# EDGAR Filing Document

**Accession Number:** 0002020089
**File Stem:** 0001493152-25-013679
**Filing Date:** 2025-9
**Character Count:** 1181129
**Document Hash:** 53eb48fa3642a47920705390cd842b48
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-25-013679.hdr.sgml**: 20250916

**ACCESSION NUMBER**: 0001493152-25-013679

**CONFORMED SUBMISSION TYPE**: F-1

**PUBLIC DOCUMENT COUNT**: 83

**FILED AS OF DATE**: 20250916

**DATE AS OF CHANGE**: 20250916

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Global Development Engineering Co Ltd
- **CENTRAL INDEX KEY:** 0002020089
- **STANDARD INDUSTRIAL CLASSIFICATION:** CONSTRUCTION SPECIAL TRADE CONTRACTORS [1700]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 000000000
- **STATE OF INCORPORATION:** K3
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** F-1
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-290294
- **FILM NUMBER:** 251316714

**BUSINESS ADDRESS:**
- **STREET 1:** ROOM 3902, TOWER 6
- **STREET 2:** THE GATEWAY, HARBOUR CITY, TST
- **CITY:** HONG KONG
- **STATE:** F4
- **ZIP:** 0000
- **BUSINESS PHONE:** 852 6012 8780

**MAIL ADDRESS:**
- **STREET 1:** ROOM 3902, TOWER 6
- **STREET 2:** THE GATEWAY, HARBOUR CITY, TST
- **CITY:** HONG KONG
- **STATE:** F4
- **ZIP:** 0000

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM F-1**

**REGISTRATION STATEMENT**

**UNDER**

**THE SECURITIES ACT OF 1933**

**Global Development Engineering Company LIMItEd**

(Exact name of registrant as specified in its charter)

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| | | |
|:---|:---|:---|
| **British Virgin Islands** | **1700** | **Not Applicable** |
| (State or other jurisdiction of<br> incorporation or organization) | (Primary Standard Industrial<br> Classification Code Number) | (I.R.S. Employer<br> Identification Number) |

---

Flat B1, 13/F,

Hoi Bun Industrial Building,

Kwun Tong, Kowloon, Hong Kong

+852 6690 9988

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

Puglisi & Associates

850 Library Avenue, Suite 204

Newark, Delaware 19711

+1 302-738-6680

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

***Copies to:***

---

| | |
|:---|:---|
| Benjamin Tan, Esq.<br> Sichenzia Ross Ference Carmel LLP<br> 1185 Avenue of the Americas, 31st Floor<br> New York, NY 10036<br> (212) 930-9700 – telephone<br> (212) 930-9725 – facsimile | Fang Liu, Esq.<br> VCL Law LLP<br> 1945 Old Gallows Road, Suite 260<br> Vienna, VA 22182<br> Tel: +1 703-919-7285 |

---

**Approximate date of commencement of proposed sale to the public:** Promptly after the effective date of this registration statement.

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

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

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

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

Indicate by check mark whether the registrant is an emerging growth company as defined in 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 the become effective in accordance with Section 8(a) of the Securities Act of 1933, as amended, or until the registration statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to such Section 8(a), may determine.**

**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 preliminary prospectus is not an offer to sell these securities and we are not soliciting any offer to buy these securities in any jurisdiction where such offer or sale is not permitted.**

**SUBJECT TO COMPLETION**

**PRELIMINARY PROSPECTUS DATED SEPTEMBER 16, 2025**

![](formdrs_001.jpg)

**3,750,000** **Ordinary Shares**

This is the initial public offering (the "Offering") of Global Development Engineering Company Limited, a British Virgin Islands company limited by shares, whose principal place of business and operations are in Hong Kong, Special Administrative Region, People's Republic of China. We are offering, on a firm commitment basis, 3,750,000 ordinary shares of no par value (the "Ordinary Shares").

No public market currently exists for our Ordinary Shares. We will apply for listing on the Nasdaq Capital Market under the symbol "GDEL" for the Ordinary Shares we are offering. We have not been approved for listing on the Nasdaq Capital Market yet and are undergoing approval and review. We expect that the initial public offering price (the "Offering Price") will be between $4.00 and $5.00 per Ordinary Share. We believe that upon the completion of the Offering, we will meet the standards for listing on the Nasdaq Capital Market. We will not consummate and close this Offering without a listing approval letter from the Nasdaq Capital Market.

We are and may be, a "controlled company" as defined under the Nasdaq Rule 5615(c) and IM-5615-5 as our chief executive officer and chairman and chief financial officer own and hold more than 50% of our voting power. There is presently no voting agreement between them but if there were, then we will be a "controlled company" post-Offering. 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.

We were incorporated in the British Virgin Islands on September 4, 2023, as a holding company of our business, which is primarily operated through our wholly-owned Hong Kong subsidiary, Global Development HK.

Global Development Engineering Company Limited, our British Virgin Islands listing company is not a Chinese or Hong Kong operating company but a British Virgin Islands holding company with operations conducted by our subsidiary in Hong Kong. You are investing in Ordinary Shares of Global Development Engineering Company Limited, the British Virgin Islands holding company.

As of the date hereof, we are authorized to issue an unlimited number of Ordinary Shares of no par value, and we have 17,500,000 Ordinary Shares issued and outstanding.

We are also an "emerging growth company" as defined in the Jumpstart Our Business Act of 2012, as amended, and, as such, are eligible for to reduced public company reporting requirements. Investing in our Ordinary Shares involves risks. See "RISK FACTORS" beginning on page 22.

---

| | | |
|:---|:---|:---|
|  | ***Per Share*** | ***Total*** |
| Public offering price<sup>(1)</sup> | $4.50 | 16875000 |
| Underwriting discounts and commissions to be paid by us<sup>(2)</sup> | $0.315 | 1181250 |
| Proceeds, before expenses, to us<sup>(2)(3)</sup> | $4.185 | 15693750 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Initial public offering
 price per Ordinary Share is assumed to be $4.50 (being the middle of the offer price range as set out in the cover page of this prospectus).

(2) We
 will pay our underwriter, Cathay Securities Inc. (the "Underwriter"), 7% underwriting discount of the gross
 proceeds of this Offering. In addition, we will also reimburse the Underwriter for its non-accountable expenses of 1% of the gross
 proceeds of the Offering and accountable out-of-pocket expenses not to exceed an aggregate of $150,000. See "Underwriting"
 in this prospectus for more information regarding our arrangements with the Underwriter.

(3) The total estimated expenses
 related to this offering are set forth in the section entitled "Expenses Relating to this Offering".

We estimate that the total expenses of this Offering, including registration, filing and listing fees, printing fees and legal and accounting expenses, but excluding the underwriting discounts; and non-accountable expenses, will be approximately $1,110,000.

The Underwriter expects to deliver the Ordinary Shares to purchasers in the Offering on or about [●], 2025.

**Neither we nor any of our subsidiaries is required to obtain permission from the government of the People's Republic of China, including the China Securities Regulatory Commission, or CSRC, to list our shares on the Nasdaq Capital Market.**

**On February 17, 2023, the CSRC announced the Circular on the Administrative Arrangements for Filing of Securities Offering and Listing By Domestic Companies, or the Circular, and released a set of new regulations which consists of the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies, or the Trial Measures, and five supporting guidelines. The Trial Measures came into effect on March 31, 2023. The Trial Measures refine the regulatory system by subjecting both direct and indirect overseas offering and listing activities to the CSRC filing-based administration. Requirements for filing entities, time points and procedures are specified. A PRC domestic company that seeks to offer and list securities in overseas markets shall fulfill the filing procedure with the CSRC per the requirements of the Trial Measures. Where a PRC domestic company seeks to indirectly offer and list securities in overseas markets, the issuer shall designate a major domestic operating entity, which shall, as the domestic responsible entity, file with the CSRC. The Trial Measures also lay out requirements for the reporting of material events. Breaches of the Trial Measures, such as offering and listing securities overseas without fulfilling the filing procedures, shall bear legal liabilities, including a fine between RMB 1.0 million (approximately $150,000) and RMB 10.0 million (approximately $1.5 million), and the Trial Measures heighten the cost for offenders by enforcing accountability with administrative penalties and incorporating the compliance status of relevant market participants into the Securities Market Integrity Archives.**

**According to the Circular, since the date of effectiveness of the Trial Measures on March 31, 2023, PRC domestic enterprises falling within the scope of filing that have been listed overseas or met the following circumstances are "existing enterprises": before the effectiveness of the Trial Measures on March 31, 2023, the application for indirect overseas issuance and listing has been approved by the overseas regulators or overseas stock exchanges (such as the registration statement has become effective on the U.S. market), it is not required to perform issuance and listing supervision procedures of the overseas regulators or overseas stock exchanges, and the overseas issuance and listing will be completed by September 30, 2023. Existing enterprises are not required to file with the CSRC immediately, and filings with the CSRC should be made as required if they involve refinancings and other filing matters. PRC domestic enterprises that have submitted valid applications for overseas issuance and listing but have not been approved by overseas regulatory authorities or overseas stock exchanges at the date of effectiveness of the Trial Measures on March 31, 2023 can reasonably arrange the timing of filing applications with the CSRC and shall complete the filing with the CSRC before the overseas issuance and listing.**

**The Trial Measures do not apply to us because we are not a PRC domestic company. Further, according to our Hong Kong counsel, Robertsons, the national laws adopted by the PRC are generally not applicable to Hong Kong according to the Basic Law of the Hong Kong Special Administrative Region (the "Basic Law"). The Basic Law came into effect on July 1, 1997. It is the constitutional document of Hong Kong, which sets out the PRC's basic policies regarding Hong Kong. The principle of "one country, two systems" is a prominent feature of the Basic Law, which dictates that Hong Kong will retain its unique common law and capitalist system for 50 years after the handover in 1997. Under the principle of "one country, two systems," Hong Kong's legal system, which is different from that of the PRC, is based on common law supplemented by statutes.**

**According to Article 18 of the Basic Law, national laws adopted by the PRC shall not be applied in Hong Kong, except for those listed in Annex III to the Basic Law, such as the laws in relation to the national flag, national anthem, and diplomatic privileges and immunities. Further, there is no legislation stating that the laws in Hong Kong should be commensurate with those in the PRC. Despite the foregoing, the legal and operational risks of operating in China also apply to businesses operating in Hong Kong and Macau. These risks could result in a material change in our operations and/or the value of the securities we are registering for sale or could significantly limit or completely hinder your ability to offer or continue to offer securities to investors and cause the value of such securities to significantly decline or be worthless.**

**We also do not expect China's Enterprise Tax Law is applicable to us as we do not have any subsidiaries incorporated in the mainland China as a PRC domestic company. Further, in August 2006, Hong Kong and China have signed a comprehensive arrangement titled "Arrangement between the Mainland of China and the Hong Kong Special Administrative Region for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income" (the "Comprehensive Double Taxation Arrangement") for the allocation of the right to tax between the two jurisdictions on a reasonable basis to avoid double taxation of income. The Comprehensive Double Taxation Arrangement covers income from immovable property, associated enterprises, dividends, interest, royalties, capital gains, pensions and government services etc. The Comprehensive Double Taxation Arrangement has since then been modified in 2008, 2010, 2015 and 2019 under different protocols for the purpose of further develop the economic relationship and to enhance the co-operation in tax matters, intending to eliminate double taxation with respect to taxes on income without creating opportunities for non-taxation or reduced taxation through tax evasion or avoidance (including through treaty-shopping arrangements aimed at obtaining tax reliefs provided in the Comprehensive Double Taxation Arrangement for the indirect benefit of residents of third tax jurisdictions). Currently, we do not rely on the Comprehensive Double Taxation Arrangement and no application has been made thereto.**

**Recently, the General Office of the Central Committee of the Communist Party of China and the General Office of the State Council jointly issued the Opinions on Severe and Lawful Crackdown on Illegal Securities Activities, which was available to the public on July 6, 2021. These opinions emphasized the need to strengthen the administration over illegal securities activities and the supervision on overseas listings by China-based companies. The PRC government also initiated a series of regulatory actions and statements to regulate business operations in the PRC with little advance notice, including cracking down on illegal activities in the securities market, enhancing supervision over PRC-based companies listed overseas using variable interest entity structure, adopting new measures to extend the scope of cybersecurity reviews, and expanding its efforts in anti-monopoly enforcement. Since these statements and regulatory actions are new, it is highly uncertain how soon 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, and the potential impact such modified or new laws and regulations will have on our daily business operation, the ability to accept foreign investments and list on a U.S. exchange.** 

**The PRC Criminal Law, as amended by its Amendment 7 (effective on February 28, 2009) and Amendment 9 (effective on November 1, 2015), prohibits institutions, companies and their employees from selling or otherwise illegally disclosing a citizen's personal information obtained during the course of performing duties or providing services or obtaining such information through theft or other illegal ways. On November 7, 2016, the Standing Committee of the PRC National People's Congress issued the Cyber Security Law of the PRC ("Cyber Security Law" or "CSL"), which became effective on June 1, 2017. The CSL is the first PRC law that systematically lays out the regulatory requirements on cybersecurity and data protection, subjecting many previously under-regulated or unregulated activities in cyberspace to government scrutiny. The legal consequences of violation of the CSL include penalties of warning, confiscation of illegal income, suspension of related business, winding up for rectification, shutting down the websites, and revocation of business license or relevant permits. In April 2020, the Cyberspace Administration of China ("CAC") and certain other PRC regulatory authorities promulgated the Cybersecurity Review Measures which became effective in June 2020. Pursuant to the Cybersecurity Review Measures, operators of critical information infrastructure must pass a cybersecurity review when purchasing network products and services that do or may affect national security.**

**Pursuant to the Cyber Security Law, network operators must not, without users' consent, collect their personal information and may only collect users' personal information necessary to provide their services. Providers are also obliged to provide security maintenance for their products and services and shall comply with provisions regarding the protection of personal information as stipulated under the relevant laws and regulations.**

**The Civil Code of the PRC (issued by the PRC National People's Congress on May 28, 2020 and effective from January 1, 2021) provides the main legal basis for privacy and personal information infringement claims under Chinese civil laws. PRC regulators, including the CAC, Ministry of Industry and Information Technology ("MIIT"), and the Ministry of Public Security have been increasingly focused on regulation in the areas of data security and data protection.**

**On June 10, 2021, the Standing Committee of the National People's Congress promulgated the PRC Data Security Law which took effect on September 1, 2021. The Data Security Law also sets forth the data security protection obligations for entities and individuals handling personal data, including that no entity or individual may acquire such data by stealing or other illegal means, and the collection and use of such data should not exceed the necessary limits. The costs of compliance with, and other burdens imposed by, CSL and any other cybersecurity and related laws may limit the use and adoption of our products and services and could have an adverse impact on our business.** 

**On January 4, 2022, thirteen PRC regulatory agencies, namely, the CAC, the National Development and Reform Commission ("NDRC"), the MIIT, the Ministry of Public Security, the Ministry of State Security, the Ministry of Finance, the Ministry of Commerce ("MOFCOM"), SAMR, CSRC, the People's Bank of China, the National Radio and Television Administration, National Administration of State Secrets Protection and the National Cryptography Administration, jointly adopted and published the Measures for Cybersecurity Review (2021), which became effective on February 15, 2022. The Measures for Cybersecurity Review (2021) required that, among others, in addition to "operator of critical information infrastructure," any "operator of network platform" holding personal information of more than one million users which seek to list in a foreign stock exchange should also be subject to cybersecurity review.**

**We do not expect to be subject to the cybersecurity review by the CAC for this Offering, given that: (i) we do not possess more than one million users' personal information; (ii) we do not place any reliance on collection and processing of any personal information to maintain our business operation; (iii) we have not been notified by any authorities of being classified as an operator of critical information infrastructure; (iv) data processed in our business should not have a bearing on national security nor affect or may affect national security; and (v) we have not been subject to any material administrative penalties, mandatory rectifications, or other sanctions by any competent regulatory authorities in relation to cybersecurity and data protection, nor have there been material cybersecurity and data protection incidents or infringement upon any third parties, or other legal proceedings, administrative or governmental proceedings, pending, threatened against or relating to us.** 

**Further, as mentioned above, the national laws adopted by the PRC are generally not applicable to Hong Kong according to the Basic Law.** 

**However, there remains uncertainty as to how the Measures for Cybersecurity Review (2021) will be interpreted or implemented and whether the PRC regulatory agencies, including the CAC, may adopt new laws, regulations, rules, or detailed implementation and interpretation related to the Measures for Cybersecurity Review (2021). If any such new laws, regulations, rules, or implementation and interpretation comes into effect, we will take all reasonable measures and actions to comply and minimize the adverse effect of such laws on us.**

**We cannot assure you that PRC regulatory agencies, including the CAC, would take the same view as we do, and there is no assurance that we can fully or timely comply with such laws. In the event that we are subject to any mandatory cybersecurity review and other specific actions required by the CAC, we face uncertainty as to whether any clearance or other required actions can be timely completed or at all. Given such uncertainty, we may be further required to suspend our relevant business, shut down our website, or face other penalties which could materially and adversely affect our business, financial condition, and results of operations.**

**We believe that we have been in compliance with the data privacy and personal information requirements of the CAC for the abovementioned reasons. Neither the CAC nor any other PRC regulatory agency or administration has contacted the Company in connection with the Company's or its subsidiary's operations. The Company is currently not required to obtain regulatory approval from the CAC nor any other PRC authorities for its and its subsidiaries' operations in Hong Kong.** 

**As of the date of this prospectus, our Company and its subsidiaries have not received any inquiry, notice, warning or sanctions regarding our planned overseas listing from the CSRC or any other PRC governmental authorities. For more details, see "*Risk Factors — Risks Related to Doing Business in Hong Kong — We may be subject to a variety of laws and other obligations regarding cybersecurity and data protection, and any failure to comply with applicable laws and obligations could have a material and adverse effect on our business, financial condition and results of operations".***

**None of our business activities appears to be within the immediate targeted areas of concern identified by the Chinese government. However, because our operating subsidiary is in Hong Kong and its operations are there, and given the Chinese government's significant oversight and discretion over the conduct of our business operations in Hong Kong, the Chinese government may intervene or influence our operations at any time, which could result in a material change in our operations and consequently, the value of our Ordinary Shares. The Chinese government could also significantly limit or completely hinder our ability to list on a U.S. or other foreign exchange and to offer future securities to investors and cause the value of such securities to significantly decline or be worthless. Please refer to "*Risk Factors – Risks Related to Doing Business in Hong Kong – The recent spate of government interference by the PRC government into business activities of U.S. listed Chinese companies may negatively impact our operations, the value of our securities and/or significantly limit or completely hinder our ability to offer future securities to investors and cause the value of such securities to significantly decline or be worthless".***

**Presently, none of the PRC laws and regulations above applies to us because national laws adopted by the PRC are not applicable in Hong Kong, except for those listed in Annex III to the Basic Law. Further, there is no legislation stating that the laws in Hong Kong should be commensurate with those in the PRC. With regard to the potential regulatory actions related to data security and anti-monopoly in Hong Kong, please refer to our disclosures in "*Risk Factors – Risks Related to Doing Business in Hong Kong– We may be subject to a variety of laws and other obligations regarding cybersecurity and data protection, and any failure to comply with applicable laws and obligations could have a material and adverse effect on our business, financial condition and results of operations*" on page** 32**. Apart from the foregoing, there is no other impact on our ability to conduct our business as presently conducted, accept foreign investments, or list on a U.S. or foreign exchange.**

**Our Ordinary Shares may be prohibited from trading on a national exchange under the Holding Foreign Companies Accountable Act (the "HFCA Act") if the Public Company Accounting Oversight Board (the "PCAOB") is unable to inspect our auditors for two consecutive years beginning in 2021. The HFCA Act was enacted on December 18, 2020 and states if the SEC determines that a company has 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 shall prohibit the company's shares from being traded on a national securities exchange or in over-the-counter trading market in the U.S. 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 June 22, 2021, the U.S. Senate passed the Accelerating Holding Foreign Companies Accountable Act and on December 29, 2022, legislation entitled "Consolidated Appropriations Act, 2023" (the "Consolidated Appropriations Act") was signed into law by President Biden, which contained, among other things, an identical provision to the Accelerating Holding Foreign Companies Accountable Act and 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, thus reducing the time period for triggering the prohibition on trading. On December 2, 2021, the SEC adopted final amendments to its rules implementing the HFCA Act. The rules apply to registrants the SEC identifies as having filed an annual report with an audit report issued by a registered public accounting firm that is located in a foreign jurisdiction and that the PCAOB is unable to inspect or investigate ("Commission-Identified Issuers") and require Commission-Identified Issuers identified by the SEC to submit documentation and make disclosures required under the HFCA Act. In addition, the final amendments also establish procedures the SEC will follow in (i) determining whether a registrant is a "Commission-Identified Issuer" and (ii) prohibiting the trading on U.S. securities exchanges and in the over-the-counter market of securities of a "Commission-Identified Issuer" under the HFCA Act. The final amendments are effective on January 10, 2022. Pursuant to the HFCA Act, the PCAOB issued a Determination Report on December 16, 2021, which found that the PCAOB was unable to inspect or investigate completely registered public accounting firms headquartered in mainland China or Hong Kong, a Special Administrative Region of the PRC, because of a position taken by one or more authorities in the PRC or Hong Kong. In addition, the PCAOB's report identified the specific registered public accounting firms which are subject to these determinations. On August 26, 2022, the PCAOB announced that it had signed a Statement of Protocol (the "SOP") with the CSRC and the Ministry of Finance of China. The SOP, together with two protocol agreements governing inspections and investigations (together, the "SOP Agreement"), establishes a specific, accountable framework to make possible complete inspections and investigations by the PCAOB of audit firms based in mainland China and Hong Kong, as required under U.S. law. The SOP Agreement remains unpublished and is subject to further explanation and implementation. Pursuant to the fact sheet with respect to the SOP Agreement disclosed by the SEC, the PCAOB shall have sole discretion to select any audit firms for inspection or investigation and the PCAOB inspectors and investigators shall have a right to see all audit documentation without redaction. 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, which does not grant an automatic grace period.**

**Our former auditor, OneStop Assurance PAC, and our current auditor, Guangdong Prouden CPAs GP, the independent registered public accounting firms that issue the audit reports included in this prospectus, as auditors of companies that are traded publicly in the United States and firms registered with the PCAOB, are required by the laws of the United States to undergo regular inspections by the PCAOB to assess their compliance with the laws of the United States and professional standards. OneStop Assurance PAC is headquartered in Singapore and has been inspected by the PCAOB on a regular basis, with the last inspection in July 13, 2023 and it is not subject to the determinations announced by the PCAOB on December 16, 2021. Guangdong Prouden CPAs GP is headquartered in Chinese Mainland and subject to the determinations announced by the PCAOB on December 16, 2021.** 

**There** **are risks to the Company and investors if it is later determined that the PCAOB is unable to inspect or investigate completely our auditors because of a position taken by an authority in a foreign jurisdiction. If our Ordinary Shares are prohibited from being traded on a national securities exchange or over-the counter under the HFCA Act in the future because the PCAOB determines that it cannot inspect or fully investigate our auditors at such future time, Nasdaq may determine to delist our Ordinary Shares. If our Ordinary Shares are unable to be listed on another securities exchange by then, such a delisting would substantially impair your ability to sell or purchase our Ordinary Shares when you wish to do so, and the risk and uncertainty associated with a potential delisting would have a negative impact on the price of our Ordinary Shares.**

**We are headquartered and conduct operations only in Hong Kong and not mainland China. We do not use variable interest entities in our corporate structure. Because of our corporate structure as a British Virgin Islands holding company with operations conducted by our Hong Kong subsidiary, it involves unique risks to investors. Furthermore, Chinese regulatory authorities could change the rules and regulations regarding foreign ownership in the industry in which we operate and disallow our structure, which would likely result in a material change in our operations and/or a material change in the value of the securities we are registering for sale, including that it could cause the value of such securities to significantly decline or become worthless. For a more detailed discussion, please refer to "*Risk Factors – Risk Related To Doing Business in - The recent spate of government interference by the PRC government into business activities of U.S. listed Chinese companies may negatively impact our operations, value of our securities and/or significantly limit or completely hinder our ability to offer future securities to investors and cause the value of such securities to significantly decline or be worthless*" on page 33. A summary of the applicable laws and regulations in Hong Kong to the Company and its business is found on page 81. Some of the risks and challenges of conducting business in Hong Kong include, but are not limited to political considerations involving Hong Kong, higher costs of conducting business, changes in the currency peg system, operating in a highly-regulated environment, uncertainties in the interpretation and enforcement of Chinese laws and regulations and the perceived interference by the Chinese government there. Further, 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 the Hong Kong against us or our directors or officers predicated upon the securities laws of the United States or any state in the United States. A more detailed discussion of the risks of doing business in Hong Kong is found under "*Risk Factors - Risks Related to Doing Business in Hong Kong*" on page 29 and the enforcement of civil liabilities in Hong Kong under "*Enforceability of Civil Liabilities"* on page 117.**

**During the normal courses of our business, cash may be transferred between our companies via wire transfer to and from bank accounts to pay certain business expenses, as loans or capital contribution.** 

**Cash is maintained by our subsidiary in Hong Kong, Global Development HK. We have current bank accounts in Hong Kong dollars and United States dollars with the Bank of China (Hong Kong) Limited, a commercial bank in Hong Kong. Because Global Development Engineering Company Limited was recently incorporated in the British Virgin Islands, there has not been, to date, any transfers, dividends, or distributions between the holding company to or from its Hong Kong subsidiary. For a more detailed summary of cash transactions between our subsidiaries, please refer to "*Transfers of Cash to and from Our Subsidiaries*" on page 12.**

**We currently have not maintained any cash management policies that dictate the purpose, amount and procedure of cash transfers between the Company, our subsidiaries, or investors. Rather, the funds can be transferred in accordance with the applicable laws and regulations and on an "as-needed" basis. To the extent cash or assets in the business is in Hong Kong or in a Hong Kong entity, the 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 us or our subsidiaries by the PRC or Hong Kong governments to transfer cash or assets. See "*Risk Factors – Risk Related to Doing Business in Hong Kong - To the extent cash or assets in the business is 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 Hong Kong due to interventions in or the imposition of restrictions and limitations on the ability of us or our subsidiaries by the PRC government to transfer cash or assets*" on page 37**.

**As of the current date, none of our companies has distributed any cash dividends or made any cash distributions. There are no restrictions for the transfer or distribution of cash between the companies. Please refer to the condensed consolidating schedule and the consolidated financial statements on page F-1.**

**Neither the SEC nor any state securities commission nor any other regulatory body 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.**

**This prospectus does not constitute, and there will not be, an offering of securities to the public in the British Virgin Islands.**

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The date of this prospectus is _____________, 2025.

**TABLE OF CONTENTS**

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| | |
|:---|:---|
| [Commonly Used Defined Terms](#ar_001) | 1 |
| [Cautionary Statement Regarding Forward Looking Statements](#ar_002) | 3 |
| [Prospectus Summary](#ar_003) | 8 |
| [Risk Factors](#ar_004) | 22 |
| [Use of Proceeds](#acc_001) | 48 |
| [Dividend Policy](#acc_002) | 49 |
| [Exchange Rate Information](#acc_003) | 49 |
| [Capitalization](#acc_004) | 51 |
| [Dilution](#acc_005) | 52 |
| [Management's Discussion and Analysis of Financial Condition and Results of Operations](#acc_006) | 53 |
| [Business](#acc_007) | 70 |
| [Management](#nd_006) | 89 |
| [Executive Compensation](#nd_007) | 94 |
| [Related Party transactions](#nd_008) | 95 |
| [Principal Shareholders](#nd_009) | 96 |
| [Description of Ordinary Shares](#nd_010) | 98 |
| [Shares Eligible for Future Sale](#nd_011) | 109 |
| [Material Tax Consequences Applicable to U.S. Holders of Our Ordinary Shares](#nd_012) | 110 |
| [Enforceability of Civil Liabilities](#nd_013) | 117 |
| [Underwriting](#nd_014) | 118 |
| [Expenses Relating to this Offering](#nd_015) | 122 |
| [Legal Matters](#nd_016) | 122 |
| [Experts](#nd_017) | 122 |
| [Interests of Named Experts and Counsel](#nd_018) | 122 |
| [Disclosure of Commission Position on Indemnification](#nd_019) | 122 |
| [Where You Can Find Additional Information](#nd_020) | 122 |
| [Index to Financial Information](#nd_021) | F-1 |

---

You should rely only on the information contained in this prospectus or in any related free-writing prospectus. We have not authorized anyone to provide you with information different from that contained in this prospectus or in any related free-writing prospectus. We are offering to sell, and seeking offers to buy, the Ordinary Shares offered hereby, but only under circumstances and in jurisdictions where offers and sales are permitted and lawful to do so. The information contained in this prospectus is current only as of the date of this prospectus, regardless of the time of delivery of this prospectus or of any sale of the Ordinary Shares.

Neither we nor the Underwriter have/has taken any action that would permit a public offering of the Ordinary Shares outside the United States or permit the possession or distribution of this prospectus or any related free-writing prospectus outside the United States. Persons outside the United States who come into possession of this prospectus or any related free-writing prospectus must inform themselves about and observe any restrictions relating to the Offering of the Ordinary Shares and the distribution of the prospectus outside the United States.

We obtained the statistical data, market data and other industry data and forecasts described in this prospectus from market research, publicly available information and industry publications. Industry publications generally state that they obtain their information from sources that they believe to be reliable, but they do not guarantee the accuracy and completeness of the information. Similarly, while we believe that the statistical data, industry data and forecasts and market research are reliable, we have not independently verified the data. We have not sought the consent of the sources to refer to their reports appearing or incorporated by reference in this prospectus.

We were incorporated under the laws of the British Virgin Islands as a business company established under the BVI Act with limited liability and a majority of our issued and outstanding securities are owned by non-U.S. residents. Under the rules of the SEC, we currently qualify for treatment as a "foreign private issuer." As a foreign private issuer, we will not be required to file periodic reports and financial statements with the SEC as frequently or as promptly as domestic registrants whose securities are registered under the Securities Exchange Act of 1934.

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

**COMMONLY USED DEFINED TERMS**

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

● "Amended Memorandum and Articles" are to our amended and restated memorandum and articles of association to be in effect on completion of our Offering;

● "Board" refers to the board of directors of Global Development Engineering Company Limited, our BVI holding company;

● "BVI" refers to the British Virgin Islands;

● "BVI Act" is to the BVI Business Companies Act (As Revised) as the same may be amended from time to time.

● "China" or the "PRC" are to the People's Republic of China, excluding Taiwan and includes the special administrative regions of Hong Kong and Macau for the purposes of this prospectus only. The only instances when "PRC" or "China" does not include Hong Kong or Macau are when specific laws and regulations are adopted by the PRC;

● "Exchange Act" refers to the U.S. Securities Exchange Act of 1934, as amended;

● "Global Development HK" is to our wholly-owned Hong Kong operating subsidiary, Global Development Engineering Company Limited;

● "Hong Kong" is to Hong Kong Special Administrative Region, People's Republic of China;

● "SEC" means the U.S. Securities and Exchange Commission;

● "Securities Act" refers to the U.S. Securities Act of 1933, as amended;

● "shares," "Shares," "ordinary shares" or "Ordinary Shares" are to the Ordinary Shares;

● "U.S." or "United States" is to the United States of America;

● "we," "us," "our company," "our," and "the Company" are to Global Development Engineering Company Limited, our BVI holding company, and does not include its Hong Kong subsidiary, Global Development HK;

● All references to "H.K. dollars," "HKD" or "HK$" are to the legal currency of Hong Kong;

● All references to "U.S. dollars," "dollars," "USD," "US$" or "$" are to the legal currency of the United States.

Our business is conducted by our wholly-owned entity in Hong Kong, using HK$, the currency of Hong Kong. In this prospectus, we refer to assets, obligations, commitments and liabilities in our unaudited condensed consolidated financial statements in United States dollars. These dollar references are based on the exchange rate of HK$ to United States dollars, determined as of a specific date or for a specific period. Changes in the exchange rate will affect the amount of our obligations and the value of our assets in terms of United States dollars which may result in an increase or decrease in the amount of our obligations (expressed in dollars) and the value of our assets, including accounts receivable (expressed in dollars).

This prospectus contains translations of certain HK$ amounts into US$ amounts at specified rates solely for the convenience of the reader. The relevant exchange rates are listed below:

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| | | |
|:---|:---|:---|
|  | For the Year Ended March 31, 2025 | For the Year Ended March 31, 2024 |
| Period Ended HK$: US$ exchange rate | 7.7799 | 7.8259 |
| Period Average HK$: US$ exchange rate | 7.7930 | 7.8246 |

---

Numerical figures shown as totals in various tables may not be arithmetic aggregations of the figures that precede them.

For the sake of clarity, this prospectus follows the English naming convention of first name followed by last name, regardless of whether an individual's name is Chinese or English. For example, the name of our Chairman will be presented as "Sui Hei Chan," even though, in Chinese, Mr. Chan's name is presented as "Chan Sui Hei."

We have relied on statistics provided by a variety of publicly-available sources regarding Hong Kong's and China's expectations of growth. We did not, directly or indirectly, sponsor or participate in the publication of such materials, and these materials are not incorporated in this prospectus other than to the extent specifically cited in this prospectus. We have sought to provide current information in this prospectus and believe that the statistics provided in this prospectus remain up-to-date and reliable, and these materials are not incorporated in this prospectus other than to the extent specifically cited in this prospectus. Except where otherwise stated, all ordinary share accounts provided herein are on a pre-share-increase basis.

**MARKET AND INDUSTRY DATA**

Unless otherwise indicated, information contained in this prospectus concerning our industry, our market share and the markets that we serve is based on information from independent industry and research organizations, other third-party sources (including industry publications, surveys and forecasts) and management estimates. Management estimates are derived from publicly available information released by independent industry analysts and third-party sources, as well as data from our internal research, and are based on assumptions made by us upon reviewing such data and our knowledge of such industry and markets that we believe to be reasonable. Although we believe the data from these third-party sources is reliable, we have not independently verified any such information. In addition, projections, assumptions and estimates of the future performance of the industry in which we operate and our future performance are necessarily subject to uncertainty and risk due to a variety of factors, including those described in "*Risk Factors*" and "*Cautionary Statement Regarding Forward-Looking Statements*." These and other factors could cause results to differ materially from those expressed in the estimates made by third parties and by us.

**CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS**

This prospectus contains forward-looking statements that involve risks and uncertainties, such as statements related to future events, business strategy, future performance, future operations, backlog, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management. All statements other than statements of historical fact may be forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek," "anticipate," "plan," "continue," "estimate," "expect," "may," "will," "project," "predict," "potential," "targeting," "intend," "could," "might," "should," "believe" and similar expressions or their negative. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on management's belief, based on currently available information, as to the outcome and timing of future events. These statements involve estimates, assumptions, known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those expressed in such forward-looking statements. When evaluating forward-looking statements, you should consider the risk factors and other cautionary statements described in "Risk Factors." We believe the expectations reflected in the forward-looking statements contained in this prospectus are reasonable, but no assurance can be given that these expectations will prove to be correct. Forward-looking statements should not be unduly relied upon.

Important factors that could cause actual results or events to differ materially from those expressed in forward-looking statements include, but are not limited to:

● our goals and growth strategies;

● our future business development, financial condition and results of operations;

● trends in the construction and renovation industries in Hong Kong and globally;

● competition in our industry;

● fluctuations in general economic and business conditions in Hong Kong and other regions where we operate;

● the regulatory environment in which we and companies integral to our ecosystem operate;

● our proposed use of proceeds from this Offering; and

● assumptions underlying or related to any of the foregoing.

