西哥、法国、匈牙利的任何消耗，无返点。

There is no rebate for any consumption in Tiktok by Party A where the target audience countries are Mexico, France and Hungary.

3.14甲方使用中国台湾、柬埔寨、缅甸、智利、秘鲁、厄瓜多尔、乌拉圭、哥斯达黎加、巴拿马、危地马拉、多米尼加共和国、巴基斯坦、摩洛哥，主体开户投放的，无任何返点。

There is no rebate for any consumption if the account and placement are managed by Party A's entity in China Taiwan, Cambodia, Myanmar, Chile, Peru, Ecuador, Uruguay, Costa Rica, Panama, Guatemala, Dominican Republic, Pakistan, Morocco.

3.15任何在Tiktok投放项目中有关网红达人（KOL）的费用均不计入返点结算。

Any fees related to KOLs in the Tiktok placement program will not be counted in the rebate program.

3.16区域/国家或赛道的划分、返点金额比例及媒体政策要求，最终将以Tiktok实时更新的为准。

The division of Regions/Countries or Tracks, the percentage of rebate amount and media policy requirements will be subject to Tiktok's any updates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Kwai** 

4.1甲方向乙方支付全额广告发布金额，在季度结束后，乙方向甲方实际支付的广告发布总额结算返点。甲方逾期支付款项或甲方存在具有媒体平台约定的减免支付返点的情形，即使甲方已经按时支付完毕广告发布金额，也不参与返点。

Party A will pay Party B the full amount of the advertisement publication, and at the end of the quarter, Party B will settle the rebate for the total amount of the advertisement publication actually paid by Party A. If Party A is late in making payment or if Party A has circumstances that have been agreed by the media platform to reduce the payment of rebate, Party A will not enjoy the rebate even if Party A has paid the full amount of advertisement publication on time.

4.2甲方在Kwai中投放如下地区可享受返点政策：

Party A is entitled to a rebate policy for placing the following areas in Kwai:

---

| |
|:---|
| &nbsp;&nbsp;**地区Area** |
| &nbsp;&nbsp; 巴西、墨西哥、哥伦比亚、阿根廷、沙特阿拉伯、土耳其、埃及、印度尼西亚、巴基斯坦<br> (some types of customers).<br> Brazil, Mexico, Colombia, Argentina, Saudi Arabia, Turkey, Egypt, Indonesia, Pakistan<br> (some types of customers).<br>\*最终以Kwai实时更新的为准。<br> Subject to the any updates by Kwai. |

---

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4.3甲方在上述地区投放【效果类】广告的返点比例如下：

The rebate percentage for Party A to place [Performance Advertising] in the above areas is as follows:

---

| | |
|:---|:---|
| 广告发布额度区间（单位：万美元）<br> Advertising Placement amount range (in USD million) | 返点比例(%)<br> Rebate percentage (%) |
| x＞0 | 10 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 甲方在上述地区投放【品牌类】广告的返点比例如下：

The rebate percentage for Party A to place [Brand advertising] in the above areas is as follows:

---

| | |
|:---|:---|
| 广告发布额度区间（单位：万美元）<br> Advertising Placement amount range (in USD million) | 返点比例(%)<br> Rebate percentage (%) |
| x＞0 | 10 |

---

4.5甲方延迟付款达到1个自然日的，乙方有权取消甲方应获返点金额。

If Party A delays the payment for 1 calendar day, Party B has the right to cancel the rebate amount due to Party A.

4.6甲方对返点金额的计算存在异议，甲方应当在收到对账单之日起15个自然日内书面通知乙方，否则视为甲方认可返点金额的计算方式。

If Party A disagrees with the calculation of the rebate amount, Party A shall notify Party B in writing within 15 calendar days from the date of receipt of the statement, otherwise Party A shall be deemed to have approved the calculation of the rebate amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **LinkedIn** 

5.1甲方向乙方支付全额广告发布金额，在季度结束后，乙方向甲方实际支付的广告发布总额结算返点。甲方逾期支付款项或甲方存在具有媒体平台约定的减免支付返点的情形，即使甲方已经按时支付完毕广告发布金额，也不参与返点。

Party A will pay Party B the full amount of the advertisement publication, and at the end of the quarter, Party B will settle the rebate for the total amount of the advertisement publication actually paid by Party A. If Party A is late in making payment or if Party A has circumstances that have been agreed by the media platform to reduce the payment of rebate, Party A will not enjoy the rebate even if Party A has paid the full amount of advertisement publication on time.

5.2返点比例如下：

The rebate percentage is as follows:

---

| | |
|:---|:---|
| 广告发布额度区间（单位：万美元）<br> Advertising Placement amount range (in USD million) | 返点比例(%)<br> Rebate percentage (%) |
| x＞0 | 5 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 甲方延迟付款达到1个自然日的，乙方有权取消甲方应获返点金额。

If Party A delays the payment for 1 calendar day, Party B has the right to cancel the rebate amount due to Party A.

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5.4甲方对返点金额的计算存在异议，甲方应当在收到对账单之日起15个自然日内书面通知乙方，否则视为甲方认可返点金额的计算方式。

If Party A disagrees with the calculation of the rebate amount, Party A shall notify Party B in writing within 15 calendar days from the date of receipt of the statement, otherwise Party A shall be deemed to have approved the calculation of the rebate amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 如甲方选择预付合作方式，则乙方将在甲方实际消耗金额超过预付金额的90%时向甲方做出提示；如甲方实际消耗金额达到预付金额时，甲方应立即停止消耗，否则乙方有权停止对甲方提供任何服务包括但不限于暂停账户消耗并收回账号相关权限。

If Party A chooses the cooperation method of Advance payment, Party B will give Party A an alert when Party A's actual consumption amount exceeds 90% of the Advance payment amount; if Party A's actual consumption amount reaches the Advance payment amount, Party A shall immediately stop consumption, otherwise Party B has the right to stop providing any service to Party A including but not limited to suspending account consumption and withdrawing account-related authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 如甲方选择后付合作方式，则不管甲方的实际消耗是否超过充值需求，甲方均应按照实际的消耗与乙方结算，即据实结算原则，如甲方逾期或拒绝支付的，乙方有权停止对甲方提供任何服务包括但不限于暂停账户消耗并收回账号相关权限。

If Party A chooses the cooperation method of Afterward payment , Party A shall settle with Party B according to the actual consumption regardless of whether Party A's actual consumption exceeds the recharge demand, i.e. the principle of truthful settlement. If Party A is late or refuses to pay, Party B has the right to stop providing any service to Party A including but not limited to suspending the account consumption and withdrawing the account-related authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Twitter** 

**Twitter**

6.1甲方向乙方支付全额广告发布金额，在季度结束后，乙方向甲方实际支付的广告发布总额结算返点。甲方逾期支付款项或甲方存在具有媒体平台约定的减免支付返点的情形，即使甲方已经按时支付完毕广告发布金额，也不参与返点。

Party A will pay Party B the full amount of the advertisement publication, and at the end of the quarter, Party B will settle the rebate for the total amount of the advertisement publication actually paid by Party A. If Party A is late in making payment or if Party A has circumstances that have been agreed by the media platform to reduce the payment of rebate, Party A will not enjoy the rebate even if Party A has paid the full amount of advertisement publication on time.

6.2返点比例如下：

The rebate percentage is as follows.

---

| | |
|:---|:---|
| 广告发布额度区间（单位：万美元）<br> Advertising Placement amount range (in USD million) | 返点比例(%)<br> Rebate percentage (%) |
| x＞0 | 10 |

---

6.3甲方延迟付款达到1个自然日的，乙方有权取消甲方应获返点金额。

If Party A delays the payment for 1 calendar day, Party B has the right to cancel the rebate amount due to Party A.

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6.4甲方对返点金额的计算存在异议，甲方应当在收到对账单之日起15个自然日内书面通知乙方，否则，视为甲方认可返点金额的计算方式。

If Party A disagrees with the calculation of the rebate amount, Party A shall notify Party B in writing within 15 calendar days from the date of receipt of the statement; otherwise, Party A shall be deemed to have approved the calculation of the rebate amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **BIGO/Taboola/Outbrain/Yandex/VK/MIQ** 

7.1甲方向乙方支付全额广告发布金额，在季度结束后，乙方向甲方实际支付的广告发布总额结算返点。甲方逾期支付款项或甲方存在具有媒体平台约定的减免支付返点的情形，即使甲方已经按时支付完毕广告发布金额，也不参与返点。

Party A will pay Party B the full amount of the advertisement publication, and at the end of the quarter, Party B will settle the rebate for the total amount of the advertisement publication actually paid by Party A. If Party A is late in making payment or if Party A has circumstances that have been agreed by the media platform to reduce the payment of rebate, Party A will not enjoy the rebate even if Party A has paid the full amount of advertisement publication on time.

7.2返点比例如下：

The rebate percentage is as follows.

---

| | |
|:---|:---|
| 广告发布额度区间（单位：万美元）<br> Advertising Placement amount range (in USD million) | 返点比例(%)<br> Rebate percentage (%) |
| x＞0 | 3 |

---

7.3甲方延迟付款达到1个自然日的，乙方有权取消甲方应获返点金额。

If Party A delays the payment for 1 calendar day, Party B has the right to cancel the rebate amount due to Party A.

7.4甲方对返点金额的计算存在异议，甲方应当在收到对账单之日起15个自然日内书面通知乙方，否则，视为甲方认可返点金额的计算方式。

If Party A disagrees with the calculation of the rebate amount, Party A shall notify Party B in writing within 15 calendar days from the date of receipt of the statement; otherwise, Party A shall be deemed to have approved the calculation of the rebate amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **微软/Snapchat** 

7.1甲方向乙方支付全额广告发布金额，在季度结束后，乙方向甲方实际支付的广告发布总额结算返点。甲方逾期支付款项或甲方存在具有媒体平台约定的减免支付返点的情形，即使甲方已经按时支付完毕广告发布金额，也不参与返点。

Party A will pay Party B the full amount of the advertisement publication, and at the end of the quarter, Party B will settle the rebate for the total amount of the advertisement publication actually paid by Party A. If Party A is late in making payment or if Party A has circumstances that have been agreed by the media platform to reduce the payment of rebate, Party A will not enjoy the rebate even if Party A has paid the full amount of advertisement publication on time.

7.2返点比例如下：

The rebate percentage is as follows.

---

| | |
|:---|:---|
| 广告发布额度区间（单位：万美元）<br> Advertising Placement amount range (in USD million) | 返点比例(%)<br> Rebate percentage (%) |
| x＞0 | 10 |

---

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7.3甲方延迟付款达到1个自然日的，乙方有权取消甲方应获返点金额。

If Party A delays the payment for 1 calendar day, Party B has the right to cancel the rebate amount due to Party A.

7.4甲方对返点金额的计算存在异议，甲方应当在收到对账单之日起15个自然日内书面通知乙方，否则，视为甲方认可返点金额的计算方式。

If Party A disagrees with the calculation of the rebate amount, Party A shall notify Party B in writing within 15 calendar days from the date of receipt of the statement; otherwise, Party A shall be deemed to have approved the calculation of the rebate amount.

**四、返点结算与支付方式**

**IV. Rebates settlement and payment method**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. 双方同意按照如下方式支付返点金额：

Both Parties agree to pay the rebates in the following manner:

1) 返点金额在月度账单进行抵扣结算

The rebates shall be applied to set off against the monthly settlement bills.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. 甲方返点金额在应付乙方的广告款中直接扣减。如甲方选择预付广告费用，返点金额在甲方支付款时直接扣减；甲方选择按月结算的，返点金额按季度结算，该季度返点金额于次季度第二个月的账单抵扣。如该季度甲方存在未按约定时间付款的的情形，则乙方有权将双方确认后的返点金额于次季度第三个月的账单抵扣。此种返点结算方式适用于季度返点媒体，包含本次合同约定的【 **Meta/Google/Tiktok/Twitter/Kwai/Taboola/BIGO/Yandex/VK/Snapchat/MIQ/Linkedin/Outbrain/微软** 】媒体投放。

The rebates of Party A shall be set off directly against the advertising fees payable to Party B. If Party A chooses to pay the advertising fees in advance, the rebates will be set off against Party A's advance payment directly. If Party A chooses monthly settlement, the rebates will be settled quarterly, and the rebates will be set off against the bill of the second month of the succeeding quarter. If Party A fails to make payment on time for any quarter, Party B will have the right to set off the confirmed rebates against the third month's bill of the succeeding quarter. This rebates settlement applies to quarterly rebating media, including the [**Meta/Google/Tiktok/Twitter/Kwai/Taboola/BIGO/Yandex/VK/Snapchat/MIQ/Linkedin/Outbrain/微软**] placement platform as agreed in this contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. 返点结算时，甲方应向乙方交付正规的、符合乙方财务制度要求的Invoice。甲方交付的Invoice不符合要求的，乙方有权拒绝或延迟支付/扣减返点金额，直至收到有效Invoice为止，并且不承担逾期付款违约责任。

Party A shall deliver to Party B formal invoice that meets the requirements of Party B's financial system for purposes of rebates settlement. If the invoice delivered by Party A does not meet the requirements, Party B shall have the right to refuse to pay or delay to pay or deduct the rebates until Party B receives the valid invoice, without any breach liability for overdue payment.

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**五、政策调整**

**V. Policy Adjustment**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. 合作期限内，因媒体平台相关政策调整的，乙方有权相应调整给予甲方的返点比例。

During the term of cooperation, Party B has the right to adjust the rebate rate applied to Party A according to adjustment of the relevant policies by the media platform.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. 每季度或年度媒体给予乙方返点比例确定时，若媒体给予乙方的返点比例低于乙方给予甲方的返点比例，则乙方有权调整乙方给予甲方的返点比例。

Party B shall have the right to adjust the rebate rate applicable to Party A ,anually or quarterly, if the rebate rate provided by media to Party B is lower than that originally offered by Party B to Party A .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. 乙方向甲方提供的返点报告的数据以媒体提供为准，媒体数据报告为最终双方的结算依据。

The data of rebates reports provided by Party B to Party A shall be follow the data of rebates report provided by the media. The data report from the media shall base on the final settlement between Party B and the media.

（本行以下无条款正文，为签字盖章页）(The page below is for signature only)

甲方【HongKong Grand Universe Technology Limited ]】

盖章

签订日期：

乙方：【BLUEMEDIA PTE. LTD. 】

---

| | |
|:---|:---|
| 盖章 <br> 签订日期： | /s/ BLUEMEDIA PTE. LTD. |

---

**Party A: [ HongKong Grand Universe Technology Limited ]** 

Seal: /s/ HongKong Grand Universe Technology Limited

Signing Date:

**Party B: [**BLUEMEDIA PTE. LTD. **]** 

Seal:

Signing Date:

#### 32 / 36
合同编号：

**连带责任保证协议**

**Joint and Several Liability Guarantee Agreement**

甲方 :【HongKong Grand Universe Technology Limited ]】

Party A: [HongKong Grand Universe Technology Limited ]

乙方 :【BLUEMEDIA PTE. LTD.】

Party B: [ BLUEMEDIA PTE. LTD. ]

丙方 1:【北京三角翼信息科技有限公司】

Party C: [北京三角翼信息科技有限公司]

丙方 2:【罗艳梅[\*\*\*]】

Party C: [罗艳梅[\*\*\*]]

甲方、乙方和丙方以下单独称为"一方",合并称为三方"。基于甲乙双方良好的合作，三方同意：本协议为连带责任保证协议，约定丙方愿意为甲方在约定时间内对乙方的全部债务提供不可撤销的连带责任保证担保。

Party A, Party B and Party C are hereinafter individually referred to as a "Party" and collectively referred to as the "Three Parties". Based on the good cooperation between Party A and Party B, Three Parties agree that: this Agreement is a joint and several liability guarantee agreement, and it is stipulated that Party C is willing to provide a joint and several liability guarantee that cannot be liquidated for all debts of Party B within the agreed time.