These factors are not necessarily all of the important factors that could cause actual results or events to differ materially from those expressed in forward-looking statements. Other unknown or unpredictable factors could also cause actual results or events to differ materially from those expressed in the forward-looking statements. Our future results will depend upon various other risks and uncertainties, including those described in "*Risk Factors*." All forward-looking statements attributable to us are qualified in their entirety by this cautionary statement. Forward-looking statements speak only as of the date hereof. We undertake no obligation to update or revise any forward-looking statements after the date on which any such statement is made, whether as a result of new information, future events or otherwise.

***Cautionary Statement Regarding Doing Business in China***

**Recently, the General Office of the Central Committee of the Communist Party of China and the General Office of the State Council jointly issued the Opinions on Severe and Lawful Crackdown on Illegal Securities Activities, which was available to the public on July 6, 2021. These opinions emphasized the need to strengthen the administration over illegal securities activities and the supervision on overseas listings by China-based companies. The PRC government also initiated a series of regulatory actions and statements to regulate business operations in the PRC with little advance notice, including cracking down on illegal activities in the securities market, enhancing supervision over PRC-based companies listed overseas using variable interest entity structure, adopting new measures to extend the scope of cybersecurity reviews, and expanding its efforts in anti-monopoly enforcement. Since these statements and regulatory actions are new, it is highly uncertain how soon 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, and the potential impact such modified or new laws and regulations will have on our daily business operation, the ability to accept foreign investments and list on a U.S. exchange.** 

**The PRC Criminal Law, as amended by its Amendment 7 (effective on February 28, 2009) and Amendment 9 (effective on November 1, 2015), prohibits institutions, companies and their employees from selling or otherwise illegally disclosing a citizen's personal information obtained during the course of performing duties or providing services or obtaining such information through theft or other illegal ways. On November 7, 2016, the Standing Committee of the PRC National People's Congress issued the Cyber Security Law or CSL, which became effective on June 1, 2017. The CSL is the first PRC law that systematically lays out the regulatory requirements on cybersecurity and data protection, subjecting many previously under-regulated or unregulated activities in cyberspace to government scrutiny. The legal consequences of violation of the CSL include penalties of warning, confiscation of illegal income, suspension of related business, winding up for rectification, shutting down the websites, and revocation of business license or relevant permits. In April 2020, the CAC and certain other PRC regulatory authorities promulgated the Cybersecurity Review Measures which became effective in June 2020. Pursuant to the Cybersecurity Review Measures, operators of critical information infrastructure must pass a cybersecurity review when purchasing network products and services that do or may affect national security.**

**Pursuant to the Cyber Security Law, network operators must not, without users' consent, collect their personal information and may only collect users' personal information necessary to provide their services. Providers are also obliged to provide security maintenance for their products and services and shall comply with provisions regarding the protection of personal information as stipulated under the relevant laws and regulations.**

**The Civil Code of the PRC (issued by the PRC National People's Congress on May 28, 2020 and effective from January 1, 2021) provides the main legal basis for privacy and personal information infringement claims under Chinese civil laws. PRC regulators, including the CAC, MIIT, and the Ministry of Public Security have been increasingly focused on regulation in the areas of data security and data protection.**

**On June 10, 2021, the Standing Committee of the National People's Congress promulgated the PRC Data Security Law which took effect on September 1, 2021. The Data Security Law also sets forth the data security protection obligations for entities and individuals handling personal data, including that no entity or individual may acquire such data by stealing or other illegal means, and the collection and use of such data should not exceed the necessary limits. The costs of compliance with, and other burdens imposed by, CSL and any other cybersecurity and related laws may limit the use and adoption of our products and services and could have an adverse impact on our business.** 

**On January 4, 2022, thirteen PRC regulatory agencies, namely, the CAC, the NDRC, the MIIT, the Ministry of Public Security, the Ministry of State Security, the Ministry of Finance, the MOFCOM, SAMR, CSRC, the People's Bank of China, the National Radio and Television Administration, National Administration of State Secrets Protection and the National Cryptography Administration, jointly adopted and published the Measures for Cybersecurity Review (2021), which became effective on February 15, 2022. The Measures for Cybersecurity Review (2021) required that, among others, in addition to "operator of critical information infrastructure," any "operator of network platform" holding personal information of more than one million users which seek to list in a foreign stock exchange should also be subject to cybersecurity review.**

**We do not expect to be subject to the cybersecurity review by the CAC for this Offering, given that: (i) we do not possess more than one million users' personal information; (ii) we do not place any reliance on collection and processing of any personal information to maintain our business operation; (iii) we have not been notified by any authorities of being classified as an operator of critical information infrastructure; (iv) data processed in our business should not have a bearing on national security nor affect or may affect national security; and (v) we have not been subject to any material administrative penalties, mandatory rectifications, or other sanctions by any competent regulatory authorities in relation to cybersecurity and data protection, nor have there been material cybersecurity and data protection incidents or infringement upon any third parties, or other legal proceedings, administrative or governmental proceedings, pending, threatened against or relating to us.** 

**Further, as mentioned above, the national laws adopted by the PRC are generally not applicable to Hong Kong according to the Basic Law.** 

**However, there remains uncertainty as to how the Measures for Cybersecurity Review (2021) will be interpreted or implemented and whether the PRC regulatory agencies, including the CAC, may adopt new laws, regulations, rules, or detailed implementation and interpretation related to the Measures for Cybersecurity Review (2021). If any such new laws, regulations, rules, or implementation and interpretation comes into effect, we will take all reasonable measures and actions to comply and minimize the adverse effect of such laws on us.**

**We cannot assure you that PRC regulatory agencies, including the CAC, would take the same view as we do, and there is no assurance that we can fully or timely comply with such laws. In the event that we are subject to any mandatory cybersecurity review and other specific actions required by the CAC, we face uncertainty as to whether any clearance or other required actions can be timely completed or at all. Given such uncertainty, we may be further required to suspend our relevant business, shut down our website, or face other penalties which could materially and adversely affect our business, financial condition, and results of operations.**

**We believe that we have been in compliance with the data privacy and personal information requirements of the CAC for the abovementioned reasons. Neither the CAC nor any other PRC regulatory agency or administration has contacted the Company in connection with the Company's or its subsidiary's operations. The Company is currently not required to obtain regulatory approval from the CAC nor any other PRC authorities for its and its subsidiaries' operations in Hong Kong.** 

**As of the date of this prospectus, our Company and its subsidiary have not received any inquiry, notice, warning or sanctions regarding our planned overseas listing from the CRSC or any other PRC governmental authorities. For more details, see "*Risk Factors — Risks Related to Doing Business in Hong Kong SAR — We may be subject to a variety of laws and other obligations regarding cybersecurity and data protection, and any failure to comply with applicable laws and obligations could have a material and adverse effect on our business, financial condition and results of operations."***

**Apart from the foregoing, there is no other impact on our ability to conduct our business as presently conducted, accept foreign investments, or list on a U.S. or foreign exchange.**

**All of the statements and regulatory actions referenced are newly published, and official guidance and related implementation rules have not been issued. It is highly uncertain what the potential impact of such modified or new laws and regulations might be on our daily business operation, the ability to accept foreign investments and list on a U.S. exchange. PRC regulatory authorities may in the future promulgate laws, regulations or rules that require us and/or our subsidiaries to obtain regulatory approval from Chinese authorities before listing in the U.S.**

***Cautionary Statement Regarding Holding Foreign Companies Accountable Act***

**Our Ordinary Shares may be prohibited from trading on a national exchange under HFCA Act if the PCAOB is unable to inspect our auditors for two consecutive years beginning in 2021. The HFCA Act was enacted on December 18, 2020 and states if the SEC determines that a company has 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 shall prohibit the company's shares from being traded on a national securities exchange or in over-the-counter trading market in the U.S. 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 June 22, 2021, the U.S. Senate passed the Accelerating Holding Foreign Companies Accountable Act and on December 29, 2022, legislation entitled "Consolidated Appropriations Act, 2023" (the "Consolidated Appropriations Act") was signed into law by President Biden, which contained, among other things, an identical provision to the Accelerating Holding Foreign Companies Accountable Act and 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, thus reducing the time period for triggering the prohibition on trading. On December 2, 2021, the SEC adopted final amendments to its rules implementing the HFCA Act. The rules apply to registrants the SEC identifies as having filed an annual report with an audit report issued by a registered public accounting firm that is located in a foreign jurisdiction and that the PCAOB is unable to inspect or investigate ("Commission-Identified Issuers") and require Commission-Identified Issuers identified by the SEC to submit documentation and make disclosures required under the HFCA Act. In addition, the final amendments also establish procedures the SEC will follow in (i) determining whether a registrant is a "Commission-Identified Issuer" and (ii) prohibiting the trading on U.S. securities exchanges and in the over-the-counter market of securities of a "Commission-Identified Issuer" under the HFCA Act. The final amendments are effective on January 10, 2022. Pursuant to the HFCA Act, the PCAOB issued a Determination Report on December 16, 2021, which found that the PCAOB was unable to inspect or investigate completely registered public accounting firms headquartered in mainland China or Hong Kong, a Special Administrative Region of the PRC, because of a position taken by one or more authorities in the PRC or Hong Kong. In addition, the PCAOB's report identified the specific registered public accounting firms which are subject to these determinations. On August 26, 2022, the PCAOB announced that it had signed a Statement of Protocol (the "SOP") with the CSRC and the Ministry of Finance of China. The SOP, together with two protocol agreements governing inspections and investigations (together, the "SOP Agreement"), establishes a specific, accountable framework to make possible complete inspections and investigations by the PCAOB of audit firms based in mainland China and Hong Kong, as required under U.S. law. The SOP Agreement remains unpublished and is subject to further explanation and implementation. Pursuant to the fact sheet with respect to the SOP Agreement disclosed by the SEC, the PCAOB shall have sole discretion to select any audit firms for inspection or investigation and the PCAOB inspectors and investigators shall have a right to see all audit documentation without redaction. 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, which does not grant an automatic grace period.**

**Our former auditor, OneStop Assurance PAC, and our current auditor, Guangdong Prouden CPAs GP, the independent registered public accounting firms that issue the audit reports included in this prospectus, as auditors of companies that are traded publicly in the United States and firms registered with the PCAOB, are required by the laws of the United States to undergo regular inspections by the PCAOB to assess their compliance with the laws of the United States and professional standards. OneStop Assurance PAC is headquartered in Singapore and has been inspected by the PCAOB on a regular basis, with the last inspection in July 13, 2023 and it is not subject to the determinations announced by the PCAOB on December 16, 2021. Guangdong Prouden CPAs GP is headquartered in Chinese Mainland and subject to the determinations announced by the PCAOB on December 16, 2021.** 

**There** **are risks to the Company and investors if it is later determined that the PCAOB is unable to inspect or investigate completely our auditors because of a position taken by an authority in a foreign jurisdiction. If our Ordinary Shares are prohibited from being traded on a national securities exchange or over-the counter under the HFCA Act in the future because the PCAOB determines that it cannot inspect or fully investigate our auditors at such future time, Nasdaq may determine to delist our Ordinary Shares. If our Ordinary Shares are unable to be listed on another securities exchange by then, such a delisting would substantially impair your ability to sell or purchase our Ordinary Shares when you wish to do so, and the risk and uncertainty associated with a potential delisting would have a negative impact on the price of our Ordinary Shares.**

***Cautionary Statement About Being a Foreign Private Issuer***

**We are a foreign private issuer within the meaning of the rules under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). As such, we are exempt from certain provisions applicable to United States domestic public companies. For example:**

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

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

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

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

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

● **we are not required to comply with Section 16 of the Exchange Act requiring insiders to file public reports of their share ownership and trading activities and establishing insider liability for profits realized from any "short-swing" trading transaction.** 

**Because we are a British Virgin Islands-incorporated business company and conduct all of our operations in Hong Kong, all of our directors and executive officers reside within Hong Kong, and all of the assets of these persons and substantially all our assets are located within Hong Kong, you may experience difficulties in effecting service of legal process, enforcing foreign judgments or bringing original actions in British Virgin Islands or Hong Kong-based on U.S. or other foreign laws against us, our management or the experts named in the prospectus. You may also face difficulties in protecting your interests, and your ability to protect your rights through U.S. courts may be limited.**

**Our corporate affairs will be governed by our Amended Memorandum and Articles, the BVI Act and the common law of the British Virgin Islands. The rights of shareholders to take legal action against our directors, actions by minority shareholders and the fiduciary responsibilities of our directors under British Virgin Islands law are to a large extent governed by the common law of the British Virgin Islands and by the BVI Act. The rights of our shareholders and the fiduciary responsibilities of our directors under British Virgin 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 British Virgin Islands has a less exhaustive 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. As a result of the foregoing, holders of our Ordinary Shares may have more difficulty in protecting their interests through actions against our management, directors or major shareholders than they would as shareholders of a U.S. company whose management, directors and/or major shareholders were also incorporated, resident, or otherwise established in a United States jurisdiction. Certain corporate governance practices in the British Virgin 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. For a discussion of significant differences between the provisions the BVI Act and the laws applicable to companies incorporated in the United States and their shareholders, see "*DESCRIPTION OF ORDINARY SHARES – Material Differences in BVI Law and our Amended Memorandum and Articles and Delaware Law".***

**PROSPECTUS SUMMARY**

***This summary highlights information contained in greater detail elsewhere in this prospectus. This summary is not complete and does not contain all of the information you should consider in making your investment decision. You should read the entire prospectus carefully before making an investment in our Ordinary Shares. You should carefully consider, among other things, our consolidated financial statements and the related notes and the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" included elsewhere in this prospectus.***

**Overview**

We are a British Virgin Islands business company incorporated on September 4, 2023, as a holding company of our business, which is primarily operated through our direct wholly-owned Hong Kong subsidiary, Global Development HK.

Through Global Development HK, we have over a decade of experience as a construction service provider and contractor, offering a comprehensive range of services. These include property renovation and repairs, general building work, cleaning services for new properties, and other construction projects such as street layout and lighting decoration, hotel or hospital maintenance, and restoration work. We have the capability to act as both a main contractor and a subcontractor.

**Competitive Strengths**

We believe the following factors set us apart from our competitors:

● Established presence in the construction and renovation industry with an approximate 9-year operating history.

● Possession of various qualifications to undertake diverse construction projects.

● Strong and reliable network of subcontractors and suppliers.

● Stable customer relationships.

● Experienced and professional management team.

● Quality Craftsmanship

● Innovative Design Solutions

● Customer Service Excellence

● Timely Project Delivery

● Transparent Pricing and Billing

● Local Market Knowledge

**Our Strategies**

To further expand our business, we will pursue the following strategies:

● Maintain our one-stop shop approach and practice prudent financial management.

 *Exclusive Regional Distributor*: We aim to become an exclusive regional distributor of finished rock slabs, such as marble and granite.

● Compete for more lucrative and substantial construction projects.

● Achieve growth through strategic acquisitions of machinery and robotics.

● Increase our involvement in construction projects from both the private and public sectors.

● Enhance our project management capabilities.

*Vertical Integration:* By integrating vertically, we seek to gain control over the supply of certain raw materials used in our projects.

*Apprenticeship Training:* To foster self-reliance and reduce dependence on subcontractors, we plan to invest in training apprentices.

● **Offer Comprehensive Services** 

Provide a wide range of renovation services to meet the diverse needs of clients. Offer services such as design consultation, project management, construction, remodeling, interior design, and landscaping to provide comprehensive solutions under one roof.

● **Emphasize Quality and Craftsmanship** 

Focus on delivering high-quality workmanship, attention to detail, and superior finishes in all renovation projects. Prioritize quality materials, skilled labor, and meticulous execution to exceed client expectations and build a reputation for excellence.

● **Provide Personalized Customer Service** 

Offer personalized customer service and tailored solutions to meet the unique needs and preferences of each client. Build strong relationships with clients through clear communication, responsive support, and transparent collaboration throughout the renovation process.

● **Build Strategic Partnerships** 

Establish partnerships with complementary businesses, such as real estate agencies, interior designers, architects, suppliers, and subcontractors. Collaborate on projects, exchange referrals, and leverage each other's networks to expand the business's reach and capabilities.

**Our Challenges**

Our ability to execute our strategies and realize our vision is subject to risks and uncertainties that could impede our progress in the following key areas:

● High Costs and Competition: Hong Kong's high cost of living and construction costs contribute to intense competition within the renovation industry. Profit margins can be slim, and businesses must carefully manage expenses while delivering quality services.

● Limited Space and Urban Density: Hong Kong's dense urban environment presents challenges in terms of space constraints and logistical issues. Renovation projects must often navigate limited space, access restrictions, and complex building regulations.

● Regulatory Compliance: The renovation industry in Hong Kong is subject to strict regulatory requirements and building codes. Contractors must navigate complex permitting processes, adhere to safety standards, and comply with environmental regulations, adding time and costs to projects.

● Skilled Labor Shortages: Like many other industries, the renovation sector in Hong Kong faces challenges in recruiting and retaining skilled workers. The aging workforce and limited availability of skilled laborers contribute to manpower shortages and potentially impact project timelines and quality.

● Safety Concerns: Safety is a significant concern in the construction and renovation industry, particularly in densely populated urban areas like Hong Kong. Contractors must prioritize safety protocols, provide adequate training to workers, and ensure compliance with safety regulations to mitigate the risk of accidents and injuries.

● Supply Chain Disruptions: The COVID-19 pandemic and global supply chain disruptions have impacted the availability and cost of construction materials and supplies. Fluctuations in material prices and delays in deliveries can pose challenges for renovation projects, affecting budgets and timelines.

● Client Expectations and Preferences: Meeting client expectations and delivering personalized, high-quality renovation solutions is essential for success in the industry. Contractors must understand evolving consumer preferences, keep abreast of design trends, and provide innovative solutions to differentiate themselves in the market.

● Sustainability and Environmental Concerns: With growing awareness of environmental issues, there is increasing emphasis on sustainable building practices and eco-friendly materials in the renovation industry. Contractors face pressure to adopt green building principles, minimize waste, and reduce the environmental impact of renovation projects.

● Project Management and Coordination: Renovation projects often involve multiple stakeholders, including clients, architects, engineers, subcontractors, and suppliers. Effective project management and coordination are critical to ensure smooth workflow, timely completion, and successful outcomes.

● Technology Adoption: Embracing digital technologies such as Building Information Modeling ("BIM"), virtual reality ("VR"), and project management software can enhance efficiency, collaboration, and communication in renovation projects. However, the adoption of technology may pose challenges for smaller firms due to cost and resource constraints.

We also face additional challenges, risks, and uncertainties that could materially and adversely affect our business, financial condition, results of operations, and prospects. The section on "*Significant Risk Factors*" (pages 9 –13) provides a more detailed discussion of the risks associated with investing in our shares.

**Impact of COVID-19**

Since late December 2019, the outbreak of COVID-19 spread rapidly throughout China and later to the rest of the world. On January 30, 2020, the International Health Regulations Emergency Committee of the World Health Organization declared the outbreak a "Public Health Emergency of International Concern" ("PHEIC"), and later on March 11, 2020, a global pandemic. The COVID-19 outbreak led governments across the globe to impose a series of measures intended to contain its spread, including border closures, travel bans, quarantine measures, social distancing, and restrictions on business operations and large gatherings. From 2020 to the middle of 2021, COVID-19 vaccination programs had been greatly promoted around the globe, however several types of COVID-19 variants emerged in different parts of the world.

Supply chain disruptions became a major challenge for the global economy since the start of the COVID-19 pandemic. These shortages and supply-chain disruptions were significant and widespread. Lockdowns in several countries across the world, labor shortages, robust demand for tradable goods, disruptions to logistics networks, and capacity constraints resulted in increases in freight costs and delivery times. Companies that were reliant on the movement of goods and materials suffered from plant closures and supply shortages across the extended supply network. In addition, multiple infected cases within a construction site resulted in shortage of labor and in more serious cases, caused a temporary halt in the site's construction operation for a few days.

Notwithstanding the foregoing we, our customers, subcontractors, and suppliers did not experience any material suspensions or cancellations of our projects due to the COVID-19 outbreak during the years ended March 31, 2024 and 2023. Quite the contrary, some of our clients, such as the Fullerton Ocean Park Hotel and Castle Peak Hospital, seized the downtime to launch larger scale renovations on their business sites such as hotels and hospitals, which they otherwise would not be able to during normal operations. As a result, our revenue increased significantly in 2024 (HK$26,494,101) and 2023 (HK$30,303,910) compared to 2022 (HK$18,146,699).

The extent to which a resurgence of COVID-19 will impact our business in the future will depend on future developments, which are highly uncertain and cannot be predicted, including new information that may emerge concerning the severity of COVID-19 and the actions to contain COVID-19 or treat its impact, among others. If the disruptions posed by COVID-19 or other matters of global concerns continue for an extended period of time, our ability to pursue our business objectives may be materially adversely affected. In addition, our ability to raise equity and debt financing, which may be adversely impacted by COVID-19 and other events, including as a result of increased market volatility, decreased market liquidity and third-party financing became unavailable on terms acceptable to us or at all.

Any future impact on our results of operations will depend on, to a large extent, future developments and new information that may emerge regarding the duration and severity of the COVID-19 pandemic and the actions taken by government authorities and other entities to contain the spread or treat its impact, almost all of which are beyond our control. As such, we cannot assure you that we will be able to maintain the growth rate we have experienced or projected. We will continue to closely monitor the situation throughout 2024 and beyond.

**Significant Risk Factors**

An investment in our Ordinary Shares involves a number of risks. You should carefully read and consider all of the information contained in this prospectus (including in "*Risk Factors*," "*Management's Discussion and Analysis of Financial Condition and Results of Operations*" and our consolidated financial statements and the notes thereto) before making an investment decision. These risks could adversely affect our business, financial condition and results of operations, and cause the trading price of A Ordinary Shares to decline. You could lose part or all of your investment. In reviewing this prospectus, you should bear in mind that past results are no guarantee of future performance. See "*Cautionary Statement Regarding Forward-Looking Statements*" for a discussion of forward-looking statements and the significance of forward-looking statements in the context of this prospectus.

The following is a summary of what our management views as our most significant risk factors:

**Risks Related to Our Business**

● If we are unable to accurately estimate the overall risks, revenues, or costs on our projects, we may incur contract losses or achieve lower than anticipated profits.

● We depend on third parties for labor, equipment and supplies essential to operate our business.

● Our business is highly schedule driven, and our failure to meet the schedule requirements of our contracts could adversely affect our reputation and/or expose us to financial liability.

● Failure to maintain safe work sites could result in significant losses, which could materially affect our business and reputation.

● Our revenue mainly relies on successful tenders or acceptance of our quotations for renovation projects that are non-recurring in nature, and any failure in securing projects from our existing customers and/or new customers in the future would affect our business operation and financial results.

● A significant portion of our revenue was generated from contracts awarded by a limited number of customers, and any significant decrease in the number of projects with our major customers may materially and adversely affect our financial condition and operating results. Please refer to page 23 for a quantification of our concentration of customers.

● We may not be able to bill and receive the full amount due from customers for contract work due to variation orders our revenue may fluctuate.

● We heavily rely on subcontractors in connection with all of our service lines, which may result in us bearing responsibilities for any non-performance, delayed performance, sub-standard performance, or non-compliance of our subcontractors.

● There is no guarantee that safety measures and procedures implemented at our work sites could prevent the occurrence of industrial accidents of all kinds, which in turn might lead to claims in respect to employees' compensation, personal injuries, fatal accidents, and/or property damages against us.

● We determine the price of our quotation or tender based on the estimated time and costs to be involved in a project and the actual time and costs incurred may deviate from our estimate due to unexpected circumstances, thereby leading to cost overruns and adversely affecting our operations and financial results.

● Cash inflows and outflows in connection with renovation projects may be irregular and, thus, may affect our net cash flow position.

● We may be liable for damage caused to any utilities and infrastructures and/or foundations of aged buildings adjacent to the renovation sites where we carry out our projects.

● Claims in connection with employees' compensation or personal injuries may arise and affect our reputation and operations.

● Our insurance coverage may be inadequate to protect us from potential losses.

For a detailed description of the risks above and other related risk factors under this section, please refer to pages 22 – 48.

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

● Because we are based in and have the majority of our operations in China, our investors are exposed to certain significant regulatory, liquidity, and enforcement risks, such as:

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| |
|:---|
| risks arising from the legal system in China, including risks and uncertainties regarding the enforcement of laws and that rules and regulations in China can change quickly with little advance notice (for a more detailed discussion, please refer to "*Uncertainties in the interpretation and enforcement of Chinese laws and regulations, which could change at any time with little advance notice, could limit the legal protections available to us*" on page 31); |
| the risk that the Chinese government may intervene or influence your operations at any time, may exert more control over offerings conducted overseas and/or foreign investment in China-based issuers, which could result in a material change in our operations and/or the value of the securities we are registering for sale (for a more detailed discussion, please refer to *"The recent spate of government interference by the PRC government into business activities of U.S. listed Chinese companies may negatively impact our operations, value of our securities and/or significantly limit or completely hinder our ability to offer future securities to investors and cause the value of such securities to significantly decline or be worthless"* on page 33); |
| risks that any actions by the Chinese 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 be worthless. (for a more detailed discussion, please refer to "*The recent spate of government interference by the PRC government into business activities of U.S. listed Chinese companies may negatively impact our operations, value of our securities and/or significantly limit or completely hinder our ability to offer future securities to investors and cause the value of such securities to significantly decline or be worthless*" on page 33). |

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● We could be affected by political considerations involving Hong Kong.

● Our business solely operates in a limited geographical market, and any adverse economic, social and/or political developments affecting the market may have a material adverse impact on our operations.

● Macroeconomic factors have had and may continue to have a material adverse effect upon our business, results of operations, and financial condition.

● We incur higher than average costs due to conducting business in Hong Kong.

● We operate our business in a regulated industry in Hong Kong.

● Hong Kong legal systems are evolving and have inherent uncertainties that could limit the legal protections available to you.

● Uncertainties in the interpretation and enforcement of Chinese laws and regulations, which could change at any time with little advance notice, could limit the legal protections available to us.

● We may be subject to a variety of laws and other obligations regarding cybersecurity and data protection, and any failure to comply with applicable laws and obligations could have a material and adverse effect on our business, financial condition and results of operations.

● We operate in a competitive industry and a highly competitive market. We may be subject to a variety of laws and other obligations regarding competition law in Hong Kong, and any failure to comply with applicable laws and obligations could have a material and adverse effect on our business, financial condition, and results of operations.

● The recent spate of government interference by the PRC government into business activities of U.S. listed Chinese companies may negatively impact our operations, value of our securities and/or significantly limit or completely hinder our ability to offer future securities to investors and cause the value of such securities to significantly decline or be worthless.

● It may be difficult for overseas shareholders and/or regulators to conduct investigation or collect evidence within China.

● Our Ordinary Shares may be delisted under the Holding Foreign Companies Accountable Act if the PCAOB is unable to inspect our auditors for two consecutive years beginning in 2021. The delisting of our Ordinary Shares, or the threat of their being delisted, may materially and adversely affect the value of your investment.

● The recent joint statement by the SEC, proposed rule changes submitted by Nasdaq, and an act passed by the U.S. Senate and the U.S. House of Representatives, all call for additional and more stringent criteria to be applied to U.S.-listed companies with significant operations in China. These developments could add uncertainties to our future offerings, business operations, share price and reputation.

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

● To the extent cash or assets in the business is 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 Hong Kong due to interventions in or the imposition of restrictions and limitations on the ability of us or our subsidiary by the PRC government to transfer cash or assets.

For a detailed description of the risks above and other related risk factors under this section, please refer to pages 29 – 48.

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

● The initial public offering price of our Ordinary Shares may not be indicative of the market price of our Ordinary Shares after this Offering. In addition, an active, liquid, and orderly trading market for our Ordinary Shares may not develop or be maintained, and our share price may be volatile.

● We cannot guarantee that we will declare or distribute any dividend in the future.

For a detailed description of the risks above and other related risk factors under this section, please refer to pages 38 – 48.

**List of Approvals/Permits**

Neither we or our subsidiaries are covered by permissions requirements from the CSRC, CAC or any other governmental agency. According to our Hong Kong counsel, Robertsons, the national laws adopted by the PRC are generally not applicable to Hong Kong according to the Basic Law. The Basic Law is the constitutional document of Hong Kong, which sets out the PRC's basic policies regarding Hong Kong. The principle of "one country, two systems" is a prominent feature of the Basic Law, which dictates that Hong Kong will retain its unique common law and capitalist system for 50 years after the handover in 1997. According to Article 18 of the Basic Law, national laws adopted by the PRC shall not be applied in Hong Kong, except for those listed in Annex III to the Basic Law, such as the laws in relation to the national flag, national anthem, and diplomatic privileges and immunities. Further, there is no legislation stating that the laws in Hong Kong should be commensurate with those in the PRC.

We and our subsidiaries have received all requisite permissions or approvals and no permissions or approvals have been denied.

If we or our subsidiaries: (i) do not receive or maintain such permissions or approvals, (ii) inadvertently conclude that such permissions or approvals are not required, or (iii) applicable laws, regulations, or interpretations change and we and/or our subsidiaries are required to obtain such permissions or approvals in the future, the relevant governmental authorities would have broad discretion in dealing with such violation, including levying fines, confiscating our and/or our subsidiaries' income, revoking our or our subsidiaries' business licenses or operating licenses, discontinuing or placing restrictions or onerous conditions on our operations, requiring us to undergo a costly and disruptive restructuring, restricting or prohibiting our use of proceeds from our Offering to finance our or our subsidiaries' business and operations, and taking other regulatory or enforcement actions that could be harmful to our or our subsidiaries' business. Any of these actions could cause significant disruption to our or our subsidiaries' business operations and severely damage our or our subsidiaries' reputation, which would in turn materially and adversely affect our or our subsidiaries' business, financial condition and results of operations.

**Transfers of Cash to and from Our Subsidiaries**

Our business is primarily operated through our direct wholly-owned Hong Kong subsidiary, Global Development HK. Global Development Engineering Company Limited, the BVI holding company will rely on dividends paid by its subsidiary, Global Development HK for its working capital and cash needs, including the funds necessary to pay any dividends.

We have current bank accounts in Hong Kong dollars and United States dollars with the Bank of China (Hong Kong) Limited, a commercial bank in Hong Kong.

Global Development Engineering Company Limited is permitted under the laws of the BVI to provide funding to its subsidiaries through loans or capital contributions without restrictions on the amount of the funds. Global Development HK is permitted under the relevant laws of Hong Kong to provide funding through dividend distribution without restrictions on the amount of the funds. There are no restrictions on dividends transfers from Hong Kong to the BVI and to U.S. investors.

Because Global Development Engineering Company Limited was recently incorporated in the British Virgin Islands, there has not been, to date, any transfers, dividends, or distributions between the holding company to or from its Hong Kong subsidiary.

We currently have not maintained any cash management policies that dictate the purpose, amount and procedure of cash transfers between the Company, our subsidiaries, or investors. Rather, the funds can be transferred in accordance with the applicable laws and regulations and on an "as-needed" basis. To the extent cash or assets in the business is in Hong Kong or in a Hong Kong entity, the 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 us or our subsidiary by the PRC or Hong Kong governments to transfer cash or assets. See "*Risk Factors – Risk Related to Doing Business in Hong Kong - To the extent cash or assets in the business is 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 Hong Kong due to interventions in or the imposition of restrictions and limitations on the ability of us or our subsidiary by the PRC government to transfer cash or assets*" on page 37.

No dividends or distribution from subsidiary to holding company have been made. No dividends or distributions have been made to U.S. We have no present plans to declare dividends, and we plan to retain our earnings to continue to grow our business. See "*Dividend Policy*" and "*Taxation*". There are no restrictions on foreign exchange and our ability to transfer cash between entities, across borders, and to U.S. investors. There are no restrictions and limitations on our ability to distribute earnings from the Company, including our subsidiaries, and to the parent company and U.S. investors as well as the ability to settle amounts owed.

**Our Corporate History** 

We are primarily engaged in construction and renovations work in Hong Kong. Our key operating subsidiary, Global Development HK, obtained the necessary business registration as a general building contractor from the Sino Group, a leading property developer in Hong Kong, in 2015.

On September 4, 2023, we established Speedy Desire Limited ("SDL") as a holding company under the laws of the British Virgin Islands. On the date of incorporation, SDL issued the number of Ordinary Shares to the following BVI companies below set across their respective names amounting to an aggregate 1,000 Ordinary Shares for a consideration of US$1 per share:

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| | |
|:---|:---|
|  | <u>Number of Ordinary Shares</u> |
| Absolutely Apex Limited | 600 |
| Rightway Gallop Limited | 49 |
| Maxwell Oasis Limited | 49 |
| Sparkle Ascent Limited | 49 |
| Keypoint Tech Limited | 47 |
| Upward Harvest Limited | 47 |
| Nimble Attack Limited | 47 |
| Beauty Reown Limited | 48 |
| Direct Linkage Limited | 32 |
| Honest Orient Limited | 32 |

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SDL then acquired all the shares of Global Development HK from its controlling shareholder on December 7, 2023, becoming the ultimate holding company Global Development HK.

On April 25, 2024, SDL was renamed "Global Development Engineering Company Limited". On April 25, 2024, Ordinary Shares were issued to the BVI companies detailed in the table below for the number of shares set across their respective names for a consideration of US$0.1 per Ordinary Share:

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| | |
|:---|:---|
|  | <u>Number of Ordinary Shares</u> |
| Absolutely Apex Limited | 10499400 |
| Rightway Gallop Limited | 857451 |
| Maxwell Oasis Limited | 857451 |
| Sparkle Ascent Limited | 857451 |
| Keypoint Tech Limited | 822453 |
| Upward Harvest Limited | 822453 |
| Nimble Attack Limited | 822453 |
| Beauty Reown Limited | 839952 |
| Direct Linkage Limited \* | 559968 |
| Honest Orient Limited | 559968 |

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\*Direct Linkage Limited transferred all its Ordinary Shares to Rightway Gallop Limited on November 5, 2024.

The abovementioned Ordinary Shares were offered and sold in reliance upon an exemption from registration pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended, and Rule 506(b) of Regulation D thereunder.

As of the date of this prospectus, the Company is authorized to issue an unlimited number of Ordinary Shares of no par value, and 17,500,000 Ordinary Shares are issued and outstanding. As of the date of this prospectus, none of our issued and outstanding Ordinary Share is held by record holders in the United States. We are not aware of any arrangement that may, at a subsequent date, result in a change of control of our Company.

Our corporate structure as of the date of this prospectus and upon completion of this Offering (assuming the Underwriter does not exercise its over-allotment options) is illustrated in the chart provided in this prospectus.

**<u>Pre-Offering</u>**

![](chart_001.jpg)

\* Global Development Engineering Company Limited is the listing/holding company and Registrant.

\*\* Global Development Engineering Company Limited or Global Development HK is our direct wholly-owned Hong Kong operating subsidiary.

(1) Absolute Apex Limited, a business company incorporated in BVI with limited
liability on August 28, 2023, is wholly owned by our chief executive officer and Chairman, Mr. Sui Hei Chan. Accordingly, Mr. Chan holds
the sole voting and dispositive powers over these shares. Its registered address is Corporate Registrations Limited, Sea Meadow House,
(P.O. Box 116), Road Town, Tortola, British Virgin Islands.

(2) Rightway Gallop Limited, a business company incorporated in BVI with limited
liability on August 28, 2023, is wholly owned by Ms. Sze Yu Tai. Accordingly, Ms. Tai holds the sole voting and dispositive powers over
these shares. Its registered address is Corporate Registrations Limited, Sea Meadow House, (P.O. Box 116), Road Town, Tortola, British
Virgin Islands.

(3) Maxwell Oasis Limited, a business company incorporated in BVI with limited
liability on August 28, 2023, is wholly owned by Mr. Chiu Hung Chan. Accordingly, Mr. Chan holds the sole voting and dispositive powers
over these shares. Its registered address is Corporate Registrations Limited, Sea Meadow House, (P.O. Box 116), Road Town, Tortola, British
Virgin Islands.

(4) Sparkle Ascent Limited, a business company incorporated in BVI with limited
liability on August 28, 2023, is wholly owned by Ms. Lai Fun Kong. Accordingly, Ms. Kong holds the sole voting and dispositive powers
over these shares. Its registered address is Corporate Registrations Limited, Sea Meadow House, (P.O. Box 116), Road Town, Tortola, British
Virgin Islands.

(5) Keypoint
 Tech Limited, a business company incorporated in BVI with limited liability on August 28, 2023, is wholly owned by Mr. King Wan Leung.
 Accordingly, Mr. Leung holds the sole voting and dispositive powers over these shares. Its registered address is Corporate Registrations
 Limited, Sea Meadow House, (P.O. Box 116), Road Town, Tortola, British Virgin Islands.

(6) Upward
 Harvest Limited, a business company incorporated in BVI with limited liability on August 28, 2023, is wholly owned by Ms. Ming Kwan
 Leung. Accordingly, Ms. Leung holds the sole voting and dispositive powers over these shares. Its registered address is Corporate
 Registrations Limited, Sea Meadow House, (P.O. Box 116), Road Town, Tortola, British Virgin Islands.

(7) Nimble
 Attack Limited, a business company incorporated in BVI with limited liability on August 1, 2023, is wholly owned by Mr. Siu Yin Kwok.
 Accordingly, Mr. Kwok holds the sole voting and dispositive powers over these shares. Its registered address is Corporate Registrations
 Limited, Sea Meadow House, (P.O. Box 116), Road Town, Tortola, British Virgin Islands.

(8) Beauty Renown Limited, a business company incorporated in BVI with limited
liability on August 22, 2023, is wholly owned by Ms. Ka Man Chan. Accordingly, Ms. Chan holds the sole voting and dispositive powers over
these shares. Its registered address is Corporate Registrations Limited, Sea Meadow House, (P.O. Box 116), Road Town, Tortola, British
Virgin Islands.

(9) Honest
 Orient Limited, a business company incorporated in BVI with limited liability on August 22, 2023, is wholly owned by Ms. Ka Man Kong.
 Accordingly, Ms. Kong holds the sole voting and dispositive powers over these shares. Its registered address is Corporate Registrations
 Limited, Sea Meadow House, (P.O. Box 116), Road Town, Tortola, British Virgin Islands.

**<u>Post-Offering</u>**

![](chart_002.jpg)

\* Global Development Engineering Company Limited is the listing/holding company and Registrant.

\*\* Global Development Engineering Company Limited or Global Development HK is our direct wholly-owned Hong Kong operating subsidiary.

(1) Absolute Apex
 Limited, a business company incorporated in BVI with limited liability on August 28, 2023, is wholly owned by our chief executive
 officer and Chairman, Mr. Sui Hei Chan. Accordingly, Mr. Chan holds the sole voting and dispositive powers over these shares. Its
 registered address is Corporate Registrations Limited, Sea Meadow House, (P.O. Box 116), Road Town, Tortola, British Virgin Islands.

(2) Rightway
 Gallop Limited, a business company incorporated in BVI with limited liability on August 28, 2023, is wholly owned by Ms. Sze Yu Tai.
 Accordingly, Ms. Tai holds the sole voting and dispositive powers over these shares. Its registered address is Corporate Registrations
 Limited, Sea Meadow House, (P.O. Box 116), Road Town, Tortola, British Virgin Islands.

(3) Maxwell
 Oasis Limited, a business company incorporated in BVI with limited liability on August 28, 2023, is wholly owned by Mr. Chiu Hung
 Chan. Accordingly, Mr. Chan holds the sole voting and dispositive powers over these shares. Its registered address is Corporate
 Registrations Limited, Sea Meadow House, (P.O. Box 116), Road Town, Tortola, British Virgin Islands.

(4) Sparkle
 Ascent Limited, a business company incorporated in BVI with limited liability on August 28, 2023, is wholly owned by Ms. Lai Fun
 Kong. Accordingly, Ms. Kong holds the sole voting and dispositive powers over these shares. Its registered address is Corporate Registrations
 Limited, Sea Meadow House, (P.O. Box 116), Road Town, Tortola, British Virgin Islands.

(5) Keypoint
 Tech Limited, a business company incorporated in BVI with limited liability on August 28, 2023, is wholly owned by Mr. King Wan Leung.
 Accordingly, Mr. Leung holds the sole voting and dispositive powers over these shares. Its registered address is Corporate Registrations
 Limited, Sea Meadow House, (P.O. Box 116), Road Town, Tortola, British Virgin Islands.

(6) Upward
 Harvest Limited, a business company incorporated in BVI with limited liability on August 28, 2023, is wholly owned by Ms. Ming Kwan
 Leung. Accordingly, Ms. Leung holds the sole voting and dispositive powers over these shares. Its registered address is Corporate
 Registrations Limited, Sea Meadow House, (P.O. Box 116), Road Town, Tortola, British Virgin Islands.

(7) Nimble
 Attack Limited, a business company incorporated in BVI with limited liability on August 1, 2023, is wholly owned by Mr. Siu Yin Kwok.
 Accordingly, Mr. Kwok holds the sole voting and dispositive powers over these shares. Its registered address is Corporate Registrations
 Limited, Sea Meadow House, (P.O. Box 116), Road Town, Tortola, British Virgin Islands.

(8) Beauty Renown Limited, a business company incorporated in BVI with limited
liability on August 22, 2023, is wholly owned by Ms. Ka Man Chan. Accordingly, Ms. Chan holds the sole voting and dispositive powers over
these shares. Its registered address is Corporate Registrations Limited, Sea Meadow House, (P.O. Box 116), Road Town, Tortola, British
Virgin Islands.

(9) Honest
 Orient Limited, a business company incorporated in BVI with limited liability on August 22, 2023, is wholly owned by Ms. Ka Man Kong.
 Accordingly, Ms. Kong holds the sole voting and dispositive powers over these shares. Its registered address is Corporate Registrations
 Limited, Sea Meadow House, (P.O. Box 116), Road Town, Tortola, British Virgin Islands.

**Corporate Information**

Our principal executive office is located at Flat B1, 13/F, Hoi Bun Industrial Building, Kwun Tong, Kowloon, Hong Kong. Our phone number is +852 6690 9988. Our registered offices in the British Virgin Islands are located at Kingston Chambers, PO Box 173, Road Town, Tortola, British Virgin Islands.

Investors should submit any inquiries to the address and telephone number of our principal executive offices. We maintain a corporate website at https://globaldevelopmentengineering.com. The information contained in, or accessible from, our website or any other website does not constitute a part of this prospectus.

**Implications of Our Being an "Emerging Growth Company"**

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

● may present only two years of audited financial statements and only two years of related Management's Discussion and Analysis of Financial Condition and Results of Operations;

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

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

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

● are exempt from certain executive compensation disclosure provisions requiring a pay-for-performance graph and CEO pay ratio disclosure;

● are eligible to claim longer phase-in periods for the adoption of new or revised financial accounting standards under §107 of the JOBS Act; and

● will not be required to conduct an evaluation of our internal control over financial reporting for two years.

We intend to take advantage of all of these reduced reporting requirements and exemptions, including the longer phase-in periods for the adoption of new or revised financial accounting standards under §107 of the JOBS Act. Our election to use the phase-in periods may make it difficult to compare our financial statements to those of non-emerging growth companies and other emerging growth companies that have opted out of the phase-in periods under §107 of the JOBS Act.

Certain of these reduced reporting requirements and exemptions were already available to us due to the fact that we also qualify as a "smaller reporting company" under SEC rules. For instance, smaller reporting companies are not required to obtain an auditor attestation and report regarding management's assessment of internal control over financial reporting, are not required to provide a compensation discussion and analysis, are not required to provide a pay-for-performance graph or CEO pay ratio disclosure, and may present only two years of audited financial statements and related MD&A disclosure.

**Implications of Being a Foreign Private Issuer**

We are a foreign private issuer within the meaning of the rules under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). As such, we are exempt from certain provisions applicable to United States domestic public companies. For example:

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

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

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

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

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

● we are not required to comply with Section 16 of the Exchange Act requiring insiders to file public reports of their share ownership and trading activities and establishing insider liability for profits realized from any "short-swing" trading transaction.

**Implications of Being a Controlled Company**

We expect that our chairman and chief executive officer, Mr. Sui Hei Chan and our chief financial officer, Mr. King Wan Leung will own and control a majority of our voting rights following the Offering. Although there is presently no voting agreement between them but if there were, then we will 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 see "*Risk Factors – Our significant shareholders have considerable influence over our corporate matters.*"

**Offering Summary**

Following completion of our initial public offering, ownership of Global Development Engineering Company Limited will be as follows:

**THE OFFERING**

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| | |
|:---|:---|
| **Issuer** | Global Development Engineering Company Limited. |
| **Securities Being Offered** | 3,750,000 Ordinary Shares. |
| **Ordinary Shares Issued and Outstanding Prior to Completion of Offering** | We have 17,500,000 Ordinary Shares issued and outstanding. |
| **Ordinary Shares Issued and Outstanding Immediately After Completion of this Offering** | 20,000,000 Ordinary Shares. |
| **Assumed Offering Price of Ordinary Share**<br>| The initial public offering price will be $4.50 per Ordinary Share (the middle of the initial offering price range of between $4.00 and $5.00 per Ordinary Share). |
| **Gross Proceeds** | $16875000. |
| **Symbol** | We will apply to list our Ordinary Shares on the Nasdaq Capital Market under the symbol "[GDEL]." |

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| | |
|:---|:---|
| **Use of Proceeds** | We intend to use the proceeds from this Offering for working capital and general corporate purposes, including approximately 45% to invest in a furniture and fixture business in China in the form of a joint venture model; approximately 35% to set up a marble and rock slab showroom and retail shop in Hong Kong; and the balance to fund working capital and for other general corporate purposes. See "*Use of Proceeds*" for more information. |
| **Risk Factors** | Investing in our Ordinary Shares offered hereby involves a high degree of risk. Purchasers of our Ordinary Shares may lose part or all of their investment. See "*Risk Factors*" for a discussion of factors you should carefully consider before deciding to invest in our Ordinary Shares (pages 22 – 48). |
| **Lock-Up** | We, our directors and executive officers, and principal shareholders are expected to enter into lock-up agreements with the Representative not to sell, transfer, or dispose of any Ordinary Shares for a period of up to 6 months after this Offering is completed. See "*Shares Eligible for Future Sale*" and "*Underwriting.*" |
| **Dividend Policy** | We have no present plans to declare dividends, and we plan to retain our earnings to continue to grow our business. |
| **Transfer Agent** | Transhare Corporation. |

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**Summary Financial Data**

The following summary consolidated statements of operations and cash flow data for the years ended March 31, 2025 and 2024 and the summary consolidated balance sheet data as of March 31, 2025 have been derived from our consolidated financial statements included elsewhere in this prospectus. You should read the summary consolidated financial data in conjunction with those financial statements and the accompanying notes and "*Management's Discussion and Analysis of Financial Condition and Results of Operations*." Our consolidated financial statements are prepared and presented in accordance with United States generally accepted accounting principles, or U.S. GAAP, our consolidated financial statements have been prepared as if the current corporate structure had been in existence throughout the periods presented.

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| | | | |
|:---|:---|:---|:---|
|  | **For the Years Ended** <br> **March 31,**  | **For the Years Ended** <br> **March 31,**  | **For the Years Ended** <br> **March 31,**  |
|  | **2024** | **2025** | **2025** |
|  | **HK$** | **HK$** | **US$** |
| **Statements of Operations** |  |  |  |
| **Revenues** | **26494101** | **33768053** | **4329238** |
| Cost of revenues | (21219826) | (26142260) | (3351572) |
| Selling and marketing expenses | (139759) |  |  |
| General and administrative expenses | (5194547) | (6884555) | (882635) |
| **Operating (expense)/ income** | **(60031)** | **741238** | **95031** |
| Interest income, net | 940686 | 264483 | 33908 |
| Other income/(expenses), net | (19996) | 4985 | 639 |
| **Income before taxes** | **860659** | **1010706** | **129578** |
| Income tax expenses | (135492) | (66630) | (8542) |
| **Net income** | **725167** | **944076** | **121036** |
| **Statements of Cash Flow** |  |  |  |
| Net cash used in operating activities | (188188) | (2446763) | (313686) |
| Net cash provided by investing activities | 2816978 | 7027420 | 900951 |
| Net cash used in financing activities | (3332592) | (4286775) | (549587) |
| Net (decrease)/ increase in cash and cash equivalents | (703802) | 293882 | 37678 |
| Cash and cash equivalents, at beginning of the year | 1074493 | 370691 | 47524 |
| **Cash and cash equivalents, at end of the year** | **370691** | **664573** | **85202** |

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| | | | |
|:---|:---|:---|:---|
|  | **As of** <br> **March 31,**  | **As of** <br> **March 31,**  | **As of** <br> **March 31,**  |
|  | **2024** | **2025** | **2025** |
|  | **HK$** | **HK$** | **US$** |
| **Balance Sheets** |  |  |  |
| Current assets | 30256231 | 33450763 | 4288559 |
| Non-current assets | 1408723 | 871903 | 111783 |
| **Total assets** | **31664954** | **34322666** | **4400342** |
| Current liabilities | 19654182 | 23021588 | 2951485 |
| Non-current liabilities | 1653770 | - | - |
| **Total liabilities** | **21307952** | **23021588** | **2951485** |
| **Total shareholders' equity** | **10357002** | **11301078** | **1448857** |
| **Total liabilities and equity** | **31664954** | **34322666** | **4400342** |

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**RISK FACTORS**

*Investment in our securities involves a high degree of risk. You should carefully consider the risks described below together with all of the other information included in this prospectus before making an investment decision. The risks and uncertainties described below represent our known material risks to our business. If any of the following risks actually occurs, our business, financial condition or results of operations could suffer. In that case, you may lose all or part of your investment. You should not invest in this offering unless you can afford to lose your entire investment.*

**Risks Related to Our Business**

***If we are unable to accurately estimate the overall risks, revenues, or costs on our projects, we may incur contract losses or achieve lower than anticipated profits.***

Pricing on a fixed price contracts is based on our good faith estimates on approved quantities of materials and our subcontractor costs. We only generate profit if our estimates are accurate. If we are not accurate, certain of our contracts allow us to re-negotiate our prices with our customers. If we are unable to do so, then cost overruns may cause us to incur a loss or cause the contract not to be as profitable as we expected. The costs incurred and profit realized, if any, on our contracts can vary, sometimes substantially, from our original projections due to a variety of factors, including, but not limited to:

● the failure to include materials or work in a bid or the failure to estimate properly the quantities or costs needed to complete a fixed total price contract;

● delays caused by weather conditions or otherwise failing to meet scheduled acceptance dates;

● contract or project modifications or conditions creating unanticipated costs that are not covered by change orders;

● changes in the availability, proximity, and costs of materials, including wood, cement, and sands;

● the availability and skill level of workers;

● the failure by our suppliers, subcontractors, designers, engineers, or customers to perform their obligations;

● fraud, theft, or other improper activities by our suppliers, subcontractors, designers, engineers, customers, or our own personnel;

● difficulties in obtaining required government permits or approvals;

● changes in applicable laws and regulations; and

● uninsured claims or demands from third parties for alleged damages arising from the design, renovation, or use and operation of a project of which our work is part.

These factors, as well as others, may cause us to incur losses, which could have a material adverse effect on our financial condition, results of operations, or liquidity.

These factors, as well as others, may cause us to incur losses, which could have a material adverse effect on our financial condition, results of operations, or liquidity.

***We depend on third parties for labor, equipment and supplies essential to operate our business.***

We rely on third parties to provide skilled labor, raw materials including concrete, reinforced steel bars, and other renovation materials (such as stone, gravel, and sand) necessary for our operations, and machinery and equipment to work on the projects. We cannot assure you that our favorable working relationships with our suppliers and subcontractors will continue in the future. In addition, there have historically been periods of supply shortages and the unavailability of skilled labor in our industry. The inability to purchase or lease the raw materials, properties, machineries, or equipment or provide the labor that are necessary for our operations could severely impact our business. If we lose our supply contracts and receive insufficient supplies from third parties to meet our customers' needs, or if our suppliers experience price increases or disruptions to their business, such as labor disputes, supply shortages, or distribution problems, our business could be materially and adversely affected. If our subcontractors are unable to supply the labor for our projects, our business could be materially and adversely affected.

***Our business is highly schedule driven, and our failure to meet the schedule requirements of our contracts could adversely affect our reputation and/or expose us to financial liability.***

In some instances, including in the case of many of our fixed price contracts, we guarantee that we will complete a project by a certain date. Any failure to meet contractual schedule or completion requirements set forth in our contracts could subject us to responsibility for costs resulting from the delay, generally in the form of contractually agreed-upon liquidated damages, liability for our customer's actual costs arising out of our delay, reduced profits or a loss on that project, damage to our reputation, and a material adverse impact to our financial position.

***Failure to maintain safe work sites could result in significant losses, which could materially affect our business and reputation.***

Because our employees and others are often in close proximity with mechanized equipment, moving vehicles, chemical substances, dangerous renovation processes and working at height level, our renovation and maintenance sites are potentially dangerous workplaces. Therefore, safety is a primary focus of our business and is critical to our reputation and performance. Many of our clients require that we meet certain safety criteria to be eligible to bid on contracts. Unsafe work conditions also can increase employee turnover, which increases project costs and, therefore, our overall operating costs. If we or our subcontractors fail to implement safety procedures or implement ineffective safety procedures, our or their employees could be injured, and we and/or our subcontractors could be exposed to investigations and possible litigation. Our failure to maintain adequate safety standards through our safety programs could also result in reduced profitability, the loss of projects or clients or in severe cases, heavy fines or penalties and a loss of our business licenses.

***Our revenue mainly relies on successful tenders or acceptance of our quotations for renovation projects that are non-recurring in nature, and any failure in securing projects from our existing customers and/or new customers in the future would affect our business operation and financial results.***

We secure our renovation projects for commercial properties mainly through a competitive tender or quotation process and were awarded each contract on a non-recurring basis. We do not have any long-term commitment with our customers, and our customers have no obligation to award any new projects to us. As such, we cannot assure that our existing customers or potential customers will invite us to participate in their tendering processes or submit quotations, or that we will be able to secure projects from them in the future. Upon completion of our contracts on hand, in the event that we are unable to receive new tender or quotation invitations or be awarded new contracts, our business in general and our results of operations and financial performance may be adversely and materially affected.

A significant portion of our revenue was derived from a limited number of customers. Our five largest customers for the years ended March 31, 2025 and 2024, accounted for approximately 85.3% and 74.8% of our total revenue, respectively. For the year ended March 31, 2025 Company Y, Company X, Company B, Company H, and Company T contributed approximately 21.9%, 20.4%, 19.0%, 17.8%, and 6.2%, respectively. For the year ended March 31, 2024, Individual G, Company B, Company U, Individual E and Individual F contributed approximately 30.6%, 17.0%, 15.9%, 6.4% and 4.9%, respectively.

There were four and three different customers from whom revenues individually represent greater than 10% of our total revenues for the fiscal years ended March 31, 2025 and 2024, respectively. The total sales to these customers accounted for approximately 79.1% and 63.5% of total revenues for the fiscal years ended March 31, 2025 and 2024, respectively.

There is no assurance that we will continue to be awarded with contracts from our major customers in the future. If there is a significant decrease in the number of projects awarded by our major customers, and we are unable to secure suitable projects of comparable size and quantity as replacements from other customers, our financial condition and operating results would be materially and adversely affected. In addition, in the event that our major customers experience any financial difficulties or cash flow problems, this may result in delay or default in payments to us, in which case our business could be materially and adversely affected.

***We may not be able to bill and receive the full amount due from customers for contract work due to variation orders our revenue may fluctuate.***

Our revenue from contracts is recognized when our work performed is certified by the relevant customers and/or management level. However, the customer may, on occasion, vary the project including canceling certain aspects of it. If this were to happen, we would renegotiate the terms of the project. There is no assurance that we will be able to bill and receive the full amount due from our customers for all the work that had been done, as we may not be able to reach an agreement with the customers on the value of our work done. If we are not able to do so, our results of operation, liquidity, and financial position may be adversely affected.

Furthermore, the aggregate amount of revenue that we are able to derive from a project may deviate from the original contract sum specified in the relevant contract for the project due to variations (including addition, modification, or cancellation of certain contract work) instructed by our customers from time to time during the course of project execution. As such, there is no assurance that the amount of revenue derived from our projects will not be substantially different from the original contract sum as specified in the relevant contracts, and our financial condition may be adversely affected by any decrease in our revenue as a result of variation orders.

***We rely on our subcontractors to help complete our projects and to supply the machinery required.***

In line with the usual practice of the renovation industry in Hong Kong, we engage third-party subcontractors to perform all the work under our contracts instead of retaining a large pool of labor with different skill sets to maximize our cost efficiency and flexibility. We also rely on our subcontractors for supply of machinery required for carrying out of renovation work. Our total subcontracting charges accounted for approximately 47.0% and 79.3% of our total cost of sales for the years ended March 31, 2025 and 2024.

Apart from the effect of any significant increase in the subcontracting costs that may impact our profitability, we may also be exposed to other legal liabilities if we are not able to monitor the performance of our subcontractors, or if our subcontractors violate any laws, rules, or regulations in relation to health and safety matters. We are further exposed to risks associated with any non-performance, delayed performance, or sub-standard performance by our subcontractors or their respective employees and may incur additional costs or be subject to liability due to delay in schedule or defect in the work of our subcontractors or if there is any accident-causing personal injuries or death to our subcontractors' employees. These events may adversely impact our profitability, financial performance, and reputation, as well as result in litigation or damages claims.

In addition, our subcontractors may not always be readily available when our needs for subcontracting arise, and there is no assurance that we would be able to maintain good working relationships with our subcontractors in the future. Since we have not entered into any long-term service agreement with our subcontractors, they are not obliged to work for us in future projects on similar terms and conditions. There is no assurance that we would be able to find suitable alternative subcontractors that meet our project needs and requirements to complete the projects, which would in turn adversely affect our performance capacity and financial results.

Further, pursuant to the Employment Ordinance under Hong Kong law, a main contractor, or a main contractor and every superior subcontractor, is jointly and severally liable to pay any wages that become due to an employee who is employed by a subcontractor on any work that the subcontractor has contracted to perform, if such wages are not paid within the period specified in the Employment Ordinance. Our operations and, hence, our financial position may be adversely affected if any of our subcontractors violates its obligations to pay its employees.

***We heavily rely on subcontractors in connection with all of our service lines, which may result in us bearing***  ***responsibilities for any non-performance, delayed performance, sub-standard performance, or non-compliance of our subcontractors.***

We subcontract our projects to our subcontractors who are independent third parties in connection with all of our service lines. Our dependence on subcontractors may expose us to risks associated with non-performance, delayed performance, or sub-standard performance by our subcontractors. As a result, we may experience deterioration in the quality or delivery of our work, incur additional costs due to the delays, suffer a higher price in sourcing the services, equipment or supplies in default, or be subject to liability under the relevant projects. Such events could impact upon our profitability, financial performance, and reputation, or result in litigation or damage claims.

There is no assurance that we would be able to monitor the performance of our subcontractors as directly and efficiently as with our own staff. If our subcontractors fail to meet our requirements, we may experience delay in project completion, quality issues concerning the work done, or non-performance by subcontractors. Consequently, we may incur significant time and costs to carry out remedial actions and be subjected to damages which would, in turn, adversely affect the profitability and reputation of our business and result in litigation or damage claims against us. If our subcontractors violate any laws, rules, or regulations, we may also be held liable for their violations and be subject to claims for losses and damages if such violations result in any personal injuries and/or property damages.

In addition, our subcontractors may not always be readily available whenever we need to engage them, and there is no assurance that we would be able to maintain good working relationships with our subcontractors in the future. As at the date of this prospectus, we have not entered into any long-term service agreement with our subcontractors. Further, there is no assurance that we would be able to find suitable alternative subcontractors that meet our project needs and requirements to complete the projects, which would in turn adversely affect our operations and financial results.

***There is no guarantee that safety measures and procedures implemented at our work sites could prevent the occurrence of industrial accidents of all kinds, which in turn might lead to claims in respect to employees' compensation, personal injuries, fatal accidents, and/or property damages against us.***

We and our subcontractors have adopted certain work safety measures and procedures for our staff and our subcontractors' staff. We rely on our staff and subcontractors to oversee the implementation of safety measures and procedures, and we cannot guarantee that all of the safety measures and procedures are strictly adhered to at any time, nor can we assure you that our and our subcontractors' safety measures and procedures are sufficient to prevent the occurrence of industrial accidents of all kinds. If the safety measures and procedures implemented at our and our subcontractors' work sites are insufficient or not strictly adhered to, it may result in industrial accidents that would, in turn, lead to claims in respect to employees' compensation, personal injuries, fatal accidents, and/or property damage against us.

***We determine the price of our quotation or tender based on the estimated time and costs to be involved in a project and the actual time and costs incurred may deviate from our estimate due to unexpected circumstances, thereby leading to cost overruns and adversely affecting our operations and financial results.***

We determine the price of our quotation or tender based on our estimated cost plus a certain mark-up margin. The actual time and costs incurred by us, however, may be adversely affected by various factors, including unfavorable weather conditions and the availability of resources and materials. Significant changes in any of these or other relevant factors may lead to delay in completion or costs overrun by us, and there is no assurance that the actual time and costs incurred by us would match our initial estimate. As our contracts with customers were generally fixed-price contracts or re-measurement contracts for which our unit prices stated in the bill of quantities are fixed and without any price adjustment clause, once we agree on the quotation or tender price with our customer, we generally will have to bear any additional costs incurred. Such delays, cost overruns, or mismatch of actual time and costs with our estimates may cause our profitability to be lower than what we expected or may expose us to litigation or claims from customers in case of delays, thereby adversely affecting our operations and financial results.

Furthermore, the contracts we enter into normally contain specific completion schedule requirements and liquidated damages provisions (i.e., we may have to pay our customers liquidated damages if we or our subcontractors do not meet the schedules). Liquidated damages are typically levied at an agreed rate for each day of delay that is owing to our default. We may need to pay liquidated damages resulting from any failure to meet the completion schedule requirements of our contracts, to the extent that our customers do not grant us time extension. This may reduce or diminish our expected profit and cash inflow from the relevant contracts.

***There is no assurance that we can maintain the qualifications, licenses, and registrations for the operation of our business.***

We are required to maintain certain qualifications, licenses, and registrations to conduct our business. To maintain such qualifications, licenses, or registrations, we must comply with the relevant requirements imposed by the relevant government departments of Hong Kong.

Further, the standards of compliance required may from time to time be subject to changes without substantial advance notice. We cannot assure you that all of the required qualifications, licenses, and registrations can be maintained or renewed in a timely manner or at all. If we fail to comply with any of the relevant requirements, our qualifications, licenses, or registrations could be temporarily suspended or revoked, or the renewal of our qualifications, licenses, or registrations upon expiry of their original terms may be delayed or refused. In such circumstances, our capability to undertake relevant work may be directly impacted, and our business may be materially and adversely affected.

***Cash inflows and outflows in connection with renovation projects may be irregular and, thus, may affect our net cash flow position.***

In a work project, cash outflows for payment of certain operating expenditures may not align with progress payments to be received during the relevant periods. During the commencement of a project, we may incur various costs, including: (i) purchase costs of materials and supplies and (ii) settlement of our workers' salaries and our subcontractors' fees, while progress payments will be paid after our work commences and is certified by our customers and/or us. Accordingly, the cash inflows and outflows for a particular project may fluctuate as the renovation work progresses. If, during any particular period of time, there exists too many projects that require substantial cash outflow while we have significantly less cash inflows during that period, our cash flow position may be adversely affected.

Further, we are subject to credit risks of our customers and our liquidity is dependent on our customers making prompt progress payments and/or release of retention monies due to us. We rely on cash inflow from our customers to meet our payment obligation to our suppliers and subcontractors, which is dependent on prompt settlement of progress payment and timely release of retention monies by our customers. As such, we may record a significant cash outflow in the event that we take up too many capital-intensive projects during a particular period of time.

We cannot assure you that we will be able to recover all or any part of the amounts due from our customers or we will be able to collect all or any part of the trade receivables from our customers within the agreed credit terms or at all. Further, in the event that disputes arise between us and the main contractor or customer in relation to the variation orders, there is a possibility that we may take a longer time than the credit period offered to collect payments. Any failure by our customers to make payments on time and in full may lead to mismatch in our cash flows, which will negatively affect our cash flow position and affect (i) our ability to repay our suppliers and subcontractors; and (ii) our tendering decisions, as we may not be in a position to take up any more new projects with a high upfront costs. This will negatively affect our business operation and financial performance.

***We may be liable for damage caused to any utilities and infrastructures and/or foundations of aged buildings adjacent to the renovation sites where we carry out our projects.***

When we carry out work in our projects, we may encounter storm water and foul water drains, fresh and flush water mains, electric cables, telephone and Internet cables, cable television wire, gas mains, and other services utilities and infrastructures that are laid underground or below carriageways and footways. If damage is made to these services utilities during our work, we may be liable for the costs of repair of such utilities and the relevant remedial work will increase our costs for the projects and may cause delay in our project schedule. Further, there may be some aged buildings adjacent to the renovation sites where we carry out our renovation projects, and we may be required to revise our project plan to avoid excessive settlement or vibration that may cause damage to adjacent structures. As such, this may lead to delay of our projects and incur additional costs in our renovation.

***Claims in connection with employees' compensation or personal injuries may arise and affect our reputation and operations.***

Injuries to workers and casualties at renovation sites are a common inherent risk in the renovation industry. Claims of such nature expose us to the risk of bearing higher insurance premiums in the future and may damage our reputation as a main contractor if they turn into high-profile cases and become widely reported in the media or within the industry. Such incidents may negatively affect our business prospects, reputation, and results of operations.

***We face keen competition from other players in the market.***

The renovation, construction repair and maintenance industries in Hong Kong is competitive. As of August 21, 2025, there were 1,030 contractors registered under Buildings Department of Hong Kong's register of Minor Works Contractors (Company) and 85,463 electrical contractors (Source: The renovation, construction repair and maintenance industries in Hong Kong is competitive.). Some of our competitors may have certain advantages, including stronger brand names, greater access to capital, longer operating history, longer and more established relationship with main contractors or project owners, and greater marketing and other forms of resources. Further, some of the existing market players have been listed on the stock exchange, which may give them an advantage in terms of financing capability and reputation. New participants may enter the industry, provided that they possess all the various licenses, resources, experience, and qualifications required. Increased competition may result in lower operating margins and loss of market share, resulting in an adverse impact on our profitability and operating results.

***Any deterioration in the prevailing market conditions in the renovation and construction industries may adversely affect our performance and financial condition.***

All our business operations are located in Hong Kong. Our direct customers are primarily property developers, and main contractors of various types of property development and civil engineering projects, and individuals customers in Hong Kong. The number of projects awarded to us depend highly on the prevailing market conditions in the renovation and construction industries, including shortage of skilled labor, economic fluctuations in Hong Kong, availability of new projects in the private and public sectors; and general conditions and development of Hong Kong's economy. If there is any significant deterioration in any of these factors, our operating results and financial conditions could be adversely affected.

***We are dependent on our key executives, management team, and professional staff.***

Our success and growth depend on the knowledge, experience, and expertise of our management team who is responsible for overseeing the financial condition and performance, renovation projects, and formulating business strategies. For example, Mr. Sui Hei Chan, our director, has approximately 10 years of experience in the renovation industry and has personal business relationships with many of our customers, suppliers and subcontractors.

As we focus on various work scopes, including the overall management of the projects, the planning, and the devising of detailed work programs, design, and technical submissions, it is important for us to retain our management staff and technical personnel with appropriate and necessary industry expertise. We have entered into a service agreement with each of our directors and employment contracts with our senior management and technical personnel. These service agreements and employment contracts can be terminated by either the Company or our directors or employees. There could be an adverse impact on our operations should a significant number of our directors, senior management, or other key personnel with relevant expertise terminate his or her employment with us and appropriate persons could not be found to replace them in a timely manner. There is no assurance that we will be able to attract and retain capable staff members or that they will not resign in the future.

***We may be unable to obtain sufficient funding on terms acceptable to us, or at all.***

The future expansion of our business may require us to incur additional borrowings and diversify sources of funding. Whether we are able to raise additional capital at costs acceptable to us depends on the financial success of our current business and the successful implementation of our key strategic initiatives. This may be affected by various financial, economic, and market conditions and other factors, some of which are beyond our control. If we are unable to obtain sufficient banking facilities on acceptable terms to meet our operational and expansion demands, this may put strains on our cash flow and our ability to successfully implement our expansion plans.

***Our insurance coverage may be inadequate to protect us from potential losses.***

For renovation projects where we act as the general contractor, we take out employees' compensation insurance and contractors' all-risk insurance, which cover our and our subcontractors' employees, and the work performed by us and them. Similarly, where we undertake the role of subcontractor in a project, we are covered by the employees' compensation insurance and contractors' all-risk insurance taken out by the project's main contractor.

Nonetheless, there is no assurance that all potential losses and expenses incurred from damages or liabilities in relation to our business can be fully covered by the insurance taken out by us. To the extent that our insurance does not cover such losses, damage, or liabilities, the resulting payment to cover such losses, damage, or liabilities may have a material adversely effect on our business.

***We may be subject to litigation, arbitration, or other legal proceeding risk.***

We may be subject to arbitration claims and lawsuits in the ordinary course of our business. As of the date of this prospectus, neither we nor our Hong Kong subsidiary, is/are a party to, and are not aware of any threat of, any legal proceeding that, in the opinion of our management, is likely to have a material adverse effect on our business, financial condition, or operations. Actions brought against us may result in settlements, awards, injunctions, fines, penalties, and other results adverse to us. A substantial judgment, settlement, fine, or penalty could be material to our operating results or cash flows for a particular period, depending on our results for that period, or could cause us significant reputational harm, which could harm our business prospects.

***We rely on our customers and subcontractors for the provision of machinery and equipment at work sites. Any failure to provide for machinery and equipment may prevent us from working on certain projects.***

Our ability to handle projects or compete for new projects highly depends on the number of machinery and equipment available for deployment at work sites. As of the date of this prospectus, we mainly rely on our customers and our subcontractors to procure the machinery. As such, we may be unable to procure and/or handle further projects should we fail to identify suitable machinery and equipment.

Nevertheless, there can be no assurance that we would be able to rent a sufficient number of machinery at reasonable costs and in a timely manner, nor we can guarantee that they would function properly at all material times and they would not become obsolete as a result of technological developments in the renovation industry. We can also not guarantee that our customers and subcontractors can arrange immediate repair and/or replacement for impaired machinery and equipment for our projects in a timely and cost-effective manner.

As a result, we may not be able to expand our capacity successfully in order to cope with the increasing demands expected from future projects. If we fail to do so, our ability to handle existing projects or compete for new projects may be significantly impaired.

***We rely on a stable workforce to carry out our renovation projects. If we or our subcontractors experience any shortage of labor, industrial actions, strikes, or material increase in labor costs, our operations and financial results would be adversely affected.***

We rely on a stable and skilled workforce employed by our subcontractors, to carry out our projects.

The economy in Hong Kong and globally has experienced general increases in inflation and labor costs in recent years. As a result, average wages in Hong Kong and certain other regions are expected to continue to increase. In addition, we and our subcontractors are required by Hong Kong laws and regulations to pay various statutory employee benefits, including making contributions for and in respect of the employees to a mandatory provident fund scheme for the benefit of our employees. We expect that our labor costs, including wages and employee benefits, will continue to increase.