一、保证范围：甲乙双方在<u>自2023年3月1日起至2026年12月31日止</u>签定的所有合作的合同、协议（合成"主协议"）。

Scope of Warranty: All cooperation contracts and agreements (combined as "Master Agreement") signed between Party A and Party B from [ date ] to [ date ].

二、丙方作为甲方的连带保证人，丙方同意代甲方向乙方支付主协议项下的、甲方应支付的合同款项，且丙方承诺：就甲方在主协议下可能产生的全部责任向乙方承担不可撤销的连带责任。其中，甲方可能产生的责任包括但不限于：甲方依主协议应向乙方支付的合同款项、违约金、罚金等款项的支付义务，侵权损害赔偿义务等。乙方有权在不事先向甲方主张权利的前提下，直接要求丙方依据主协议向乙方付款，丙方承担责任后应自行与甲方协商补偿事宜，与乙方无关。如因此产生额外费用或给乙方造成任何损失的，甲丙双方应共同承担连带责任。

As the joint and several guarantor of Party A, Party C agrees to pay the contract amount payable by Party A to Party B on behalf of Party A according to the Master agreement. In addition, Party C undertakes to bear irrevocable joint and several liabilities for the full liability of Party A stipulated in the Master agreement, including but not limited to: contract amount payable by Party A to Party B according to the Master agreement, liquidated damage, fine, compensation etc. Party B has the right to request Party C to pay the relevant payment according to the Master agreement without claiming to Party A in advance. After Party C assumes the above responsibility, Party C shall negotiate with Party A for compensation matter. Party A and Party C shall be jointly and severally liable for any extra expenses or losses caused to Party B.

#### 33 / 36
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三、丙方对被担保债务的连带责任保证的保证期间为本协议生效之日起至所有被担保债务的履行期限届满（多笔债务的，从最后一笔债务履行期届满）之次日起两年。

The term of guarantee of Party C's joint and several liability guarantee for the secured debts shall be two years from the effective date of this Agreement until the expiration of the performance period of all the secured debts (in the case of multiple debts, from the expiration of the last debt performance period).

四、管辖及法律适用：主协议有规定的以主协议为准，主协议未规定的，适用中华人民共和国法律，并同意将争议提交至北京仲裁委员会，按照申请仲裁时该会现行有效的仲裁规则进行仲裁。

Jurisdiction and Application of Law: If there are provisions in the Master Agreement, the master Agreement shall prevail. If there are no provisions in the Master Agreement, this Agreement is governed by and shall be construed in accordance with law of China. The dispute shall be submitted to Beijing Arbitration Commission (the "BAC") for arbitration in accordance with the commission's arbitration rules in effect at the time of applying for arbitration.

五、本协议独立于"主协议"。"主协议"的任何条款成为无效、非法或不执行不应影响本协议的有效性、合法性或可执行性。

This Agreement is independent of the Master Agreement. The invalidity, illegality or non-enforcement of any provision of the Master Agreement shall not affect the validity, legality or enforceability of this Agreement..

六、本协议书一式三份，各执一份，每份具有同等法律效力。本协议书经甲、乙、丙三方盖章（若为自然人，需亲笔签字并捺手印）后生效。

This agreement shall be in triplicate, with each party holding one copy.. Each copy shall have the same legal effect. This agreement shall come into force after being sealed by Party A, Party B and Party C (if either Party is a natural person, the Party needs to sign in person and stamp by fingerprints).

七、 丙方在签署本协议前需提供有无配偶证明、相关资产状况、公司资产证明等。（具体见附件：丙方财产清单）

Before signing this Agreement, Party C shall provide proof of the existence or not of spouse, relevant asset status and company asset, etc. (For details please refer to the Attachment hereto for Property List of Party C).

（以下无正文）

[Remainder of page intentionally blank]

#### 34 / 36
合同编号：

【签字页/Execution Page】

甲方【HongKong Grand Universe Technology Limited ]】

盖章

签订日期：

乙方：【BLUEMEDIA PTE. LTD. 】

盖章

签订日期：

丙方1:北京三角翼信息科技有限公司

---

| | |
|:---|:---|
| 签字或盖章: <br> 日期: | /s/北京三角翼信息科技有限公司 |

---

丙方2: 罗艳梅[\*\*\*]

签字并按手印: /s/ 罗艳梅

日期:

Party A: HongKong Grand Universe Technology Limited

Signature or seal:

Date:

Party B: BLUEMEDIA PTE. LTD.

Signature or seal:

Date:

Party C: 北京三角翼信息科技有限公司

Signature or seal:

Date:

Party C: 罗艳梅

Signature or seal:

Date:

#### 35 / 36
合同编号：

担保方股东确认，担保方向乙方提供的上述连带责任保证已经丙方章程规定的有权机构决议通过。(担保方如为自然人则不涉及此条款)

The shareholder of Party C confirms that the above-mentioned joint and several liability guarantee provided by the Party C to Party B has been passed by the resolution of the competent authority specified in the articles of association of Party C.(This clause does not apply if the guarantor is a natural person)

担保方股东签字：卢争超

The shareholder of Party C (Signature or seal) /s/ 卢争超

日期：

Date:

#### 36 / 36

## Exhibit 10.11

**Exhibit 10.11**

**FORM INDEMNIFICATION AGREEMENT**

This Indemnification Agreement (this "<u>Agreement")</u> is entered into as of [●] by and between JoyByte Holdings Limited, a Cayman Islands exempt company (the <u>"Company")</u>, and the undersigned, a director and/or an officer of the Company <u>("Indemnitee")</u>, as applicable.

**RECITALS**

The board of directors of the Company (the <u>"Board of Directors")</u> 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 lndemnitee 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 reasonably 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.

*lndemnifiable Event* means any event, incident or occurrence that takes place 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 lndemnitee in any such capacity, provided however, that an Indemnifiable Event shall not include any event or occurrence that arises as a result of the Indemnitee's neglect, fraud, reckless or willful misconduct, gross negligence, 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, claim, suit, action, alternate dispute resolution process, administrative hearing, appeal, arbitration or proceeding, or any inquiry, hearing or investigation, whether civil, criminal, administrative, investigative or other, including appeal, in which lndemnitee 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 the 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 the lndemnitee 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.3, 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 the 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 the 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 the Indemnitee on the other hand shall be determined by reference to, among other things, the parties' relative intent, act and behavior, 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 Indemnitee.</u> lndemnitee shall, as a condition precedent to his/her 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 lndemnitee to give notice hereunder shall not prejudice any of lndemnitee'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 action 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. The lndemnitee shall not admit any personal liability toward third parties, nor enter into any settlement negotiations or a settlement agreement, without the prior written consent of the Company. The Indemnitee shall act in accordance with the Company's instructions and the Indemnitee undertakes that he/she shall use his/her best endeavours to cooperate with the Company to agreeing on the defence of any claims or in any Proceeding.

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Advancement of Expenses.* Indemnitee may submit a written request with all relevant 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 within 10 business days after the end of the relevant Proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 reasonably incurred in connection with a Proceeding from the Company immediately after Indemnitee makes a written request with all relevant particulars 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;&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 the Indemnitee, the Company shall, within I0 business days after the Indemnitee's written request for an advancement or reimbursement of Expenses, notify the 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 business days after the 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; <u>provided</u>, <u>however,</u> that Indemnitee may bring a suit to enforce his/her 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 business days after making a written demand in accordance with Section C.2 above or 50 business days if the Company submits a request for advancement or reimbursement to the Reviewing Party under Section C.2(c) above, lndemnitee 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 lndemnitee.

&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 lndemnitee'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. Burden of Proof and Presumptions.</u> 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 the 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 the 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;&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 business 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 the 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. <u>"Disinterested</u> 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;&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.S(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 sha11 apply), and lndemnitee 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 business 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 <u>"Independent Counsel"</u> as defined in Section C.S(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 business days after submission by lndemnitee 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In making a determination with respect to entitlement to indemnification hereunder, the Reviewing Party shal1 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 detem1ination 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 *nolocontendere* 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 he/she 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 his/her 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 the 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>"Independent Counsel"</u> 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 the 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 lndemnitee 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 he/she 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 U.S. Securities and Exchange Commission (the <u>"SEC")'s</u> prohibition 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 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 his/her former or current capacity at the Company, whether or not he/she 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;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Subrogation.</u> In the event of payment to lndemnitee by the Company under this Agreement, the Company shall be subrogated to the extent of such payment to all of the tights 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; Binding Effect.</u> 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;&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 internal laws of the State of New York, without giving effect to conflicts of laws provisions thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Notices.</u> All notices, demands, and other communications required or pe1mitted 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 30F, Gravity, 29 Hing Yip street, Kwun Tong, Kowloon, Hong Kong., attention: Mr. Wong Ying Yeung, the Chief Executive Officer, and to Indemnitee at his/her address last known to the Company.

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 have executed this Agreement as of the date first written above.

Agreed and accepted

For and on behalf of

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| |
|:---|
| **JoyByte Holdings Limited** |
| **Name:** |
| **Title:** |

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Agreed and accepted

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| |
|:---|
| **Name:** |
| **Title:** |

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**[Signature Page to Indemnification Agreement]**

## Exhibit 14.1

**Exhibit 14.1**

**Adopted: [\*], 2026**

**JOYBYTE HOLDINGS LIMITED**

**CODE OF BUSINESS CONDUCT AND ETHICS**

**1.** **Introduction** 

The Board of Directors (the "**Board**") of JoyByte Holdings Limited (the "**Company**") has adopted this code of ethics (this "**Code**"), which is applicable to all directors, officers, and employees (to the extent that employees are hired in the future) (each a "**person**" as used herein) of the Company, with the intent to:

● promote honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

● promote the full, fair, accurate, timely, and understandable disclosure in reports and documents that the Company files with, or submits to, the Securities and Exchange Commission (the "**SEC** "), as well as in other public communications made by or on behalf of the Company;

● promote compliance with applicable governmental laws, rules, and regulations;

● deter wrongdoing; and

● require prompt internal reporting of breaches of, and accountability for adherence to, this Code.

This Code may be amended only by resolution of the Board. In this Code, references to the "**Company**" mean JoyByte Holdings Limited, and include, in appropriate context, the Company's subsidiaries.

**2.** **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. Specifically, each person must:

● 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 with the Company's customers, suppliers and business partners, and any other companies or individuals with whom the Company does business or comes into contact.

● 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/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/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.

**3.** **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/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 Chairman of the audit committee of the Board (the "**Audit Committee**")) any information he/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.

**4.** **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.

**5.** **Reporting and Accountability** 

Audit Committee 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 Chairman of Audit Committee promptly. Failure to do so is itself a breach of this Code.

Specifically, each person must:

● Notify the Chairman of Audit Committee 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 Audit Committee will take all appropriate action to investigate any breaches reported to it.

● If the Audit Committee 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.

**6.** **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.

**7.** **Insider Trading And Dissemination Of Inside Information** 

Each person shall comply with the Company's policy regarding insider trading and dissemination of inside information.

**8.** **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.

**9.** **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.

Types of conduct that could constitute improper influence include, but are not limited to, directly or indirectly:

● Offering or paying bribes or other financial incentives, including future employment or contracts for non-audit services;

● Providing an auditor with an inaccurate or misleading legal analysis;

● Threatening to cancel or canceling existing non-audit or audit engagements if the auditor objects to the Company's accounting;

● Seeking to have a partner removed from the audit engagement because the partner objects to the Company's accounting;

● Blackmailing; and

● Making physical threats.

**10.** **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.

**11.** **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.

**12.** **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.

**13.** **Confidentiality** 

Each person must not disclose confidential information regarding the Company, its investment adviser or their affiliates, unless such disclosure is authorized or required by law. Confidential information includes all non-public information that may be harmful to, or useful to the competitors of, the Company, its investment adviser or their affiliates. Also, all reports and records prepared or maintained pursuant to this Code will be considered confidential and will be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters will not be disclosed to anyone other than the Board, the Company's investment adviser and distributor (as applicable), and their respective counsel.

**14.** **Inquiries** 

All inquiries and questions in relation to this Code or its applicability to particular people or situations should be addressed to the Chairman of the Audit Committee.

## Exhibit 21.1

**Exhibit 21.1**

**JOYBYTE HOLDINGS LIMITED**

List of Subsidiaries

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| | |
|:---|:---|
| **Name of Subsidiary** | **Jurisdiction of Incorporation or Organization** |
| Success Wave Holdings Limited | British Virgin Islands |
| HongKong Grand Universe Technology Limited | Hong Kong |

---

## Exhibit 23.1

**Exhibit 23.1**

![](ex23-1_001.jpg)

<u>Consent of Independent Registered Public Accounting Firm</u>

We hereby consent to the inclusion of our report dated September 23, 2025 in the Registration Statement on Form F-1 of JoyByte Holdings Limited, under the Securities Act of 1933, with respect to the consolidated balance sheets of JoyByte Holdings Limited and its subsidiaries (collectively the "Company") as of June 30, 2025 and 2024, and the related consolidated statements of operations, changes in shareholders' equity (deficit), and cash flows for each of the years in the two-year period ended June 30, 2025, and the related notes included herein.

We also consent to the reference of our firm under the heading "Experts" in such Registration Statement.

---

| | |
|:---|:---|
|  | /s/ WWC, P.C. |
|  | WWC, P.C. |
| San Mateo, California | Certified Public Accountants |
| January 27, 2026 | PCAOB ID No.1171 |

---

![](ex23-1_002.jpg)

## Exhibit 23.4

**Exhibit 23.4**

![](ex23-4_001.jpg)

Date: January 27, 2026

The Board of Management

**Joybyte Holdings Limited**

Unit 1211, 12/F, One Midtown,

11 Hoi Shing Road, Tsuen Wan,

Hong Kong

**<u>Re: Consent Letter</u>**

Ladies and Gentlemen,

We understand that Joybyte Holdings Limited (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 99.1

**Exhibit 99.1**

**CHARTER OF THE AUDIT COMMITTEE**

**OF THE BOARD OF DIRECTORS OF**

**JOYBYTE HOLDINGS LIMITED**

This Charter outlines the purpose, composition and responsibilities of the Audit Committee (the "**Committee**") of the Board of Directors (the "**Board**") of Joybyte Holdings Limited, a Cayman Islands company (the "**Company**").

**I. PURPOSE**

The Committee has been established to: (a) represent and assist the Board in its oversight responsibilities regarding the Company's accounting and financial reporting processes, the audits of the Company's financial statements, including the integrity of the financial statements, and the independent auditors' qualifications and independence; (b) oversee the preparation of the report required by Securities and Exchange Commission ("**SEC**") rules for inclusion in the Company's annual proxy statement; (c) retain and terminate the Company's independent auditors; (d) approve in advance all audit and permissible non-audit services to be performed by the independent auditors; (e) approve related person transactions; and (f) perform such other functions as the Board may from time to time assign to the Committee.

**II. COMPOSITION**

The Committee shall be composed of at least three members (including a Chairperson), all of whom shall be "independent," as such term is defined for directors and audit committee members in the rules and regulations of the SEC and the listing standards of the NASDAQ Stock Market LLC, as determined by the Board. The members of the Committee and the Chairperson shall be selected annually by the Board and serve at the pleasure of the Board. A Committee member (including the Chairperson) may be removed at any time, with or without cause, by the Board. All members of the Committee shall be able to read and understand financial statements at the time of their appointment and at least one member of the Committee shall qualify as an "audit committee financial expert" as such term is defined in the rules and regulations of the SEC, as determined by the Board. In addition, no Committee member may have participated in the preparation of the financial statements of the Company or any of the Company's current subsidiaries at any time during the past three years. The Chairperson shall maintain regular communication with the Company's Chief Executive Officer, Chief Financial Officer and the lead partner of the independent auditors. The Committee shall have authority to delegate responsibilities listed herein to subcommittees of the Committee if the Committee determines such delegation would be in the best interest of the Company.