In view of the current situation in the labor market, there is no assurance that the supply of labor and average labor costs will be stable. All labor-intensive projects are more susceptible to labor shortage, and our subcontracting costs include the labor costs of our subcontractors. If there is a significant increase in the costs of labor and we have to retain our labor (or our subcontractors retain their labor) by increasing their wages, our staff cost and/or subcontracting cost will increase and thus lower our profitability. On the other hand, if we or our subcontractors fail to retain our existing labor and/or recruit sufficient labor in a timely manner to cope with our existing or future projects, we may not be able to complete our projects on schedule and may be subject to liquidated damages and/or incur a loss.

***We may be unable to successfully implement our future business plans and objectives.***

Our future business plans may be hindered by factors beyond our control, such as competition within the industry we operate; our ability to cope with high exposure to financial risk, operational risk, market risk, and credit risk as our business and customer base expands; and our ability to provide, maintain, and improve the level of human and other resources in servicing our customers. As such, we cannot assure that our future business plans will materialize, that our objectives will be accomplished fully or partially, or that our business strategies will generate the intended benefits to us as initially contemplated. If we fail to implement our business development strategies successfully, our business performance could be materially and adversely affected.

We may in the future pursue acquisitions and joint ventures as part of our growth strategy. Any future acquisition or joint venture may result in exposure to potential liabilities of the acquired companies and significant transaction costs, and it may also present new risks associated with entering additional markets or offering new products or services and integrating the acquired companies or newly established joint ventures. Moreover, we may not have sufficient management, financial, and other resources to integrate companies we acquire or to successfully operate joint ventures, and we may be unable to profitably operate our expanded company structure. Additionally, any new business that we may acquire or joint ventures we may form, once integrated with our existing operations, may not produce expected or intended results.

***A sustained outbreak of the COVID-19 pandemic could have a material adverse impact on our business, operating results, and financial condition.***

Since late December 2019, the outbreak of COVID-19 spread rapidly throughout China and later to the rest of the world. On January 30, 2020, the International Health Regulations Emergency Committee of the World Health Organization declared the outbreak a PHEIC, and later, on March 11, 2020, a global pandemic. The COVID-19 outbreak has led governments across the globe to impose a series of measures intended to contain its spread, including border closures, travel bans, quarantine measures, social distancing, and restrictions on business operations and large gatherings. From 2020 to the middle of 2021, a COVID-19 vaccination program had been greatly promoted around the globe; however, several types of COVID-19 variants emerged in different parts of the world.

Supply chain disruptions have become a major challenge for the global economy since the start of the COVID-19 pandemic. For instance, China's extended COVID-19 lockdown of Shanghai, a major port and business center, has led to logistical disruptions that have almost cause the transport of goods to be ground to a halt. These shortages and supply-chain disruptions are significant and widespread. Lockdowns in several countries across the world, labor shortages, robust demand for tradable goods, disruptions to logistics networks, and capacity constraints have resulted in increases in freight costs and delivery times. Companies that are reliant on the movement of goods and materials, such as our Company, which relies on renovation materials, may suffer from plant closures and supply shortages across the extended supply network.

In addition, multiple infected cases within a renovation site may result in shortage of labor and, in more serious cases, may cause a temporary halt in the site's renovation operation for a few days. Hence, our productivity and progress may also be negatively affected.

Any future impact on our results of operations will depend on, to a large extent, future developments and new information that may emerge regarding the duration and severity of the COVID-19 pandemic and the actions taken by government authorities and other entities to contain the spread or treat its impact, almost all of which are beyond our control. Given the general slowdown in economic conditions globally and volatility in the capital markets, as well as the general negative impact of the COVID-19 outbreak on the renovation industry, we cannot assure you that we will be able to maintain the growth rate we have experienced or projected. We will continue to closely monitor the situation throughout 2025 and beyond.

***A severe or prolonged downturn in the global economy, whether caused by economic or political instability, could materially and adversely affect our business and results of operations.***

The recent global market and economic crisis stemming from COVID-19 resulted in recessions occurring in most major economies. Hong Kong's gross domestic product weakened to -1.2% in 2020 and -6.1% in 2021 (Source: https://kpmg.com/cn/en/home/insights/2023/02/hong-kong-budget-2023-2024/hong-kong-economic-indicators.html).

Although the economy has recovered, continued concerns about the systemic impact of potential long-term and widespread recession, energy costs, geopolitical issues, sovereign debt issues, COVID-19 and new variants thereof, and the availability and cost of credit have contributed to increased market volatility and diminished expectations for economic growth around the world. The difficult economic outlook has negatively affected businesses and consumer confidence and contributed to significant volatility.

There is continuing uncertainty over the long-term effects of the expansionary monetary and fiscal policies adopted by the central banks and financial authorities of some of the world's leading economies, including Hong Kong's. There have also been concerns over unrest in several geographic areas, which may result in significant market volatility. Any prolonged slowdown in the global and/or Hong Kong economy may have a negative impact on our business, results of operations, and financial condition, and continued turbulence in the international markets may adversely affect our ability to access the capital markets to meet liquidity needs.

Our business is conducted solely in Hong Kong and is therefore heavily dependent on the economy of Hong Kong. Economic conditions in Hong Kong are highly sensitive to global cycle and money flows. If there is any significant decline in the Hong Kong economy and we are unable to generate business in other geographic locations, our profitability and business prospects will be materially affected. Also, major market disruptions and adverse changes in market conditions and uncertainty in the regulatory climate worldwide may adversely affect our business and industry or impair our ability to borrow or make any future financial arrangements.

The credit and financial markets have experienced extreme volatility and disruptions due to the current conflict between Ukraine and Russia and more recently between Israel and the Hamas. The uncertain resolution of these conflicts could result in protracted and/or severe damage to the global economy. The conflict is expected to have further global economic consequences, including but not limited to the possibility of severely diminished liquidity and credit availability, declines in consumer confidence, declines in economic growth, increases in inflation rates and uncertainty about economic and political stability. The extent and duration of the military action, sanctions, and resulting market disruptions are impossible to predict, but they could be substantial, even though we do not have any direct exposure to these countries or the adjoining geographic regions. Prolonged unrest, intensified military activities, or more extensive sanctions impacting the regions could have a material adverse effect on the global economy, and such effect could in turn have a material adverse effect on the business outlook of our business.

***We and our business are subject to certain environmental requirements pursuant to the laws in Hong Kong, a non-compliance of which could result in hefty fines and/or a loss of our qualifications, licenses, and registrations for the operation of our business.***

Our operations are subject to certain environmental requirements pursuant to the laws in Hong Kong as set forth on page 86 hereof, including primarily those in relation to waste disposal, air and water pollution control, and noise control. Under such environmental regulations, we are required, for example, to dispose of excavated materials and construction waste at specified facilities at costs based on the volume of waste. We are further required to operate within specified hours and generally not allowed to operate powered mechanical equipment on public holidays. As of the date of this prospectus, we did not record any non-compliance with applicable environment requirements that resulted in prosecution or penalty being brought against us. However, there is no guarantee of future compliance and any non-compliance may result in hefty fines and/or a loss of our qualifications, licenses, and registrations for the operation of our business.

***We have limited marketing.***

Much of our business is obtained through word-of-mouth referrals. We have traditionally not spent much on advertising or marketing endeavors such as maintaining an online presence, Search Engine Optimization, online/traditional advertising, community engagement and email/content marketing. Our sales and marketing expenses primarily consist of (i) compensation to selling personnel, including the salaries and other benefits; and (ii) commission paid to the third parties who provide sales and marketing. As such, we may not effectively compete with our competitors who spend more in marketing their businesses and pursue a myriad marketing avenues.

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

***We could be affected by political considerations involving Hong Kong.***

As Hong Kong is a special administrative region of the PRC, the PRC may, by its political and economic policies, exert influence on corresponding aspects of Hong Kong. The PRC economy features a high degree of governmental involvement. In recent years, the PRC government has implemented various measures to guide the allocation of resources and thereby narrow the gaps between economic development in different regions in the country. We cannot offer any assurance that the PRC government will not, in the near future, adopt policies that will adversely affect political, legal, and economic conditions in Hong Kong, which may, in turn, materially affect our business. Moreover, because our operations are principally based in Hong Kong, our business operations and financial conditions will be affected by political and legal developments in Hong Kong. Any adverse economic, social and/or political conditions, material social unrest, strikes, riots, civil disturbances or disobedience, as well as significant natural disasters may adversely affect our business operations. For example, the Hong Kong protests that lasted from 2019 to 2020 were triggered by the introduction of the Fugitive Offenders amendment bill by the Hong Kong government. Despite not being enacted, similar incidents may cause large-scale protests or riots that could materially and adversely affect various sectors of the Hong Kong economy. Our business operations are susceptible to the effects of similar protests as well as any other incidents or factors that affect the stability of social, economic, and political conditions in Hong Kong. We cannot guarantee that similar protests or social unrest will not occur in the future or that there will be no other events that could disrupt economic, political, and social conditions in Hong Kong. If such events persist for a prolonged period of time, our overall business, financial condition, and results of operations may be adversely affected.

***Our business solely operates in a limited geographical market, and any adverse economic, social and/or political developments affecting the market may have a material adverse impact on our operations.***

Our business operations are substantially based in Hong Kong, and we do not have a diversified geographical coverage in terms of operations. Our business is therefore susceptible to any incidents or factors which may affect the stability of economic, social, and political conditions in these regions. Any adverse incidents, such as economic recession, extensive social unrest, strike, riot, civil disturbance or disobedience, may cast uncertainty over the stability of the business environment in these regions. Given the relatively small geographical size of Hong Kong, such incidents may have a widespread effect on our business operations. As a result, our business, results of operations, and financial condition may be materially and adversely affected.

***Macroeconomic factors have had and may continue to have a material adverse effect upon our business, results of operations, and financial condition.***

The building renovations industries are affected by various macroeconomic factors, including changes in international, national, regional, and local economic conditions, gross domestic product ("GDP") growth, inflation, interest rates, availability of and access to capital markets, employment levels, disposable income levels, consumer spending patterns, and effects of governmental initiatives to manage economic conditions that are beyond the control of our company. As a result, any deterioration of the Hong Kong economy, decrease in disposable consumer income, fear of a recession, and decrease in consumer confidence may reduce demand for our services and materially and adversely affect our business, results of operations, and financial condition. In addition, the general lack of available credit and confidence in the financial markets associated with any market volatility or downturn could adversely affect our access to capital as well as our customers' and subcontractors' access to capital which, in turn, could adversely affect our ability to fund our working capital requirements and capital expenditures. Our continued success will depend upon our ability to anticipate, identify, and respond to changing economic and other conditions in a timely manner, and our failure to do so could adversely affect our business, results of operations, and financial condition.

***We incur higher than average costs due to conducting business in Hong Kong.***

The costs of doing business in Hong Kong are higher than in surrounding regions. We rent our office spaces in Hong Kong, and the majority of our workforce is also based in Hong Kong. In view of the high rental price and high labor cost in Hong Kong, we need to exercise careful control over our expenditures in these areas. Should we fail to control our costs, the financial performance of our Company may be adversely affected.

***There is no assurance that the currency peg system in Hong Kong will not be changed.***

Our business is conducted in Hong Kong with our books and records maintained in Hong Kong dollars but the financial statements that we file with the SEC and provide to our shareholders are presented in U.S. dollars. Changes in the exchange rate between HKD and USD affect the value of our assets and the results of our operations. Since 1983, Hong Kong dollars have been pegged to U.S. dollars at the rate of approximately HK$7.80 to US$1.00. There is no assurance that this policy will not change in the near future. If the pegging system collapses, our business may be adversely affected. The exchange rate between HKD and USD may be affected by, among other things, changes in H Hong Kong's political and economic conditions and perceived changes in the economies of Hong Kong and the United States. Any significant fluctuation in the exchange rate between HKD and USD may materially and adversely affect our cash flows, revenue, and financial condition. Also, changes in the exchange rate between HKD and USD will affect the amount of proceeds we will have available for our business.

***We operate our business in a regulated industry in Hong Kong.***

Our operations are subject to a range of laws, rules, and regulations enacted by governmental authorities. We are subject to codes of conduct and practice guidelines implemented by those authorities. Given our obligations to comply with the relevant mandatory requirements with respect to our operations, we may incur ongoing costs involving our compliance with the laws and regulations. Any non-compliance, depending on the nature and severity of the incident, may result in penalties and private or public reprimand. Legal proceedings may be instigated against us with respect to any non-compliance, which may divert our managerial and financial resources while we are dealing with the investigations. In addition, any non-compliance may also be reported by media, and such negative media coverage will heavily damage our reputation and affect our image with our existing and potential clients. We may not be able to respond to changes in the regulatory regime in a timely manner, and any unfavorable changes or tightening of government policies in Hong Kong may significantly affect our operations. Any of the above may have a material and adverse impact on our business prospects, results of operations, and financial condition.

***Hong Kong legal systems are evolving and have inherent uncertainties that could limit the legal protections available to you.***

We have substantial operations in Hong Kong. The Hong Kong legal system may embody uncertainties that could limit the legal protections available to you and to us. The Hong Kong Basic Law provides that the socialist system and policies shall not be practiced in Hong Kong SAR, and the capitalist system and way of life shall remain unchanged for fifty years from 1997. Hong Kong has a high degree of autonomy and enjoys executive, legislative and independent judicial power. Hong Kong also has the authority to issue its own currency (the Hong Kong Dollar). If Hong Kong's ability to function autonomously cannot be maintained for any reason, this could potentially impact Hong Kong's common law legal system and lead to legal and political instability. This could, in turn, materially and adversely affect our business and operations. Accordingly, we cannot predict the effects of future developments in Hong Kong's 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 suppliers and clients. Moreover, we cannot assure that governmental authorities will not interpret or implement the laws or regulations in ways that negatively affect us. We may be subject to investigations and inspections by governmental authorities regarding our compliance with laws and regulations, and we cannot assume you that our practices will always fully comply with all applicable rules and regulatory requirements. In addition, laws, regulations, and industry standards continue to develop and may vary from jurisdiction to jurisdiction. Complying with emerging and changing international requirements may cause us to incur substantial costs or require us to change our business practices in a way that could adversely affect our business, results of operations, and financial condition.

***Uncertainties in the interpretation and enforcement of Chinese laws and regulations, which could change at any time with little advance notice, could limit the legal protections available to us.***

The PRC legal system is based on written statutes and prior court decisions have limited value as precedents. Since these laws and regulations are relatively new and the PRC legal system continues to rapidly evolve, interpretations of many laws, regulations and rules, which could change at any time with little advance notice, are not always uniform and enforcement of these laws, regulations and rules involves uncertainties.

We may have to resort to administrative and court proceedings to enforce our legal rights from time to time. However, since PRC administrative and court authorities have significant discretion in interpreting and implementing statutory and contractual terms, it may be more difficult to evaluate the outcome of administrative and court proceedings and the level of legal protection we enjoy than in more developed legal systems. Furthermore, the PRC legal system is based partly on government policies and internal rules (some of which are not published in a timely manner or at all) that may have a retroactive effect. As a result, we may not be aware of our violation of these policies and rules until time has passed since the violation. Such uncertainties, including uncertainty over the scope and effect of our contractual, property (including intellectual property) and procedural rights, could materially and adversely affect our business and impede our ability to continue our operations.

***We may be subject to a variety of laws and other obligations regarding cybersecurity and data protection, and any failure to comply with applicable laws and obligations could have a material and adverse effect on our business, financial condition and results of operations.***

We may become subject to a variety of laws and regulations in the PRC regarding privacy, data security, cybersecurity, and data protection. These laws and regulations are continuously evolving and developing. The scope and interpretation of the laws that are or may be applicable to us are often uncertain and may be conflicting, particularly with respect to foreign laws. In particular, there are numerous laws and regulations regarding privacy and the collection, sharing, use, processing, disclosure, and protection of personal information and other user data. Such laws and regulations often vary in scope, may be subject to differing interpretations, and may be inconsistent among different jurisdictions.

We do not place any reliance on collection and processing of any personal information to maintain our business operation, but if we are required to collect and process any type of personal information to maintain the operation of our business, the integrity and protection of such personal information is critical to our business. It is expected that we will adequately protect their personal information. We are required by applicable laws to keep strictly confidential the personal information that we collect, and to take adequate security measures to safeguard such information.

Recently, the General Office of the Central Committee of the Communist Party of China and the General Office of the State Council jointly issued the Opinions on Severe and Lawful Crackdown on Illegal Securities Activities, which was available to the public on July 6, 2021. These opinions emphasized the need to strengthen the administration over illegal securities activities and the supervision on overseas listings by China-based companies. The PRC government also initiated a series of regulatory actions and statements to regulate business operations in the PRC with little advance notice, including cracking down on illegal activities in the securities market, enhancing supervision over PRC-based companies listed overseas using variable interest entity structure, adopting new measures to extend the scope of cybersecurity reviews, and expanding its efforts in anti-monopoly enforcement. Since these statements and regulatory actions are new, it is highly uncertain how soon 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, and the potential impact such modified or new laws and regulations will have on our daily business operation, the ability to accept foreign investments and list on a U.S. exchange.

The PRC Criminal Law, as amended by its Amendment 7 (effective on February 28, 2009) and Amendment 9 (effective on November 1, 2015), prohibits institutions, companies and their employees from selling or otherwise illegally disclosing a citizen's personal information obtained during the course of performing duties or providing services or obtaining such information through theft or other illegal ways. On November 7, 2016, the Standing Committee of the PRC National People's Congress issued the Cyber Security Law or CSL, which became effective on June 1, 2017. The CSL is the first PRC law that systematically lays out the regulatory requirements on cybersecurity and data protection, subjecting many previously under-regulated or unregulated activities in cyberspace to government scrutiny. The legal consequences of violation of the CSL include penalties of warning, confiscation of illegal income, suspension of related business, winding up for rectification, shutting down the websites, and revocation of business license or relevant permits. In April 2020, the CAC and certain other PRC regulatory authorities promulgated the Cybersecurity Review Measures which became effective in June 2020. Pursuant to the Cybersecurity Review Measures, operators of critical information infrastructure must pass a cybersecurity review when purchasing network products and services that do or may affect national security.

Pursuant to the Cyber Security Law, network operators must not, without users' consent, collect their personal information and may only collect users' personal information necessary to provide their services. Providers are also obliged to provide security maintenance for their products and services and shall comply with provisions regarding the protection of personal information as stipulated under the relevant laws and regulations.

The Civil Code of the PRC (issued by the PRC National People's Congress on May 28, 2020 and effective from January 1, 2021) provides the main legal basis for privacy and personal information infringement claims under Chinese civil laws. PRC regulators, including the CAC, MIIT, and the Ministry of Public Security have been increasingly focused on regulation in the areas of data security and data protection.

On June 10, 2021, the Standing Committee of the National People's Congress promulgated the PRC Data Security Law which took effect on September 1, 2021. The Data Security Law also sets forth the data security protection obligations for entities and individuals handling personal data, including that no entity or individual may acquire such data by stealing or other illegal means, and the collection and use of such data should not exceed the necessary limits. The costs of compliance with, and other burdens imposed by, CSL and any other cybersecurity and related laws may limit the use and adoption of our products and services and could have an adverse impact on our business.

On January 4, 2022, thirteen PRC regulatory agencies, namely, the CAC, the NDRC, the MIIT, the Ministry of Public Security, the Ministry of State Security, the Ministry of Finance, the MOFCOM, SAMR, CSRC, the People's Bank of China, the National Radio and Television Administration, National Administration of State Secrets Protection and the National Cryptography Administration, jointly adopted and published the Measures for Cybersecurity Review (2021), which became effective on February 15, 2022. The Measures for Cybersecurity Review (2021) required that, among others, in addition to "operator of critical information infrastructure," any "operator of network platform" holding personal information of more than one million users which seek to list in a foreign stock exchange should also be subject to cybersecurity review.

We do not expect to be subject to the cybersecurity review by the CAC for this Offering, given that: (i) we do not possess more than one million users' personal information; (ii) we do not place any reliance on collection and processing of any personal information to maintain our business operation; (iii) we have not been notified by any authorities of being classified as an operator of critical information infrastructure; (iv) data processed in our business should not have a bearing on national security nor affect or may affect national security; and (v) we have not been subject to any material administrative penalties, mandatory rectifications, or other sanctions by any competent regulatory authorities in relation to cybersecurity and data protection, nor have there been material cybersecurity and data protection incidents or infringement upon any third parties, or other legal proceedings, administrative or governmental proceedings, pending, threatened against or relating to us.

Further, as mentioned above, the national laws adopted by the PRC are generally not applicable to Hong Kong according to the Basic Law.

We believe that we have been in compliance with the data privacy and personal information requirements of the CAC. Neither the CAC nor any other PRC regulatory agency or administration has contacted the Company in connection with the Company's or its subsidiaries' operations. The Company is currently not required to obtain regulatory approval from the CAC nor any other PRC authorities for its and its subsidiary's operations in Hong Kong.

Because our operations take place in Hong Kong, we are subject to a variety of similar laws and other obligations regarding data protection in Hong Kong. The Personal Data (Privacy) Ordinance (Chapter 486 of the Laws of Hong Kong) (the "PDPO") came into force on December 20, 1996. The PDPO states that any person who controls the collection, holding, processing or use of personal data (the "data user") shall not do any act, or engage in a practice, that contravenes any of the data protection principles set out in Schedule 1 to the PDPO (the "Data Protection Principles") unless the act or practice, as the case may be, is required or permitted under the PDPO.

We believe that we have been in compliance with the data privacy and personal information requirements of the PDPO. Moreover, we do not expect to be subject to any cybersecurity review by other governmental authority for this Offering for the reasons stated above. We are currently not required to obtain regulatory approval from any governmental authorities for our subsidiaries' operations in Hong Kong.

***We operate in a competitive industry and a highly competitive market. We may be subject to a variety of laws and other obligations regarding competition law in Hong Kong, and any failure to comply with applicable laws and obligations could have a material and adverse effect on our business, financial condition, and results of operations.***

We face high levels of competition in the building and renovations industries due to a large number of similar service providers in Hong Kong. We may be subject to laws and regulations that are intended to prevent and discourage anti-competitive conduct in Hong Kong. We have not adopted any anti-competitive conduct and will continue to act in compliance with laws and regulations governing competition in Hong Kong. However, we may face difficulties and may need to incur legal costs in ensuring our compliance with the laws and regulations against anti-competition. We may also inadvertently infringe such laws and regulations, and under such circumstances, we may be subject to fines and/or other penalties or incur substantial legal costs, resulting in business disruption and/or negative media coverage that could adversely affect our business, results of operations, and reputation.

***The recent spate of government interference by the PRC government into business activities of U.S. listed Chinese companies may negatively impact our operations, value of our securities and/or significantly limit or completely hinder our ability to offer future securities to investors and cause the value of such securities to significantly decline or be worthless.***

Recently, the Chinese government announced that it would step up the supervision of Chinese firms listed offshore. Under the new measures, China will improve regulation of cross-border data flows and security, crack down on illegal activity in the securities market and punish fraudulent securities issuance, market manipulation and insider trading. China will also check sources of funding for securities investment and control leverage ratios. The CAC has also opened a cybersecurity probe into several U.S.-listed tech giants focusing on anti-monopoly, financial technology regulation and more recently, with the passage of the Data Security Law, how companies collect, store, process and transfer data. If we are subject to such a probe or if we are required to comply with stepped-up supervisory requirements, valuable time from our management and money may be expended in complying and/or responding to the probe and requirements, thus diverting valuable resources and attention away from our operations. This may, in turn, negatively impact our operations.

Further, given the Chinese government's significant oversight and discretion over the conduct of our business operations in Hong Kong, the Chinese government may disallow our ownership structure, intervene or influence our operations at any time, which could result in a material change in our operations and consequently, the value of our Ordinary Shares. The Chinese government could also significantly limit or completely hinder our ability to offer future securities to investors and cause the value of such securities to decline significantly or be worthless.

***It may be difficult for overseas shareholders and/or regulators to conduct investigation or collect evidence within China.***

Shareholder claims or regulatory investigation common in the United States are generally difficult to pursue as a matter of law or practicality in China. For example, there are significant legal and other obstacles to providing information needed for regulatory investigations or litigation initiated outside China in China. Although the authorities in China may establish a regulatory cooperation mechanism with the securities regulatory authorities of another country or region to implement cross-border supervision and administration, such cooperation with the securities regulatory authorities in the Unities States may not be efficient in the absence of mutual and practical cooperation mechanism. Furthermore, according to Article 177 of the PRC Securities Law, or Article 177, which became effective in March 2020, no overseas securities regulator is allowed to directly conduct investigation or evidence collection activities within the territory of the PRC. While detailed interpretation or implementation of rules under Article 177 have yet to be promulgated, the inability for an overseas securities regulator, such as the Department of Justice, the SEC, the PCAOB and other authorities, to directly conduct investigation or evidence collection activities within China may further increase difficulties faced by you in protecting your interests.

Our principal business operations are conducted in Hong Kong. In the event that the U.S. regulators carry out an investigation on us and there is a need to conduct investigation or collect evidence within the territory of the PRC, the U.S. regulators may not be able to carry out such investigation or evidence collection directly in the PRC under the PRC laws. However, U.S. regulators may consider cross-border cooperation with securities regulatory authority of the PRC by way of judicial assistance, diplomatic channels or regulatory cooperation mechanism established with the securities regulatory authority of the PRC.

***Our Ordinary Shares may be delisted under the Holding Foreign Companies Accountable Act if the PCAOB is unable to inspect our auditors for two consecutive years beginning in 2021. The delisting of our Ordinary Shares, or the threat of their being delisted, may materially and adversely affect the value of your investment.***

Our Ordinary Shares may be prohibited from trading on a national exchange under HFCA Act if the PCAOB is unable to inspect our auditors for two consecutive years beginning in 2021. The HFCA Act was enacted on December 18, 2020 and states if the SEC determines that a company has 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 shall prohibit the company's shares from being traded on a national securities exchange or in over-the-counter trading market in the U.S. 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 June 22, 2021, the U.S. Senate passed the Accelerating Holding Foreign Companies Accountable Act and on December 29, 2022, legislation entitled "Consolidated Appropriations Act, 2023" (the "Consolidated Appropriations Act") was signed into law by President Biden, which contained, among other things, an identical provision to the Accelerating Holding Foreign Companies Accountable Act and 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, thus reducing the time period for triggering the prohibition on trading. On December 2, 2021, the SEC adopted final amendments to its rules implementing the HFCA Act. The rules apply to registrants the SEC identifies as having filed an annual report with an audit report issued by a registered public accounting firm that is located in a foreign jurisdiction and that the PCAOB is unable to inspect or investigate ("Commission-Identified Issuers") and require Commission-Identified Issuers identified by the SEC to submit documentation and make disclosures required under the HFCA Act. In addition, the final amendments also establish procedures the SEC will follow in (i) determining whether a registrant is a "Commission-Identified Issuer" and (ii) prohibiting the trading on U.S. securities exchanges and in the over-the-counter market of securities of a "Commission-Identified Issuer" under the HFCA Act. The final amendments are effective on January 10, 2022. Pursuant to the HFCA Act, the PCAOB issued a Determination Report on December 16, 2021, which found that the PCAOB was unable to inspect or investigate completely registered public accounting firms headquartered in mainland China or Hong Kong, a Special Administrative Region of the PRC, because of a position taken by one or more authorities in the PRC or Hong Kong. In addition, the PCAOB's report identified the specific registered public accounting firms which are subject to these determinations. On August 26, 2022, the PCAOB announced that it had signed the SOP with the CSRC and the Ministry of Finance of China. The SOP Agreement establishes a specific, accountable framework to make possible complete inspections and investigations by the PCAOB of audit firms based in mainland China and Hong Kong, as required under U.S. law. The SOP Agreement remains unpublished and is subject to further explanation and implementation. Pursuant to the fact sheet with respect to the SOP Agreement disclosed by the SEC, the PCAOB shall have sole discretion to select any audit firms for inspection or investigation and the PCAOB inspectors and investigators shall have a right to see all audit documentation without redaction. 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, which does not grant an automatic grace period.

Our former auditor, OneStop Assurance PAC, and our current auditor, Guangdong Prouden CPAs GP, the independent registered public accounting firms that issue the audit reports included in this prospectus, as auditors of companies that are traded publicly in the United States and firms registered with the PCAOB, are required by the laws of the United States to undergo regular inspections by the PCAOB to assess their compliance with the laws of the United States and professional standards. OneStop Assurance PAC is headquartered in Singapore and has been inspected by the PCAOB on a regular basis, with the last inspection in July 13, 2023 and it is not subject to the determinations announced by the PCAOB on December 16, 2021. Guangdong Prouden CPAs GP is headquartered in Chinese Mainland and subject to the determinations announced by the PCAOB on December 16, 2021.

There are risks to the Company and investors if it is later determined that the PCAOB is unable to inspect or investigate completely our auditors because of a position taken by an authority in a foreign jurisdiction. If our Ordinary Shares are prohibited from being traded on a national securities exchange or over-the counter under the HFCA Act in the future because the PCAOB determines that it cannot inspect or fully investigate our auditors at such future time, Nasdaq may determine to delist our Ordinary Shares. If our Ordinary Shares are unable to be listed on another securities exchange by then, such a delisting would substantially impair your ability to sell or purchase our Ordinary Shares when you wish to do so, and the risk and uncertainty associated with a potential delisting would have a negative impact on the price of our Ordinary Shares.

The SEC may propose additional rules or guidance that could impact us if our auditor is not subject to PCAOB inspection. For example, on August 6, 2020, the President's Working Group on Financial Markets, or the PWG, issued the Report on Protecting United States Investors from Significant Risks from Chinese Companies to the then-President of the United States. This report recommended the SEC implement five recommendations to address companies from jurisdictions that do not provide the PCAOB with sufficient access to fulfill its statutory mandate. Some of the concepts of these recommendations were implemented with the enactment of the HFCA Act. However, some of the recommendations were more stringent than the HFCA Act. For example, if a company's auditor was not subject to PCAOB inspection, the report recommended that the transition period before a company would be delisted would end on January 1, 2022.

The SEC had announced that the SEC staff was preparing a consolidated proposal for the rules regarding the implementation of the HFCA Act and addressing the recommendations in the PWG report. The implications of potential regulation in addition to the requirements of the HFCA Act and what was recently adopted on December 2, 2021 are uncertain. Such uncertainty could cause the market price of our Ordinary Shares to be materially and adversely affected, and our securities could be delisted or prohibited from being traded on the national securities exchange earlier than would be required by the HFCA Act. If our Ordinary Shares cannot be listed on another securities exchange by then, such a delisting would substantially impair your ability to sell or purchase our Ordinary Shares when you wish to do so, and the risk and uncertainty associated with a potential delisting would have a negative impact on the price of our Ordinary Shares.

***The recent joint statement by the SEC, proposed rule changes submitted by Nasdaq, and an act passed by the U.S. Senate and the U.S. House of Representatives, all call for additional and more stringent criteria to be applied to U.S.-listed companies with significant operations in China. These developments could add uncertainties to our future offerings, business operations, share price and reputation.***

U.S. public companies that have substantially all of their operations in Hong Kong have been the subject of intense scrutiny, criticism, and negative publicity by investors, financial commentators and regulatory agencies such as the SEC. Much of the scrutiny, criticism and negative publicity has centered on financial and accounting irregularities and mistakes, a lack of effective internal controls over financial accounting, inadequate corporate governance policies or a lack of adherence thereto and, in many cases, allegations of fraud.

On December 7, 2018, the SEC and the PCAOB issued a joint statement highlighting the continued challenges faced by U.S. regulators in their oversight of financial statement audits of U.S.-listed companies with significant operations in Hong Kong. On April 21, 2020, SEC Chairman Jay Clayton and PCAOB Chairman William D. Duhnke III, along with other senior SEC staff, released a joint statement highlighting the risks associated with investing in companies based in or have substantial operations in emerging markets including Hong Kong, reiterating past SEC and PCAOB statements on matters including the difficulty associated with inspecting accounting firms and audit work papers in Hong Kong and higher risks of fraud in emerging markets and the difficulty of bringing and enforcing SEC, Department of Justice and other U.S. regulatory actions, including in instances of fraud, in emerging markets generally.

On May 20, 2020, the U.S. Senate passed the HFCA Act requiring a foreign company to certify it is not owned or controlled by a foreign government if the PCAOB is unable to audit specified reports because the company uses a foreign auditor not subject to PCAOB inspection. In addition, if the PCAOB is unable to inspect the company's auditors for three consecutive years, the issuer's securities are prohibited from being traded on a national exchange. On December 2, 2020, the U.S. House of Representatives approved the HFCA Act. 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 June 22, 2021, the U.S. Senate passed the Accelerating Holding Foreign Companies Accountable Act and on December 29, 2022, legislation entitled "Consolidated Appropriations Act, 2023" (the "Consolidated Appropriations Act") was signed into law by President Biden, which contained, among other things, an identical provision to the Accelerating Holding Foreign Companies Accountable Act and 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, thus reducing the time period for triggering the prohibition on trading. On December 2, 2021, the SEC adopted final amendments to its rules implementing the HFCA Act. The rules apply to registrants the SEC identifies as having filed an annual report with an audit report issued by a registered public accounting firm that is located in a foreign jurisdiction and that the PCAOB is unable to inspect or investigate ("Commission-Identified Issuers") and require Commission-Identified Issuers identified by the SEC to submit documentation and make disclosures required under the HFCA Act. In addition, the final amendments also establish procedures the SEC will follow in (i) determining whether a registrant is a "Commission-Identified Issuer" and (ii) prohibiting the trading on U.S. securities exchanges and in the over-the-counter market of securities of a "Commission-Identified Issuer" under the HFCA Act. The final amendments are effective on January 10, 2022. Pursuant to the HFCA Act, the PCAOB issued a Determination Report on December 16, 2021, which found that the PCAOB was unable to inspect or investigate completely registered public accounting firms headquartered in mainland China or Hong Kong, a Special Administrative Region of the PRC, because of a position taken by one or more authorities in the PRC or Hong Kong. In addition, the PCAOB's report identified the specific registered public accounting firms which are subject to these determinations. On August 26, 2022, the PCAOB announced that it had signed the SOP with the CSRC and the Ministry of Finance of China. The SOP Agreement establishes a specific, accountable framework to make possible complete inspections and investigations by the PCAOB of audit firms based in mainland China and Hong Kong, as required under U.S. law. The SOP Agreement remains unpublished and is subject to further explanation and implementation. Pursuant to the fact sheet with respect to the SOP Agreement disclosed by the SEC, the PCAOB shall have sole discretion to select any audit firms for inspection or investigation and the PCAOB inspectors and investigators shall have a right to see all audit documentation without redaction. 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, which does not grant an automatic grace period.

On May 21, 2021, Nasdaq filed three proposals with the SEC to (i) apply minimum offering size requirement for companies primarily operating in a "Restrictive Market," (ii) prohibit Restrictive Market companies from directly listing on Nasdaq Capital Market and only permit them to list on Nasdaq Global Select or Nasdaq Global Market in connection with a direct listing and (iii) apply additional and more stringent criteria to an applicant or listed company based on the qualifications of the company's auditors.

These recent developments could add uncertainties to our Offering and we cannot assure you whether Nasdaq or regulatory authorities would apply additional and more stringent criteria to us after considering the effectiveness of our auditor's audit procedures and quality control procedures, adequacy of personnel and training, or sufficiency of resources, geographic reach or experience as it relates to the audit of our financial statements.

It remains unclear what further actions the SEC, the PCAOB, or Nasdaq will take to address these issues and what impact those actions will have on U.S. companies that have significant operations in China and have securities listed on a U.S. stock exchange (including a national securities exchange or over-the-counter stock market).

As a result of the scrutiny, criticism, and negative publicity, the publicly traded stock of many U.S. listed Chinese companies sharply decreased in value and in some cases became virtually worthless. In addition, many of these companies are now subject to shareholder lawsuits and SEC enforcement actions and are conducting internal and external investigations into the allegations. It is unclear what effect this sector-wide scrutiny, criticism, and negative publicity will have on us, our future offerings, business, and share price. If we become the subject of any unfavorable allegations, whether such allegations are proven to be true or untrue, we will have to expend significant resources to investigate such allegations and/or defend our Company. This situation would be costly and time-consuming and would distract our management from developing our growth. If such allegations are not proven to be groundless, we and our business operations would be severely affected and you could sustain a significant decline in the value of our shares. The Company's listing is contingent upon the approval of its application by Nasdaq. Although the Company has filed its initial listing application and has been actively engaged in the listing application process, there is no assurance that Nasdaq will approve the Company's listing. Failure to obtain such approval would materially and adversely affect the Company's ability to list its securities and complete the offering.

***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 to instances, including but not limited to, circumstance in which: (i) 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) 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 the offering size was insufficient to establish the company's initial valuation, and there would not be sufficient liquidity to support a public market for the company; and (iii) where the company did not demonstrate sufficient nexus to the U.S. capital market, including having no U.S. shareholders, operations, or members of the board of directors or management. For any aforementioned concerns, we may be subject to the additional and more stringent criteria of Nasdaq for our continued listing, which could lead to delay or even denial of our listing application for our Ordinary Shares.

***To the extent cash or assets in the business is 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 Hong Kong due to interventions in or the imposition of restrictions and limitations on the ability of us or our subsidiary 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, 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. As a result, to the extent cash or assets in the business is 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 Hong Kong due to interventions in or the imposition of restrictions and limitations on the ability of us or our subsidiary by the Hong Kong or PRC governments to transfer cash or assets.

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

***The initial public offering price of our Ordinary Shares may not be indicative of the market price of Ordinary Shares after this Offering. In addition, an active, liquid, and orderly trading market for our Ordinary Shares may not develop or be maintained, and our share price may be volatile.***

Prior to this initial public offering, our Ordinary Shares were not traded on any market. Any active, liquid, and orderly trading market for our Ordinary Shares may not develop or be maintained after this Offering. Active, liquid, and orderly trading markets usually result in less price volatility and more efficiency in carrying out investors' purchases and sale orders. The market price of our Ordinary Shares could vary significantly as a result of a number of factors, some of which are beyond our control. In the event of a drop in the market price of our Ordinary Shares, you could lose a substantial part or all of your investment in our Ordinary Shares. The initial public offering price will be determined by us based on numerous factors and may not be indicative of the market price of our Ordinary Shares after this Offering. Consequently, you may not be able to sell our Ordinary Shares at a price equal to or greater than the price paid by you in this Offering. The following factors could affect our share price: (a) our operating and financial performance; (b) quarterly variations in the rate of growth of our financial indicators, such as net income per share, net income and revenues; (c) the public reaction to our press releases, our other public announcements and our filings with the SEC; (d) strategic actions by our competitors; (e) changes in revenue or earnings estimates, or changes in recommendations or withdrawal of research coverage, by equity research analysts; (f) speculation in the press or investment community; (g) the failure of research analysts to cover our Ordinary Shares; (h) sales of our Ordinary Shares by us or other shareholders, or the perception that such sales may occur; (i) changes in accounting principles, policies, guidance, interpretations or standards; (j) additions or departures of key management personnel; (k) actions by our shareholders; (l) domestic and international economic, legal and regulatory factors unrelated to our performance; and (m) the realization of any risks described within this "*Significant Risk Factors*" section. The stock markets in general have experienced extreme volatility that has often been unrelated to the operating performance of particular companies. These broad market fluctuations may adversely affect the trading price of our Ordinary Shares. Securities class action litigation has often been instituted against companies following periods of volatility in the overall market and in the market price of a company's securities. Such litigation, if instituted against us, could result in very substantial costs, divert our management's attention and resources, and harm our business, operating results, and financial condition.

***There may not be an active, liquid trading market for our Ordinary Shares.***

Prior to the completion of this Offering, there has been no public market for our Ordinary Shares. An active trading market for our Ordinary Shares may not develop or be sustained following this Offering. You may not be able to sell your shares at the market price, if at all, if trading in our shares is not active. The initial public offering price was determined by negotiations between us and our advisors based upon a number of factors. The initial public offering price may not be indicative of prices that will prevail in the trading market.

***Our significant shareholders have considerable influence over our corporate matters.***

Our significant shareholders will hold considerable influence over corporate matters requiring shareholder approval and will independently control the operations of our 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 other shareholders of the opportunity to sell their shares at a premium over the prevailing market price.

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

Because our significant shareholders have, either collectively or individually, considerable influence over our corporate matters, their interests may differ from the interests of our Company as a whole. These shareholders could, for example, appoint directors and management without the requisite experience 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 these shareholders and our Company. If we cannot resolve any conflict of interest or dispute between the shareholders and us, 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.

Upon completion of the Offering, our significant shareholders will continue to have the ability to exercise a controlling influence on our management, policies, and business, including matters related to our management and policies and certain matters requiring the approval of our shareholders, including election of directors, approval of significant corporate transactions, and the timing and distribution of dividends. The significant shareholders may take actions that you may not agree with or that are not in our public shareholders' best interests, and there is no assurance that our significant shareholders will always take actions that will benefit our other shareholders. Except as otherwise described herein, there are no restrictions imposed on our significant shareholders that will prevent them from disposal of their shares. If our significant shareholders decide to dispose of the shares after the lock-up period that restricts any disposal of shares by our significant shareholders, the market price of our shares may fall. In addition, any disposal of shares by our significant shareholders may make it more difficult for us to issue new shares in the future at a time and price we deem appropriate, thereby limiting our ability to raise capital.

***We cannot guarantee that we will declare or distribute any dividend in the future.***

Our Board has complete discretion as to whether to distribute dividends. All dividends are subject to certain restrictions under British Virgin Islands law and 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 or having the value of the Company's liabilities exceed the value of the Company's assets. Any decision to pay any dividend will be made with regard to factors such as our results of operations, financial condition, payment by our subsidiaries of cash dividends to us, and other factors which our board may deem relevant at such time. As a result, we cannot guarantee whether, when, and in what form we will pay dividends in the future.

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

Our management will have discretion in the application of net proceeds from the Offering, 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 of 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 Offering in a manner that does not produce income or that loses value.

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

We are dependent on the income generated by our 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 subsidiaries will depend on many factors, including such subsidiaries' results of operations and financial condition, limits on dividends under applicable law, constitutional documents, documents governing any indebtedness, foreign exchange and remittance restrictions, and other factors that may be outside our control. If our operating subsidiary does not generate sufficient cash flow, we may be unable to make distributions and dividends on the Ordinary Shares.

***We may grant share incentives in the future, which may result in increased share-based compensation expenses and negatively impact our results of operations, and our shareholders' interest may be diluted as a result.***

We believe the granting of share-based compensation is of significant importance to our ability to attract and retain key personnel, and we may adopt a share incentive plan in the future. As a result, our expenses associated with share-based compensation may increase substantially, which could materially and adversely affect our business, financial condition, and results of operations, and our shareholders' interest may be diluted as a result of the issuance of new shares to our key personnel under the share incentive plan.

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

We may need to raise additional funds in the future to finance further expansion of our capacity and business related to 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: (a) further limit our ability to pay dividends or require us to seek consent for the payment of dividends; (b) increase our vulnerability to general adverse economic and industry conditions; (c) 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 expenditures, working capital requirements, and other general corporate needs; and (d) limit our flexibility in planning for, or reacting to, changes in our business and our industry.

***The price of the Ordinary Shares and other terms of this Offering have been determined by us along with our underwriters.***

If you purchase our Ordinary Shares in this Offering, you will pay a price that was not established in a competitive market. Rather, you will pay a price that was determined by us along with our Underwriter. The offering price for our Ordinary Shares may bear no relationship to our assets, book value, historical results of operations, or any other established criterion of value. The trading price, if any, of the Ordinary Shares that may prevail in any market that may develop in the future, for which there can be no assurance, may be higher or lower than the price you paid for our Ordinary Shares.

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

As the initial public offering price of our shares is higher than the pro forma net tangible book value per share of our shares immediately prior to the Offering, purchasers of our shares in the Offering will experience an immediate dilution in pro forma net tangible book value per share from the price per share that has been paid for the shares. Our existing shareholders will receive an increase in the pro forma net tangible book value per share of their shares. Accordingly, if you purchase shares in this Offering, you will incur immediate and substantial dilution of your investment.

***You may experience difficulties in effecting service of legal process, enforcing foreign judgments, or bringing original actions in the British Virgin Islands and Hong Kong based on U.S. or other foreign laws against us, our management, or the experts named in the prospectus.***

Although we are a BVI incorporated company, we conduct substantially all of our operations in Hong Kong, and substantially 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 United States upon us or these individuals, or to bring an action against us or against these individuals in the United States 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 British Virgin Islands and Hong Kong may render you unable to enforce a judgment against our assets or the assets of our directors and officers.

Hong Kong is a Special Administrative Region of the People's Republic of China. Foreign judgments can be enforced under the Foreign Judgments (Reciprocal Enforcement) Ordinance (Cap. 319 of the Laws of Hong Kong) or under common law. Foreign judgments can be enforced through a statutory registration scheme under the Foreign Judgments (Reciprocal Enforcement) Ordinance based on reciprocal recognition of judgment between Hong Kong and the foreign courts. The United States is not a designated country under the Foreign Judgments (Reciprocal Enforcement) Ordinance. As a result, a judgment rendered by a court in the United States, including as a result of administrative actions brought by regulatory authorities, such as the SEC, and other actions, cannot be registered and may only be enforced at common law. With respect to enforcing a judgment of the U.S. court at common law, the U.S. court judgment will not be enforced directly by execution or any other process. The U.S. court judgment itself may form the basis of a cause of action and the judgment will be regarded as creating a debt between the parties to it. The judgment debtors liability arises on an implied promise to pay the amount of U.S. court judgment under a simple contract. Being a promise under a contract, it is subject to the usual limitation period of 6 years for such legal action. For a U.S. court judgment to be enforceable at common law in Hong Kong, certain requirements must be met: (i) such a judgment must be for a debt or a definite sum of money other than a sum payable in respect of taxes, penalties or similar charges; (ii) the judgment creditor has to prove, among other things, that the U.S. court judgment is a final judgment conclusive upon the merits of the claim in the U.S. jurisdiction; (iii) the U.S. court judgment must come from a "competent" court (as determined by the private international law rules applied by the Hong Kong courts); (iv) the U.S. court judgment was not obtained by fraud; (v) the U.S. court judgment was not contrary to Hong Kong rules of public policy or notions of natural justice; (vi) the U.S. court judgment is not irreconcilable with the prior decision of the Hong Kong court in an action between the same parties; and (vii) the judgment debtor submitted or agreed to submit to the jurisdiction of the U.S. court.

***You may face difficulties in protecting your interests, and your ability to protect your rights through U.S. courts may be limited, because we are incorporated under British Virgin Islands law.***

We are incorporated in the British Virgin Islands and conduct substantially all of our operations in Hong Kong through our direct wholly-owned Hong Kong subsidiary, Global Development HK. Most of our directors and substantially all our executive officers reside outside the United States and a substantial portion of their assets are located outside of the United States. As a result, it may be difficult for our shareholders to effect service on these persons or bring an action against us or against these individuals in the BVI or in Hong Kong in the event that they believe that their rights have been infringed under the securities laws of the United States or otherwise. Even if shareholders are successful in bringing an action of this kind, the laws of the BVI and Hong Kong may render them unable to enforce a judgment against our assets or the assets of our directors and officers. There is no statutory recognition in the BVI of judgments obtained in the United States or Hong Kong, although the courts of the BVI will in certain circumstances recognize such a foreign judgment and treat it as a cause of action in itself which may be sued upon as a debt at common law so that no retrial of the issues would be necessary. For more information, see "*Enforceability of Civil Liabilities*."

Under the provisions of the BVI Act, the memorandum and articles of association of a company are binding as between the company and its members and between the members. In general, members are bound by the decision of the majority or special majorities as set out in the articles of association or in the BVI Act. As for voting, the usual rule is that with respect to normal commercial matters members may act from self-interest when exercising the right to vote attached to their shares. If the majority members have infringed a minority member's rights, the minority may seek to enforce its rights either by derivative action or by personal action. derivative action concerns the infringement of the company's rights where the wrongdoers are in control of the company and are preventing it from taking action, whereas a personal action concerns the infringement of a right that is personal to the particular member concerned. The BVI Act provides for a series of remedies available to members. Where a company incorporated under the BVI Act conducts some activity which breaches the BVI Act or the company's memorandum and articles of association, the BVI High Court can issue a restraining or compliance order. Members can now also bring derivative, personal and Representative Actions under certain circumstances. For more information, see "*DESCRIPTION OF ORDINARY SHARES — Material Differences in BVI Law and our Amended Memorandum and Articles and Delaware Law — Shareholder's Derivative Actions*." Generally any other claims against a company by its members must be based on the general laws of contract or tort applicable in the BVI or their individual rights as members as established by the company's memorandum and articles of association, which are more limited than the rights afforded investors under the laws of many states in the United States. In particular, the BVI has a less exhaustive 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. As a result of the foregoing, holders of our Ordinary Shares may have more difficulty in protecting their interests through actions against our management, directors or major shareholders than they would as shareholders of a U.S. company and whose management, directors and/or major shareholders were also incorporated, resident, or otherwise established in a United States jurisdiction.

A member of the Company is entitled, on giving written notice to the Company, to inspect (a) the Amended Memorandum and Articles of the Company; (b) the register of members; (c) the register of directors; and (d) the minutes of meetings and resolutions of members and of those classes of members of which he is a member; and to make copies of or take extracts from the documents and records. Subject to the Amended Memorandum and Articles of the Company, the directors may, if they are satisfied that it would be contrary to the Company's interests to allow a member to inspect any document, or part of a document, specified in (b), (c) and (d) above, refuse to permit the member to inspect the document or limit the inspection of the document, including limiting the making of copies or the taking of extracts from the records. Where a company fails or refuses to permit a member to inspect a document or permits a member to inspect a document subject to limitations, that member may apply to the BVI High Court for an order that he should be permitted to inspect the document or to inspect the document without limitation. 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 BVI, 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 of the BVI Act and the laws applicable to companies incorporated in the United States and their shareholders, see "*DESCRIPTION OF ORDINARY SHARES - Material Differences in BVI Law and our Amended Memorandum and Articles and Delaware Law*."

As a result of the foregoing, our public shareholders may have more difficulty in protecting their interests through actions against us, our management, our directors or our major shareholders than would shareholders of a corporation incorporated in a jurisdiction in the United States.

***It may be difficult to enforce a judgment of U.S. courts for civil liabilities under U.S. federal securities laws against us, our directors or officers in the British Virgin Islands.***

There is no statutory enforcement in the BVI of judgments obtained in the U.S., however, the courts of the BVI will in certain circumstances recognize such a foreign judgment and treat it as a cause of action in itself which may be sued upon as a debt at common law so that no retrial of the issues would be necessary, provided that:

● the U.S. court issuing the judgment had jurisdiction in the matter and the company either submitted to such jurisdiction or was resident or carrying on business within such jurisdiction and was duly served with process;

● the judgment is final and for a liquidated sum;

● the judgment given by the U.S. court was not in respect of penalties, taxes, fines or similar fiscal or revenue obligations of the company;

● in obtaining judgment there was no fraud on the part of the person in whose favor judgment was given or on the part of the court;

● recognition or enforcement of the judgment in the British Virgin Islands would not be contrary to public policy; and

● the proceedings pursuant to which judgment was obtained were not contrary to natural justice.

● to recognize or enforce against the Company, judgments of courts of the U.S. predicated upon the civil liability provisions of the securities laws of the U.S.; and

● to impose liabilities against the Company, predicated upon the certain civil liability provisions of the securities laws of the U.S. so far as the liabilities imposed by those provisions are penal in nature.

***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 BVI) will bear any responsibility for any delay in mail reaching the forwarding address.

***Our management team lacks experience in managing a U.S.-listed company and complying with laws applicable to such company, the failure of which may adversely affect our business, financial condition, and results of operations.***

Our current management team lacks experience in managing a company publicly traded in the United States, interacting with public company investors, and complying with the increasingly complex laws pertaining to U.S.-listed public companies. Prior to the completion of this Offering, we have mainly operated our businesses as a private company in Hong Kong. As a result of this Offering, our Company will become subject to significant regulatory oversight and reporting obligations under the U.S. federal securities laws and the scrutiny of securities analysts and investors, and our management currently has no experience in complying with such laws, regulations, and obligations. Our management team may not successfully or efficiently manage our transition to becoming a U.S.-listed public company. These new obligations and constituents will require significant attention from our senior management and could divert their attention away from the day-to-day management of our business, which could adversely affect our business, financial condition, and results of operations.

***The obligation to disclose information publicly may put us at a disadvantage to competitors that are private companies.***

We have become a public company in the United States. As a public 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. Although we may be able to attain confidential treatment of some of our developments, 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. public company, we will be governed by U.S. laws that our competitors, which are mostly private Hong Kong companies, are not required to follow. To the extent that compliance with U.S. laws increases our expenses or decreases our competitiveness against such companies, our public company status could affect our results of operations.

***We will incur additional costs as a result of becoming a public company, which could negatively impact our net income and liquidity.***

Upon completion of this Offering, we will become a public company in the United States. 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 Securities and Exchange Commission 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 of 2002 and rules subsequently implemented by the Securities and Exchange Commission 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 revenues 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 the Sarbanes-Oxley Act of 2002 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 of 2002 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.

***We are a "foreign private issuer" and a British Virgin Islands company, 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 required to report equity holdings under Section 16 of the Exchange Act and 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 British Virgin 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 British Virgin Islands, which is deemed our home country, may differ significantly from the Nasdaq Capital Market corporate governance listing standards. For example:

● our independent directors do not need to hold regularly scheduled meetings in executive session (rather, all board members may attend all meetings of the board of directors);

● the compensation of our executive officers is recommended but not determined by an independent committee of the board or by the independent members of the board of directors; and our Chief Executive Officer is not prevented from being present in the deliberations concerning his compensation;

● related party transactions are not required to be reviewed and we are not required to solicit member approval of stock plans, including: those in which our officers or directors may participate; share issuances that will result in a change in control; the issuance of our shares in related party acquisitions or other acquisitions in which we may issue 20% or more of our issued and outstanding shares; or below market issuances of 20% or more of our issued and outstanding shares to any person; and

● we are not required to hold an in-person annual meeting to elect directors and transact other business customarily conducted at an annual meeting (rather, we complete these actions by written consent of holders of a majority of our voting securities).

Although we do not currently plan to utilize the home country exemption for corporate governance matters, to the extent that we choose to do so 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. As a result, you may not be afforded the same protections or information which would be made available to you if you were investing in a U.S. domestic issuer.

Please refer to "*Material Differences in BVI Law and our Amended Memorandum and Articles and Delaware Law*" on page 106.

***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 Jumpstart Our Business Startups Act, or the JOBS Act. 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 nonbinding 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 if our revenues exceed $1.235 billion, if we issue more than $1 billion in non-convertible debt in a three-year period, or if the market value of our shares held by non-affiliates exceeds $700 million as of any December 31 before that time, in which case we would no longer be an emerging growth company as of the following December 31. We cannot predict whether 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.

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 irrevocably elected not to avail our company of this exemption from new or revised accounting standards. Therefore, we will be subject to the same new or revised accounting standards as other public companies that are not emerging growth companies.

***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 chief executive officer, Mr. Sui Hei Chan and our chief financial officer, Mr. King Wan Leung will own a majority of voting rights following the Offering. There is presently no voting agreement between them but if there were, then we will be a "controlled company " as defined under the Nasdaq Stock Market Rules. 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 see "*Risk Factors – Our significant shareholders have considerable influence over our corporate matters*."

***The requirements of being a public company may strain our resources and divert management's attention.***

As a public company, we will be subject to the reporting requirements of 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 the 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 thereby having to comply with 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.

***Future issuances or sales, or perceived issuances or sales, of substantial amounts of Ordinary Shares in the public market could materially and adversely affect the prevailing market price of the Ordinary Shares and our ability to raise capital in the future.***

The market price of our Ordinary Shares could decline as a result of future sales of substantial amounts of shares or other securities relating to the shares in the public market, including by the Company's substantial shareholders, or the issuance of new shares by the Company, or the perception that such sales or issuances may occur. Future sales, or perceived sales, of substantial amounts of the shares could also materially and adversely affect our ability to raise capital in the future at a time and at a price favorable to us, and our shareholders will experience dilution in their holdings upon our issuance or sale of additional securities in the future. In addition, these factors could make it more difficult for us to raise funds through future offerings of our Ordinary Shares. A few shareholders hold a significant portion of our Ordinary Shares and these are "restricted securities" as defined in Rule 144. These Ordinary Shares may be sold in the future without registration under the Securities Act to the extent permitted by Rule 144 or other exemptions under the Securities Act.

***Our internal controls over financial reporting may not be effective and our independent registered public accounting firm may not be able to certify as to their effectiveness, which could have a significant and adverse effect on our business and reputation.***

Prior to this Offering, we have been a private company with limited accounting personnel and other resources with which to address our internal control and procedures involving financial reporting. In the course of auditing our consolidated financial statements for the fiscal years ended March 31, 2025 and 2024, we and our independent registered public accounting firm identified two material weaknesses in our internal control over financial reporting, as well as other control deficiencies. As defined in the standards established by the PCAOB, a "material weakness" is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of our company's annual or interim financial statements will not be prevented or detected on a timely basis.

The two material weaknesses identified relate to (1) the lack of sufficient accounting personnel with appropriate understanding of U.S. GAAP and SEC reporting requirements, and (2) the lack of a comprehensive accounting policies and procedures manual to facilitate preparation of U.S. GAAP financial statements, which inhibits our subsidiaries' ability to prepare consolidations from local books based on Hong Kong Financial Reporting Standards to provide U.S. GAAP basis information for group financial reporting and imposes a risk that adjustments to U.S. GAAP are not identified in a timely manner. Neither we nor our independent registered public accounting firm undertook a comprehensive assessment of our internal control under the Sarbanes-Oxley Act for purposes of identifying and reporting any weakness in our internal control over financial reporting. We and they are required to do so only after we become a public company. Had we performed a formal assessment of our internal control over financial reporting or had our independent registered public accounting firm performed an audit of our internal control over financial reporting, additional control deficiencies might have been identified.

To remedy our identified material weaknesses, we have adopted measures to improve our internal control over financial reporting. In particular, we are in the process of hiring additional accounting staff with an appropriate understanding of U.S. GAAP and SEC reporting requirements. We also plan to establish a comprehensive accounting policies and procedures manual and provide internal or external training to accounting and operation staff in relation to these policies and procedures. We expect to accomplish all this within six months after closing of our Offering.

We cannot assure you that we will remediate our material weaknesses in a timely manner. If we fail to implement and maintain an effective system of internal controls, we may be unable to accurately report our results of operations, meet our reporting obligations, or prevent fraud.

***We could become a passive foreign investment company, or PFIC, for United States federal income tax purposes for any taxable year, which could subject United States investors in our shares to significant adverse United States income tax consequences.***

We will be a "passive foreign investment company," or "PFIC," if, in any particular taxable year, either (a) 75% or more of our gross income for such year consists of certain types of "passive" income (the income test") or (b) 50% or more of the average quarterly value of our assets (as determined on the basis of fair market value) during such year produce or are held for the production of passive income (the "asset test"). In determining whether we are a PFIC, we are permitted to take into account the assets and income of our various wholly owned subsidiaries. However, even if we take into account the assets and income of these subsidiaries, we may still be considered a PFIC in 2025 (the first year in which the PFIC rules would potentially apply to U.S. holders purchasing shares in this Offering) and possibly later years, depending on a number of factors, including the composition of our income and assets, how quickly we spend our liquid assets or convert them to active business assets, including the cash raised pursuant to this offering (if we determine not to, or are unable to, deploy significant amounts of cash for active business purposes our risk of being a PFIC will substantially increase), the market price of our Ordinary Shares, and fluctuations in that price. Because there are uncertainties in the application of the relevant rules and PFIC status is a factual determination made annually after the close of each taxable year, there can be no assurance that we will not be a PFIC for 2025 or any future taxable year. See the discussion of the PFIC rules under "*TAXATION – United States Federal Income Taxation*" below.

If we are a PFIC in any taxable year, a U.S. holder may incur significantly increased United States income tax on gain recognized on the sale or other disposition of the Ordinary Shares and on the receipt of distributions on the Ordinary Shares to the extent such gain or distribution is treated as an "excess distribution" under the United States federal income tax rules. A U.S. holder may also be subject to burdensome reporting requirements. Further, if we are a PFIC for any year during which a U.S. holder holds our Ordinary Shares, we generally will continue to be treated as a PFIC with respect to that U.S. Holder for all succeeding years during which such U.S. holder holds our Ordinary Shares unless the U.S. holder takes affirmative steps to "purge" PFIC status. See the discussion of the PFIC rules under "*TAXATION – United States Federal Income Taxation*" below.

***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 British Virgin 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 penalties and our business may be harmed.

***We may experience extreme stock price volatility, including any stock-run up, 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.***

In addition to the risks addressed above, our Ordinary Shares may be subject to extreme volatility that is seemingly unrelated to the underlying performance of our business. 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, given that we will have relatively small public floats after this offering. Such volatility, including any stock-run up, may be unrelated to our actual or expected operating performance, financial condition or prospects.

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. Furthermore, the potential extreme volatility may confuse the public investors of the value of our stock, distort the market perception of our stock price and our Company's financial performance and public image, negatively affect the long-term liquidity of our Ordinary Shares, regardless of our actual or expected operating performance. If we encounter such volatility, including any rapid stock price increases and declines seemingly unrelated to our actual or expected operating performance and financial condition or prospects, it will likely make it difficult and confusing for prospective investors to assess the rapidly changing value of our Ordinary Shares.

**USE OF PROCEEDS**

Based upon the initial public offering price of $4.50 per Ordinary Share (being the middle of the initial offering price range of $4.00 and $5.00 per Ordinary Share), we estimate that we will receive net proceeds of approximately $[14, 5893,750] from this Offering, after deducting the underwriting discounts; non-accountable expenses and the estimated offering expenses payable by us.

The primary purposes of this Offering are to obtain additional capital for our business expansion, to retain talented employees by providing them with equity incentives, and to create a public market for our Ordinary Shares for the benefit of all shareholders.

We plan to use the net proceeds we receive from this Offering for the following purposes:

● approximately 45% to invest in a furniture and fixture business in China in the form of a joint venture model;

● approximately 35% to set up a marble and rock slab showroom and retail shop in Hong Kong; and

● the balance to fund working capital and for other general corporate purposes.

We have not identified a target furniture and fixture business in China to invest in yet.

The foregoing summary represents our current intentions to allocate the net proceeds of this Offering. Our management, however, will have significant flexibility and discretion to apply the net proceeds of this Offering. The precise amounts and percentage of proceeds we will devote to particular categories of activity will depend on prevailing market and business conditions as well as specific opportunities that may arise.

If an unforeseen event occurs or business conditions change, we may use the proceeds of this Offering differently. See "*Risk Factors - Risks Related to Our Initial Public Offering and Ownership of Our Ordinary Shares - We have broad discretion in the use of the net proceeds from our Offering and may not use them effectively*."

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

Although we may use a portion of the proceeds for the acquisition of, or investment in, companies, technologies, products, or assets that complement our business, we have no present understandings, commitments, or agreements to enter into any acquisitions or make any investments. We cannot assure you that we will make any acquisitions or investments in the future.

**DIVIDEND POLICY**

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.

The holders of our Ordinary Shares are entitled to dividends out of funds legally available when and as declared by our board of directors. Our board of directors has never declared a dividend and does not anticipate declaring a dividend in the foreseeable future. Should we decide in the future to pay dividends, as a holding company, our ability to do so and meet other obligations depends upon the receipt of dividends or other payments from our operating subsidiary and other holdings and investments. In addition, our operating subsidiary may, from time to time, be subject to restrictions on their ability to make distributions to us, including as a result of restrictive covenants in loan agreements, restrictions on the conversion of local currency into U.S. dollars or other hard currency and other regulatory restrictions. In the event of our liquidation, dissolution or winding up, holders of our Ordinary Shares are entitled to receive, ratably, the net assets available to shareholders after payment of all creditors.

Subject to the BVI Act and our Amended Memorandum and Articles, our directors may, by resolution, declare dividends at a time and amount as they think fit if they are satisfied, based on reasonable grounds, that, immediately after distribution of the dividend, the value of our assets will exceed our liabilities and we will be able to pay our debts as they fall due. There is no further BVI law restriction on the amount of funds which may be distributed by us by dividend, including all amounts paid by way of the subscription price for Ordinary Shares regardless of whether such amounts may be wholly or partially treated as share capital or share premium under certain accounting principles. Shareholder approval is not required to pay dividends under BVI law. In accordance with, and subject to, our Amended Memorandum and Articles, no dividend shall bear interest as against the Company.

If we determine to pay dividends on any of our Ordinary Shares in the future, as a holding company, we will be dependent on receipt of funds from our direct wholly-owned Hong Kong subsidiary, Global Development HK.

**EXCHANGE RATE INFORMATION**

Our reporting currency is HK$ because our business is mainly conducted in Hong Kong and most of our revenues are denominated in HK$. This prospectus contains translations of HK$ into US$ at specific rates solely for the convenience of the reader. The conversion of HK$ into US$ is based on the exchange rates set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System. Unless otherwise noted, all translations from HK$ to US$ in this prospectus were made at a rate of HK$7.7930 to US$1.00 in 2025 and HK$7.8292 to US$1.00 in 2024.

We make no representation that any HK$ or US$ amounts could have been, or could be, converted into US$ or HK$, as the case may be, at any particular rate, the rates stated below, or at all. The HK$ is freely convertible into other currencies (including US$). Since October 7, 1983, the HK$ has been officially pegged linked to the US$ at the rate of HK$7.80 to US$1.00. The link is supported by an agreement between Hong Kong's three bank-note-issuing banks and the Hong Kong government pursuant to which bank notes issued by such banks are backed by certificates of indebtedness purchased by such banks from the Hong Kong Government Exchange Fund with the U.S. dollar at the fixed exchange rate of HK$7.80 to US$1.00 and held as cover for the bank notes issue. When bank notes are withdrawn from circulation, the issuing bank surrenders certificates of indebtedness to the Hong Kong Government Exchange Fund and is paid the equivalent amount in US$ at the fixed rate of exchange. Hong Kong's three bank-note-issuing banks are The Hongkong and Shanghai Banking Corporation Limited, Standard Chartered Bank and Bank of China (Hong Kong) Limited. In May 2005, the Hong Kong Monetary Authority broadened the link from the original rate of HK$7.80 per US$1.00 to a rate range of HK$7.75 to HK$7.85 per US$1.00. No assurance can be given that the Hong Kong government will maintain the link at HK$7.75 to HK$7.85 per US$1.00 or at all.

On March 31, 2023, the exchange rate for HK$ was HK$7.8499 to US$1.00. On March 31, 2024, the exchange rate for HK$ was HK$7.8259 to US$1.00. On March 31, 2025, the exchange rate for HK$ was HK$7.7799 to US$1.00.

The following tables set forth information concerning exchange rates between HK$ and US$ for the periods indicated. These rates are provided solely for your convenience and are not necessarily the exchange rates that we used in this prospectus or will use in the preparation of our periodic reports or any other information to be provided to you.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Certified Exchange Rate** | **Certified Exchange Rate** | **Certified Exchange Rate** | **Certified Exchange Rate** |
| <br>**Period** | **Period End** | **Average<sup>(1)</sup>** | **Low** | **High** |
|  | **(HK$ per US$1.00)** | **(HK$ per US$1.00)** | **(HK$ per US$1.00)** | **(HK$ per US$1.00)** |
| 2021 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;January | 7.7531 | 7.7533 | 7.7517 | 7.7555 |
| &nbsp;&nbsp;&nbsp;February | 7.7567 | 7.7529 | 7.7515 | 7.7567 |
| &nbsp;&nbsp;&nbsp;March | 7.7746 | 7.7651 | 7.7562 | 7.7746 |
| &nbsp;&nbsp;&nbsp;April | 7.7664 | 7.7691 | 7.7596 | 7.7849 |
| &nbsp;&nbsp;&nbsp;May | 7.7610 | 7.7654 | 7.7608 | 7.7697 |
| &nbsp;&nbsp;&nbsp;June | 7.7658 | 7.7617 | 7.7566 | 7.7666 |
| &nbsp;&nbsp;&nbsp;July | 7.7723 | 7.7705 | 7.7651 | 7.7837 |
| &nbsp;&nbsp;&nbsp;August | 7.7779 | 7.7834 | 7.7735 | 7.7925 |
| &nbsp;&nbsp;&nbsp;September | 7.7850 | 7.7807 | 7.7708 | 7.7877 |
| &nbsp;&nbsp;&nbsp;October | 7.7790 | 7.7793 | 7.7725 | 7.7871 |
| &nbsp;&nbsp;&nbsp;November | 7.7967 | 7.7896 | 7.7819 | 7.7993 |
| &nbsp;&nbsp;&nbsp;December | 7.7996 | 7.7990 | 7.7914 | 7.8034 |
| 2022 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;January | 7.7971 | 7.7917 | 7.7850 | 7.8001 |
| &nbsp;&nbsp;&nbsp;February | 7.8137 | 7.7992 | 7.7894 | 7.8137 |
| &nbsp;&nbsp;&nbsp;March | 7.8325 | 7.8228 | 7.8127 | 7.8325 |
| &nbsp;&nbsp;&nbsp;April | 7.8465 | 7.84139 | 7.8340 | 7.8476 |
| &nbsp;&nbsp;&nbsp;May | 7.8468 | 7.84896 | 7.8468 | 7.8499 |
| &nbsp;&nbsp;&nbsp;June | 7.8472 | 7.84803 | 7.8446 | 7.8499 |
| &nbsp;&nbsp;&nbsp;July | 7.8498 | 7.84897 | 7.8461 | 7.8499 |
| &nbsp;&nbsp;&nbsp;August | 7.8482 | 7.8489 | 7.8461 | 7.8497 |
| &nbsp;&nbsp;&nbsp;September | 7.8497 | 7.8490 | 7.8470 | 7.8499 |
| &nbsp;&nbsp;&nbsp;October | 7.8489 | 7.8492 | 7.8482 | 7.8497 |
| &nbsp;&nbsp;&nbsp;November | 7.8110 | 7.8301 | 7.8081 | 7.8498 |
| &nbsp;&nbsp;&nbsp;December | 7.7990 | 7.8019 | 7.7911 | 7.8127 |
| 2023 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;January | 7.8384 | 7.8204 | 7.8042 | 7.8384 |
| &nbsp;&nbsp;&nbsp;February | 7.8490 | 7.8471 | 7.8412 | 7.8499 |
| &nbsp;&nbsp;&nbsp;March | 7.8499 | 7.8487 | 7.8414 | 7.8499 |
| &nbsp;&nbsp;&nbsp;April | 7.8498 | 7.8496 | 7.8475 | 7.8499 |
| &nbsp;&nbsp;&nbsp;May | 7.8304 | 7.8373 | 7.8157 | 7.8499 |
| &nbsp;&nbsp;&nbsp;June | 7.8363 | 7.8330 | 7.8217 | 7.8432 |
| &nbsp;&nbsp;&nbsp;July | 7.8102 | 7.8156 | 7.7974 | 7.8337 |
| &nbsp;&nbsp;&nbsp;August | 7.8457 | 7.8263 | 7.7939 | 7.8469 |
| &nbsp;&nbsp;&nbsp;September | 7.8308 | 7.8285 | 7.8161 | 7.8457 |
| &nbsp;&nbsp;&nbsp;October | 7.8246 | 7.8246 | 7.8183 | 7.8324 |
| &nbsp;&nbsp;&nbsp;November | 7.8095 | 7.8071 | 7.7920 | 7.8247 |
| &nbsp;&nbsp;&nbsp;December | 7.8109 | 7.8098 | 7.7962 | 7.8192 |
| 2024 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;January | 7.8175 | 7.8164 | 7.8065 | 7.8263 |
| &nbsp;&nbsp;&nbsp;February | 7.8286 | 7.8218 | 7.8185 | 7.8286 |
| &nbsp;&nbsp;&nbsp;March | 7.8259 | 7.8230 | 7.8198 | 7.8289 |
| &nbsp;&nbsp;&nbsp;April | 7.821 | 7.8305 | 7.821 | 7.8368 |
| &nbsp;&nbsp;&nbsp;May | 7.8199 | 7.8119 | 7.7979 | 7.8234 |
| &nbsp;&nbsp;&nbsp;June | 7.8083 | 7.8100 | 7.8042 | 7.8198 |
| &nbsp;&nbsp;&nbsp;July | 7.8117 | 7.8095 | 7.8058 | 7.8138 |
| &nbsp;&nbsp;&nbsp;August | 7.7974 | 7.7962 | 7.7852 | 7.8153 |
| &nbsp;&nbsp;&nbsp;September | 7.7693 | 7.7910 | 7.7693 | 7.8028 |
| &nbsp;&nbsp;&nbsp; October | 7.7740 | 7.7743 | 7.7650 | 7.7707 |
| &nbsp;&nbsp;&nbsp; November | 7.7805 | 7.7857 | 7.7708 | 7.7798 |
| &nbsp;&nbsp;&nbsp; December | 7.7677 | 7.7846 | 7.7617 | 7.7734 |
| 2025 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; January | 7.7917 | 7.7852 | 7.7749 | 7.7917 |
| &nbsp;&nbsp;&nbsp; February | 7.7775 | 7.7819 | 7.7692 | 7.7928 |
| &nbsp;&nbsp;&nbsp; March | 7.7799 | 7.7728 | 7.7677 | 7.7799 |

---

Note:

(1) Annual
 averages are calculated by using the average of the exchange rates on the last day of each month during the relevant year. Monthly
 averages are calculated by using the average of the daily rates during the relevant month.