**III. MEETING REQUIREMENTS**

The Committee shall meet as necessary to enable it to fulfill its responsibilities but at least quarterly. A majority of the members, but not less than two members, shall constitute a quorum. The Committee shall act on the affirmative vote of a majority of the members present at a meeting at which a quorum is present. Without a meeting, the Committee may act by unanimous written consent of all members.

The Committee may ask members of management, employees, outside counsel, the independent auditors, or others whose advice and counsel are relevant to the issues then being considered by the Committee, to attend any meetings and to provide such pertinent information as the Committee may request.

The Chairperson of the Committee shall be responsible for leadership of the Committee, including preparing the agenda, presiding over Committee meetings, making Committee assignments, reporting on the Committee's activities to the Board and being the lead liaison between the Committee and the Company's management and independent auditors.

As part of its responsibility to foster free and open communication, the Committee shall meet periodically in separate executive sessions with the independent auditors, and may also meet in separate executive sessions with such other individuals as the Committee chooses, including the principal internal auditor and/or a senior attorney within the office of the General Counsel.

**IV. COMMITTEE RESPONSIBILITIES**

In carrying out its oversight responsibilities, the Committee's policies and procedures should remain flexible to enable the Committee to react to changes in circumstances. In addition to such other duties as the Board may from time to time assign, the Committee shall have the following responsibilities:

A. <u>Oversight of the Financial Reporting Processes</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Review and discuss with the independent auditors the matters required to be discussed by the independent auditors under Auditing Standard No. 16, as adopted by the Public Company Accounting Oversight Board ()"**PCAOB**") and amended from time to time, or any successor standard, rule or regulation.

2. Discuss with management and legal counsel the status of pending litigation, taxation matters, compliance policies and other areas that may materially impact the Company's financial statements or accounting policies.

3. Review with management and the independent auditors the effect of regulatory and accounting initiatives, as well as any off-balance sheet structures, on the Company's financial statements.

B. <u>Review of Documents and Reports</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Review and discuss with management and the independent auditors the Company's annual audited financial statements and quarterly financial statements (including disclosures under the section entitled Management's Discussion and Analysis of Financial Condition and Results of Operations and any report by the independent auditors related to the financial statements.

2. Based on the review, the Committee shall make its recommendation to the Board as to the inclusion of the Company's audited consolidated financial statements in the Company's annual report on Form 10-K.

3. Review and discuss earnings press releases with management and the independent auditors.

4. Oversee the preparation of the report required by the rules of the SEC to be included in the Company's annual proxy statement.

C. <u>Independent Auditors Matters</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Be directly responsible for the appointment, compensation, retention and oversight of the work of the independent auditors. In this regard, the Committee shall appoint and retain, and submit for ratification by the Company's stockholders, compensate, and evaluate the independent auditors and terminate the independent auditors when circumstances warrant. The independent auditors shall report directly to the Committee.

2. Evaluate, on an annual basis, the independent auditors' qualifications, performance and independence, including the experience and qualifications of the senior members of the audit team. In doing its evaluation, the Committee shall consider all professional services rendered by the independent auditors and its affiliates. Consistent with the rules of the PCAOB, the Committee shall obtain and review a report by the independent auditors describing any relationships between the independent auditors, and the Company or individuals in financial reporting oversight roles at the Company, that may reasonably be thought to bear on the independent auditors' independence and discuss with the independent auditors the potential effects of any such relationships on independence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Approve, in advance, all audit and permissible non-audit services to be provided by the independent auditors, and establish policies and procedures for the preapproval of audit and permissible non-audit services to be provided by the independent auditors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Committee shall oversee the regular rotation of the lead audit partner and audit review partner as required by law and consider whether there should be a periodic rotation of the Company's independent auditors.

5. As appropriate, review and approve the hiring of employees or former employees of the independent auditors.

D. <u>Internal Controls and Disclosure Controls</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Review and discuss the adequacy and effectiveness of the Company's internal controls, including periodically receiving reports from the Company's independent auditors and Chief Executive Officer and Chief Financial Officer regarding the Company's system of internal controls.

2. Review and discuss the adequacy and effectiveness of the Company's disclosure controls and procedures, including periodically receiving reports from management regarding the Company's disclosure controls and procedures.

3. Establish and oversee procedures for the receipt, retention and treatment of complaints received by the Company regarding accounting, internal accounting controls or auditing matters, and confidential, anonymous submission by employees of concerns regarding questionable accounting or auditing matters.

E. <u>Internal Audit (if applicable)</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Review and discuss with the principal internal auditor of the Company the results of the internal audit.

2. Annually review and discuss with the principal internal auditor of the Company the annual internal audit plan and the adequacy of internal audit resources, and the performance and effectiveness of the internal audit function.

3. Review and concur in the appointment, and dismissal when appropriate, of the principal internal auditor, and the compensation of the principal internal auditor.

F. <u>Other Responsibilities</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Review and approve "related person transactions" as such term is defined in the rules and regulations of the SEC.

2. Review and discuss the
 Company's practices with respect to risk assessment and risk management, including review and discussion with (i) management and the auditors,
as appropriate, the Company's guidelines and policies with respect to financial risk management and financial risk assessment, including
the Company's major financial risk exposures and the steps taken by management to monitor and control these exposures and (ii) management
risks relating to data privacy, technology and information security, including cyber security, and back-up of information systems and
the steps the Company has taken to monitor and control such exposures.

3. Annually evaluate the adequacy of the Committee's charter.

4. To the extent the Company plans to rely on "end-user exception" regulations established by the Commodity Futures Trading Commission, at least annually, review and approve on behalf of the Company and any applicable subsidiaries, the Company's decision to enter into swaps that are exempt from exchange- execution and clearing under the end-user exception, and review and discuss with management applicable Company policies governing the Company's use of swaps subject to the end-user exception.

**V. ADVISORS TO THE COMMITTEE**

The Committee may retain, at the Company's expense, legal, accounting or other advisors, as it deems necessary to carry out its duties, and shall receive appropriate funding, as determined by the Committee, from the Company for payment of compensation to any such advisors and for the payment of ordinary administrative expenses that are necessary or appropriate in carrying out the Committee's duties. The Committee shall have sole authority to retain and terminate any such advisors, including the sole authority to negotiate and approve reasonable fees and retention terms of such advisors. The Committee shall comply with the Company's then-current level review of contracts and budget procedures.

## Exhibit 99.2

**Exhibit 99.2**

**CHARTER OF THE NOMINATING AND GOVERNANCE COMMITTEE**

**OF THE BOARD OF DIRECTORS OF**

**JOYBYTE HOLDINGS LIMITED**

This Charter outlines the purpose, composition and responsibilities of the Nominating and Governance Committee (the "**Committee**") of the Board of Directors (the "**Board**") of Joybyte Holdings Limited, a Cayman Islands company (the "**Company**").

**I. PURPOSE**

The Committee is responsible for: (a) assisting the Board in determining the desired experience, mix of skills and other qualities to provide for appropriate Board composition, taking into account the current Board members and the specific needs of the Company and the Board; (b) identifying qualified individuals meeting those criteria to serve on the Board; (c) proposing to the Board the Company's slate of director nominees for election by the shareholders at the Annual Meeting of Shareholders and nominees to fill vacancies and newly created directorships; (d) reviewing candidates recommended by shareholders for election to the Board and shareholder proposals submitted for inclusion in the Company's proxy materials; (e) advising the Board regarding the size and composition of the Board and its committees; (f) proposing to the Board directors to serve as chairpersons and members on committees of the Board; (g) coordinating matters among committees of the Board; (h) proposing to the Board the slate of corporate officers of the Company and reviewing the succession plans for the executive officers; (i) recommending to the Board and monitoring matters with respect to governance of the Company; (j) overseeing the Company's compliance program; and (k) such other functions as the Board may from time to time assign to the Committee.

**II. COMPOSITION**

The Committee shall be composed of at least three, but not more than five, members (including a Chairperson), all of whom shall be "independent" as such term is defined for directors in the listing standards of the NASDAQ Stock Market LLC ("**NASDAQ**"), as determined by the Board. The members of the Committee and the Chairperson shall be selected annually by the Board and shall serve at the pleasure of the Board. A Committee member (including the Chairperson) may be removed at any time, with or without cause, by the Board. The Committee shall have authority to delegate responsibilities listed herein to subcommittees of the Committee if the Committee determines such delegation would be in the best interest of the Company.

**III. MEETING REQUIREMENTS**

The Committee shall meet as necessary to enable it to fulfill its responsibilities, but at least once each year. The Committee shall meet at the call of the Chairperson. The Committee may meet by telephone conference call or by any other means permitted by law or the Company's Bylaws. A majority of the members, but not less than two members, shall constitute a quorum. The Committee shall act on the affirmative vote of a majority of the members present at a meeting at which a quorum is present. Without a meeting, the Committee may act by unanimous written consent of all members.

The Committee may ask members of management, or others whose advice and counsel are relevant to the issues then being considered by the Committee, to attend any meetings and to provide such pertinent information as the Committee may request.

The Chairperson of the Committee shall be responsible for leadership of the Committee, including preparing the agenda, presiding over Committee meetings, making Committee assignments, reporting on the Committee's activities to the Board and being the lead liaison between the Committee and the Company's management. In addition, the Chairperson of the Committee shall convene regular meetings of the independent directors of the Company, no less than three per year, usually in conjunction with the regular Board meetings.

**IV. COMMITTEE RESPONSIBILITIES**

In carrying out its oversight responsibilities, the Committee's policies and procedures should remain flexible to enable the Committee to react to changes in circumstances. In addition to such other duties as the Board may from time to time assign, the Committee shall have the following responsibilities:

A. <u>Board Candidates and Nominees</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. To identify, evaluate, and recommend to the Board for nomination the Company's candidates for election or reelection as directors at the Annual Meeting of Shareholders or by appointment by the Board in the event of a vacancy or newly- created directorship, including consideration of prospective candidates proposed for the Committee's consideration by any shareholder;

2. To review the desired experience, mix of skills and other qualities to provide for appropriate Board composition, taking into account the current Board members, the specific needs of the Company and the Board, the rules and regulations of the Securities and Exchange Commission ()"**SEC**") and NASDAQ listing standards;

3. To conduct candidate searches, interview prospective candidates and conduct programs to introduce candidates to the Company, its management and operations, and confirm the appropriate level of interest of such candidates;

4. To conduct appropriate inquiries into the background and qualifications of potential nominees; and

5. To recommend to the Board qualified candidates for the Board who bring the background, knowledge, experience, skill sets and expertise that would strengthen and increase the diversity of the Board.

B. <u>Board of Directors</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. To assess and make recommendations to the Board regarding the size and composition of the Board in light of the operating and regulatory requirements of the Company and a consideration of appropriate areas of expertise to be represented on the Board;

2. To recommend to the Board policies pertaining to the roles, responsibilities, retirement age, tenure and removal of directors;

3. To review the Directors and Officers questionnaires prepared annually by the Company's directors;

4. To assist the Board in assessing whether directors and prospective directors are "independent" within the meaning of the rules and regulations of the SEC and NASDAQ listing standards;

5. To review the suitability for continued service as a director of each Board member when he or she has a significant change in status, such as an employment change, and to recommend whether or not such director should be re-nominated; and

6. In conjunction with the Compensation Committee, to consider the appropriateness of the non-employee director compensation program, and make recommendations to the Board regarding director compensation.

C. <u>Committees of the Board</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. To assess and make recommendations to the Board regarding the size, composition, scope of authority, responsibilities, and reporting obligations of each committee of the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. To annually propose to the Board directors to serve as chairpersons and members of each committee of the Board, and to review and recommend additional committee members as needed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. To coordinate matters between the committees of the Board and review and coordinate proposed revisions to committee charters; and

4. To recommend that the Board establish such special committees as may be necessary or appropriate to address ethical, legal or other matters that may arise.

D. <u>Evaluations and Management Development</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. To oversee the performance of the Board and its Committees;

2. To work with the Company's senior management to consider, adopt and oversee director orientation and continuing education programs;

3. To recommend to the Board candidates for election as corporate officers of the Company as the Committee may from time to time deem appropriate;

4. In conjunction with the Compensation Committee, to conduct an annual review of the performance of the Chief Executive Officer;

5. To periodically review executive officer succession plans, including receiving and considering recommendations from the Company's Chief Executive Officer regarding succession at the Chief Executive Officer and other executive officer levels; and

6. To review the Directors and Officers questionnaires prepared annually by the Company's executive officers.

E. <u>Corporate Governance</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. To develop, evaluate and oversee issues and developments with respect to governance of the Company;

2. To oversee the Company's compliance program, including the Company's codes of conduct and the Company's policies and procedures for monitoring compliance; and at least annually, endeavor to meet to review the implementation and effectiveness of the Company's compliance program with the chief compliance officer, if any, who shall have the authority to communicate directly to the Committee, promptly, about actual and alleged violations of law or the Company's codes of conduct, including any matters involving criminal or potential criminal conduct;

3. To periodically review the Company's Corporate Governance Guidelines and recommend changes to the Board as appropriate;

4. To periodically review and recommend changes to Company policies approved by the Board from time to time;

5. To periodically review and recommend changes to the Company's
memorandum and articles of association; and

6. To periodically review and make recommendations to the Board regarding the appropriateness of the Company's Shareholder Rights Plan, if any, as a whole and its specific terms, and other modifications to the Company's takeover and structural defenses.

F. <u>Miscellaneous</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. To evaluate shareholder proposals submitted for inclusion in the Company's proxy materials and recommend to the Board whether the Company shall support or oppose the proposal;

2. To recommend ways to enhance services to and improve communications and relations with the Company's shareholders; and

3. To annually evaluate the adequacy of the Committee's memorandum
and articles of association.

**V. ADVISORS TO THE COMMITTEE**

The Committee may retain, at the Company's expense, legal, accounting or other advisors as it deems necessary to carry out its duties, and shall receive appropriate funding, as determined by the Committee, from the Company for payment of compensation to any such advisors. The Committee shall have sole authority to retain and terminate any such advisors, including the sole authority to negotiate and approve reasonable fees and retention terms of such advisors. The Committee shall comply with the Company's then-current level review of contracts and budget procedures.

## Exhibit 99.3

**Exhibit 99.3**

**CHARTER OF THE COMPENSATION COMMITTEE**

**OF THE BOARD OF DIRECTORS OF**

**JOYBYTE HOLDINGS LIMITED**

The Compensation Committee (the "**Committee**") of the Board of Directors (the "**Board**") of Joybyte Holdings Limited, a Cayman Islands company (the "**Company**"), is responsible for the overall design, approval and implementation of the executive compensation plans, policies and programs for officers and other key executives of the Company. This Charter outlines the purpose, composition and responsibilities of the Committee.

**I. PURPOSE**

The Committee has been established to: (a) assist the Board in seeing that a proper system of long-term and short-term compensation is in place to provide performance oriented incentives to attract and retain management, and that compensation plans are appropriate and competitive and properly reflect the objectives and performance of management and the Company; (b) assist the Board in discharging its responsibilities relating to compensation of the Company's executive officers; (c) evaluate the Company's Chief Executive Officer and set his or her remuneration package; (d) make recommendations to the Board with respect to incentive- compensation plans and equity-based plans; and (e) perform such other functions as the Board may from time to time assign to the Committee.