---

| | | | |
|:---|:---|:---|:---|
|  | March 31, 2025 | March 31, 2024 | March 31, 2023 |
| Period-end $: HK$ exchange rate | 7.7799 | 7.8259 | 7.8499 |
| Period average $: HK$ exchange rate | 7.7930 | 7.8230 | 7.8487 |

---

We make no representation that any HK$ could have been, or could be, converted into US$ at any particular rate, or at all. We do not currently engage in currency hedging transactions.

**SELECTED HISTORICAL FINANCIAL AND OPERATING DATA**

The following table presents our selected historical financial data for the periods presented and should be read in conjunction with "*MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS*" and the financial statement and notes thereto included elsewhere in this prospectus.

The following selected consolidated financial and operating data for the fiscal years ended March 31, 2025 and 2024, the consolidated balance sheets data as of March 31, 2025 and 2024, and consolidated statements of operations and cash flow data for the years ended March 31, 2025 and 2024 have been derived from our consolidated financial statements included elsewhere in this prospectus.

Our financial and operating results incorporate a number of uncertainties and estimates. Such matters could cause the data included herein to not be indicative of our future financial conditions or results of operations. A discussion on our critical uncertainties and estimates are included in "*MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS*".

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Years Ended<br> March 31,** | **For the Years Ended<br> March 31,** | **For the Years Ended<br> March 31,** |
|  | **2024** | **2025** | **2025** |
|  | **HK$** | **HK$** | **US$** |
| **Statements of Operations Data:** |  |  |  |
| **Revenues** | **26494101** | **33768053** | **4329238** |
| Cost of revenues | (21219826) | (26142260) | (3351572) |
| Selling and marketing expenses | (139759) |  |  |
| General and administrative expenses | (5194547) | (6884555) | (882635) |
| **Operating (expense)/income** | **(60031)** | **741238** | **95031** |
| Interest income, net | 940686 | 264483 | 33908 |
| Other (expense)/ income, net | (19996) | 4985 | 639 |
| **Income before taxes** | **860659** | **1010706** | **129578** |
| Income tax expenses | (135492) | (66630) | (8542) |
| **Net income** | **725167** | **944076** | **121036** |
| **Other Data:** |  |  |  |
| EBITDA (i) | 531712 | 1378696 | 176757 |
| Net cash used in operating activities | (188188) | (2446763) | (313686) |
| Net cash provided by investing activities | 2816978 | 7027420 | 900951 |
| Net cash used in financing activities | (3332592) | (4286775) | (549587) |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** | **As of March 31,** |
|  | **2024** | **2025** | **2025** |
|  | **HK$** | **HK$** | **US$** |
| **Balance Sheet Data:** |  |  |  |
| Total assets | 31664954 | 34322666 | 4400342 |
| Total liabilities | 21307952 | 23021588 | 2951485 |
| Total the Company's shareholders' equity | 10357002 | 11301078 | 1448857 |
| Total liabilities and equity | 31664954 | 34322666 | 4400342 |

---

(i) EBITDA,
 as provided herein, represents net income attributable to the Company, adjusted for
 net interest income, income taxes, depreciation and amortization expense. The Company
 presents EBITDA as an additional measure by which to evaluate the Company's operating
 trends. The Company believes that EBITDA is a measure frequently used to evaluate performance
 of companies with substantial leverage and that all of the Company's primary stakeholders
 (i.e. its stockholders, bondholders and banks) use EBITDA to evaluate the Company's
 period to period performance.

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Years Ended<br> March 31,** | **For the Years Ended<br> March 31,** | **For the Years Ended<br> March 31,** |
|  | **2024** | **2025** | **2025** |
|  | **HK$** | **HK$** | **US$** |
| **Net income** | **725167** | **944076** | **121036** |
| **Adjusted for:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Interest income, net | (940686) | (264483) | (33908) |
| &nbsp;&nbsp;&nbsp; Income tax expense | 135492 | 66630 | 8542 |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization | 611739 | 632473 | 81087 |
| **EBITDA** | **531712** | **1378696** | **176757** |

---

**CAPITALIZATION**

The following table sets forth our capitalization as of March 31, 2025:

● On an actual basis; and

● On a pro forma basis to give effect to the sale of 3,750,000 Ordinary Shares by us in this Offering at the initial public offering price of $4.50 per share (being the middle of the initial offering price range of between $4.00 and $5.00 per Ordinary Share), after deducting the 7% underwriting discounts, 1% non-accountable expenses of the gross proceeds of the Offering, and estimated offering expenses with $1,110,000 payable by us.

The pro forma information below is illustrative only and our capitalization following the completion of this Offering is subject to adjustment based on the initial public offering price of our Ordinary Shares and other terms of this Offering determined at pricing. You should read this table in conjunction with our financial statements and related notes appearing elsewhere in this prospectus and "*Use of Proceeds*" and "*Description of Ordinary Shares.*"

---

| | | |
|:---|:---|:---|
|  | **As of March 31, 2025** | **As of March 31, 2025** |
|  | **Actual** | **Pro Forma (Unaudited)** |
| **Cash and cash equivalents** | $85202 | $15012639 |
| **Current liabilities** |  |  |
| &nbsp;&nbsp;&nbsp; Finance lease liabilities, current portion | 23067 | 23067 |
| &nbsp;&nbsp;&nbsp; Long-term borrowings, current portion | 188922 | 188922 |
| **Shareholders' equity:** |  |  |
| Ordinary shares, no par value |  |  |
| Additional paid-in capital | 971169 | 15386169 |
| Retained earnings | 477688 | 477688 |
| **Total Capitalization** | $**1660846** | $**16075846** |

---

**DILUTION**

If you invest in our Ordinary Shares in this offering, your ownership interest will be diluted to the extent of the difference between the initial public offering price per share of our Ordinary Shares and our pro forma as net tangible book value per ordinary share immediately after this offering.

Net tangible book value represents the amount of our total consolidated tangible assets, less the amount of our total consolidated liabilities. Our net tangible book value as of March 31, 2025 was $905,664, or $0.05 per share.

Dilution results from the fact that the initial public offering price per Ordinary Share is substantially in excess of the pro forma as adjusted net tangible book value per Ordinary Share attributable to the existing shareholders for our presently outstanding Ordinary Shares. After giving effect to our issuance and sale of 3,750,000 Ordinary Shares in this offering at the initial public offering price of $4.50 per share (being the middle of the initial offering price range of between $4.00 and $5.00 per Ordinary Share), after deducting the underwriting discounts, non-accountable expenses and offering expenses payable by us, the pro forma net tangible book value as of March 31, 2025 would have been $15,833,101, or $0.75 per share. This represents an immediate increase in net tangible book value to existing shareholders of $0.70 per share. The initial public offering price per share significantly exceeds the net tangible book value per share. Accordingly, new investors who purchase Ordinary Shares in this Offering will suffer an immediate dilution of their investment of $3.75 per share or approximately 83.33% from the initial public offering price of $4.50 per Ordinary Share (being the middle of the initial offering price range of between $4.00 and $5.00 per Ordinary Share). The following table illustrates the net tangible book value per share after this offering and the per share dilution to persons purchasing Ordinary Shares in this offering based on the foregoing offering assumptions:

---

| | |
|:---|:---|
|  | **Post-Offering (1)** |
| Initial public offering price per Ordinary Share | 4.50 |
| Net tangible book value per Ordinary Share as of March 31, 2025 | 0.05 |
| Increase in net tangible book value per Ordinary Share attributable to the Offering | 0.70 |
| Pro forma net tangible book value per Ordinary Share immediately after the Offering | 0.75 |
| Dilution per share to investors participating in the Offering | 3.75 |

---

(1) Assumes net proceeds of $14,415,000 from offering of 3,750,000 Ordinary Shares at $4.50 per share (being the middle of the initial offering price range of between $4.00 and $5.00 per Ordinary Share), calculated as follows: $16,875,000 Offering proceeds, less 7% underwriting discounts, a non-accountable expense of 1% of the gross proceeds of the Offering and estimated offering expenses payable by us of approximately $1,110,000.

A $0.50 increase (decrease) in the public offering price of $4.50 per share would increase (decrease) the pro forma net tangible book value as of March 31, 2025 after this Offering by approximately $1,725,000, and would increase (decrease) the pro forma net tangible book value per share as of March 31, 2025 after this Offering by $0.08 per share, and would increase (decrease) the dilution in pro forma net tangible book value per Ordinary Share to investors participating in this offering by $0.42 per share, after deducting the estimated underwriting discounts, non-accountable expenses, and offering expenses payable by us.

The table and discussion above are based on 17,500,000 Ordinary Shares outstanding as of March 31, 2025.

**MANAGEMENT'S DISCUSSION AND ANALYSIS OF**

**FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

*You should read the following discussion and analysis of our financial condition and results of operations in conjunction with the section headed "Summary Consolidated Financial and Operating Data" and our consolidated financial statements and the related notes included elsewhere in this prospectus. This discussion contains forward-looking statements that involve risks and uncertainties. Our actual results and the timing of selected events could differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth under "Risk Factors" and elsewhere in this prospectus.*

**Overview**

We are a holding company incorporated in the British Virgin Islands ("BVI") on September 4, 2023, under the BVI Companies Law as BVI business company with limited liability. We, through our wholly-owned subsidiary, Global Development Engineering Company Limited ("Global Development HK"), conduct our primary operations of construction works services in Hong Kong. We are an established one-stop construction services provider in Hong Kong with over 8 years of experience in the construction industry. We principally engage in: (i) renovation and repairing, which mainly involves encompassing the construction of the building's frame structure and various decoration, (ii) interior and exterior work, which includes customize furniture and fixtures, (iii) ancillary services such as cleaning service.

In preparation for our initial public offering ("IPO") in the United States, we have undertaken a reorganization of our legal structure of Global Development HK. We are incorporated in connection with a group reorganization (the "Reorganization") of Global Development HK. On December 7, 2023, we entered into an equity purchase agreement with Global Development HK, through which we have become the ultimate primary beneficiary of Global Development HK. As all the entities involved in the process of the Reorganization are under common ownership of our shareholders before and after the Reorganization, the Reorganization is accounted for in a manner similar to a pooling of interests with the assets and liabilities of the parties to the Reorganization carried over at their historical amounts. Therefore, in the fiscal year 2024, the accompanying consolidated financial statements were prepared as if our corporate structure had been in existence since the beginning of the periods presented. 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. As a result of the Reorganization, we own 100% equity interest of Global Development HK.

We generate revenue primarily from providing construction work services. For the years ended March 31, 2025 and 2024, our total revenue was HK$33,768,053 (US$4,329,238) and HK$26,494,101, respectively. We recorded net income of HK$944,076 (US$121,036) and HK$725,167 for the years ended March 31, 2025 and 2024, respectively.

**Key Factors that Affect Results of Operations**

Our results of operations have been, and are expected to continue to be, affected by various factors, which primarily include the following:

*General Factors Affecting Our Results of Operations*

● Hong Kong's overall economic growth;

● the growth and competitive landscape from other players in the market;

● the growth of Hong Kong's construction service industry;

● governmental policies and initiatives affecting Hong Kong's construction service industry.

*Special Factors Affecting Our Results of Operation*

*Our ability to maintain and develop our customers*

The construction industry in Hong Kong is extremely competitive, and we face challenges in various areas such as construction expertise, project bidding, skilled workforce, client relationships, and reputation. Factors that can affect our ability to meet customer needs and attract clients include our ability to (i) design and construct projects that align with our customers' preferences for raw materials, functional and structural specifications, and technical requirements; (ii) invest in business development to acquire new clients and maintain long-term relationships with key customers; and (iii) attract potential new clients through our limited marketing personnel.

Our revenue mainly relies on successful tenders and the projects are non-recurring in nature. Any failure in securing projects from our existing customers and/or new customers in the future would affect our business operation and financial results.

Our projects typically undergo a rigorous tendering process prior to securing contracts. In this phase, we submit quotations or tender prices that are meticulously crafted based on comprehensive project cost estimates, factoring in a strategic markup margin. Given the fiercely competitive nature of the one-stop construction services industry in Hong Kong, it is commonplace for multiple competitors to vie for the same projects we are bidding on. Consequently, we often adopt a proactive approach by adjusting our markup margins downwards when competition intensifies, as a means to enhance our competitiveness. However, this strategic decision may subsequently have an adverse impact on our operating profit margins and overall financial performance.

There were four and three customers from whom revenues individually represent greater than 10% of our total revenues for the years ended March 31, 2025 and 2024, respectively. The total sales to these customers accounted for approximately 79.1% and 63.5% of total revenues for the years ended March 31, 2025 and 2024, respectively. As of March 31, 2025, three customers, identified as Company Y, Company X and Individual G, accounted for approximately 36.1%, 31.7% and 18.0% of our accounts receivable.

*Cost control and management*

Our cost of sales mainly consists of subcontracting fees, direct labor costs, cost of materials and tools, and other construction costs. We depend on suppliers and subcontractors for labor, equipment and supplies essential to operate projects. We select suppliers and subcontractors mainly based on: (i) quality of materials, (ii) timeliness of delivery, (iii) previous experience and length of partnership with the supplier and the subcontractor, (iv) competitiveness of the price offered, and (v) reputation of the supplier and the subcontractor. While we set our project prices using a cost-plus method that takes into account the estimated time and costs involved in a project, the actual time and costs required to complete our foundation and related projects may increase due to adverse changes in materials and labor costs, weather conditions, as well as changes in Hong Kong's rules, regulations, and policies. Therefore, if we fail to effectively control and manage the costs and time involved in a project, it could lead to delays in completing work and/or cost overruns. This, in turn, could have a materially adverse impact on our financial condition, profitability, and liquidity.

*Impact of COVID-19 On Our Operations*

Since late December 2019, the outbreak of COVID-19 spread rapidly throughout China and later to the rest of the world. On January 30, 2020, the International Health Regulations Emergency Committee of the World Health Organization declared the outbreak a "Public Health Emergency of International Concern" ("PHEIC"), and later on March 11, 2020, a global pandemic. The COVID-19 outbreak led governments across the globe to impose a series of measures intended to contain its spread, including border closures, travel bans, quarantine measures, social distancing, and restrictions on business operations and large gatherings. From 2020 to the middle of 2021, COVID-19 vaccination programs had been greatly promoted around the globe, however several types of COVID-19 variants emerged in different parts of the world.

Supply chain disruptions became a major challenge for the global economy since the start of the COVID-19 pandemic. These shortages and supply-chain disruptions were significant and widespread. Lockdowns in several countries across the world, labor shortages, robust demand for tradable goods, disruptions to logistics networks, and capacity constraints resulted in increases in freight costs and delivery times. Companies that were reliant on the movement of goods and materials suffered from plant closures and supply shortages across the extended supply network. In addition, multiple infected cases within a construction site resulted in shortage of labor and in more serious cases, caused a temporary halt in the site's construction operation for a few days.

The extent to which a resurgence of COVID-19 will impact our business in the future will depend on future developments, which are highly uncertain and cannot be predicted, including new information that may emerge concerning the severity of COVID-19 and the actions to contain COVID-19 or treat its impact, among others. If the disruptions posed by COVID-19 or other matters of global concerns continue for an extended period of time, our ability to pursue our business objectives may be materially adversely affected. In addition, our ability to raise equity and debt financing, which may be adversely impacted by COVID-19 and other events, including as a result of increased market volatility, decreased market liquidity and third-party financing became unavailable on terms acceptable to us or at all.

Any future impact on our results of operations will depend on, to a large extent, future developments and new information that may emerge regarding the duration and severity of the COVID-19 pandemic and the actions taken by government authorities and other entities to contain the spread or treat its impact, almost all of which are beyond our control. As such, we cannot assure you that we will be able to maintain the growth rate we have experienced or projected. We will continue to closely monitor the situation throughout 2024 and beyond.

**Key Components of Results of Operations**

***Revenues***

We primarily generate revenues from providing construction work services including: (i) renovation and repairing, which mainly involves encompassing the construction of the building's frame structure and various decoration, (ii) interior and exterior work, which includes customize furniture and fixtures, (iii) ancillary services such as cleaning service. We derived the majority of our revenues by providing renovation and repairing services, which collectively accounted for 50% and 73.8% of the total revenues for the years ended March 31, 2025 and 2024, respectively. The following table breaks down our revenues by amounts and as percentages of our total revenues for the periods presented:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended March 31,** | **For the Years Ended March 31,** | **For the Years Ended March 31,** | **For the Years Ended March 31,** | **For the Years Ended March 31,** |
|  | **2024** | **2024** | **2025** | **2025** | **2025** |
|  | **HK$** | **%** | **HK$** | **US$** | **%** |
| **Revenues** |  |  |  |  |  |
| Renovation and repairing | 19559101 | 73.8 | 16883081 | 2164498 | 50.0 |
| Interior and exterior finishing | 6935000 | 26.2 | 9977552 | 1279173 | 29.5 |
| Cleaning work | - | - | 6907420 | 885567 | 20.5 |
| **Total revenues** | **26494101** | **100.0** | **33768053** | **4329238** | **100.0** |

---

***Cost of Revenues***

Our cost of revenues consists primarily of subcontracting fees, cost of materials and tools, direct labor costs and other overhead costs that are directly attributable to services provided. The following table breaks down our cost of revenues by amounts and as percentages of our total revenues for the periods presented:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended March 31,** | **For the Years Ended March 31,** | **For the Years Ended March 31,** | **For the Years Ended March 31,** | **For the Years Ended March 31,** |
|  | **2024** | **2024** | **2025** | **2025** | **2025** |
|  | **HK$** | **%** | **HK$** | **US$** | **%** |
| **Cost of revenues** |  |  |  |  |  |
| Renovation and repairing | 15652432 | 59.1 | 12893932 | 1653068 | 38.2 |
| Interior and exterior finishing | 5567394 | 21.0 | 7124638 | 913415 | 21.1 |
| Cleaning work | - | - | 6123690 | 785089 | 18.1 |
| **Total cost of revenues** | **21219826** | **80.1** | **26142260** | **3351572** | **77.4** |

---

***Operating Expenses***

The following table sets forth our operating expenses and as percentages of our total revenues for the periods presented:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended March 31,** | **For the Years Ended March 31,** | **For the Years Ended March 31,** | **For the Years Ended March 31,** | **For the Years Ended March 31,** |
|  | **2024** | **2024** | **2025** | **2025** | **2025** |
|  | **HK$** | **%** | **HK$** | **US$** | **%** |
| **Operating expenses** |  |  |  |  |  |
| Sales and marketing expenses | 139759 | 0.5 |  |  | 0.0 |
| General and administrative expenses | 5194547 | 19.6 | 6884555 | 882635 | 20.4 |
| **Total operating expenses** | **5334306** | **20.1** | **6884555** | **882635** | **20.4** |

---

*Sales and marketing expenses*

Our sales and marketing expenses primarily consist of (i) compensation to selling personnel, including the salaries and other benefits; and (ii) commission paid to the third parties relevant to the sales and marketing function.

*General and administrative expenses*

Our general and administrative expenses primarily consist of salaries, bonuses and benefits for employees involved in general corporate functions, and those not specifically dedicated to sales activities, such as depreciation and amortization of fixed assets, legal and other professional services fees, rental and other general corporate related expenses.

***Taxation***

*British Virgin Islands*

We are incorporated in British Virgin Islands and conducts our primary business operations through the subsidiary in Hong Kong. Under the current laws of British Virgin Islands, British Virgin Islands levies no taxes on individuals or corporations based upon profits, income, gains or appreciation and we are therefore not subject to tax on income or capital gains arising in British Virgin Islands. Additionally, upon payments of our dividends to our shareholders, no British Virgin Islands withholding tax will be imposed.

*Hong Kong*

Our subsidiary in Hong Kong is subject to an income tax rate of 16.5% on any part of assessable profits over HK$2,000,000 and 8.25% for assessable profits below HK$2,000,000. Additionally, payments of dividends by our subsidiary in Hong Kong to our company are not subject to any Hong Kong withholding tax.

*Uncertain tax positions*

We evaluate each uncertain tax position (including the potential application of interest and penalties) based on the technical merits, and measure the unrecognized benefits associated with the tax positions. As of March 31, 2025 and 2024, we did not have any significant unrecognized uncertain tax positions.

We did not accrue any liability, interest or penalties related to uncertain tax positions in the provision for income taxes line of our consolidated statements of operations for the fiscal years ended March 31, 2025 and 2024.

**Critical Accounting Policies and Estimates**

Our consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America, which require us to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements, the reported amounts of revenues and expenses during the reporting periods and the related disclosures in the consolidated financial statements and accompanying footnotes. Out of our significant accounting policies, which are described in Note 2 - "Summary of principal accounting policies" of our consolidated financial statements included elsewhere in this registration statement, certain accounting policies are deemed "critical," as they require management's highest degree of judgment, estimates and assumptions. While management believes its judgments, estimates and assumptions are reasonable, they are based on information presently available and actual results may differ significantly from those estimates under different assumptions and conditions.

***Impairment of Right-of-use Assets and Other Long-lived Assets***

We review our right-of-use assets, or ROU assets, and other long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may no longer be recoverable. Factors we consider to be important which could trigger an impairment review primarily include:

● significant underperformance relative to projected operating results;

● significant changes in the overall business strategy;

● significant adverse changes in legal or business environment; and

● significant competition, unfavorable industry trends, or economic outlook.

When these events occur, we measure impairment by comparing the carrying value of the long-lived assets to the estimated undiscounted future cash flows expected to result from the use of the assets and their eventual disposal. If the sum of the expected undiscounted cash flow is less than the carrying amount of the assets, we would recognize an impairment loss based on the excess of the carrying value over the fair value of the assets. Fair value is generally determined by discounting the cash flows expected to be generated by the assets, when the market prices are not readily available. For the years ended March 31, 2025 and 2024, there was no impairment of long-lived assets.

***Revenue recognition***

We perform construction work services including: (i) renovation and repairing, which mainly involves the construction of a building's frame structure and decoration, (ii) interior and exterior work, which includes customized furniture and fixtures, (iii) cleaning services. We recognized our revenue under ASC Topic 606, Revenue from Contracts with Customers ("ASC 606"). The core principle underlying the revenue recognition of this Accounting Standards Update ("ASU") allows us to recognize revenue that represents the transfer of goods and services to customers in an amount that reflects the consideration to which we expect to be entitled to in such an exchange. This will require us to identify contractual performance obligations and determine whether revenue should be recognized at a point in time or over time, based on when control of goods and services transfers to a customer.

We recognized revenue over time when the construction work services were performed over prescribed periods specified within the contract with the customer. We solely undertake construction services with the paramount aim of benefiting our customers, where the ownership and control of the assets being constructed or maintained reside solely with the customer. Depending on the terms of the contract and the laws that applied to the contract, the services were performed gradually and therefore relevant revenue was recognized over time, complying with (ii) specified as below, indicated by that the project sites would be usually controlled by the customer whilst the construction works were in the process. Otherwise, if the construction work services do not meet any of the criteria below, revenue related to those services will be recognized at a point in time.

Control of the goods and services is transferred over time if our performance:

&nbsp;&nbsp;&nbsp;&nbsp;(i) provides
 all of the benefits received and consumed simultaneously by the customer;

(ii) creates
 and enhances an asset that the customer controls as we perform; or

(iii) does
 not create an asset with an alternative use to us and we have an enforceable right to payment for performance completed to date.
 If control of the goods and services transfers over time, revenue is recognized over the period of the contract by reference to the
 progress towards complete satisfaction of that performance obligation. Otherwise, revenue is recognized at a point in time when the
 customer obtains control of the goods and services.

We adopt ASC Topic 606, Revenue from Contracts with Customers, as the framework for recognizing contract revenue over time as performance obligations are progressively fulfilled. Upon adoption of ASC Topic 606, contracts which include construction services are generally accounted for as a single deliverable (a single performance obligation) and are no longer segmented between types of services. We have not bundled any goods or services that are not considered distinct. We are required to follow the pre-determined work schedule. Such schedule may be extended from time to time pursuant to the terms of the contract. Under the typical payment terms of construction contracts, amounts were billed as work progresses in accordance with agreed-upon contractual terms on the contract.

Generally, our general terms and conditions for our contracts contain a guarantee that we will complete a project by a certain date. Any failure to meet contractual schedule or completion requirements set forth in the contracts could subject us to responsibility for costs resulting from the delay, generally in the form of contractually agreed-upon liquidated damages, liability for our actual costs arising out of our delay, reduced profits or a loss on that project. We reasonably estimate the possibility of liquidated damages based on the historical experience of. For the years ended March 31, 2025 and 2024, we have no liquidated damages cost incurred and accrued.

We generally measure our progress to completion using an input measure of total costs incurred divided by total costs expected to be incurred, which we believe to be the best measure of progress towards completion of the performance obligation. Subcontractor materials, labor, and equipment were treated as cost of revenues.

When either party to a contract has performed, we present the contract in the consolidated balance sheets as the contract assets or contract liabilities, depending on the relationship between the entity's performance and the customer's payment.

A contract asset is our right to consideration in exchange for services that we have transferred to a customer. A receivable is recorded when we have an unconditional right to consideration. A right to consideration is unconditional if only the passage of time is required before payment of that consideration is due.

If a customer pays consideration or we have a right to an amount of consideration that is unconditional, before we transfer the service to the customer, we present the contract liability when the payment is made, or a receivable is recorded (whichever is earlier). A contract liability is our obligation to transfer the services to a customer for which we have received consideration (or an amount of consideration is due) from the customer.

***Allowance for credit losses***

We record allowance for credit losses for accounts receivable and contract assets based on assessment of the recoverability of the accounts receivable and contract assets analysis, including the current creditworthiness and the past collection history of each customer. We consider many factors in assessing the expected credit losses model, such as size, the age of the accounts, the customer's payment history, creditworthiness and other specific circumstances related to the accounts, along with reasonable and supportable forecasts as a basis to develop our expected loss estimates. The allowance is based on management's best estimates of specific losses on individual customer exposures, as well as the historical trends of collections. Account balances are charged off against the allowance after all means of collection have been exhausted and the likelihood of collection is not probable.

We recorded a credit loss of HK$108,000 and HK$336,200 (US$43,103) as of March 31, 2024 and 2025.

***Recent accounting pronouncements***

See the discussion of the recent accounting pronouncements in the section headed "Summary of Significant Accounting Policies" contained in Note 2 to the combined financial statements.

**Results of Operations**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended March 31,** | **For the Years Ended March 31,** | **For the Years Ended March 31,** | **For the Years Ended March 31,** | **For the Years Ended March 31,** |
|  | **2024** | **2024** | **2025** | **2025** | **2025** |
|  | **HK$** | **%** | **HK$** | **US$** | **%** |
| **Revenues** | **26494101** | **100.0** | **33768053** | **4329238** | **100.0** |
| &nbsp;&nbsp;&nbsp; Cost of revenues | (21219826) | (80.1) | (26142260) | (3351572) | (77.4) |
| **Gross profit** | **5274275** | **19.9** | **7625793** | **977666** | **22.6** |
| **Operating expenses:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Selling and marketing expenses | (139759) | (0.5) |  |  | 0.0 |
| &nbsp;&nbsp;&nbsp; General and administrative expenses | (5194547) | (19.6) | (6884555) | (882635) | (20.4) |
| **Total operating expenses** | **(5334306)** | **(20.1)** | **(6884555)** | **(882635)** | (20.4) |
| **Operating (expense)/ income** | **(60031)** | **(0.2)** | **741238** | **95031** | **2.2** |
| &nbsp;&nbsp;&nbsp; Interest income, net | 940686 | 3.6 | 264483 | 33908 | 0.8 |
| &nbsp;&nbsp;&nbsp; Other (expense)/ income, net | (19996) | (0.1) | 4985 | 639 | 0.0 |
| **Income before taxes** | **860659** | **3.2** | **1010706** | **129578** | **3.0** |
| &nbsp;&nbsp;&nbsp; Income tax expenses | (135492) | (0.5) | (66630) | (8542) | (0.2) |
| **Net income** | **725167** | **2.7** | **944076** | **121036** | **2.8** |

---

***The Year ended March 31, 2025 Compared to the Year ended March 31, 2024***

***Revenues****:* Our total revenues increased by approximately 27.5% from HK$26,494,101 for the year ended March 31, 2024 to HK$33,768,053 (US$4,329,238) for the year ended March 31, 2025. The growth in our revenue can be attributed, in part, to our recent strategic shift—focusing on serving large-scale projects and key clients. In recent years, we have focused on developing high-revenue projects, with the proportion of individual projects generating over HKD 1 million in revenue during the reporting period increasing from 74.5% in FY2024 to 83.4% in FY2025. We have also been actively expanding our cleaning services, securing 24-month cooperation agreement with a major conglomerate to provide ongoing cleaning services.

***Cost of Revenues****:* Our total cost of sales increased by approximately 23.2% to HK$26,142,260 (US$3,351,572) for the year ended March 31, 2025 from HK$21,219,826 for the year ended March 31, 2024, *in tandem* with the growth in our business scale and revenues during this fiscal year as a result of a corresponding increase in subcontracting fees, material and tool costs, direct labor costs, and other construction costs.

***Gross profit and gross profit margin:*** As a result of the factors set out above, our gross profit increased by approximately 44.6% from HK$5,274,275 for the year ended March 31, 2024 to HK$7,625,793 (US$977,666) for the year ended March 31, 2025, The increase in gross profit was driven by two key factors: first, our revenue grew by approximately 27.5% year-on-year; second, we continued to prioritize high-quality construction projects, leading to an improvement in gross margin from 19.9% in FY2024 to 22.6% in FY2025. Moving forward, while continuing to advance this core strategy, we also plan to expand into other shorter-cycle, high-revenue business segments, such as cleaning services.

***Selling and marketing expenses****:* Our sales and marketing expenses decreased by 100% to nil for the year ended March 31, 2025 from HK$139,759 for the year ended March 31, 2024, principally due to the decrease in costs resulting from the resignation of our sales person and there being no other selling expenses incurred in the fiscal year ended March 31, 2025.

***General and administrative expenses****:* Our general and administrative expenses increased by 32.5% to HK$6,884,555 (US$882,635) for the year ended March 31, 2025 from HK$5,194,547 for the year ended March 31, 2024, primarily due to an increase in our professional service fees in relation to our initial public offering.

***Interest income, net****:* We had net interest income of HK$264,483 (US$33,908) and HK$940,686 for the years ended March 31, 2025 and 2024, respectively, which consisted primarily of interest income generated from the loans to third parties, partially offset by the interest expenses from the borrowings from a commercial bank in Hong Kong.

***Other income/(expenses), net:*** We recorded other expense, net of HK$4,985 (US$639) and other expense, net of HK$19,996 for the years ended March 31, 2025 and 2024, respectively, which was mainly attributable to the income generated from the non-operating activities and the loss resulted from unrecoverable expense, respectively.

***Income tax expenses****:* We recorded income tax expenses of HK$66,630 (US$8,542) and income tax expenses of HK$135,492 for the years ended March 31, 2025 and 2024, respectively, primarily due to the increase of taxable income generated from operations in our subsidiary in Hong Kong in fiscal year 2025.

**Liquidity and Capital Resources**

**Cash Flows and Working Capital**

As of March 31, 2025 and 2024, we had cash and cash equivalents of HK$664,573 (US$85,202) and HK$370,691, respectively. We believe that our current cash, cash to be generated from our operations and access to capital market will be sufficient to meet our working capital needs for at least the next twelve months. And we do not have any amounts committed to be provided by our related party. We are also not dependent upon future financing to meet our liquidity needs for the next twelve months. In order to implement our growth strategies, we plan to expand our business. To do so, we may need more capital through equity financing to expand our production and meet market demands.

Our primary source of liquidity historically has been cash generated from our business operations, bank loans, equity contributions from our shareholders, which have historically been sufficient to meet our working capital and capital expenditure requirements.

We may, however, decide to enhance our liquidity position or increase our cash reserve for future investments through additional capital and finance funding. We may need additional cash resources in the future if we experience changes in business conditions or other developments, or if we find and wish to pursue opportunities for investments, acquisitions, capital expenditures or similar actions. If we determine that our cash requirements exceed the amount of cash and cash equivalents we have on hand at the time, we may seek to issue equity or debt securities or obtain credit facilities. The issuance and sale of additional equity would result in further dilution to our shareholders. The incurrence of indebtedness would result in increased fixed obligations and could result in operating covenants that would restrict our operations. We cannot assure you that financing will be available in amounts or on terms acceptable to us, if at all.

Our ability to manage our working capital, including receivables and other assets and liabilities and accrued liabilities, may materially affect our financial condition and results of operations.