**II. COMPOSITION**

The Committee shall be composed of at least three, but not more than five, members (including a Chairperson), all of whom shall be "independent," as such term is defined for directors and compensation committee members in the listing standards of the NASDAQ Stock Market LLC ("**NASDAQ**"), as determined by the Board. Additionally, members of the Committee shall qualify as "non-employee directors" for purposes of Rule 16b-3 under the Securities Exchange Act of 1934 and as "outside directors" for purposes of Section 162(m) of the Internal Revenue Code ("**Section 162(m)**"). The members of the Committee and the Chairperson shall be selected annually by the Board and serve at the pleasure of the Board. A Committee member (including the Chairperson) may be removed at any time, with or without cause, by the Board. The Committee shall have authority to delegate responsibilities listed herein to subcommittees of the Committee if the Committee determines such delegation would be in the best interest of the Company.

**III. MEETING REQUIREMENTS**

The Committee shall meet as necessary to enable it to fulfill its responsibilities, but at least twice each year. The Committee shall meet at the call of the Chairperson. The Committee may meet by telephone conference call or by any other means permitted by law or the Company's Bylaws. A majority of the members, but not less than two members, shall constitute a quorum. The Committee shall act on the affirmative vote of a majority of the members present at a meeting at which a quorum is present. Without a meeting, the Committee may act by unanimous written consent of all members.

The Committee may ask members of management or others whose advice and counsel are relevant to the issues then being considered by the Committee to attend any meetings and to provide such pertinent information as the Committee may request.

The Chairperson of the Committee shall be responsible for leadership of the Committee, including preparing the agenda, presiding over Committee meetings, making Committee assignments, reporting on the Committee's activities to the Board and being the lead liaison between the Committee and the Company's management and compensation consultants.

**IV. COMMITTEE RESPONSIBILITIES**

In carrying out its oversight responsibilities, the Committee's policies and procedures should remain flexible to enable the Committee to react to changes in circumstances. In addition to such other duties as the Board may from time to time assign, the Committee shall have the following responsibilities:

A. <u>Compensation Policies</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. To review and make periodic recommendations to the Board as to the general compensation and benefits policies and practices of the Company;

2. To oversee the assessment of the incentives and risks arising from or related to the Company's compensation policies and practices, including but not limited to those applicable to executive officers, and to evaluate whether the incentives and risks are appropriate;

3. To establish an overall compensation policy applicable to executive officers and periodically review that policy; and

4. To assess the results of the Company's most recent advisory vote on executive compensation.

B. <u>Chief Executive Officer Evaluation and Compensation</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. To (a) review and approve goals and objectives relevant to the Chief Executive Officer's compensation package, (b) establish a procedure for evaluating the Chief Executive Officer's performance, (c) annually evaluate the performance of the Chief Executive Officer in conjunction with the Nominating and Governance Committee in light of the goals and objectives established, and (d) review with the Chief Executive Officer the results of the Committee's performance evaluation. The Chief Executive Officer may not be present during voting or deliberations on his or her compensation; and

2. To review, at least annually, and set the base salary and annual and long-term incentive compensation of the Chief Executive Officer, after taking into account the annual evaluation of the Chief Executive Officer.

C. <u>Other Executive Officers' Compensation and Evaluations</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. To (a) review and approve goals and objectives relevant to the other executive officers' compensation packages, (b) establish a procedure for evaluating such executive officers' performance, (c) annually evaluate such performance in light of the goals and objectives established, and (d) if requested by the Chief Executive Officer, have the Committee Chairperson review, after completion of the annual evaluation, with each executive officer the results of the Committee's evaluation of such executive officer's performance; and

2. To review, at least annually, and set the base salary and annual and long-term incentive compensation of the other executive officers, after taking into account the annual evaluation of each such executive officer referred to in the preceding paragraph and the input of the Chief Executive Officer.

D. <u>Incentive-Compensation and Equity-Based Plans</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. To review and to make periodic recommendations to the Board as to the Company's incentive-compensation plans and equity-based plans;

2. To administer the Company's equity incentive plan, share tracking awards plans, employee stock purchase plan, supplemental executive retirement plan, change of control severance plan and any similar plans in accordance with their respective plan documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. To review and approve or recommend to the Board, as applicable, (and
for stockholder approval where required by applicable law, the memorandum and articles of association of the Company, or other policies)
compensation and benefits policies, plans and programs and amendments thereto, and to determine eligible employees and the type, amount
and timing of such compensation and benefits; and

4. To oversee the administration of such policies, plans and programs and, on an ongoing basis, to monitor them to assess whether they remain competitive and within the Board's compensation objectives for executive officers and other members of senior management.

E. <u>Other Duties</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. To review and discuss with management the Company's *Compensation Discussion and Analysis* section ()"**CD&A**") and related disclosures that Securities and Exchange Commission ()"**SEC**") rules require be included in the Company's annual report and proxy statement, recommend to the Board based on the review and discussions whether the CD&A should be included in the annual report and proxy statement, and oversee the preparation of the compensation committee report required by SEC rules for inclusion in the Company's annual report and proxy statement;

2. To review and recommend employment agreements and severance arrangements for executive officers, including change-in-control provisions, plans or agreements;

3. To review and consider recommendations from the Nominating and Corporate Governance Committee with respect to the compensation and benefits of non- employee directors and to recommend any changes to the Board that the Committee deems appropriate;

4. To review the impact of executive compensation that is not deductible under Section 162(m) and to determine the Company's policy with respect to the application of Section 162(m);

5. To assess, at least annually, whether the work of compensation consultants involved in determining or recommending executive or director compensation has raised any conflict of interest that is required to be disclosed in the Company's annual report and proxy statement; and

6. To annually evaluate and the adequacy of the Committee's charter.

**V. ADVISORS TO THE COMMITTEE**

The Committee shall have the authority, in its sole discretion, to retain or obtain the advice of such outside counsel, experts, and other advisors, as it deems necessary to carry out its duties, including any compensation consultant used to assist the Committee in the evaluation of director, Chief Executive Officer or executive compensation. The Committee shall be directly responsible for the appointment, compensation and oversight of the work of any outside counsel, experts, and other advisors retained by the Committee, and will receive appropriate funding, as determined by the Committee, from the Company to pay for such advisor's services. The Committee shall assess the independence of outside counsel, experts, and other advisors (whether retained by the Committee or management) that provide advice to the Committee, in accordance with NASDAQ listing standards. The Committee shall comply with the Company's then-current level review of contracts and budget procedures.

## Exhibit 99.4

**Exhibit 99.4**

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| ![](ex99-4_001.jpg) |  |
| Unit A, 12th Floor, China Overseas Building<br> 139 Hennessy Road, Wanchai, Hong Kong<br> Tel : +852 2950 7800<br> Fax : +852 2950 7811 | 香港灣仔軒尼詩道139號<br> 中國海外大廈12樓A室<br> 電話 : +852 2950 7800<br> 傳真 : +852 2950 7811 |

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Date: January 27, 2026

**Joybyte Holdings Limited**<br> Unit 1211, 12/F, One Midtown<br> 11 Hoi Shing Road, Tsuen Wan, Hong Kong

**<u>Attn: the Board of Directors</u>**

Dear Sirs,

**<u>Re: Legal Opinion on Joybyte Holdings Limited (the "Company")</u>**

&nbsp;&nbsp;&nbsp;&nbsp;1. We are the legal advisers to the Company (the "**Engagement**") as to the laws of the Hong
Kong Special Administrative Region of the People's Republic of China ()"**Hong Kong**") in connection with 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), and the rules and
regulations promulgated thereunder (the "**Rules** "), relating to the initial public offering (the "**Offering** ")
by the Company of its Ordinary Shares (the "**Ordinary Shares**") and listing of the Company's Ordinary Shares on
the Nasdaq Stock Market LLC (the "**Nasdaq** "). We are qualified lawyers of Hong Kong and as such are qualified to issue
this opinion on the laws and regulations of Hong Kong effective as of the date hereof. We have been requested to provide our opinion on
the matters set forth below.

**<u>Applicable law</u>**

&nbsp;&nbsp;&nbsp;&nbsp;2. This opinion is confined solely to Hong Kong laws as applied by the Hong Kong courts as at the date of
this opinion. Accordingly, we express no opinion with regard to any system of law other than the Hong Kong laws as at the date hereof
as currently applied by the Hong Kong courts. This opinion is to be construed in accordance with the Hong Kong laws. In this opinion,
Hong Kong law means Hong Kong domestic law only and not its conflict of law rules. We do not undertake to advise you of any change in
facts or law relevant to this opinion or the opinions expressed herein after the date hereof.

**<u>Assumptions</u>**

&nbsp;&nbsp;&nbsp;&nbsp;3. For the purpose of giving this opinion, we have examined the documents provided by HongKong Grand Universe
Technology Limited (the "**HK Subsidiary**") and obtained other relevant documents as we deemed necessary or advisable
for the purpose of rendering this opinion. Where certain facts were not independently established and verified by us, we have relied upon
statements issued or made by, among others, appropriate representatives of the Company or the HK Subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;4. Furthermore, we made due inquiries as to other facts and questions of law as we deem necessary when rendering
this opinion.

&nbsp;&nbsp;&nbsp;&nbsp;5. Company searches conducted by us with the Companies Registry are limited in respect to the information
it produces. Also, the company searches do not determine conclusively whether or not an order has been made or a resolution has been passed
for the winding up of a company or for the appointment of a liquidator or other person to control the assets of a company as notice of
such matters might not be filed immediately and, once filed, might not appear immediately on a company's public file.

PARTNERS CONSULTANT SOLICITORS : : : DAVID L.K. FONG 方良佳律師，TIMOTHY C.K. KWAN 關智傑律師，HERMES H.C. SHIN 單浩銓律師 MATTHEW H.C. WONG 黃漢柱律師 BRUNO C.H. CHAN 陳震雄律師

![](ex99-4_002.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;6. In rendering this opinion, we have, without any further enquiry or independent verifications, made the
following assumptions (the "**Assumptions** "):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) All signatures, seals and chops are genuine, each signature on behalf of a party thereto is that of a
person duly authorized by such party to execute the same, all documents (the "**Documents**") submitted to us in relation
to the Engagement as originals are authentic, and all documents submitted to us as certified or photostatic copies conform to the originals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each of the parties (other than the Company's subsidiary established in Hong Kong) to the Documents,
(a) if a legal person or other entity, is duly organized and is validly existing in good standing under the laws of its jurisdiction of
organization and/or incorporation; or (b) if an individual, has full capacity for civil conduct; each of them, has full power and authority
to execute, deliver and perform its/her/his obligations under such documents to which it is a party in accordance with the laws of its
jurisdiction of organization or incorporation or the laws that it/she/he is subject to;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Documents 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 such Documents after they were submitted to us for the purposes of this legal opinion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The accuracy and completeness of all factual representations, whether via oral or written instructions,
provided by the Company to us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The information disclosed by the company searches referred to above is accurate and complete as at the
time of this opinion and conforms to records maintained by the Company and the companies involved. The search would not fail to disclose
any information which had been filed with or delivered to the Companies Registry but had not been processed at the time when the search
was conducted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) The laws of jurisdictions other than Hong Kong which may be applicable to the execution, delivery, performance
or enforcement of the Documents are complied with;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) The instructions and information provided by the Company to us are true and accurate to our best belief;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) There has been no change in the information contained in the latest records of Company and the companies
involved under the Companies Registry made up to the issuance of this opinion.

**<u>Opinions</u>**

&nbsp;&nbsp;&nbsp;&nbsp;7. Subject to the Assumptions and the Qualifications (as defined below), we are of the opinion that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Company's subsidiary established in Hong Kong is validly existing and in good standing under
the laws of Hong Kong. The Company's subsidiary in Hong Kong is operating its businesses legally and had fully complied with the
Hong Kong Laws and is not facing any material legal proceedings or any material legal, governmental, arbitrative proceedings, actions,
decisions, demands or orders before any competent court, government agency or arbitration body in Hong Kong;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Hong Kong Courts may recognize and enforce judgments in civil and commercial matters by the Courts in
the mainland via the Mainland Judgments (Reciprocal Enforcement) Ordinance (Cap. 597) provided certain statutory requirements are satisfied.
Hong Kong Courts may also recognize and enforce judgments from courts in other jurisdictions in accordance to the Foreign Judgments (Reciprocal
Enforcement) Ordinance (Cap. 319) ()"**FJREO** "), the Foreign Judgments (Restriction on Recognition and Enforcement) Ordinance
(Cap. 46) and the common law principles. It is to be noted that probate and bankruptcy matters in relation to matrimonial matters would
not fall within the scope that the FJREO would cover;

![](ex99-4_002.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The statements set forth in the Registration Statement under the captions "Risk Factors",
"Regulations", "Enforceability of Civil Liabilities" in each case insofar as such statements purport to describe
or summarize the Hong Kong legal matters stated therein as at the date hereof, are true and accurate in all material respects, and fairly
present and summarize in all material respects the Hong Kong legal matters stated therein as at the date hereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The statements set forth in the Registration Statement under the caption "Hong Kong Taxation"
and "Legal Matters" are true and accurate in all material respects and that such statements constitute our opinions.

**<u>Qualifications</u>**

&nbsp;&nbsp;&nbsp;&nbsp;8. Our opinion expressed above is subject to the following qualifications (the "**Qualifications** "):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Our opinion is limited to the laws of Hong Kong 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 Hong Kong. Accordingly, we express
or imply no opinion directly or indirectly on the laws of any jurisdiction other than Hong Kong;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The laws of Hong Kong 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;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Our opinion is subject to the effects of (a) certain legal or statutory principles 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; (b) 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; (c) judicial discretion with respect to the availability of specific performance, injunctive relief, remedies or defenses, or calculation
of damages; and (d) the discretion of any competent Hong Kong legislative, administrative or judicial bodies in exercising their authority
in Hong Kong;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) This opinion is issued based on the laws of Hong Kong that are currently in effect. For matters not explicitly
provided under the laws of Hong Kong, the future interpretation, implementation and application of the specific requirements under the
laws of Hong Kong are subject to the final discretion of competent Hong Kong legislative, administrative and judicial authorities, and
there can be no assurance that the government agencies will not ultimately take a view that is contrary to our opinion stated above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) 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 Company and public searches conducted in Hong Kong;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) This opinion is intended to be used in the context which is specifically referred to herein. It should
be read as a whole and each paragraph of the opinion should not be read independently; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) As used in this opinion, the expression "to our best knowledge" or similar language with reference
to matters of fact refers to the current actual knowledge of the solicitors of this firm who have worked on matters for the Company in
connection with the Offering and the transactions contemplated thereunder. We have not undertaken any independent investigation to determine
the existence or absence of any fact, and no inference as to our knowledge of the existence or absence of any fact should be drawn from
our representation of the Company or the rendering of this opinion.

![](ex99-4_002.jpg)

**<u>Consent</u>**

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.

Yours faithfully

*/s/ David Fong & Co.*

**David Fong & Co.**

## Exhibit 99.5

**Exhibit 99.5**

![](ex99-5_001.jpg)

CHINA COMMERCIAL LAW FIRM

Exchange: +86 755 8302 55555

Fax: +86 755 8302 5058 P.C/518048

https://www.huashanglawyer.com

Address: 21-26/F, Hong Kong China Travel Service Building, No.4011, Shennan Boulevard, Futian District, Shenzhen, P.R.C

January 27, 2026

**JOYBYTE HOLDINGS LIMITED**<br> Unit 1211, 12/F, One Midtown<br> 11 Hoi Shing Road, Tsuen Wan, Hong Kong<br>**Re: Certain PRC Law Matters of JOYBYTE HOLDINGS LIMITED (the "Company")**<br>

Dear Sirs/Madams,

We are qualified lawyers of the People's Republic of China (the "**PRC**") and as such are qualified to issue this opinion ("**Opinion**") with respect to all laws, regulations, statutes, rules, decrees, guidelines, notices, and judicial interpretations and other legislations of the PRC currently in force and publicly available as of the date of this opinion (hereinafter referred to as the "**PRC Laws**"). For the purpose of this Opinion, the PRC excludes the Hong Kong Special Administrative Region ("**Hong Kong**"), the Macau Special Administrative Region, and Taiwan.

We are acting as the PRC counsel of the Company (the Company and its subsidiaries or any of them, or where the context so requires, in respect of the period before the Company becoming the holding company of its present subsidiaries, such subsidiaries as if they were subsidiaries of the Company at the relevant time or the businesses which have since been acquired or carried on by them or, as the case may be, their predecessors, the "**Group**") in connection with (a) the proposed public offering (the "**Offering**") of ordinary shares of the Company as set forth in the Company's registration statement on Form F-l, including all amendments or supplements thereto (the "**Registration Statement**"), filed by the Company with the United States Securities and Exchange Commission (the "**SEC**") in relation to the Offering, and (b) the proposed listing and trading of the Company's ordinary shares on the National Association of Securities Dealers Automated Quotations (the "**NASDAQ**").

For the purpose of giving this Opinion, we have examined the Registration Statement, originals or copies of corporate record, documents and certificates of identification and documents issued by governmental authorities or by officers or representatives of the Company as we have deemed necessary and appropriate as a basis for the opinions hereinafter set forth.

In rendering the opinions expressed below, we have assumed:

(a) the authenticity of the documents submitted to us as originals and the conformity to the originals of the documents submitted to us as copies;

(b) the truthfulness, accuracy and completeness of the documents as they were presented to us;

(c) the documents which have been presented to us remain in full force and effect as of the date of this opinion and have not been revoked, amended, varied or supplemented, except as noted therein;

(d) in response to our due diligence inquiries, requests and investigation for the purpose of this Opinion, all the relevant information and materials that have been provided to us by the Company, including all factual statements in the documents and all other factual information provided to us by the Company, and the statements made by the Company, are true, accurate, complete and not misleading, and that the Company has not withheld anything that, if disclosed to us, would reasonably cause us to alter this Opinion in whole or in part. Where important facts were not independently established to us, we have relied upon certificates issued by governmental authorities and appropriate representatives of the Company in the course of our inquiry and consultation;

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(e) that all parties to the documents provided to us in connection with this Opinion have the requisite power and authority to enter into, and have duly executed, delivered and/or issued those documents to which they are parties, and have the requisite power and authority to perform their obligations thereunder; and

(f) with respect to all parties, the due compliance
with, and the legality, validity, effectiveness and enforceability under, all laws other than the laws of the PRC.

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 PRC and accordingly express no legal opinion herein on any laws of any jurisdiction other than the PRC.

Based on the foregoing and subject to the confirmations and qualifications set out below, we are of the opinion that, as of the date hereof, so far as PRC Laws are concerned:

The following terms as used in this Opinion are defined as follows:

"CAC" means the Cyberspace Administration of China;

"CSRC" means the China Securities Regulatory Commission;

"Governmental Agencies" means any national, provincial or local court, governmental agency or body, stock exchange authorities or any other regulator in the PRC;

"Group" means JOYBYTE HOLDINGS LIMITED and its subsidiaries;

"Securities Law" means the Securities Law of the People's Republic of China which was amended on December 28, 2019, and became effective on March 1, 2020, by the Standing Committee of the National People's Congress;

"Measures" means the Measures for Cybersecurity Review promulgated jointly by the Cyberspace Administration of China, National Development and Reform Commission, Ministry of Industry and Information Technology, The Ministry of Public Security, the Ministry of State Security, Ministry of Finance, Ministry of Commerce, People's Bank of China, State Administration of Radio and Television, China Securities Regulatory Commission, State Secrecy Administration and State Cryptography Administration on December 28, 2021, which became effective on February 15, 2022;

"The Trial Measures" means the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies promulgated by CSRC on February 17, 2023, which became effective on March 31, 2023;

"The Confidentiality Provisions" means the Provisions on Strengthening Confidentiality and Archives Administration of Overseas Securities Offering and Listing by Domestic Companies promulgates jointly by the CRSC, Ministry of Finance of the People's Republic of China, National Administration of State on February 24, 2023, which became effective on March 31, 2023;

"The PIPL" means the Personal Information Protection Law of the People's Republic of China, promulgated by the Standing Committee of the National People's Congress on August 20, 2021, which became effective on November 1, 2021.

"The DSL" means the Data Security Law of the People's Republic of China promulgated by Standing Committee of the National People's Congress on June 10, 2021, which became effective on September 1, 2021;

"PRC Laws" means any and all officially published and publicly available laws, regulations, rules, and regulatory, administrative or other governmental measures, notices or circulars, and Supreme Court judicial interpretation of the PRC currently in force and publicly available in the PRC as of the date hereof:

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**<u>Application of Article 177 of the Securities Law to this Offering</u>**

According to Article 177 of the Securities Law, without the consent of the securities regulatory authority under the State Council and the relevant authorities under the State Council, no entity or individual shall provide documents or materials related to securities business activities to other countries or regions without authorization. In accordance with statutes including the Securities Law, on February 17, 2023, with the approval of the State Council, the CSRC issued the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Enterprises, or the Trial Measures, which became effective on March 31, 2023. On February 24, 2023, the CSRC circulated the Provisions on Strengthening Confidentiality and Archives Administration of Overseas Securities Offering and Listing by Domestic Companies, or the Confidentiality Provisions.

The Trial Measures, together with the Confidentiality Provisions, reiterate the supervision principles for regulating the confidentiality related to overseas securities offering and listing activities by domestic companies, either in direct or indirect form. Further, the Confidentiality Provisions provide clearer standards and instructions on the confidentiality and Archives Administration relating to overseas securities offering and listing activities of domestic companies. According to the Confidentiality Provisions, (i) a domestic company that conducts an overseas offering and listing both directly and indirectly should institute a sound confidentiality and archives administration system, and take necessary measures to fulfill confidentiality and archives administration obligations; (ii) a domestic company that plans to, either directly or through its overseas listed entity, publicly disclose or provide to relevant individuals or entities including securities companies, securities service providers and overseas regulators, any documents and materials that contain state secrets or working secrets of government agencies, shall first obtain approval from competent authorities according to law, and file with the secrecy administrative department at the same level; (iii) where a domestic company, either directly or through its overseas listed entity, intends to publicly disclose or provide to relevant individuals and entities, including securities companies, securities service providers and overseas regulatory authorities, any other documents and materials, if leaked, will be detrimental to national security or public interest, it shall strictly fulfil relevant procedures stipulated by applicable national regulations; (iv) where a domestic company, after fulfilling relevant procedures, provides to securities companies, securities service providers and other entities with any documents and materials containing state secrets or working secrets of government agencies, or any other documents and materials which, if leaked, will be detrimental to national security or public interest if leaked, a non-disclosure agreement shall be signed between the provider and receiver of such information; (v) domestic companies, securities companies or securities service providers that discover any leakage or possible leakage of state secrets, working secrets of government agencies or any other documents and materials that, if leaked, will be detrimental to national security or public interest, shall immediately take remedies and report to relevant state organs and units.

As confirmed by the Company: (i) they currently do not have any subsidiary or variable interest entity ("VIE") in the PRC, nor do they currently intend to establish, any subsidiary nor plan to enter into any contractual arrangements to establish a VIE structure with any entity in the PRC; (ii) they are not controlled by any PRC entity or individual[CCLF:To be confirm whether Ms Yujie Chen is a PRC citizen.]; (iii) all of their operations are conducted by the operating entities in Hong Kong ; (iv) as of date hereof, the Company and the subsidiaries have neither collected nor stored any personal information of any mainland China individual or within mainland China, nor does it entrust or expect to be entrusted by any individual or entity to conduct any data processing activities of any mainland China individual or within mainland China; (v) they have not employed any PRC citizen; and (vi) their chief executive officer, chief financial officer and all members of the board of directors are based in Hong Kong and are not mainland China citizens.

Accordingly, based on the above and to the best of our knowledge, we are of the opinion that Article 177 of the Securities Law and the Confidentiality Provisions do not apply to documents and/or materials submitted to NASDAQ and SEC in connection with the Company's application and Offering. On the assumption that there would not be any changes to the conditions of the Company as set out in this Opinion once listed, and potentially, Article 177 of the Securities Law and the Confidentiality Provisions do not apply documents and/or materials requested by NASDAQ from the Company once listed, in connection with NASDAQ's regulatory responsibilities related to oversight of its issuer companies.

However, as the Securities Law, the Trial Measures and the Confidentiality Provisions were newly published, and due to the lack of further clarifications or detailed rules and regulations, there are still uncertainties as to how the aforementioned rules will be interpreted or implemented and whether the Governmental Agencies may adopt new laws, regulations, rules, or detailed implementation and interpretation and there is no assurance that Governmental Agencies would take the same view as we do.

3 / 7

**<u>Application of Article 41 of the Personal Information Protection Law and Article 36 of the Data Security Law to this Offering</u>**

Article 41 of the PIPL and Article 36 of the DSL prohibits companies and individuals from providing personal information and data stored within the PRC to foreign judicial or enforcement agencies, without prior approval by the Chinese government.

As confirmed by the Company: (i) as of the date hereof, in connection with this Offering, the Company is a holding company incorporated in the Cayman Islands with operating subsidiaries solely based in Hong Kong, and it does not have any subsidiary or VIE in the PRC or intend to acquire any equity interest in any domestic companies within the PRC; (ii) they are not controlled by any PRC entity or individual; (iii) all of their operations are conducted by the operating entity in Hong Kong and they currently do not have, nor do they plan to have, any investment, such as owning or leasing any asset, in the PRC; (iv) as of date hereof, the Company and its subsidiaries have neither collected nor stored any personal information of any mainland China individual or within mainland China, nor does it entrust or expect to be entrusted by any individual or entity to conduct any data processing activities of any mainland China individual or within mainland China; (v) the Company does not place any reliance on collection and processing of any personal information to maintain the business operation; and (vi) data processed in the business should not have a bearing on national security nor affect or may affect national security; as of the date of this Opinion, the Company has not been involved in any investigations on the PIPL or data security initiated by related governmental regulatory authorities, and the Company have not received any inquiry, notice, warning, or sanction in such respect.

Accordingly, based on the above and to the best of our knowledge, we are of the opinion that, we do not currently expect Article 41 of the PIPL and Article 36 of the DSL to have an impact on the Company's business, operations or this Offering as we do not believe that the Company is deemed to be a "personal information processor", "critical infrastructure information operator", "personal information processor who has a large user base and/or operates complex types of businesses", or "entrusted party" under the PIPL and the DSL to the Company.

Furthermore, Article 41 of the PIPL and Article 36 of the DSL do not apply to the documents, information and/or materials submitted to NASDAQ or SEC in connection with the Company's application and Offering. On the assumption that there would not be any changes to the conditions of the Company as set out in this Opinion once listed, and potentially, Article 41 of the PIPL and Article 36 of the DSL do not apply documents and/or materials requested by NASDAQ or SEC from the Company once listed.

However, as the PIPL and the DSL were newly published, and due to the lack of further clarifications or detailed rules and regulations, there are still uncertainties as to how the aforementioned rules will be interpreted or implemented and whether the Governmental Agencies may adopt new laws, regulations, rules, or detailed implementation and interpretation and there is no assurance that Governmental Agencies would take the same view as we do.

**<u>Approval of Cyberspace Administration of China</u>**

Pursuant to the Data Security Law, which was promulgated on June 10, 2021 and came into effect on September 1, 2021, any data processing (includes the collection, storage, use, processing, transmission, provision and disclosure of data) activities conducted outside the PRC endanger national security, public interests or the legal rights and interests of any citizen or organization shall be held liable.

If a company harms the national security, public interests, or legitimate rights and interests of citizens and organizations of the PRC during its data processing activities, it may still be subject to legal liability by the relevant Chinese authorities.

The Measures for Cybersecurity Review (2021), which were promulgated on December 28, 2021 and took effect on February 15, 2022, provide that any online platform operators controlling personal information of more than one million users which seeks to list in a foreign country shall conduct a cybersecurity review.

As confirmed by the Company, as of the date of this opinion,

(a) the Group currently does not have, or intend to have any subsidiary or enter into any contractual arrangements to establish a VIE structure with any entity in the PRC;

(b) the Company is not controlled by any PRC entity or individual;

(c) all of the operations of the Company are conducted by its Hong Kong subsidiary including HongKong Grand Universe Technology Limited., which currently solely serve the Hong Kong local markets;

(d) the Group currently does not have, or plan to have, any investment plan, such as owning or leasing any asset, in the PRC;

4 / 7

(e) the Group currently does not employ any PRC natural persons within the PRC;

(f) none of the revenue of the Group is generated from the PRC;

(g) the Group currently does not engage in any data processing activities of any PRC individual or within the PRC, nor do the Group entrust or be entrusted by any individual or entity to conduct any data processing activities of any PRC individual or within the PRC, nor do the Group store any data within the PRC;

(h) the Group is not operators of key information infrastructure;

(i) the Group currently does not possess personal information on more than one million users in its business operations;

(j) the Group has not collected or stored any data (including certain personal information) from PRC individuals and /or organizations;

(k) the Company conducts all of its operations in Hong Kong through its Hong Kong subsidiary including HongKong Grand Universe Technology Limited., and any data collected, stored, or used by the Group do not have a bearing on national security, national economy operation, social stability, public health and security or public interest.

**<u>Filing procedure with the CSRC</u>**

On February 17, 2023, the CSRC promulgated the Trial Measures, and five supporting guidelines, which came into effect on March 31, 2023. Pursuant to the Trial Measures, domestic companies that seek to offer or list securities overseas, both directly and indirectly, should fulfill the filing procedure and report relevant information to the CSRC.

In addition, according to the Trial Measures, indirect overseas issuance and listing of domestic enterprises refers to the overseas issuance and listing of enterprises with main business activities in the PRC, in the name of enterprises registered overseas, based on the equity, assets, income or other similar rights and interests of domestic enterprises. At the same time, the Trial Measures further clarify the situation of indirect overseas listing:

(1) 50% or more of any of the issuer's operating revenue, total profit, total assets or net assets as documented in its audited consolidated financial statements for the most recent fiscal year were derived from PRC domestic companies; and

(2) The majority of the issuer's business activities are carried out in mainland China, or its main place(s) of business are located in mainland China, or the majority of the issuer's senior management team in charge of its business operations and management are PRC citizens or have their usual place(s) of residence located in mainland China.

The above circumstances must be met simultaneously to be recognized as indirect overseas listing, but it also stipulates that indirect overseas listing should be recognized based on the principle of substance over form.

According to the provisions of the Trial Measures, for those directly listed overseas, the issuer shall file a record with the CSRC. For indirect overseas listing, the issuer shall designate a major domestic operating entity as the domestic responsible person and file with the CSRC.

In addition, the Trial Measures also stipulate that domestic enterprises that fail to fulfill the required filing procedures to the CSRC may be required by the CSRC to make corrections, be given a warning, and be fined between RMB 1 million and RMB 10 million; the CSRC may warn the directly responsible person and impose a fine of not less than RMB 500,000 but not more than RMB 5 million. If the controlling shareholder or actual controller of a domestic enterprise organizes or instigates the prescribed illegal acts, a fine of not less than RMB 1 million but not more than RMB 10 million may be imposed. If the violation of Trial Measures or other laws and administrative regulations is serious, the CSRC may impose a ban on access to the securities market upon relevant responsible persons.