The following table sets forth a summary of our cash flows for the periods presented:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Years Ended March 31,** | **For the Years Ended March 31,** | **For the Years Ended March 31,** |
|  | **2024** | **2025** | **2025** |
|  | **HK$** | **HK$** | **US$** |
| **Summary Consolidated Cash Flow:** |  |  |  |
| Net cash used in operating activities | (188188) | (2446763) | (313686) |
| Net cash provided by investing activities | 2816978 | 7027420 | 900951 |
| Net cash used in financing activities | (3332592) | (4286775) | (549587) |
| Net (decrease)/ increase in cash and cash equivalents | (703802) | 293882 | 37678 |
| Cash and cash equivalents, at beginning of year | 1074493 | 370691 | 47524 |
| **Cash and cash equivalents, at end of year** | **370691** | **664573** | **85202** |

---

**Operating Activities**

Our net cash used in operating activities was HK$2,446,763 (US$313,686) for the year ended March 31, 2025. The difference between our net income of HK$944,076 (US$121,036) and the net cash provided by operating activities was primarily due to (i) an adjustment of HK$823,020 (US$105,516) in non-cash items, which mainly consisted of depreciation and amortization of HK$632,473 (US$81,087), (ii) a decrease of tax payable of HK$63,876 (US$8,189), (iii) an increase of accounts payable of HK$11,821,959 (US$1,515,634), partially offset by (i) a decrease of accounts receivable of HK$3,366,327 (US$431,580), (ii) an increase of prepayment and other current assets of HK$1,522,106 (US$195,142), (iii) an increase of accrued expenses and other current liabilities of HK$1,027,797 (US$131,769), (iv) an increase of contract liabilities of HK$949,192 (US$121,691) and (v) a decrease of amount due to related parties of HK$9,818,700 (US$1,258,808).

Our net cash used in operating activities was HK$188,188 (US$23,357) for the year ended March 31, 2024. The difference between our net income of HK$725,167 (US$92,970) and the net cash provided by operating activities was primarily due to (i) an adjustment of HK$38,632 (US$4,953) in non-cash items, which mainly consisted of depreciation and amortization of HK$611,739 (US$78,428), (ii) an increase of tax payable of HK$22,243 (US$2,852), (iii) an increase of accounts payable of HK$163,078 (US$20,907), partially offset by (i) a decrease of accounts receivable of HK$12,957,667 (US$1,661,239), (ii) a decrease of prepayment and other current assets of HK$341,293 (US$42,986), (iii) a decrease of accrued expenses and other current liabilities of HK$1,682,338 (US$215,684), (iv) a decrease of contract liabilities of HK$426,496 (US$54,679) and (v) an increase of amount due to related parties of HK$14,133,189 (US$1,811,947).

 ***Investing Activities***

Net cash provided by investing activities for the year ended March 31, 2025 was HK$7,027,420 (US$900,951), mainly due to the repayment of loans from third parties of HK$7,060,420 (US$905,182).

Net cash provided by investing activities for the year ended March 31, 2024 was HK$2,816,978 (US$360,382), mainly due to the repayment of loans from third parties of HK$3,355,629 (US$430,209).

 ***Financing Activities***

Net cash used in financing activities for the year ended March 31, 2025 was HK$4,286,775 (US$549,587) was primarily attributable to our initial public offering costs of HK$2,420,500 (US$310,321) and repayment of HK$1,681,583 (US$215,588) to a commercial bank.

Net cash used in financing activities for the year ended March 31, 2024 was HK$3,332,592 (US$427,257) was primarily attributable to initial public offering costs of HK$1,576,509 (US$202,117) and repayment of HK$1,586,782 (US$203,435) to a commercial bank.

**Trend Information**

Other than as described elsewhere in this prospectus, we are not aware of any trends, uncertainties, demands, commitments, or events that are reasonably likely to have a material adverse effect on our revenues, income from continuing operations, profitability, liquidity or capital resources, or that would cause our reported financial information not necessarily to be indicative of future operating results or financial condition.

**Off-balance sheet arrangement**

The Company has no off-balance sheet arrangements, including arrangements that would affect its liquidity, capital resources, market risk support, and credit risk support or other benefits.

**Material Cash Requirements**

Our material cash requirements as of March 31, 2025 and 2024 primarily include our capital expenditures and contractual obligations.

**Contractual Obligations**

The following table summarized our contractual obligations, which include principal in the cases of bank borrowings and leases, as of March 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | **Payment due by period** | **Payment due by period** | **Payment due by period** |
|  | **Total** | **Total** | **Less than** <br> **1 year** |
|  | **HK$** | **US$** | **HK$** |
| Long-term bank borrowings | 1473589 | 188922 | 1473589 |
| Operating lease liabilities |  |  |  |
| Financing lease liabilities | 179920 | 23067 | 179920 |
| **Total** | **1653509** | **211989** | **1653509** |

---

**Capital Expenditures**

Our capital expenditure is incurred primarily in connection with purchase of fixed assets, including electronic equipment and office equipment. Our capital expenditure was nil for the years ended March 31, 2025 and 2024. As of September 16, 2025, there have been no material commitments for capital expenditures. We intend to fund our future capital expenditures with our existing cash balance, proceeds of bank loans and proceeds from this offering.

**Commitments and Contingencies**

In the normal course of business, we are subject to loss contingencies, such as legal proceedings and claims arising out of our business, that cover a wide range of matters, including, among others, government investigations and tax matters. In accordance with ASC No. 450-20, "Loss contingencies", we will record accruals for such loss contingencies when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated.

The Company is subject to legal proceedings and regulatory actions in the ordinary course of business. The results of such proceedings cannot be predicted with certainty, but the Company does not anticipate that the final outcome arising out of any such matter will have a material adverse effect on our consolidated business, financial position, cash flows or results of operations taken as a whole. As of September 16, 2025, the Company is not a party to any material legal or administrative proceedings.

**Quantitative and Qualitative Disclosures about Market Risk**

***Foreign Exchange Risk***

Substantially all of our revenues and expenses are denominated in Hong Kong dollars. We have not used any derivative financial instruments to hedge exposure to such risk. Although in general our exposure to foreign exchange risks should be limited, the value of your investment in our Ordinary Shares will be affected by the exchange rate between the U.S. dollar and Hong Kong dollar because a substantial all of our revenue and expenses are effectively denominated in Hong Kong dollar, while our Ordinary Shares will be traded in U.S. dollars. We may seek to reduce the currency risk by entering into foreign currency instruments. We did not have any currency hedging instruments as of March 31, 2025 and 2024, however, our management monitors movements in exchange rates closely.

To the extent we need to convert U.S. dollars into Hong Kong dollars for our operations, appreciation of Hong Kong dollar against the U.S. dollar would reduce the amount in Hong Kong dollars we receive from the conversion. Conversely, if we decide to convert Hong Kong dollars into U.S. dollars for the purpose of making payments for dividends on our Ordinary Shares, or for other business purposes, appreciation of the U.S. dollar against the Hong Kong dollar would reduce the U.S. dollar amounts available to us.

***Concentration of credit risk***

Financial instruments that potentially subject us to the concentration of credit risks consist of cash, accounts receivable and contract assets. The maximum exposures of such assets to credit risk are their carrying amounts as of the balance sheet dates. We deposit our cash and restricted cash with financial institutions located in jurisdictions where the subsidiaries are located. We believe that no significant credit risk exists as these financial institutions have high credit quality.

Accounts receivables are typically unsecured and are derived from revenue earned through third-party customers. We conduct credit evaluations of third-party customers and related parties, and generally do not require collateral or other security from its third-party customers and related parties. We establish an allowance for doubtful accounts primarily based upon historical loss rate of the receivables and factors surrounding the credit risk of specific third-party customers and related parties.

***Concentration of customers and suppliers***

There were four and three customers from whom revenues individually represent greater than 10% of our total revenues for the fiscal years ended March 31, 2025 and 2024, respectively. The total sales to these customers accounted for approximately 79.1% and 63.5% of total revenues for the fiscal years ended March 31, 2025 and 2024, respectively. As of March 31, 2025, three customers accounted for approximately 85.8% of our accounts receivable. As of March 31, 2024, three customers accounted for approximately 76.8% of our accounts receivable.

There were three and two suppliers from whom purchases individually represent greater than 10% of our total purchases for the fiscal years ended March 31, 2025 and 2024, respectively. The total purchase from these suppliers accounted for approximately 47.0% and 79.3% of our total purchases for the fiscal years ended March 31, 2025 and 2024, respectively. As of March 31, 2025, one supplier accounted for approximately 40.8% of our accounts payable. As of March 31, 2024, two suppliers accounted for approximately 75.6% of our accounts payable.

***Interest Rate Risk***

The Company's exposure to changes in interest rates relates primarily to the Company's outstanding debt. While the Company is exposed to interest rate fluctuations, the Company's interest income and expense are most sensitive to fluctuations in Hong Kong interest rates. Changes in rates affect the interest earned on the Company's cash and costs associated with interest paid on the Company's bank loans. We have not been exposed to material risks due to changes in interest rates, and we have not used any derivative financial instruments to manage our interest risk exposure.

**INDUSTRY**

**<u>Overview of Construction Industry in Hong Kong:</u>**

The Hong Kong construction market size was $31.5 billion in 2023. The market is projected to achieve an average annual growth rate more than 2% during 2025-2028. The growth is attributed to the Hong Kong government's investment in the transport, electricity, housing, and industrial sectors (Source: https://www.globaldata.com/store/report/hong-kong-construction-market-analysis/ and the government's 10-year goal of increasing total housing supply to 440,000 units https://www.news.gov.hk/eng/2023/10/20231030/20231030_144058_294.html).

**Overview of RMAA Works Industry in Hong Kong:**

The RMAA (Repair, Maintenance, Alteration, and Addition) works industry encompasses a wide range of services performed in existing buildings for the purpose of upgrading and renovation. The demand for RMAA works in Hong Kong is primarily driven by mandatory requirements for inspection, repair, maintenance, alteration, and addition works in aging buildings. These works can be categorized into two main types: repair and maintenance works, and alteration and addition works.

Repair and maintenance works involve the upkeep, restoration, and improvement of existing buildings and facilities. Examples include re-roofing, refurbishment of external and internal walls, floor screeding and retiling, spalling repair, replacement of windows and doors, painting works, as well as plumbing and drainage works.

On the other hand, alteration and addition works focus on the conversion and extension of building layouts, encompassing both structural and decorative changes to the interior environment of existing premises. These works involve activities such as demolition, alteration, fitting-out works, reconfiguration of facilities, change of building use, fabrication, modification, removal, or installation of hardware and equipment, as well as the construction, relocation, or removal of partitions, doors, and windows. Additionally, alterations may include changes in finishes, flooring materials, and even the construction of swimming pools.

Casual workers in the construction industry are individuals employed on a day-to-day basis or for a fixed period of less than 60 days, including part-time workers. The wage level for casual workers engaged in RMAA works aligns with the market rate for other RMAA workers employed by contractors in Hong Kong. It is common practice for RMAA contractors to utilize casual workers as sub-contractors to support on-site operations in the RMAA works market.

The Construction Industry Council "Construction Expenditure Forecast" published in July 2023 shows that RMAA works account for about 25% of the total construction volume in Hong Kong (Source: <u>https://www.cic.hk/files/press_release/379/en/20230929_Press%20Release_RSTCS%20new%20trade_eFinal.pdf).</u>

RMAA expenditure for both the Hong Kong private and public sectors is forecasted to grow steadily over the coming years (Source: https://www.cic.hk/cic_data/files/Fore2023/eng/pdf/Bar%20Chart_e.pdf)

![A graph of different colored bars Description automatically generated with medium confidence](formdrs_004.jpg)

As a whole, annual total construction output was maintained at about HK$250 billion over the past few years and is forecasted to reach about HK$300 billion annually (Source: https://www.cic.hk/files/press_release/375/en/20230725%20Construction%20Expenditure%20Forecast%20-%20Press%20Release-eFinal.pdf), This growth is driven by the rising demand for RMAA works due to mandatory inspection requirements like the Mandatory Building Inspection Scheme, as well as the revitalization and redevelopment of aging buildings.

There are approximately 50,000 buildings (with 81% being residential buildings) in Hong Kong. (Source: https://ienv.hkust.edu.hk/news/aging-buildings-problem-needs-be-addressed-aggressively). Looking ahead, the anticipated increase in the number of aging buildings in Hong Kong, such as privately owned residential units aged 20 years and above, which is expected to rise from over 1,000,000 in 2019 to over 1,100,000 by 2030, along with the growing need for regular repair and renovation works on aging structures, will serve as key factors supporting the development of the RMAA works market.

**Market drivers of RMAA Industry in Hong Kong**

The development of the RMAA industry in Hong Kong is closely tied to the overall construction industry, and it is expected to benefit from the following market drivers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Trend
 of aging buildings and mandatory building inspection requirement:

Under the Mandatory Building Inspection Scheme, owners of buildings that are 30 years or older (excluding domestic buildings with three storeys or less) and have received statutory notices are mandated to appoint a registered inspector. This inspector is responsible for conducting prescribed inspections and supervising necessary repair works on the common parts, external walls, projections, or signboards of the buildings.

There are approximately 50,000 buildings in Hong Kong. Of these, 9,100 were older than 50 years in 2021; and by 2030, the number will be closer to 14,000. Of the 50,000 buildings, 44,250 are private, with 81 percent being residential buildings; a small percentage is industrial; and most of the rest is commercial (Source: https://ienv.hkust.edu.hk/news/aging-buildings-problem-needs-be-addressed-aggressively).

Since the launch of the Mandatory Building Inspection Scheme ("MBIS") in 2012, the Buildings Department had issued MBIS notices to about 7,000 target buildings as at May 2023 (up from 320 per year in 2019), requiring prescribed inspections and repairs for the common parts of buildings to be carried out before the specified deadlines (Source: https://www.info.gov.hk/gia/general/202311/15/P2023111500312.htm)

Therefore, the expanding stock of aging buildings and the mandatory inspection requirements contribute to a sustained demand for RMAA works in Hong Kong (Source: https://www1.hkexnews.hk/listedco/listconews/sehk/2021/0319/9664136/2021031900050.pdf)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Accelerating urban renewal and supportive plans for redevelopment:

At present, there are over 9,000 private buildings in the metro area that are 30 years or older. In ten years' time, this number will increase by half to some 14,000 buildings (Source: https://www.devb.gov.hk/en/publications_and_press_releases/press/index_id_1668.html)

To enhance the living conditions in deteriorating urban areas and address the challenges of urban decay, the Urban Renewal Authority ("URA") has taken the lead in over 200 projects under the urban renewal program. These projects involve approximately 126,000 residents and 32,000 units earmarked for redevelopment.

Moreover, the introduction of the "Operating Building Bright 2.0" initiative, a subsidy scheme worth HK$3 billion, aims to provide technical and financial assistance directly to private residential or composite buildings aged 50 or older for repair and maintenance purposes. This substantial program is expected to boost the demand for RMAA works in Hong Kong in the coming years.

**Demand from renovation and revitalization of commercial and industrial buildings:**

In order to maintain the value of buildings, regular renovation and maintenance works are necessary for commercial premises, including prestigious office spaces and prime shopping malls. With the expansion of PRC companies in Hong Kong, there has been a recent increase in demand for office spaces. Consequently, developers are committed to upgrading or enhancing their commercial properties to attract and retain tenants.

Furthermore, in the 2018 Policy Address, the Hong Kong government announced the reactivation of the revitalization scheme for industrial buildings. This initiative aims to redevelop and convert aging industrial buildings into transitional housing units. Additionally, the Lands Department offers a waiver scheme that permits industrial building owners to refurbish their properties for alternative purposes. As a result, the demand for RMAA works in both commercial and industrial buildings is expected to rise in the coming years.

**Competitive landscape and entry barriers of RMAA works industry in Hong Kong**

An overview of market competition reveals that the RMAA works market in Hong Kong is characterized by high competition and fragmentation.

**Factors of competition**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Relationship with industry stakeholders

In Hong Kong, the tendering process is commonly used by contractors to secure construction projects. Project owners, including private property developers, management companies, and main contractors, typically maintain lists of approved contractors. Only eligible contractors are invited to submit tenders. Similarly, subcontractors in the RMAA works sector rely on referrals or industry networks to be selected and appointed by higher-level contractors. For main contractors in RMAA works, establishing strong relationships with quality suppliers and subcontractors is essential for ensuring the delivery of high-quality work and maintaining worker safety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Quality
 of works and service delivery

Project owners expect contractors to carry out RMAA works of the highest quality to preserve the integrity, extend the useful life, and protect the value of buildings and structures as tangible assets. Given that renovation and maintenance works are regularly conducted in aged buildings and structures, any defective work can pose safety risks to residents, property owners, and the general public. Moreover, completing RMAA works in a timely and satisfactory manner minimizes disturbances to residents, property owners, and the environment, which are highly valued by clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Proven
 track record

RMAA works contractors with a proven track record, which includes project references and safety records, have a higher likelihood of securing new projects during the tendering process. Job references are considered a key criterion for selecting RMAA works contractors. Furthermore, maintaining a strong track record in implementing occupational safety and health measures for workers contributes to a minimized accident rate and is therefore regarded as a competitive advantage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Financial resources

Undertaking sizable projects often requires RMAA works contractors to have sufficient funding and working capital. It is common for private project owners to request tender candidates to provide supporting documents demonstrating the availability of liquid assets equivalent to approximately 2% of the estimated contract sum for sizable projects. Contractors typically bear upfront costs, such as subcontracting fees and material expenses, in the early stages of a project before receiving any payment from customers.

**Entry barriers**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Capital requirement

RMAA works contractors are obligated to cover upfront costs, which can amount to approximately 5% to 10% of the total contract sum. These costs include payments for workers, materials purchases, and equipment rentals. As mentioned earlier, private project owners typically demand contractors to demonstrate sufficient financial capability for tendering sizable projects. Contractors may face difficulties in securing such projects if they lack adequate financial resources.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Project reference

Project owners exhibit a strong preference for RMAA contractors with a track record of successful and timely service delivery. Established developers and management companies in the private sector often rely on their own lists of pre-approved contractors for tender invitations. RMAA works contractors without a proven track record may find it challenging to secure projects without being invited to submit tenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Industry knowledge and network:

RMAA works necessitate specific industry expertise in planning, execution, inspection, and handover. Leveraging their industry experience, RMAA works contractors can effectively carry out and deliver quality work within the designated timeline and budget. This enables them to gain project references and establish a reputable standing in the industry. Given the fragmented nature of the RMAA works market, new entrants without proven industry experience face difficulties in outperforming their established peers.

**Potential challenges of the RMAA works industry in Hong Kong**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Shortage of labor and aging workforce:

According to 2024 statistics published by the Construction Industry Council, there are over 643,000 registered construction workers in Hong Kong with an average age of 47.3. Over 59% of the registered workers are aged 50 or above (Source: https://app.powerbi.com/view?r=eyJrIjoiZjc1OGZjNWUtYzIxZS00N2EwLWEzYjAtMGY2ZWYxNDQ1OWI4IiwidCI6ImUzMWMzOWNlLTAxYzMtNGRiNS04ODI3LTdiNjdkMDczMjVmZiIsImMiOjEwfQ%3D%3D). Given the labor-intensive nature of RMAA works and the sustained demand for workers in this field, the aging workforce poses a potential decline in productivity and significant loss in skills transfer, particularly due to the limited participation of young talents in the industry. Additionally, attracting new workers to the construction industry, including the RMAA sector, can be challenging due to long work hours and demanding working conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Increasing operational costs:

The construction and RMAA industry have experienced high labor demand, resulting in a rise in wage levels due to a shortage of workers. This upward trend in labor costs is expected to continue in the coming years. Specifically, construction workers' wages are expected to buck the general trend of static growth in Hong Kong workers' wages with a projected 3% growth in 2024 (Source: https://hrmasia.com/salary-growth-in-hong-kong-stalls-in-2024/).

**Challenges of construction productivity and workplace safety**

The RMAA industry in Hong Kong faces challenges related to a decline in productivity caused by an aging workforce and a shortage of skilled labor. Additionally, RMAA works are considered to have relatively higher safety risks compared to other trades. These works are often conducted on aerial work platforms or scaffolds on high-rise buildings, posing potential threats to worker safety. Consequently, RMAA works contractors who are capable of addressing these issues by implementing proper measures to enhance workplace safety and productivity, such as adopting new scaffolding systems and strictly enforcing safety protocols, as well as retaining skilled workers, are deemed more competitive in the RMAA works market.

**Competition**

We have a fairly diversified portfolio of renovation-related services that we provide and accordingly, our competitors in each field varies. The renovations industry is highly-fragmented and diversified in Hong Kong. Set forth below are our main competition based solely on our understanding of the scope of services they provide in the geographical areas in which we operate.

*Renovation, Repair and Maintenance Services*

KK Renovation Ltd

Sifu Liu

*Ancillary Services (Cleaning)*

Magic Clean Environmental Services Ltd

Easy Home Cleaning Services Limited

*Reseller of Customized Furniture and Fixtures*

Yingjia Furniture

Jiajian

*Fire Protection System and Air-conditioning Installation*

Jensen Hughes

Firetech Services Limited

McQuay Hong Kong

Built-In Pro Hong Kong

*Assisting in Applying for General Restaurant Licenses and Light Refreshment Restaurant Licenses*

Art & Design Consultancy Ltd

Shing Ngai Food License Consultant Engineering Company Limited

*Decorating Work*

Fu On Engineering H.K. Ltd

Hongfeng Engineering Co., Ltd

**Competitive Strengths**

We believe the following factors set us apart from our competitors:

● Established presence in the construction and renovation industry.

With an approximate 9-year operating history, we have established a strong presence in the renovation industry, positioning us as a trusted and reliable choice for our clients.

● Possession of various qualifications to undertake diverse construction projects.

● Strong and reliable network of subcontractors and suppliers.

We have cultivated a robust and stable network of subcontractors and suppliers, enabling us to source high-quality materials and services efficiently.

● Stable customer relationships.

We have fostered a stable relationship with one of the largest land developers in Hong Kong, enhancing our credibility and opening doors to new opportunities.

● Experienced and professional management team.

We pride ourselves on delivering exceptional service, maintaining a high standard of workmanship, and exhibiting professionalism in all aspects of our operations.

● Quality Craftsmanship

Demonstrating a reputation for high-quality workmanship, attention to detail, and superior finishes can set a renovation business apart from competitors. Consistently delivering exceptional results can lead to positive word-of-mouth referrals and repeat business.

● Innovative Design Solutions

Offering innovative design solutions and creative approaches to renovation challenges can appeal to clients looking for unique and customized spaces. Incorporating the latest design trends, materials, and technologies can showcase the business's creativity and forward-thinking approach.

● Customer Service Excellence

Providing outstanding customer service, clear communication, and personalized attention throughout the renovation process can differentiate a business from competitors. Building strong relationships with clients and addressing their needs and concerns promptly can lead to long-term loyalty and referrals.

● Timely Project Delivery

Consistently completing renovation projects on time and within budget demonstrates reliability and professionalism. Efficient project management, effective scheduling, and proactive problem-solving can enhance the business's reputation and competitiveness.

● Transparent Pricing and Billing

Offering transparent pricing, detailed quotes, and clear billing practices can build trust with clients and differentiate the business from competitors who may have hidden fees or unclear pricing structures.

● Local Market Knowledge

Deep understanding of the local market, including building regulations, permit requirements, and zoning restrictions, can give a renovation business a competitive edge. Being well-versed in local codes and regulations can streamline the renovation process and mitigate potential risks.

**Our Strategies**

To further expand our business, we will pursue the following strategies:

● Maintain our one-stop shop approach and practice prudent financial management.

*Exclusive Regional Distributor*: We aim to become an exclusive regional distributor of finished rock slabs, such as marble and granite.

● Compete for more lucrative and substantial construction projects.

● Achieve growth through strategic acquisitions of machinery and robotics.

● Increase our involvement in construction projects from both the private and public sectors.

● Enhance our project management capabilities.

*Vertical Integration:* By integrating vertically, we seek to gain control over the supply of certain raw materials used in our projects.

*Apprenticeship Training:* To foster self-reliance and reduce dependence on subcontractors, we plan to invest in training apprentices.

● **Offer Comprehensive Services** 

Provide a wide range of renovation services to meet the diverse needs of clients. Offer services such as design consultation, project management, construction, remodeling, interior design, and landscaping to provide comprehensive solutions under one roof.

● **Emphasize Quality and Craftsmanship** 

Focus on delivering high-quality workmanship, attention to detail, and superior finishes in all renovation projects. Prioritize quality materials, skilled labor, and meticulous execution to exceed client expectations and build a reputation for excellence.

● **Provide Personalized Customer Service** 

Offer personalized customer service and tailored solutions to meet the unique needs and preferences of each client. Build strong relationships with clients through clear communication, responsive support, and transparent collaboration throughout the renovation process.

● **Build Strategic Partnerships** 

Establish partnerships with complementary businesses, such as real estate agencies, interior designers, architects, suppliers, and subcontractors. Collaborate on projects, exchange referrals, and leverage each other's networks to expand the business's reach and capabilities.

**Our Challenges**

Our ability to execute our strategies and realize our vision is subject to risks and uncertainties that could impede our progress in the following key areas:

● High Costs and Competition: Hong Kong's high cost of living and construction costs contribute to intense competition within the renovation industry. Profit margins can be slim, and businesses must carefully manage expenses while delivering quality services.

● Limited Space and Urban Density: Hong Kong's dense urban environment presents challenges in terms of space constraints and logistical issues. Renovation projects must often navigate limited space, access restrictions, and complex building regulations.

● Regulatory Compliance: The renovation industry in Hong Kong is subject to strict regulatory requirements and building codes. Contractors must navigate complex permitting processes, adhere to safety standards, and comply with environmental regulations, adding time and costs to projects.

● Skilled Labor Shortages: Like many other industries, the renovation sector in Hong Kong faces challenges in recruiting and retaining skilled workers. The aging workforce and limited availability of skilled laborers contribute to manpower shortages and potentially impact project timelines and quality.

● Safety Concerns: Safety is a significant concern in the construction and renovation industry, particularly in densely populated urban areas like Hong Kong. Contractors must prioritize safety protocols, provide adequate training to workers, and ensure compliance with safety regulations to mitigate the risk of accidents and injuries.

● Supply Chain Disruptions: The COVID-19 pandemic and global supply chain disruptions have impacted the availability and cost of construction materials and supplies. Fluctuations in material prices and delays in deliveries can pose challenges for renovation projects, affecting budgets and timelines.

● Client Expectations and Preferences: Meeting client expectations and delivering personalized, high-quality renovation solutions is essential for success in the industry. Contractors must understand evolving consumer preferences, keep abreast of design trends, and provide innovative solutions to differentiate themselves in the market.

● Sustainability and Environmental Concerns: With growing awareness of environmental issues, there is increasing emphasis on sustainable building practices and eco-friendly materials in the renovation industry. Contractors face pressure to adopt green building principles, minimize waste, and reduce the environmental impact of renovation projects.

● Project Management and Coordination: Renovation projects often involve multiple stakeholders, including clients, architects, engineers, subcontractors, and suppliers. Effective project management and coordination are critical to ensure smooth workflow, timely completion, and successful outcomes.

● Technology Adoption: Embracing digital technologies such as Building Information Modeling ("BIM"), virtual reality ("VR"), and project management software can enhance efficiency, collaboration, and communication in renovation projects. However, the adoption of technology may pose challenges for smaller firms due to cost and resource constraints.

We also face additional challenges, risks, and uncertainties that could materially and adversely affect our business, financial condition, results of operations, and prospects. The section on "*Risk Factors*" (pages 22 – 48) provides a more detailed discussion of the risks associated with investing in our shares.

**BUSINESS**

**Overview**

We are a British Virgin Islands business company incorporated on September 4, 2023, as a holding company of our business, which is primarily operated through our direct wholly-owned Hong Kong subsidiary, Global Development HK.

Through Global Development HK, we have over a decade of experience as a construction service provider and contractor, offering a comprehensive range of services. These include property renovation and repairs, general building work, cleaning services for new properties, and other construction projects such as street layout and lighting decoration, hotel or hospital maintenance, and restoration work. We have the capability to act as both a main contractor and a subcontractor.

**Services**

Our primary focus is serving as general contractors, offering a comprehensive range of renovation services in Hong Kong. These services include:

***1. Renovation and Repairing:***

*1.1 Renovation, Repair, and Maintenance:*

We specialize in providing renovation, repair, and maintenance services for various types of properties, including residential and commercial establishments such as hotels, restaurants, hospitals, and shopping malls.

*1.2 Decoration and Renovation Work:*

Our services also encompass various decoration and renovation work, such as installing decorative festival lights and signage.

***Renovation, Repair, and Maintenance Services***

In our role as general contractors, we begin by engaging with potential clients who express interest in a project. Through an initial meeting, we gain a thorough understanding of the client's requirements, preferences, and budget. Subsequently, we reach out to our approved subcontractors to assess their availability and pricing for the project. Once we identify a suitable subcontractor, we arrange a site visit to evaluate existing conditions, take measurements, and anticipate any potential obstacles. During this visit, we collaborate with the client's designer to discuss design ideas, material preferences, and specific requirements.

Together with the subcontractor, we develop a detailed project proposal encompassing the scope of work, project timeline, and estimated costs. This proposal provides a comprehensive cost estimate, accounting for labor, materials, and additional expenses. Upon client approval, we formalize the agreement through a contract that outlines the project's terms and conditions, including payment schedule and milestones.

Throughout the project, the subcontractor is responsible for securing the necessary permits and approvals from local authorities to ensure compliance with building codes and regulations. We work alongside the subcontractor to mobilize resources, such as labor and materials, and commence the project as scheduled. If customized furniture and fixtures are required, we coordinate with our supplier to fulfill these orders (please refer to "*Reseller of Customized Furniture and Fixtures*").

If the project involves the removal of existing structures, demolition serves as the initial phase, followed by construction. The project plans guide the coordination and execution of various aspects, including carpentry, plumbing, and electrical work. We and the subcontractor conduct regular inspections to ensure adherence to quality standards and project specifications.

Upon completion of the work, we arrange a walk-through with the client to ensure their satisfaction. Any necessary finishing touches are applied, addressing any identified defects. Subsequently, we officially hand over the renovated space to the client, concluding the project.

To continuously enhance our services, we typically conduct a post-project evaluation, seeking feedback from the client and addressing any outstanding matters.

***Decorating Work***

In Hong Kong, we specialize in installing seasonal decorations for various festivals such as Christmas and Chinese New Year. Our services include lighting and signage installations.

The engagement process begins with an inquiry from the client, followed by a consultation to discuss their requirements, preferences, and budget. Together with our subcontractor, we thoroughly review the project scope, including the type of lights, design concepts, specific areas for decoration, and the duration of the installation. The client provides a design plan showcasing the proposed lighting options, themes, and layouts, and we prepare a proposal based on their vision.

Once we agree on the chosen design, costs, installation schedules, and terms of service, we sign an agreement with the client. Depending on their needs, we may assist in procuring festival lights, decorations, cables, fixtures, and any additional materials required for the agreed-upon design.

Prior to installation, we and the subcontractor visit the location to assess the areas, identify electrical access points, and plan the installation process. We ensure that all necessary infrastructure, such as electrical outlets and supports, are in place. The decorations are then installed, and we conduct regular inspections to ensure proper electrical connections, secure fixtures, and safety standards are maintained throughout the installation. Finally, we thoroughly inspect and test all installed decorations, lights, and electrical connections to ensure functionality, safety, and adherence to the design concept.

Upon completion of the installation, we invite the client to inspect the work. If they are satisfied, the project is considered finished. Throughout the festival, we offer maintenance and support services, addressing any issues, replacing faulty lights, and making adjustments as needed. At the end of the festival, we also handle the dismantling, storage, and/or disposal of the decorations.

For our services, we typically charge the client based on a pre-determined hourly wage for the workers or team members involved in the project.

***2. Interior and Exterior Finishing:***

*2.1 Customized Furniture and Fixtures:*

We are a reseller of customized furniture and fixtures.

*2.2 Fire Protection System and Air-Conditioning Installation:*

Our expertise extends to the installation of fire protection systems and air-conditioning units.

***Reseller of Customized Furniture and Fixtures***

In certain renovation scenarios, our clients express a desire for customized furniture and fixtures, such as blinds, windows, chandeliers, bathtubs, and cabinets. This request typically arises during the initial consultation, where we discuss the client's specific requirements, including design preferences, measurements, materials, and budget considerations. The client usually provides design proposals or concepts, and based on these, we prepare a proposal detailing the finalized design, costs, delivery timelines, and terms of service.

Once an agreement is reached, we proceed to sign a contract with the client. Our first step in every customization project involves sourcing raw materials such as wood, metal, upholstery, or other components in accordance with the agreed design. Subsequently, we collaborate with a suitable manufacturer to fabricate or customize the furniture and fixtures based on the finalized design specifications. Throughout the manufacturing process, we conduct regular inspections to ensure adherence to quality control measures and meet the client's expectations. Towards the end of manufacturing, we perform thorough quality checks and inspections on the completed items to ensure they meet the agreed-upon standards. Any issues or defects are promptly addressed and rectified.

The final stage of the project entails arranging the delivery and transportation of the customized furniture to the client's location. We also provide installation services to ensure the proper placement and setup of the furniture and fixtures.

As part of our standard practice, we conduct a follow-up after project completion to gather feedback from the client and assess their satisfaction with the delivered products and services. In rare cases, we address any post-installation issues or concerns to ensure the client's complete satisfaction.

***Fire Protection***

Similar to our other projects, we begin by meeting with the client to discuss their fire safety requirements. This includes considering the type of property, size, industry regulations, and specific needs. We conduct a comprehensive assessment of the premises to identify potential fire hazards and recommend suitable fire protection measures. Working with a trusted subcontractor, we develop a customized fire protection system design based on the assessment and client's requirements. This involves planning the layout and installation of fire alarms, sprinkler systems, extinguishers, emergency lighting, and other necessary equipment. Once an agreement is reached, we enter into a contract with the client, specifying the price, timeline, payment terms, and other details.

The subcontractor takes charge of the installation process and assists in obtaining the necessary permits and approvals from the authorities. They source high-quality fire safety equipment and materials from reliable suppliers or manufacturers and ensure proper placement, wiring, and functionality of the fire protection systems. Compliance with local fire safety regulations, codes, and standards is a priority throughout the installation.

Prior to project completion, the subcontractor conducts rigorous testing and commissioning of the installed fire protection system. This involves system checks, functional tests, and simulations to ensure all components function correctly and meet safety standards. Detailed records of installations, inspections, maintenance, and repairs performed on the fire protection system are maintained throughout the project. Upon completion, we and the subcontractor prepare and submit compliance reports to the client and relevant authorities, as required.

***Air-conditioning Installation***

An air-conditioning installation project follows a similar process to fire protection system installation. We begin with a client consultation to understand their cooling requirements, space dimensions, layout, and budget constraints. Together with the subcontractor, we conduct an on-site assessment to evaluate the existing infrastructure and electrical systems for compatibility with the proposed air-conditioning units.

In the design proposal and planning process, we consider factors such as the type of air-conditioning units (central, split, ductless), capacity, energy efficiency, and zoning requirements. A detailed plan is created, outlining the placement of indoor and outdoor units, ductwork (if applicable), and electrical requirements.

Once the client accepts the proposal and signs a service contract, we procure the necessary air-conditioning units, components, ducting, wiring, and other materials from reliable suppliers or manufacturers. Meanwhile, the sub-contractor prepares the site for installation, ensuring that all necessary permissions, such as building permits or approvals, are obtained. They also handle any required structural modifications, such as creating wall openings for piping or ductwork, as per the installation plan.

The subcontractor takes care of the installation process, connecting refrigerant lines, electrical wiring, and ductwork if applicable. They ensure proper insulation, sealing, and securing of components to ensure efficient and safe operation.

Finally, comprehensive system tests are conducted to ensure that all components function correctly and are calibrated to the desired settings. Checks are performed for leaks, proper airflow, temperature control, and overall system performance before handing over the completed installation to the client.

***3. Cleaning Work:***

*3.1 Ancillary Services:*

In addition to our core renovation offerings, we also provide ancillary services such as cleaning services for our clients.

***Ancillary Services (Cleaning)***

Cleaning services typically involve tasks such as dusting, vacuuming, mopping, sanitizing surfaces, and cleaning windows. Similar to the renovation, repair, and maintenance works mentioned earlier, a cleaning project begins with an inquiry from the client. We then select a suitable subcontractor to handle the project. Gathering information about the property type, size, specific cleaning needs, and preferred schedule follows. Based on this information, we provide a quotation that outlines the scope of work, estimated costs, and any specific terms or conditions.