As of the date of this opinion, as confirmed by the Company: (i) the Group currently does not have, nor do they currently intend to establish, any subsidiary nor plan to enter into any contractual arrangements to establish a VIE structure with any entity in the PRC; (ii) the Group is not controlled by any PRC entity or individual; (iii) the Group does not have any operation in the PRC, nor do they have any partnership or cooperation with any PRC entity or individual; (iv) the Group currently does not have, nor do they plan to have, any investment, such as owning or leasing any asset, in the PRC; (v) the Group has not employed any PRC natural persons within the PRC; (vi) no revenue of the Group is generated from the PRC; and (vi) none of the senior managers in charge of the business operations and management are citizens of the PRC or domiciled in mainland China.

5 / 7

Given the above confirmations, we are of the opinion that the overseas offering and listing conducted by the Company would not be deemed an indirect overseas offering and listing by a PRC domestic company. The Trial Measures do not apply to the Company, and its listing on NASDAQ does not require to fulfill the filing procedure to the CSRC.

According to Article 26 of the Trial Measures, any domestic entity or individual providing documents and materials requested by an overseas securities regulatory agency out of investigative or evidence collection purposes, shall not provide such information without prior approval from the CSRC and competent authorities under the PRC State Council.

As confirmed by the Company: (i) the Company is headquartered in Hong Kong, with their officers and all members of the board of directors based in Hong Kong or elsewhere who are not mainland China citizens; (ii) the Company does not, directly or indirectly, own or control any entity or subsidiary in mainland China, nor is it controlled by any mainland Chinese company or individual directly or indirectly; (iii) the Company only operates in Hong Kong all of their revenues and profits are generated by their subsidiaries in Hong Kong, and Singapore, none of their business activities are conducted in mainland China, and the Company has not generated revenues or profits from mainland China in the most recent accounting year accounts for more than 50% of the corresponding figure in their audited consolidated financial statements for the same period; (iv) the Company does not have or intend to set up any subsidiary or enter into any contractual arrangements to establish a variable interest entity structure with any entity in mainland China.

Given the above confirmations, we are of the opinion that the Company is not required to submit applications for the approval of the CSRC and Article 26 of the Trial Measures does not apply to the documents, information and/or materials submitted to NASDAQ in connection with the Company's application. On the assumption that there would not be any changes to the conditions of the Company as set out in this Opinion once listed, and potentially, Article 26 of the Trial Measures does not apply documents and/or materials requested by NASDAQ from the Company once listed, in connection with NASDAQ's regulatory responsibilities related to oversight of its issuer companies.

Since these statements and regulatory actions by the PRC government are newly published and the relevant provisions in this regulatory regime are evolving, their interpretation, application and enforcement are subject to the relevant laws and regulations then in effect, we cannot assure that the CSRC would not take a view that is contrary to ours.

**<u>Qualifications</u>**

This Opinion is further subject to the following qualifications:

(a) we express no opinion as to any laws other than the PRC Laws in force on the date of this Opinion;

(b) the PRC Laws referred to herein are laws currently in force and there is no guarantee that any of such laws, or the interpretation thereof or enforcement therefor, will not be changed, amended or replaced in the immediate future or in the longer term with or without retrospective effect;

(c) this Opinion is intended to be used in the context which is specifically referred to herein and each section should be looked on as a whole regarding the same subject matter;

(d) the PRC legal system regarding data security is still evolving, and there is no assurance that the competent PRC authority would not take a view that is contrary to the above or require the Company to obtain the approval for any data activities that the Company has conducted or would conduct in the foreseeable future; and

(e) this Opinion is subject to the effects of (i) certain legal or statutory principles affecting the validity and 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 indemnifications, remedies or defenses, the calculation of damages, the entitlement to attorney's fees and other costs, and the waiver of immunity from jurisdiction of any court or from legal process; and (iv) the discretion of any competent PRC legislative, administrative or judicial bodies in exercising their authority in the PRC.

This Opinion is delivered in our capacity as the Company's PRC counsel solely for the purpose of the Offering, and may not be used for any other purpose.

According to the Article 9 of the Measures for the Administration of the Provisions of Securities Legal Services by Law Firms jointly issued by the CSRC and the Ministry of Justice of the PRC, which took effect on December 1, 2023 (the "**CSRC Circular**"), as the PRC counsel of the Company, we are not permitted to address this Opinion to the underwriters in the Offering. Therefore, this Opinion is addressed solely to the Company and does not constitute advice to the underwriters or its legal counsel in the Offering. It shall not be relied upon by anyone else other than the Company in connection with this Offering. Notwithstanding the foregoing, we hereby consent to the Company delivering this Opinion to the underwriters in the Offering for reference purposes, which consent, however, should not be deemed that we are addressing this Opinion to any person or entity other than the Company.

**<u>Consent</u>**

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 fall within the category of the persons whose consent is required under Section 7 of the U.S. Securities Act of 1933, as amended, or the regulations promulgated thereunder.

6 / 7

Yours sincerely,

---

| |
|:---|
| */s/ China Commercial Law Firm* |
| China Commercial Law Firm |
| */s/ Hongxuan XIAO* |
| Ms. Hongxuan Xiao, Partner |
| On behalf of China Commercial Law Firm |

---

7 / 7

## Exhibit 99.6

**Exhibit 99.6**

**JoyByte Holdings Limited**

**Executive Compensation Recovery Policy**

This **Executive Compensation Recovery Policy** (this "**Policy**") covers JoyByte Holdings Limited's Covered Officers and explains when JoyByte Holdings Limited will be required or authorized, as applicable, to seek recovery of Incentive Compensation awarded or paid to Covered Officers. Please refer to <u>Exhibit A</u> attached hereto (the "<u>Definitions Exhibit</u>") for the definitions of capitalized terms used throughout this Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.  ***Miscalculation of Financial Performance Measure Results*** . In the event of a Restatement, JoyByte Holdings Limited will seek to recover, reasonably promptly, all Recoverable Incentive Compensation from a Covered Officer during the Applicable Period. Such recovery, in the case of a Restatement, will be made without regard to any individual knowledge or responsibility related to the Restatement or the Recoverable Incentive Compensation. Notwithstanding the foregoing, if JoyByte Holdings Limited is required to undertake a Restatement, JoyByte Holdings Limited will not be required to recover the Recoverable Incentive Compensation if the Compensation Committee determines it is impracticable to do so, after exercising a normal due process review of all the relevant facts and circumstances.

JoyByte Holdings Limited will seek to recover all Recoverable Incentive Compensation that was awarded or paid in accordance with the definition of "Recoverable Incentive Compensation" set forth on the Definitions Exhibit. If such Recoverable Incentive Compensation was not awarded or paid on a formulaic basis, JoyByte Holdings Limited will seek to recover the amount that the Compensation Committee determines in good faith should be recouped.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.  ***Legal and Compliance Violations*** . Compliance with the law and JoyByte Holdings Limited's Code of Business Conduct and Ethics and other corporate policies is a pre-condition to earning Incentive Compensation. If JoyByte Holdings Limited in its sole discretion concludes that a Covered Officer (1) committed a significant legal or compliance violation in connection with the Covered Officer's employment, including a violation of JoyByte Holdings Limited's corporate policies or JoyByte Holdings Limited's Code of Business Conduct and Ethics (each, "Misconduct"), or (2) was aware of or willfully blind to Misconduct that occurred in an area over which the Covered Officer had supervisory authority, JoyByte Holdings Limited may, at the direction of the Compensation Committee, seek recovery of all or a portion of the Recoverable Incentive Compensation awarded or paid to the Covered Officer for the Applicable Period in which the violation occurred. In addition, JoyByte Holdings Limited may, at the direction of the Compensation Committee, conclude that any unpaid or unvested Incentive Compensation has not been earned and must be forfeited.

In the event of Misconduct, JoyByte Holdings Limited may seek recovery of Recoverable Incentive Compensation even if the Misconduct did not result in an award or payment greater than would have been awarded or paid absent the Misconduct.

In the event of Misconduct, in determining whether to seek recovery and the amount, if any, by which the payment or award should be reduced, the Compensation Committee may consider—among other things—the seriousness of the Misconduct, whether the Covered Officer was unjustly enriched, whether seeking the recovery would prejudice JoyByte Holdings Limited's interests in any way, including in a proceeding or investigation, and any other factors it deems relevant to the determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.  ***Other Actions*** . The Compensation Committee may, subject to applicable law, seek recovery in the manner it chooses, including by seeking reimbursement from the Covered Officer of all or part of the compensation awarded or paid, by electing to withhold unpaid compensation, by set-off, or by rescinding or canceling unvested stock. In the reasonable exercise of its business judgment under this Policy, the Compensation Committee may in its sole discretion determine whether and to what extent additional action is appropriate to address the circumstances surrounding a Restatement or Misconduct to minimize the likelihood of any recurrence and to impose such other discipline as it deems appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.  ***No Indemnification or Reimbursement*** . Notwithstanding the terms of any other policy, program, agreement or arrangement, in no event will JoyByte Holdings Limited or any of its affiliates indemnify or reimburse a Covered Officer for any loss under this Policy and in no event will JoyByte Holdings Limited or any of its affiliates pay premiums on any insurance policy that would cover a Covered Officer's potential obligations with respect to Recoverable Incentive Compensation under this Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.  ***Administration of Policy*** . The Compensation Committee will have full authority to administer this Policy. Actions of the Compensation Committee pursuant to this Policy will be taken by the vote of a majority of its members. The Compensation Committee will, subject to the provisions of this Policy and Rule 10D-1 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and JoyByte Holdings Limited's applicable exchange listing standards, make such determinations and interpretations and take such actions in connection with this Policy as it deems necessary, appropriate or advisable. All determinations and interpretations made by the Compensation Committee will be final, binding and conclusive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.  ***Other Claims and Rights*** . The remedies under this Policy are in addition to, and not in lieu of, any legal and equitable claims JoyByte Holdings Limited or any of its affiliates may have or any actions that may be imposed by law enforcement agencies, regulators, administrative bodies, or other authorities. Further, the exercise by the Compensation Committee of any rights pursuant to this Policy will not impact any other rights that JoyByte Holdings Limited or any of its affiliates may have with respect to any Covered Officer subject to this Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.  ***Condition to Eligibility for Incentive Compensation*** . All Incentive Compensation subject to this Policy will not be earned, even if already paid, until the Policy ceases to apply to such Incentive Compensation and any other vesting conditions applicable to such Incentive Compensation are satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.  ***Amendment*** ;  ***Termination*** . The Board or the Compensation Committee may amend or terminate this Policy at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.  ***Effectiveness*** . Except as otherwise determined in writing by the Compensation Committee, this Policy will apply to any Incentive Compensation that (a) in the case of any Restatement, is Received by Covered Officers prior to, on or following the Effective Date, and (b) in the case of Misconduct, is awarded or paid to a Covered Officer on or after the Effective Date. This Policy will survive and continue notwithstanding any termination of a Covered Officer's employment with JoyByte Holdings Limited and its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.  ***Successors*** . This Policy shall be binding and enforceable against all Covered Officers and their successors, beneficiaries, heirs, executors, administrators, or other legal representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.  ***Governing Law*** . To the extent not preempted by U.S. federal law, this Policy will be governed by and construed in accordance with the laws of the State of New York, without reference to principles of conflict of laws.

**<u>EXHIBIT A</u>**

**<u>DEFINITIONS</u>**

"<u>Applicable Period</u>" means (a) in the case of any Restatement, the three completed fiscal years of JoyByte Holdings Limited immediately preceding the earlier of (i) the date the Board, a committee of the Board, or the officer or officers of JoyByte Holdings Limited authorized to take such action if Board action is not required, concludes (or reasonably should have concluded) that a Restatement is required or (ii) the date a regulator, court or other legally authorized entity directs JoyByte Holdings Limited to undertake a Restatement, and (b) in the case of any Misconduct, such period as the Compensation Committee or Board determines to be appropriate in light of the scope and nature of the Misconduct. The "Applicable Period" also includes any transition period (that results from a change in JoyByte Holdings Limited's fiscal year) within or immediately following the three completed fiscal years identified in the preceding sentence.

"<u>Board</u>" means the Board of Directors of JoyByte Holdings Limited.

"<u>Compensation Committee</u>" means JoyByte Holdings Limited's committee of independent directors responsible for executive compensation decisions, or in the absence of such a committee, a majority of the independent directors serving on the Board.

"<u>Covered Officers</u>" means (a) in the case of any Restatement, any person who is, or was at any time, during the Applicable Period, an Executive Officer of JoyByte Holdings Limited and (b) in the case of any Misconduct, any person who was an Executive Officer at the time of the Misconduct. For the avoidance of doubt, a Covered Officer may include a former Executive Officer that left JoyByte Holdings Limited, retired, or transitioned to an employee role (including after serving as an Executive Officer in an interim capacity) during the Applicable Period.

"<u>Effective Date</u>" means the date of listing on the Nasdaq Stock Market LLC or [ ], 2026, whichever is earlier.

"<u>Executive Officer</u>" means JoyByte Holdings Limited's president, principal financial officer, principal accounting officer (or if there is no such accounting officer, the controller), any vice-president in charge of a principal business unit, division, or function (such as sales, administration, or finance), any other officer who performs a policy-making function, or any other person (including an officer of JoyByte Holdings Limited's parent(s) or subsidiaries) who performs similar policy-making functions for JoyByte Holdings Limited .

"<u>Financial Performance Measure</u>" means a measure that is determined and presented in accordance with the accounting principles used in preparing JoyByte Holdings Limited's financial statements (including "non-GAAP" financial measures, such as those appearing in JoyByte Holdings Limited's earnings releases or Management Discussion and Analysis), and any measure that is derived wholly or in part from such measure. Stock price and total shareholder return (and any measures derived wholly or in part therefrom) shall be considered Financial Performance Measures.

"<u>Impracticable</u>." The Compensation Committee may determine in good faith that recovery of Recoverable Incentive Compensation is "Impracticable" (a) in the case of any Restatement, if: (i) pursuing such recovery would violate home country law of the jurisdiction of incorporation of the Company where that law was adopted prior to October 2, 2023 and JoyByte Holdings Limited provides an opinion of counsel to that effect acceptable to JoyByte Holdings Limited's listing exchange; (ii) the direct expense paid to a third party to assist in enforcing this Policy would exceed the Recoverable Incentive Compensation and JoyByte Holdings Limited has (A) made a reasonable attempt to recover such amounts and (B) provided documentation of such attempts to recover to JoyByte Holdings Limited's applicable listing exchange; or (iii) recovery would likely cause an otherwise tax-qualified retirement plan, under which benefits are broadly available to employees of JoyByte Holdings Limited, to fail to meet the requirements of the Internal Revenue Code of 1986, as amended, and (b) in the case of any Misconduct, in its sole discretion, in light of the scope and nature of the Misconduct.

"<u>Incentive Compensation</u>" means any compensation that is granted, earned, or vested based wholly or in part upon the attainment of a Financial Performance Measure. Incentive Compensation does not include any base salaries (except with respect to any salary increases earned wholly or in part based on the attainment of a Financial Performance Measure performance goal); bonuses paid solely at the discretion of the Compensation Committee or Board that are not paid from a "bonus pool" that is determined by satisfying a Financial Performance Measure performance goal; bonuses paid solely upon satisfying one or more subjective standards and/or completion of a specified employment period; non-equity incentive plan awards earned solely upon satisfying one or more strategic measures or operational measures; and equity awards that vest solely based on the passage of time and/or attaining one or more non-Financial Performance Measures. Notwithstanding the foregoing, in the case of any Misconduct, Incentive Compensation will include all forms of cash and equity incentive compensation, including, without limitation, cash bonuses and equity awards that are received or vest solely based on the passage of time and/or attaining one or more non-Financial Performance Measures.

"<u>Received</u>." Incentive Compensation is deemed "Received" in JoyByte Holdings Limited's fiscal period during which the Financial Performance Measure specified in the Incentive Compensation award is attained, even if the payment or grant of the Incentive Compensation occurs after the end of that period.

"<u>Recoverable Incentive Compensation</u>" means (a) in the case of any Restatement, the amount of any Incentive Compensation (calculated on a pre-tax basis) Received by a Covered Officer during the Applicable Period that is in excess of the amount that otherwise would have been Received if the calculation were based on the Restatement, and (b) in the case of any Misconduct, the amount of any Incentive Compensation (calculated on a pre-tax basis) awarded or paid to a Covered Officer during the Applicable Period that the Compensation Committee determines, in its sole discretion, to be appropriate in light of the scope and nature of the Misconduct. For the avoidance of doubt, in the case of any Restatement, Recoverable Incentive Compensation does not include any Incentive Compensation Received by a person (i) before such person began service as a Covered Officer and (ii) who did not serve as a Covered Officer at any time during the performance period for that Incentive Compensation. For the avoidance of doubt, in the case of any Restatement, Recoverable Incentive Compensation may include Incentive Compensation Received by a person while serving as an employee if such person previously served as a Covered Officer and then transitioned to an employee role. For Incentive Compensation based on (or derived from) stock price or total shareholder return where the amount of Recoverable Incentive Compensation is not subject to mathematical recalculation directly from the information in the applicable Restatement, the amount will be determined by the Compensation Committee based on a reasonable estimate of the effect of the Restatement on the stock price or total shareholder return upon which the Incentive Compensation was Received (in which case, JoyByte Holdings Limited will maintain documentation of such determination of that reasonable estimate and provide such documentation to JoyByte Holdings Limited's applicable listing exchange).

"<u>Restatement</u>" means an accounting restatement of any of JoyByte Holdings Limited's financial statements filed with the Securities and Exchange Commission under the Exchange Act, or the Securities Act of 1933, as amended, due to JoyByte Holdings Limited's material noncompliance with any financial reporting requirement under U.S. securities laws, regardless of whether JoyByte Holdings Limited or Covered Officer misconduct was the cause for such restatement. "Restatement" includes any required accounting restatement to correct an error in previously issued financial statements that is material to the previously issued financial statements (commonly referred to as "Big R" restatements), or that would result in a material misstatement if the error were corrected in the current period or left uncorrected in the current period (commonly referred to as "little r" restatements).

## Exhibit 99.7

**Exhibit 99.7**

**JOYBYTE HOLDINGS LIMITED**

Statement of Policy Concerning Trading in Company Securities

Adopted on [\*], 2026

**TABLE OF CONTENTS**

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| | | | |
|:---|:---|:---|:---|
|  | | | **Page No.** |
| I. | Summary of Policy Concerning Trading in Company Securities | Summary of Policy Concerning Trading in Company Securities | 1 |
| II. | The Use of Inside Information in Connection with Trading in Securities | The Use of Inside Information in Connection with Trading in Securities | 1 |
|  | A. | General Rule. | 1 |
|  | B. | Who Does the Policy Apply To? | 2 |
|  | C. | Other Companies' Stock. | 2 |
|  | D. | Hedging and Derivatives. | 2 |
|  | E. | Pledging of Securities, Margin Accounts. | 2 |
|  | F. | General Guidelines. | 3 |
|  | G. | Applicability of U.S. Securities Laws to International Transactions. | 4 |
| III. | Other Limitations on Securities Transactions | Other Limitations on Securities Transactions | 4 |
|  | A. | Public Resales – Rule 144. | 4 |
|  | B. | Private Resales. | 5 |
|  | C. | Restrictions on Purchases of Company Securities. | 5 |
|  | D. | Filing Requirements. | 5 |

---

i

**I.** **SUMMARY OF POLICY CONCERNING TRADING IN COMPANY SECURITIES**

It is the policy of JoyByte Holdings Limited and its subsidiaries (collectively, the "**Company**") that it will, without exception, comply with all applicable laws and regulations in conducting its business. Each employee, each executive officer and each director is expected to abide by this policy. When carrying out Company business, employees, executive officers and directors must avoid any activity that violates applicable laws or regulations. In order to avoid even an appearance of impropriety, the Company's directors, officers and certain other employees are subject to pre-approval requirements and other limitations on their ability to enter into transactions involving the Company's securities. Although these limitations do not apply to transactions pursuant to written plans for trading securities that comply with Rule 10b5-1 under the Securities Exchange Act of 1934 (the "**Exchange Act**"), the entry into, amendment or termination of any such written trading plan is subject to pre-approval requirements and other limitations.

**II.** **THE USE OF INSIDE INFORMATION IN CONNECTION WITH TRADING IN SECURITIES**

***A.***  ***General Rule.*** 

The U.S. securities laws regulate the sale and purchase of securities in the interest of protecting the investing public. U.S. securities laws give the Company, its officers and directors, and other employees the responsibility to ensure that information about the Company is not used unlawfully in the purchase and sale of securities.

All employees, executive officers and directors should pay particularly close attention to the laws against trading on "inside" information. These laws are based upon the belief that all persons trading in a company's securities should have equal access to all "material" information about that company. Information is considered to be "material" if its disclosure would be reasonably likely to affect (1) an investor's decision to buy or sell the securities of the company to which the information relates, or (2) the market price of that company's securities. While it is not possible to identify in advance all information that will be deemed to be material, some examples of such information would include the following: earnings; financial results or projections; dividend actions; mergers and acquisitions; capital raising and borrowing activities; major dispositions; major new customers, projects or products; significant advances in product development; new technologies; major personnel changes in management or change in control; expansion into new markets; unusual gains or losses in major operations; major litigation or legal proceedings; granting of stock options; and major sales and marketing changes. When doubt exists, the information should be presumed to be material. If you are unsure whether information of which you are aware is inside information, you should consult with the Company's Chief Financial Officer. No individuals other than specifically authorized personnel may release material information to the public or respond to inquiries from the media, analysts or others. If you are contacted by the media or by a research analyst seeking information about the Company and if you have not been expressly authorized by the Company's Chief Financial Officer to provide information to the media or to analysts, you should refer the call to the Chief Financial Officer. On occasion, it may be necessary for legitimate business reasons to disclose inside information to outside persons. Such persons might include investment bankers, lawyers, auditors or other companies seeking to engage in a potential transaction with the Company. In such circumstances, the information should not be conveyed until an express understanding has been reached that such information is not to be used for trading purposes and may not be further disclosed other than for legitimate business reasons. For example, if an employee, an executive officer or a director of a company knows material non-public financial information, that employee, executive officer or director is prohibited from buying or selling shares in the company until the information has been disclosed to the public. This is because the employee, executive officer or director knows information that will probably cause the share price to change, and it would be unfair for the employee or director to have an advantage (knowledge that the share price will change) that the rest of the investing public does not have. In fact, it is more than unfair; it is considered to be fraudulent and illegal. Civil and criminal penalties for this kind of activity are severe.

The general rule can be stated as follows: It is a violation of federal securities laws for any person to buy or sell securities if he or she is in possession of material inside information. Information is material if there is a substantial likelihood that a reasonable investor would consider it important in making an investment decision. It is inside information if it has not been publicly disclosed in a manner making it available to investors generally on a broad-based non-exclusionary basis. Furthermore, it is illegal for any person in possession of material inside information to provide other people with such information or to recommend that they buy or sell the securities. (This is called "**tipping**"). In that case, they may both be held liable.

The Securities and Exchange Commission (the "**SEC**"), the stock exchanges and plaintiffs' lawyers focus on uncovering insider trading. A breach of the insider trading laws could expose the insider to criminal fines up to three times the profits earned and imprisonment up to ten years, in addition to civil penalties (up to three times of the profits earned), and injunctive actions. In addition, punitive damages may be imposed under applicable state laws. Securities laws also subject controlling persons to civil penalties for illegal insider trading by employees, including employees located outside the United States. Controlling persons include directors, officers, and supervisors. These persons may be subject to fines up to the greater of $1,000,000 or three times profit (or loss avoided) by the insider trader.

Inside information does not belong to the individual directors, officers or other employees who may handle it or otherwise become knowledgeable about it. It is an asset of the Company. For any person to use such information for personal benefit or to disclose it to others outside the Company violates the Company's interests. More particularly, in connection with trading in the Company's securities, it is a fraud against members of the investing public and against the Company.

All directors, executive officers and employees of the Company must observe these policies at all times. Your failure to do so will be grounds for internal disciplinary action, up to and including termination of your employment or directorship.

***B.***  ***Who Does the Policy Apply To?*** 

The prohibition against trading on inside information applies to directors, officers and all other employees, and to other people who gain access to that information. The prohibition applies to both domestic and international employees of the Company and its subsidiaries. Because of their access to confidential information on a regular basis, Company policy subjects its directors and certain employees (the "**Window Group**") to additional restrictions on trading in Company securities. The restrictions for the Window Group are discussed in Section F below. In addition, directors and certain employees with inside knowledge of material information may be subject to ad hoc restrictions on trading from time to time.

***C.***  ***Other Companies' Stock.*** 

Employees, executive officers and directors who learn material information about suppliers, customers, or competitors through their work at the Company, should keep it confidential and not buy or sell stock in such companies until the information becomes public. Employees, executive officers and directors should not give tips about such stock.

***D.***  ***Hedging and Derivatives.*** 

Employees, executive officers and directors are prohibited from engaging in any hedging transactions (including transactions involving options, puts, calls, prepaid variable forward contracts, equity swaps, collars and exchange funds or other derivatives) that are designed to hedge or speculate on any change in the market value of the Company's equity securities.

Trading in options or other derivatives is generally highly speculative and very risky. People who buy options are betting that the stock price will move rapidly. For that reason, when a person trades in options in his or her employer's stock, it will arouse suspicion in the eyes of the SEC that the person was trading on the basis of inside information, particularly where the trading occurs before a company announcement or major event. It is difficult for an employee, executive officer or director to prove that he or she did not know about the announcement or event.

If the SEC or the NYSE were to notice active options trading by one or more employees, executive officers or directors of the Company prior to an announcement, they would investigate. Such an investigation could be embarrassing to the Company (as well as expensive), and could result in severe penalties and expense for the persons involved. For all of these reasons, the Company prohibits its employees, executive officers and directors from trading in options or other derivatives involving the Company's stock. This policy does not pertain to employee stock options granted by the Company. Employee stock options cannot be traded.

***E.***  ***Pledging of Securities, Margin Accounts.*** 

Pledged securities may be sold by the pledgee without the pledgor's consent under certain conditions. For example, securities held in a margin account may be sold by a broker without the customer's consent if the customer fails to meet a margin call. Because such a sale may occur at a time when an employee, executive officer or a director has material inside information or is otherwise not permitted to trade in Company securities, the Company prohibits employees, executive officers and directors from pledging Company securities in any circumstance, including by purchasing Company securities on margin or holding Company securities in a margin account.

***F.***  ***General Guidelines.*** 

The following guidelines should be followed in order to ensure compliance with applicable antifraud laws and with the Company's policies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Nondisclosure</u>. Material inside information must not be disclosed to anyone, except to persons within the Company whose positions require them to know it. Tipping refers to the transmission of inside information from an insider to another person. Sometimes this involves a deliberate conspiracy in which the tipper passes on information in exchange for a portion of the "tippee's" illegal trading profits. Even if there is no expectation of profit, however, a tipper can have liability if he or she has reason to know that the information may be misused. Tipping inside information to another person is like putting your life in that person's hands. So the safest choice is: Don't tip.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Trading in Company Securities</u>. No employee, executive officer or director should place a purchase or sale order, or recommend that another person place a purchase or sale order in the Company's securities when he or she has knowledge of material information concerning the Company that has not been disclosed to the public. This includes orders for purchases and sales of stock and convertible securities, including engaging in any "short sales" of the Company's securities. The exercise of employee stock options is not subject to this policy. However, stock that was acquired upon exercise of a stock option will be treated like any other stock, and may not be sold by an employee who is in possession of material inside information. Any employee, executive officer or director who possesses material inside information should wait until the start of the third business day after the information has been publicly released before trading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Avoid Speculation</u>. Investing in the Company's common stock provides an opportunity to share in the future growth of the Company. But investment in the Company and sharing in the growth of the Company does not mean short range speculation based on fluctuations in the market. Such activities put the personal gain of the employee, executive officer or director in conflict with the best interests of the Company and its stockholders. Although this policy does not mean that employees, executive officers or directors may never sell shares, the Company encourages employees, executive officers and directors to avoid frequent trading in Company stock. Speculating in Company stock is not part of the Company culture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Trading in Other Securities</u>. No employee, executive officer or director should place a purchase or sale order, or recommend that another person place a purchase or sale order, in the securities of another corporation (such as a supplier, an acquisition target or a competitor), if the employee, executive officer or director learns in the course of his or her employment confidential information about the other corporation that is likely to affect the value of those securities. For example, it would be a violation of the securities laws if an employee, executive officer or director learned through Company sources that the Company intended to purchase assets from a company, and then placed an order to buy or sell stock in that other company because of the likely increase or decrease in the value of its securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Restrictions on the Window Group</u>. The Window Group consists of (i) directors, executive officers and vice presidents of the Company and their assistants and household members, (ii) subset of employees in the financial reporting, business development or legal groups and (iii) such other persons as may be designated from time to time and informed of such status by the Company's Chief Financial Officer and general counsel or an officer with similar duties and responsibilities of the Company (the "**General Counsel**"). The Window Group is subject to the following restrictions on trading in Company securities:

● trading is permitted from the start of the third business day following the release of the Company's quarterly and annual earnings until the 16th calendar day of the last month of the then current fiscal quarter (the "**Window** "), subject to the restrictions below;

● all trades are subject to prior review;

● The Window Group must submit a request for approval in a form set forth in Annex B hereto from the Company's Chief Financial Officer and General Counsel before making any trade in Company Securities; requests for approval of trades by the Chief Financial Officer and General Counsel should be submitted to the Chief Executive Officer;

● no trading is permitted outside the Window except for reasons of exceptional personal hardship and subject to prior review by the Chief Financial Officer and General Counsel; provided that, if one of these individuals wishes to trade outside the Window, it shall be subject to prior review by the other; and

● individuals in the Window Group are also subject to the general restrictions on all employees.

Note that at times Chief Financial Officer and the General Counsel may determine that no trades may occur even during the Window when clearance is requested. No reasons may be provided and the closing of the Window itself may constitute material inside information that should not be communicated.

The foregoing Window Group restrictions do not apply to transactions pursuant to written plans for trading securities that comply with Rule 10b5-1 under the Exchange Act ("**10b5-1 Plans**") described in <u>Annex A</u> hereto. However, Window Group members may not enter into, amend or terminate a 10b5-1 Plan relating to Company securities without the prior approval of Chief Financial Officer and the General Counsel, which will only be given during a Window period.

The Company from time to time may also impose an *ad hoc* trading freeze on all officers, directors, and other members of the Window Group due to significant unannounced corporate developments. These trading freezes may vary in length.

Executive officers, directors or any other member of the Window Group must promptly report to the Chief Financial Officer and General Counsel any transaction in any of the Company's securities by his or her or any of their respective assistants or family members other than transactions made pursuant to an approved 10b5-1 Plan (as defined below).

***In summary, every employee of the Company is subject to trading restrictions when in possession of inside information regarding the Company. In addition, officers, directors, and other members of the Window Group are subject to paragraph 5 above restricting their trading to window periods and requiring pre-clearance.***

***You must promptly report to the chief financial officer and the general counsel any trading in the company's securities by anyone or disclosure of inside information by COMPANY personnel that you have reason to believe may violate this Policy or the securities laws of the United States.***

***G.***  ***Applicability of U.S. Securities Laws to International Transactions.*** 

All employees of the Company' and its subsidiaries are subject to the restrictions on trading in Company securities and the securities of other companies. The U.S. securities laws may be applicable to the securities of the Company's subsidiaries or affiliates, even if they are located outside the United States. Transactions involving securities of Dubai or UAE subsidiaries or affiliates should be carefully reviewed by counsel for compliance not only with applicable Dubai or UAE law but also for possible application of U.S. securities laws.

**III.** **OTHER LIMITATIONS ON SECURITIES TRANSACTIONS**

***A.***  ***Public Resales – Rule 144.*** 

The U.S. Securities Act (the "**Securities Act**") requires every person who offers or sells a security to register such transaction with the SEC unless an exemption from registration is available. Rule 144 under the Securities Act is the exemption typically relied upon for (i) public resales by any person of "restricted securities" (*i.e.*, unregistered securities acquired in a private offering or sale) and (ii) public resales by directors, officers and other control persons of a company (known as "**affiliates**") of any of the Company's securities, whether restricted or unrestricted.

The exemption in Rule 144 may only be relied upon if certain conditions are met. These conditions vary based upon whether the Company has been subject to the SEC's reporting requirements for 90 days (and is therefore a "reporting company" for purposes of the rule) and whether the person seeking to sell the securities is an affiliate or not.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Holding Period</u>. Restricted securities issued by a reporting company (i.e., a company that has been subject to the SEC's reporting requirements for at least 90 days) must be held and fully paid for a period of six months prior to their sale. Restricted securities issued by a non-reporting company are subject to a one-year holding period. The holding period requirement does not apply to securities held by affiliates that were acquired either in the open market or in a public offering of securities registered under the Securities Act. Generally, if the seller acquired the securities from someone other than the Company or an affiliate of the Company, the holding period of the person from whom the seller acquired such securities can be "tacked" to the seller's holding period in determining if the holding period has been satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Current Public Information</u>. Current information about the Company must be publicly available before the sale can be made. The Company's periodic reports filed with the SEC ordinarily satisfy this requirement. If the seller is not an affiliate of the Company issuing the securities (and has not been an affiliate for at least three months) and one year has passed since the securities were acquired from the issuer or an affiliate of the issuer (whichever is later), the seller can sell the securities without regard to the current public information requirement.

Rule 144 also imposes the following additional conditions on sales by persons who are "affiliates." A person or entity is considered an "affiliate," and therefore subject to these additional conditions, if it is currently an affiliate or has been an affiliate within the previous three months:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Volume Limitations</u>. The amount of debt securities which can be sold by an affiliate during any three-month period cannot exceed 10% of a tranche (or class when the securities are non-participatory preferred stock), together with all sales of securities of the same tranche sold for the account of the affiliate. The amount of equity securities that can be sold by an affiliate during any three-month period cannot exceed the greater of (i) one percent of the outstanding shares of the class or (ii) the average weekly reported trading volume for shares of the class during the four calendar weeks preceding the time the order to sell is received by the broker or executed directly with a market maker.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Manner of Sale</u>. Equity securities held by affiliates must be sold in unsolicited brokers' transactions, directly to a market-maker or in riskless principal transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Notice of Sale</u>. An affiliate seller must file a notice of the proposed sale with the SEC at the time the order to sell is placed with the broker, unless the amount to be sold neither exceeds 5,000 shares nor involves sale proceeds greater than $50,000. See "Filing Requirements".

*Bona fide* gifts are not deemed to involve sales of shares for purposes of Rule 144, so they can be made at any time without limitation on the amount of the gift. Donees who receive restricted securities from an affiliate generally will be subject to the same restrictions under Rule 144 that would have applied to the donor, depending on the circumstances.

***B.***  ***Private Resales.*** 

Directors and officers also may sell securities in a private transaction without registration. Although there is no statutory provision or SEC rule expressly dealing with private sales, the general view is that such sales can safely be made by affiliates if the party acquiring the securities understands he is acquiring restricted securities that must be held for at least six months (if issued by a reporting company that meets the current public information requirements) or one-year (if issued by a non-reporting company) before the securities will be eligible for resale to the public under Rule 144. Private resales raise certain documentation and other issues and must be reviewed in advance by the Company's General Counsel.

***C.***  ***Restrictions on Purchases of Company Securities.*** 

In order to prevent market manipulation, the SEC adopted Regulation M under the U.S. Exchange Act. Regulation M generally restricts the Company or any of its affiliates from buying Company stock, including as part of a share buyback program, in the open market during certain periods while a distribution, such as a public offering, is taking place. You should consult with the Company's General Counsel, if you desire to make purchases of Company stock during any period that the Company is making conducting an offering or buying shares from the public.

***D.***  ***Filing Requirements.*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Schedule 13D and 13G</u>. Section 13(d) of the Exchange Act requires the filing of a statement on Schedule 13D (or on Schedule 13G, in certain limited circumstances) by any person or group which acquires beneficial ownership of more than five percent of a class of equity securities registered under the Exchange Act. The threshold for reporting is met if the stock owned, when coupled with the amount of stock subject to options exercisable within 60 days, exceeds the five percent limit.

A report on Schedule 13D is required to be filed with the SEC and submitted to the Company within ten days after the reporting threshold is reached. If a material change occurs in the facts set forth in the Schedule 13D, such as an increase or decrease of one percent or more in the percentage of stock beneficially owned, an amendment disclosing the change must be filed promptly. A decrease in beneficial ownership to less than five percent is per se material and must be reported.

A limited category of persons (such as banks, broker-dealers and insurance companies) may file on Schedule 13G, which is a much abbreviated version of Schedule 13D, as long as the securities were acquired in the ordinary course of business and not with the purpose or effect of changing or influencing the control of the issuer. A report on Schedule 13G is required to be filed with the SEC and submitted to the Company within 45 days after the end of the calendar year in which the reporting threshold is reached.

A person is deemed the beneficial owner of securities for purposes of Section 13(d) if such person has or shares voting power (*i.e.*, the power to vote or direct the voting of the securities) or dispositive power (*i.e.*, the power to sell or direct the sale of the securities). A person filing a Schedule 13D or 13G may disclaim beneficial ownership of any securities attributed to him or her if he or she believes there is a reasonable basis for doing so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Form 144</u>. As described above under the discussion of Rule 144, an affiliate seller relying on Rule 144 must file a notice of proposed sale with the SEC at the time the order to sell is placed with the broker unless the amount to be sold during any three-month period neither exceeds 5,000 shares nor involves sale proceeds greater than $50,000.

**<u>Annex A</u>**

***Overview of 10b5-1 Plans***

Under Rule 10b5-1, large stockholders, directors, officers and other insiders who regularly possess material nonpublic information (MNPI) but who nonetheless wish to buy or sell stock may establish an affirmative defense to an illegal insider trading charge by adopting a written plan to buy or sell at a time when they are not in possession of MNPI. A 10b5-1 plan typically takes the form of a contract between the insider and his or her broker.

The plan must be entered into at a time when the insider has no MNPI about the company or its securities (even if no trades will occur until after the release of the MNPI). The plan must:

1. specify the amount, price (which may include a limit price) and specific dates of purchases or sales; or

2. include a formula or similar method for determining amount, price and date; or

3. give the broker the exclusive right to determine whether, how and when to make purchases and sales, as long as the broker does so without being aware of MNPI at the time the trades are made.

Under the first two alternatives, the 10b5-1 plan cannot give the broker any discretion as to trade dates. As a result, a plan that requests the broker to sell 1,000 shares per week would have to meet the requirements under the third alternative. On the other hand, under the second alternative, the date may be specified by indicating that trades should be made on any date on which the limit price is hit. The affirmative defense is only available if the trade is in fact made pursuant to the preset terms of the10b5-1 plan (unless the terms are revised at a time when the insider is not aware of any MNPI and could therefore enter into a new plan). Trades are deemed not to have been made pursuant to the plan if the insider later enters into or alters a corresponding or hedging transaction or position with respect to the securities covered by the plan (although hedging transactions could be part of the plan itself).

***Guidelines for 10b5-1 Plans***

***When can a plan be adopted or amended?*** Because Rule 10b5-1 prohibits an insider from adopting or amending a plan while in possession of MNPI, allegations of insider trading despite the existence of a 10b5-1 plan are likely to focus on what was known at the time of plan adoption or amendment. It is recommended that companies permit an executive to adopt or amend a 10b5-1 plan only when the executive can otherwise buy or sell securities under the company's insider trading policy, such as during an open window immediately after the announcement of quarterly earnings.

***Should a plan impose a waiting period before trading can begin?*** Because an insider cannot have MNPI when a plan is adopted or amended, Rule 10b5-1 does not require the plan to include a waiting period before trading can begin. And importantly, including a waiting period (even a lengthy delay) will not correct the fatal flaw of adopting or amending a plan while in possession of MNPI. Many companies, however, require 10b5-1 plans to include a waiting period as a matter of risk management, in order to decrease the likelihood of the scrutiny that can occur when an executive's trading activity suddenly commences before material news is announced. Practice varies as to length (anywhere from 10 days to the next open window), although the rationale for including a waiting period is usually stronger when the period is long enough to be able to say that any information currently in the insider's possession should either be stale or public by the time trading commences. This has no bearing on the effectiveness of a 10b5-1 plan, but a longer delay can, as a matter of optics, help an insider demonstrate that he or she was not motivated to make trades by nonpublic information available at the time of plan adoption or amendment.

***Should adoption of a plan be announced publicly?*** Generally speaking, there is no requirement to publicly disclose the adoption, amendment or termination of a 10b5-1 plan, although in some cases public announcement may be advisable due to the identity of the insider, the magnitude of the plan, or other special factors. That said, announcing the adoption of a 10b5-1 plan may be a useful way to head off future public relations issues, since announcing a plan's adoption prepares the market and should help investors understand the reasons for insider sales when trades are later reported. If a company decides to announce the adoption of a 10b5-1 plan, we do not generally recommend disclosing plan details, other than, perhaps, the aggregate number of shares involved; this is to diminish the ability of market professionals to front-run the insider's transactions. It is unusual to announce the suspension or termination of a plan.

 ****

 ****

***What else should we consider when amending or modifying a plan?*** As noted above, an insider may only modify or amend a 10b5-1 plan when he or she is not in possession of MNPI. Even if an insider is not in possession of MNPI at the time of amendment, a pattern of amending or modifying one's plan raises the question of whether the insider is using the plan as a legitimate tool to diversify his or her risk exposure and monetize assets, or as a way to opportunistically step in and out of the market. Because Rule 10b5-1 provides an affirmative defense but not a safe harbor, insiders and their companies should be aware that the effectiveness of the affirmative defense could be diminished by a pattern of plan amendments and modifications.

***Can a plan be terminated or suspended?*** Unlike amending a plan, a 10b5-1 plan may legally be terminated before its predetermined end date even though the insider is in possession of MNPI (although some brokers' forms prohibit this as a contractual matter). Because plan sales shortly before the announcement of bad news can generate unwanted attention, an insider may decide to terminate a plan in the face of an impending negative announcement, even though as a technical matter the affirmative defense would be expected to cover the sales. On the other hand, terminating a selling plan before an impending positive announcement may raise the suspicion that the insider is using Rule 10b5-1 as a way to opportunistically time the market, thereby risking the likelihood that his or her future use of the affirmative defense will be successful.

It is generally suggested that plan terminations initiated by an insider take place during an open window, absent special circumstances and approval by the general counsel. It may also make sense for the general counsel to have the ability, but not the responsibility, to terminate the plan. Plans should also allow for mandatory suspension if legally required, for example due to Regulation M or tax reasons.

***How long should a plan last?*** In order to minimize the need for early termination, the term of the plan should be carefully weighed at the outset. An optimal plan term will be long enough to distance the insider, and any current knowledge that he or she may have, from a particular trade but short enough that it will not require termination should the insider's financial planning strategies change. A short "one-off" 10b5-1 plan can appear to be timed to take advantage of MNPI. On the other hand, the longer the plan term, the greater the likelihood that it will need to be modified or terminated. Most plans tend to have a term of six months to two years.

***Should the company pre-clear or review an executive's plan?*** It is generally recommended that the company pre-clear or review a proposed 10b5-1 plan, which may provide assurance that the plan complies with best practices. Certain companies disallow the third type of plan (one that gives the broker the right to determine whether, how and when to make purchases) in order to avoid the evidentiary difficulty associated with proving that the executive did not communicate with the broker with respect to trades under the plan. While this is not required, this is a prudent option to consider.

In addition to requiring a 10b-5 plan to be pre-approved by the Company, other limits that are sometimes considered are whether to set a maximum percentage of holdings that can be subject to a 10b5-1 plan, and rules for setting price floors.

**<u>Annex B</u>**

**Request for Approval to Trade in the Securities of JoyByte Holdings Limited**

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| | |
|:---|:---|
| To: | Chief Executive Officer |
| From: | |
| Print Name | Print Name |

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I hereby request approval for myself (or a member of my immediate family or household or a family member whose transactions regarding securities of JoyByte Holdings Limited are directed by me or are subject to my influence or control) to execute the following transaction relating to the securities of JoyByte Holdings Limited.

Type of transaction (check one):

☐ PURCHASE

☐ SALE

☐ EXERCISE OPTION (AND SELL SHARES)

☐ OTHER

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| |
|:---|
| Securities involved in transaction: |
| Number of securities: |
| Other (please explain): |
| Name of beneficial owner if other than yourself: |
| Relationship of beneficial owner to yourself: |

---

Signature:   Date:  

**This Authorization is valid until the earlier of thirty (30) calendar days after the date of this Approval or until the commencement of a "blackout" period.**

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| | |
|:---|:---|
| Approved by: |  |
| Name: |  |
| Date: | Time: |

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## Ex-Filing

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

**Ex-Filing Fees**

**CALCULATION OF FILING FEE TABLES**

**F-1**

**JOYBYTE HOLDINGS LIMITED**

**Table 1: Newly Registered and Carry Forward Securities**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Line Item Type** | **Security Type** | **Security Class Title** | **Notes** | **Fee Calculation<br> Rule** | **Amount Registered** | **Proposed Maximum Offering<br> Price Per Unit** | **Maximum Aggregate Offering Price** | **Fee Rate** | **Amount of Registration Fee** |
| *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* |
| Fees to be Paid | Equity | Ordinary shares, par value US$0.00001 per share | (1) | 457(o) |  | $| $15000000.00 | 0.0001381 | $2071.50 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | $15000000.00 |  | 2071.50 |
| Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: |  |  |  |
| Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: |  |  |  |
| Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: |  |  | $2071.50 |

---

**__________________________________________ Offering Note(s)**

&nbsp;&nbsp;&nbsp;&nbsp;(1) Pursuant to Rule 416 under the Securities Act of 1933, as amended (the "Securities Act"), the ordinary shares ("Ordinary Shares") registered hereby also include an indeterminate number of additional common shares as may from time to time become issuable by reason of stock splits, stock dividends, recapitalizations or other similar transactions. Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(o) under the Securities Act. Includes the offering price of the Ordinary Shares that the underwriters have the option to purchase to cover over-allotments, if any. Calculated pursuant to Rule 457(o) based on an estimate of the proposed maximum aggregate offering price.