Once the client agrees to the quotation, we proceed to sign a cleaning service contract or agreement. We schedule the cleaning service, taking into account the client's preferred timing and the availability of the cleaning crew. The subcontractor takes responsibility for ensuring the provision of necessary cleaning supplies, equipment, tools, and waste/debris removal, as applicable.

Upon completion of the cleaning tasks, we conduct an inspection to ensure that the work meets the client's expectations and satisfaction, bringing the project to a close. We issue an invoice that details the services provided and the total cost, and the client makes the payment in accordance with the invoice's terms. It is worth noting that the operational flow may vary depending on the specific type of cleaning services offered, whether residential or commercial, and the policies of individual cleaning service companies in Hong Kong.

Revenue associated with stand-alone contracts primarily focused on cleaning work is recognized at a point in time, upon completion of the service. For these contracts, the Company has determined they represent a single performance obligation satisfied at completion. However, cleaning services performed as an integral part of renovation, repair, or finishing contracts (e.g., post-construction cleanup) are not considered separate performance obligations. Instead, they are incorporated into the single performance obligation of the primary construction contract to which they relate. Revenue for such integrated cleaning services is recognized over time, consistent with the recognition pattern of the primary contract.

**Project Duration**

The duration of a project can vary widely depending on several factors, including the scope of work, the size of the space being renovated, the complexity of the project, and any unforeseen challenges that may arise during the process. Below is a breakdown of how these factors can influence the timeline of a renovation project:

1. Scope of Work:

*Minor Renovations:* These projects typically involve small updates, such as painting, installing new fixtures, or minor repairs. They can take anywhere from a few days to a couple of weeks.

*Medium-Sized Renovations:* Projects like updating a kitchen or bathroom, replacing flooring, or renovating a few rooms in a house usually take 4 to 8 weeks.

*Major Renovations:* Large-scale projects, such as whole-house remodels, significant structural changes, or commercial space renovations, can last anywhere from 3 to 6 months or even longer, depending on the complexity.

2. Size of the Space:

*Small Spaces:* Renovating a single room or a small apartment can generally be completed more quickly, often within 1 to 2 months.

*Medium to Large Spaces:* Larger homes or commercial spaces require more time. For example, renovating a 2,000-3,000 square foot home might take 2 to 4 months, while a larger commercial space could take 6 months or more.

3. Complexity of the Project:

*Simple Projects:* Projects that do not involve structural changes, such as painting, new flooring, or updating fixtures, can be completed relatively quickly.

*Complex Projects:* Projects that involve structural changes, such as knocking down walls, rewiring, plumbing, or custom installations, will require more time. Complex projects often involve multiple phases and coordination among various subcontractors, extending the duration.

4. Permit and Approval Process:

*Permit Requirements:* In some projects, obtaining permits for certain types of renovations can add weeks or even months to the timeline. For example, structural changes, electrical work, or plumbing often require permits and inspections.

*Approval Delays:* Delays in obtaining approvals from local authorities, homeowners' associations, or other regulatory bodies can extend the project timeline.

5. Material Availability:

*Standard Materials:* If the materials and finishes required for the project are readily available, the timeline is less likely to be affected.

*Custom or Imported Materials:* If the project involves custom-made items, specialty finishes, or imported materials, the lead time for these items can add several weeks to the project duration.

6. Client Decision-Making:

*Prompt Decisions*: If the client makes decisions quickly and sticks to the original plan, the project can stay on schedule.

*Changes and Revisions:* Changes to the project scope or design during the renovation can cause delays. For example, if the client decides to change materials or add extra features mid-project, this can extend the duration.

7. Subcontractor Coordination:

*Efficient Scheduling:* If the primary contractor efficiently schedules and coordinates the work of various subcontractors (e.g., electricians, plumbers, carpenters), the project is more likely to stay on track.

*Delays and Overlaps:* Any delays in one part of the project can create a domino effect, delaying subsequent phases. For example, if the electrician is delayed, it can push back the drywall installation and painting.

8. Unexpected Challenges:

*Unforeseen Issues:* Discovering issues like mold, structural damage, or outdated wiring during the renovation can add time to the project as these problems need to be addressed.

*Weather Delays:* For projects that involve exterior work, bad weather can cause delays, particularly for tasks like roofing, foundation work, or exterior painting.

9. Project Management:

*Effective Management:* Strong project management can help keep the project on schedule by anticipating challenges, coordinating effectively with subcontractors, and maintaining clear communication with the client.

*Poor Management:* Conversely, poor project management can lead to delays, miscommunication, and a prolonged timeline.

The typical timeframes by project type are as follows:

Small Renovation: 6 to 12 weeks.

Full Apartment Renovation: 3 to 5 months.

Whole-House Renovation: 4 to 8 months.

Commercial Space Renovation: 3 to 9 months, depending on size and complexity.

In general, projects can range from a few days to several months, depending on the factors mentioned above. Effective planning, clear communication, and realistic expectations are key to managing the duration of a renovation project successfully. Accordingly, we typically guarantee completion dates on smaller projects with fewer variables such as decorating work, ancillary services (cleaning), and fire protection system and air-conditioning installation.

**Pricing Strategy**

Our pricing is determined on a cost-plus basis with emphasis on factors that include: (i) the difficulties and methodology of the project, (ii) the estimated number and types of workers required, (iii) the estimated number and types of machinery required, (iv) the completion time requested by customer, (v) the estimated direct costs to be incurred, (vi) the prospect of obtaining future contracts from the customer, and (vii) the prevailing market conditions. We consider that it is of utmost importance to estimate project cost accurately, as most of our projects are a lump-sum contract or fixed unit price, which is based on estimated costs plus a mark-up margin, such that unexpected adverse fluctuation in price, budget, or time overrun may result in diminished project return or even a loss. Despite the contracts we enter into with our customers normally being lump-sum contracts, the total contract sum is normally based on the sum of individual rates and quantities listed in a set of schedules typically known as the bills of quantities. When there are changes in the quantities or scope of work, the bills of quantities are generally referred to for agreeing the price of the variations.

**Our Customers**

Our customers range from private individuals to property developers, main contractors of property development and civil engineering projects, commercial property owners and managers, themed parks, hotels and hospitals.

Our five largest customers accounted for approximately 83.4% and 74.8 % of our revenue for the years ended March 31, 2025 and 2024, respectively. There were four and three customers from whom revenues individually represented greater than 10% of the total revenues for the fiscal years ended March 31, 2025 and 2024, respectively. The total sales to these customers accounted for approximately 21.9%, 20.4%, 19.0% and 17.8% of total revenues for the fiscal year ended March 31, 2025, respectively, and 30.6%, 17.0% and 15.9% of total revenues for the fiscal year ended March 31, 2024, respectively.

We do not enter into long-term agreements with our customers, and our customers engage us on a project-by-project basis, which we believe is in line with market practice.

Below are some of the generalized terms included in most of our contracts:

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| | |
|:---|:---|
| Contract period: | We are required to follow the pre-determined work schedule. Such schedule may be extended from time to time pursuant to the terms of the contract. We typically guarantee a completion date, but will discuss an estimated completion date with the client that is updated as work progresses. |
| Type and scope of work: | In accordance with our customer's requirements, we specify tasks, quantities, and rates in a format similar to a bill of quantities. |
| Contract sum: | The final contract sum will be calculated with reference to a schedule of rates and breakdowns by specification of the type of work to be done, as well as the volume and quantities of construction materials and labor to be used. The bill of quantities or schedule of rates include price adjustment provisions to account for variances in the cost of materials and/or labor occurring between the time of contract negotiation and time of project execution and the adjusted amounts will be reflected in the final invoice once parties have agreed. |
| Payment terms: | Our customers pay us by stages, typically on a monthly basis (or as otherwise agreed), based on the measurement, valuation of work, and the agreed rates executed during the month. Payment is also contingent on customer certification. |
| Variation orders/contingencies: | From time to time, we may be instructed to perform additional work or a varied scope of work. Unless otherwise agreed, such variations may be valued with reference to specified rates or by separate quotation. |
| Liquidated damages: | The amount of liquidated damages payable by us per day if we fail to complete the agreed scope of work within the contract period as provided in the contract typically ranges from HK$800 to HK$1800 per day depending on the type of labor involved. No liquidated damages are borne by the customer. |
| Retention monies: | A portion of progress payment, typically amounting to 30% of the initial total project amount, is usually withheld by the customer at a fixed rate. |
| Defects liability period: | In line with industry practice, our customers often specific a defects liability period of up to 18 months after practical or substantial completion of our projects. If any defect is found in our work, we are responsible for making good during the defect's liability period. |

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We typically enter into fixed price contracts or re-measurement contracts.

*Fixed Price Contract*

A Fixed Price Contract, also known as a Lump Sum Contract, is a type of agreement where the contractor agrees to complete the renovation project for a predetermined, fixed price. The price is established before the work begins and covers the entire scope of the project as defined in the contract. Its key features are:

● Pre-Determined Cost: The total cost of the project is agreed upon upfront, and it does not change unless there are agreed-upon changes to the project scope.

● Defined Scope of Work: The contract is based on a detailed scope of work, which includes all tasks, materials, and services required to complete the renovation.

● Risk Allocation: The contractor assumes most of the financial risk. If the project costs more than expected, the contractor absorbs the additional costs. Conversely, if the project costs less, the contractor benefits from the savings.

● Simplicity: The client knows the exact cost of the project upfront, making budgeting straightforward.

● Limited Flexibility: Once the contract is signed, changes to the project scope can lead to renegotiation or additional costs through change orders.

*Re-measurement Contract*

A Re-measurement Contract, also known as a Measure and Pay Contract, is a type of agreement where the payment is based on the actual quantities of work performed. The project cost is not fixed at the outset but is determined by measuring the work done and applying pre-agreed rates. Its key features are:

● Flexible Cost: The final cost is determined by the actual quantities of work completed, measured during or after the project.

● Variable Scope of Work: This contract type is often used when the exact scope of work is not fully defined at the start or when it's difficult to predict the quantities involved.

● Shared Risk: The financial risk is more evenly distributed between the client and the contractor. The client pays for the actual work done, while the contractor is paid for what they complete.

● Detailed Measurement: The contractor and client must keep detailed records of the work performed, as payments are based on these measurements.

● Adjustment Capability: This contract type allows for adjustments as the project progresses, accommodating changes in the scope or unexpected conditions.

Some other contracts that we may encounter and utilize include:

*1. Cost-Plus Contract*

The client agrees to pay the actual cost of the work, including materials, labor, and overhead, plus an agreed-upon fee or percentage for the contractor's profit. This fee can be a fixed fee, a percentage of the total cost, or a combination.

*2. Time and Materials Contract*

The contractor charges the client based on the actual time spent on the project (labor hours) and the cost of materials used. This contract often includes an agreed-upon hourly or daily rate for labor, plus the cost of materials.

*3. Unit Price Contract*

The project is broken down into various units or components, each with a specific price. The contractor is paid based on the number of units completed. This type of contract is often used when the scope of work can be divided into measurable units.

*4. Design-Build Contract*

The client hires a single entity, often a firm, to handle both the design and construction aspects of the renovation project. This contract type integrates both the design and build phases into one seamless process.

*5. Turnkey Contract*

The contractor agrees to complete the entire renovation project and deliver it in a ready-to-use condition. The client typically has little involvement in the process, and the contractor handles everything from start to finish.

*6. Integrated Project Delivery (IPD) Contract*

An IPD contract involves a collaborative approach where the client, contractor, and design professionals work together from the start of the project. The contract often includes shared risks and rewards, with all parties working toward common goals.

**Our Suppliers**

Our suppliers primarily supply the following materials to us: (i) construction materials such as wood, concrete, bricks, plastics and clay (ii) fire protection systems; (iii) air-conditioning systems, and (iv) customized furniture and fixtures. For the year ended March 31, 2024, two suppliers accounted for 13.5% and 65.8% of our purchases. For the year ended March 31, 2025, three suppliers accounted for 19.1%, 16.1% and 11.8% of our purchases.

We generally order these materials on a project-by-project basis, and we do not enter into any long-term contracts with our suppliers. The terms of our supply contracts include the type of materials, price, quantity, and payment terms. We select suppliers mainly based on: (i) quality of materials, (ii) timeliness of delivery, (iii) previous experience and length of partnership with the supplier, (iv) competitiveness of the price offered, and (v) reputation of the supplier. Unless otherwise stated in our agreement with the customer, we/subcontractors usually provide construction materials for our projects. As we are provided with the standard requirements of the materials and we are liable for the quality of our projects, except in the case that we are provided with materials by our customer, as subcontractor, we are able to choose our own suppliers for our projects.

**Subcontractors**

We have a dependable pool of subcontractors we work with depending on the type of project involved and customer specifications. We are responsible to our customers for the work performed in a project, including those carried out by our subcontractors. Our customers generally consent to our use of subcontractor for a project and do not limit which subcontractor we use. According to the subcontract agreements we enter into with our subcontractors, we have legal rights to hold our subcontractors liable for any loss and damages suffered by us.

As our customers engage us on a project-by-project basis, we engage subcontractors according to the specific needs, timeline, budgets, and scope of each project. We have not entered into any long-term or standard contract with our subcontractors. The key terms of the subcontracting engagements include pricing, scope of work, time of performance, arrangement of labor, purchase of materials, and safety requirements.

We are liable to our customers for the performance and the quality of work done by our subcontractors. Therefore, our subcontractors are not allowed to subcontract parts of our projects without our permission. In the event that our subcontractors subcontract parts of our projects without our permission, we have the absolute discretion to terminate the contract immediately and our subcontractor shall be liable for our consequential additional costs incurred. We require our subcontractors to follow our in-house rules in relation to work quality, occupational safety, and environmental protection. In general, our project team will carry out supervision on our subcontractors on a continuing basis to check if they comply with our in-house rules.

Set forth below is a description of our subcontractor selection process and business model, which outline how we collaborate with our subcontractors. This model focuses on the relationships, processes, and financial arrangements that ensure the project is completed efficiently, on time, and to the required quality standards.

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| | |
|:---|:---|
| 1. | Project Scope and Division of Work: |
|  | *Define Project Scope:* The primary contractor works with the client to define the overall project scope, including design, materials, timelines, and budgets. |
|  | *Division of Work:* Based on the project scope, we divide the project into specific tasks or phases that can be subcontracted. Common areas for subcontracting include electrical work, plumbing, carpentry, painting, HVAC installation, and tiling. |
| 2. | Selection of Subcontractors: |
|  | *Prequalification:* Establish criteria for selecting subcontractors, such as experience, expertise, certifications, reputation, and financial stability. |
|  | *Bidding Process:* Invite qualified subcontractors to submit bids for specific portions of the work. Evaluate bids based on cost, quality, timelines, and previous work history. |
|  | *Contracting:* Negotiate and finalize contracts with selected subcontractors. Contracts outline the scope of work, payment terms, deadlines, and quality expectations. |
| 3. | Contractual Agreements: |
|  | *Fixed-Price Contracts:* Subcontractors agree to complete their portion of the work for a predetermined fixed price. This model transfers the risk of cost overruns to the subcontractor. |
|  | *Material Contracts:* Subcontractors are paid based on the time spent and materials used. This model is more flexible but requires careful monitoring to avoid cost escalations. |
|  | *Performance-Based Contracts:* Payments to subcontractors are tied to specific milestones or performance metrics, incentivizing timely and high-quality work. |
| 4. | Project Management and Coordination: |
|  | *Scheduling:* We create a master schedule that coordinates the work of all subcontractors to ensure seamless workflow and avoid delays. |
|  | *Communication:* We establish clear communication channels between ourselves and the subcontractors, to address issues promptly and keep the project on track. |
|  | *Quality Control:* We are responsible for overseeing the quality of work performed by subcontractors. Regular inspections and quality checks are conducted to ensure compliance with project specifications and standards. |
| 5. | Payment and Financial Management: |
|  | *Progress Payments:* Subcontractors receive payments based on the completion of specific milestones or phases of work. Progress payments help manage cash flow and incentivize timely completion. |
|  | *Retention:* A portion of the payment may be withheld until the project is completed and meets all quality standards. This retention serves as a safeguard for the primary contractor. |
|  | *Cost Control:* We monitor costs to ensure that the project stays within budget. Any changes or additional work requested by the client are documented and approved before proceeding. |
| 6. | Risk Management: |
|  | *Liability and Insurance:* Ensure that subcontractors have adequate insurance coverage (e.g., liability insurance, workers' compensation) to protect against accidents, damages, and other risks. |
|  | *Contractual Protections:* Include clauses in subcontractor contracts that address delays, defects, or non-performance. Define penalties or remedies for breaches of contract. |
|  | *Safety Compliance:* We are responsible for ensuring that all subcontractors adhere to safety regulations and standards to prevent accidents and ensure a safe work environment. |
| 7. | Completion and Handover: |
|  | *Final Inspections:* Conduct final inspections to ensure that all subcontracted work meets the required quality standards and complies with the project specifications. |
|  | *Punch List:* Address any remaining issues or defects (punch list items) before final payment is made to subcontractors. |
|  | *Handover:* Once the project is completed and approved by the client, the primary contractor hands over the completed work to the client. |
| 8. | Post-Project Relationship Management: |
|  | *Warranty and After-Sales Service:* Subcontractors may provide warranties for their work, and we ensure that these warranties are honored. Providing after-sales service helps maintain client satisfaction and trust. |
|  | *Long-Term Partnerships:* Building strong, long-term relationships with reliable subcontractors can lead to more efficient project delivery, better pricing, and consistent quality in future projects. |
| 9. | Continuous Improvement: |
|  | *Feedback Loop:* Collect feedback from clients and subcontractors to identify areas for improvement in project management, quality control, and subcontractor engagement. |
|  | *Training and Development:* Invest in the training and development of subcontractors to enhance their skills and ensure they are up-to-date with industry standards and technologies. |

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By carefully managing the relationship with our subcontractors and implementing this business model, we strive to deliver high-quality projects efficiently, maintain profitability, and build a strong reputation in the market.

The frequency of engaging subcontractors in the renovation industry depends on several factors, including the size and scope of the project, the type of work required, the expertise available within the primary contractor's team, and the business model of the renovation company. Here is a breakdown of how and when subcontractors are typically engaged:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Project-Based Engagement:

Large Projects: For large-scale renovation projects (e.g., commercial renovations, complete home remodels), subcontractors are often engaged frequently, as these projects require a wide range of specialized skills (e.g., electrical work, plumbing, HVAC installation, painting). Each trade typically requires a dedicated subcontractor.

Complex Renovations: When a renovation project involves complex tasks that require specialized knowledge or equipment, subcontractors are brought in to handle specific aspects of the work. This can happen regularly, depending on the complexity of the project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Skill-Based Engagement:

Specialized Trades: Subcontractors are frequently engaged for specialized trades where the primary contractor lacks in-house expertise. This includes areas like electrical work, plumbing, roofing, and custom cabinetry.

Regular Collaborations: Renovation businesses often develop long-term relationships with subcontractors for specific trades. These subcontractors may be engaged on nearly every project that requires their specific skills.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Volume-Based Engagement:

High Volume of Projects: Renovation companies handling a high volume of projects may engage subcontractors on a nearly continuous basis. The frequency is high due to the ongoing need to manage multiple projects simultaneously.

Seasonal Fluctuations: In regions with seasonal fluctuations in construction activity, subcontractors might be engaged more frequently during peak seasons (e.g., spring and summer) and less so during off-peak periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Scope of Services:

Full-Service Renovation Companies: Companies offering full-service renovations often engage subcontractors more frequently to cover the broad range of services offered, from initial demolition to final finishing touches.

Niche Renovators: Firms that focus on niche markets or specialized types of renovations may engage subcontractors less frequently if they maintain most of the required expertise in-house. However, when niche projects require additional specialized work outside their usual scope, subcontractors are brought in.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Cost and Efficiency Considerations:

Cost-Driven Engagement: Subcontractors are often engaged when it is more cost-effective to outsource specific tasks rather than maintain a large in-house team. This approach can lead to frequent engagement, especially for tasks that are not consistently required across all projects.

Efficiency: To optimize project timelines, subcontractors may be engaged frequently to handle concurrent tasks that the primary contractor's team may not have the capacity to complete.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Regulatory and Safety Requirements:

Compliance-Driven Engagement: For projects requiring adherence to specific regulatory standards (e.g., fire safety systems, asbestos removal), subcontractors with the necessary certifications and expertise are engaged regularly to ensure compliance.

Safety Standards: Subcontractors specializing in safety-critical areas (e.g., electrical work, structural integrity) are frequently engaged to meet industry safety standards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Technological or Innovative Work:

New Technologies: When renovation projects incorporate new technologies or innovative materials (e.g., smart home systems, sustainable materials), subcontractors with specialized knowledge are engaged. This may happen frequently if the business focuses on modern or high-tech renovations.

In summary, the frequency of engaging subcontractors in the renovation industry varies based on project needs, business model, and market conditions. Renovation companies typically engage subcontractors frequently for specialized tasks, large or complex projects, and when it is more efficient or cost-effective to do so. Establishing strong relationships with reliable subcontractors is key to ensuring smooth and consistent project delivery. Because of the nature of projects and the needs of our customers, most, if not all, our recent projects have involved subcontractors.

**Seasonality**

We believe that the construction industry in Hong Kong does not exhibit any significant seasonality. However, we respect to our services such as decorating work, we tend to be busier prior to holidays and festivals such as Christmas and Chinese New Year.

**Competition**

We have a fairly diversified portfolio of renovation-related services that we provide and accordingly, our competitors in each field varies. The renovations industry is highly-fragmented and diversified in Hong Kong. Set forth below are our main competition based solely on our understanding of the scope of services they provide in the geographical areas in which we operate.

*Renovation, Repair and Maintenance Services*

KK Renovation Ltd

Sifu Liu

*Ancillary Services (Cleaning)*

Magic Clean Environmental Services Ltd

Easy Home Cleaning Services Limited

*Reseller of Customized Furniture and Fixtures*

Yingjia Furniture

Jiajian

*Fire Protection System and Air-conditioning Installation*

Jensen Hughes

Firetech Services Limited

McQuay Hong Kong

Built-In Pro Hong Kong

*Assisting in Applying for General Restaurant Licenses and Light Refreshment Restaurant Licenses*

Art & Design Consultancy Ltd

Shing Ngai Food License Consultant Engineering Company Limited

*Decorating Work*

Fu On Engineering H.K. Ltd

Hongfeng Engineering Co., Ltd

**Marketing**

Much of our business is obtained through word-of-mouth referrals. We have traditionally not spent much on advertising or marketing endeavors such as maintaining an online presence, Search Engine Optimization, online/traditional advertising, community engagement and email/content marketing. However, we intend focus on growing our business and footprint post-Offering and plan to allocate HK$150,000 (approximately, $19,000) annual towards such endeavors.

**Insurance**

We have an annual Employee Compensation Insurance with Zurich Insurance Company Limited, which covers liabilities arising from employee compensation and personal injury claims and meets the statutory minimum insurance coverage of HK$100 million per incident. The annual premium for such insurance is HK$5,065.20 (approximately $650). We believe that our current insurance policy is sufficient for our operations presently.

**Licenses/Permits**

Our Hong Kong subsidiary, Global Development HK currently holds the following licenses/permits:

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| | | |
|:---|:---|:---|
| **Description** | **Issuing Authority** | **Validity** |
| Certificate of Registration of Electrical Contractor (No. 035007)<br>| Electrical and Mechanical Services Department | August 30, 2023 – December 20, 2026 |
| Certificate of Registration of Registered Minor Works Contractor (Company) (No. MWC 3/2021)<br>| Buildings Department | Expires July 26, 2027 |
| Business Registration | Inland Revenue Department | Expires August 2, 2027 |

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**Properties and Facilities**

Our corporate headquarters are located in Hong Kong.

***Leases***

<u>Facility</u> <u>Address</u> <u>Space (m<sup>2</sup>)</u> <br> Office Flat B1, 13/F, Hoi Bun Industrial Building, Kwun Tong, Kowloon, Hong Kong 128

We presently lease an office space at 13/F, Flat B1, Hoi Bun Industrial Building, Kwun Tong, Kowloon, Hong Kong. The lease is for a 3-year term effective from April 16, 2025 to April 15, 2028. Our monthly rental is HK$30,000. We believe that our existing facilities are generally adequate to meet our current needs, but we expect to seek additional space as needed to accommodate future growth.

**Intellectual Property**

To date, we do not own any patents, copyrights, trademarks or domains.

**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. As of the date hereof, neither we nor any of our subsidiaries is a party to any pending legal proceedings, nor are we aware of any such proceedings threatened against us or our subsidiaries.

**Employees**

As of the date of this prospectus, we and our subsidiary employ a total of eight employees. The following table provides a breakdown of our employees by function and by location:

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| | |
|:---|:---|
| **Function** | **Number of Employees** |
| Executives | 2 |
| Operation and Administrative | 3  |
| Project Management | 3 |
| **Total number of employees** | **8** |

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Our success depends on our ability to attract, retain, and motivate qualified personnel. As part of our human resources strategy, we offer employees competitive salaries and performance-based cash bonuses, and we plan to offer an employee stock ownership plan ("ESOP") and other incentives. We primarily recruit our employees in Hong Kong through direct hiring. We provide robust training programs for new employees. We also conduct regular and specialized internal training to meet the needs of our employees in different departments. We believe these training programs are effective in equipping our employees with the skill set and work ethics we require.

We enter into standard contracts and agreements regarding confidentiality, employment, codes of conduct and ethics, and non-competition with most of our executive officers, managers, and employees. These contracts typically include a non-competition provision effective during and up to one year after termination of their employment with us and a confidentiality provision effective during and up to one year after their employment with us. Our employees have not formed any employee union or association. We believe we maintain a good working relationship with our employees, and we have not experienced any difficulty in recruiting staff for our operations as of the date of this prospectus.

We have not experienced any significant disputes with our employees or any disruption to our operations due to labor disputes. In addition, we have not experienced any difficulties in recruiting and retaining experienced core staff or skilled personnel.

Our remuneration package includes salary and discretionary bonuses. In general, we determine employee salaries based on each employee's qualifications, position, and seniority. We review our remuneration package annually.

Employee entitlements to annual leave are recognized when they accrue to employees. A provision is made for the estimated liability for annual leave as a result of services rendered by employees up to the balance sheet date.

Employee entitlements to sick leave and maternity leave are not recognized until the time of leave.

We and our subsidiary all participate in various defined contribution retirement benefit plans that are available to all relevant employees. These plans are generally funded through payments to plans established by governments or trustee-administered funds. A defined contribution plan is a pension plan under which we pay contributions on a mandatory, contractual, or voluntary basis into a separate entity. We have no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

**REGULATIONS**

The section sets forth a summary of the principal Hong Kong laws and regulations relevant to our business and operations in Hong Kong.

***Hong Kong Regulations Related to Service Providers***

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

The Business Registration Ordinance requires every person carrying on any business to make an application to the Commissioner of Inland Revenue in the prescribed manner for the registration of that business. The Commissioner of Inland Revenue must register each business for which a business registration application is made and, as soon as practicable after the prescribed business registration fee and levy are paid, issue a business registration certificate or branch registration certificate for the relevant business or the relevant branch, as the case may be.

***Hong Kong Regulations Related to the Construction Industry***

*Construction Workers Registration Ordinance (Chapter 583 of the Laws of Hong Kong)*

The Construction Workers Registration Ordinance provides, among others, for registration and regulation of construction workers. The principal object of the Construction Workers Registration Ordinance is to establish a system for registration of construction workers and to regulate construction workers who personally carry out construction work on construction site.

Under Sections 3(1) and 5 of the Construction Workers Registration Ordinance, the principal contractors/subcontractors/employers/controllers of construction sites are required to employ only registered construction workers to personally carry out construction work on construction sites.

*Factories and Industrial Undertakings Ordinance (Chapter 59 of the Laws of Hong Kong)*

The Factories and Industrial Undertakings Ordinance provides for the safety and health protection of workers in an industrial undertaking. Under the Factories and Industrial Undertakings Ordinance, it is the duty of a proprietor (including a person for the time being having the management or control of the business carried on in such industrial undertaking and also the occupier of any industrial undertaking) of an industrial undertaking to take care of, so far as is reasonably practicable, the health and safety at work of all persons employed by it at the industrial undertaking.

A proprietor who contravenes any of its general duties under section 6A of the Factories and Industrial Undertakings Ordinance commits an offense and is liable: (a) on summary conviction to a fine of HK$3,000,000; or (b) a conviction on indictment to a fine of HK$10,000,000. A proprietor who contravenes any of these requirements willfully and without reasonable excuse commits an offense and is liable: (a) on summary conviction to a fine of HK$3,000,000 and to imprisonment for six months; or (b) on conviction on indictment to a fine of HK$10,000,000 and to imprisonment for 2 years.

*Buildings Ordinance (Chapter 123 of the Laws of Hong Kong)*

The Buildings Ordinance regulates the planning, design, and construction of buildings and associated work. It provides that before the commencement of any building work: (i) prior approval and consent from the Building Authority must be obtained; (ii) authorized persons, such as architects, engineers, and surveyors, registered under the Buildings Ordinance must be appointed to coordinate the work and prepare and submit plans for the approval from the Building Authority; (iii) registered professionals must be appointed to design and supervise the work; and (iv) registered contractors must be appointed to carry out the work.

Section 14(1) of the Buildings Ordinance provides that no person shall commence or carry out any building work, including site formation work and foundation work, without having obtained such prior approval and consent from the Building Authority and such proper appointments. According to Section 41(3) of the Buildings Ordinance, building work (other than drainage work, ground investigation in the scheduled areas, site formation work, or minor work) in any building is exempt from the requirement for approval and consent from the Building Authority if the work does not involve the structure of the building.

If the building work is within the purview of Section 41(3), the work must further comply with the building standards specified in the relevant Building Regulations empowered under the Buildings Ordinance. The Buildings Ordinance further requires that any authorized person of the buildings work must be appointed by the ultimate beneficiary of the work, the employer of the work, or the contractor.

Under the current contractors' registration system in Hong Kong, the Buildings Department of Hong Kong keeps a register of general building contractors who are qualified to perform the duties of a general building contractor and a register of specialist contractors who are qualified to carry out specialized work (such as foundation work) specified in the category in the sub-register in which they are entered. The main contractors carrying out foundation and substructure construction work are required to register or work together with contractors who are registered on either the register of general building contractors or the register of specialist contractors (sub-register of foundation work category) with the Buildings Department of Hong Kong.

Under Section 8B(2) of the Buildings Ordinance, an applicant for registration as a registered general building contractor or registered specialist contractor must satisfy the Buildings Department of Hong Kong on the following aspects:

&nbsp;&nbsp;&nbsp;&nbsp;(i) if it is a corporation, the adequacy of its management structure;

(ii) the appropriate experience and qualifications of its personnel;

(iii) its ability to have access to plants and resources; and

(iv) the ability of the person appointed to act for the applicant
for the purposes of the Buildings Ordinance to understand building work and street work through relevant experience and a general knowledge
of the basic statutory requirements.

In considering each application, the Buildings Department of Hong Kong will consider the qualifications, competence, and experience of the following key personnel of the applicant:

&nbsp;&nbsp;&nbsp;&nbsp;(a) a minimum of one person appointed by the applicant to act for
the applicant for the purposes of the Buildings Ordinance, hereinafter referred to as the Authorized Signatory;

(b) for a corporation, a minimum of one director from the board
of directors of the applicant, hereinafter referred to as a "Technical Director" who is authorized by the board to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) have access to plant and resources;

(ii) provide technical and financial support for the execution of
building work and street work; and

(iii) make decisions for the company and supervise the Authorized
Signatory and other personnel;

for the purpose of ensuring that the work is carried out in accordance with the Buildings Ordinance; and

&nbsp;&nbsp;&nbsp;&nbsp;(c) for a corporation that appoints a director who does not possess
the required qualification or experience as Technical Director to manage the carrying out of building work and street work, another officer
as authorized by the board of directors shall be appointed to assist the Technical Director.

In addition to the above key personnel, the applicant is also required to demonstrate that it has employed appropriate qualified staff members to assist the applicant and the above key personnel to execute, manage, and supervise the building work and street work.

For registration as a registered specialist contractor, the applicant must satisfy the Buildings Department of Hong Kong that it has the necessary experience and, where appropriate, professional and academic qualifications to undertake work in the specialist category and should also demonstrate that it has the access to engaging qualified persons to carry out the relevant specialized duties.

The Buildings Department of Hong Kong imposes specific requirements on the directors of a contractor and the person appointed by the contractor to act for it for the purposes of the Buildings Ordinance.

*Construction Industry Council Ordinance (Chapter 587 of the Laws of Hong Kong)*

According to Section 32 of the Construction Industry Council Ordinance, construction industry levy ("CIL") is payable by registered contractors appointed under Section 9 of the Buildings Ordinance or any persons who carry out construction operations in Hong Kong to the Construction Industry Council ("CIC"). "Construction operation" is exhaustively defined under Schedule 1 of the Construction Industry Council Ordinance, which includes building work and street work as defined in Section 2(1) of the Buildings Ordinance, construction, alteration, repair, maintenance, extension, demolition or dismantling, external or internal cleaning. and painting or decorating any external or internal surfaces or parts of any buildings or other temporary or permanent structures forming part of land.

After 2012, the CIL chargeable is 0.5% of the total value of the construction operations (as defined under Section 53 of the Construction Industry Council Ordinance) concerned (0.4% before 2012). Pursuant to Section 32 and Schedule 5 of the Construction Industry Council Ordinance, no CIL is chargeable for any construction operations not exceeding HK$3,000,000.

According to Section 34 of the Construction Industry Council Ordinance, the contractor and authorized person each is required to inform the CIC in a specified form (Form 1) in respect to the construction operations within 14 days after its commencement. Failure to give such notice without reasonable excuse may be liable to a fine at Level 1, which is fixed at HK$2,000. Notice is only required for term contracts or if the reasonable estimation of the total value of construction operations exceed HK$3,000,000.

Pursuant to Section 35 of the Construction Industry Council Ordinance, a contractor is required to give a Notice of Payment ("NOP") in a specified form (Form 2) to the CIC within 14 days after the contractor receives a payment in respect to the construction operation. Failure to give the NOP without reasonable excuse may be liable to a fine at Level 3, which is fixed at HK$10,000.

Pursuant to Section 36 of the Construction Industry Council Ordinance, a contractor is required to give a Notice of Completion ("NOC") in a specified form (Form 3) to the CIC within 14 days after the completion of the construction operation. Failure to give the NOC without reasonable excuse may be liable to a fine at Level 3, which is fixed at HK$10,000.

The CIC shall assess the CIL payable upon receiving the NOP or NOC and give a Notice of Assessment in writing specifying the amount of CIL. The CIC can also make the assessment notwithstanding if a NOP or NOC has been given. According to Section 41 of the Construction Industry Council Ordinance, if a contractor fails to give the NOP or NOC, a surcharge not exceeding twice the amount of the CIL payable may be imposed and a Notice of Surcharge in writing shall be given by the CIC.

***Regulations Related to Employment and Labor Protection***

*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. Failure to comply with the above constitutes an offense, and the employer is liable (a) on summary conviction to a fine of HK$3,000,000; or (b) on conviction on indictment to a fine of HK$10,000,000. An employer who fails to do so intentionally, knowingly or recklessly commits an offense and is liable (a) on summary conviction to a fine of HK$3,000,000 and to imprisonment for 6 months; or (b) on conviction on indictment to a fine of HK$10,000,000 and to imprisonment for 2 years.

*Employment Ordinance (Chapter 57 of the Laws of Hong Kong)*

The Employment Ordinance is an ordinance enacted for, among other things, the protection of the wages of employees and the regulation of the general conditions of employment and employment agencies. Under the Employment Ordinance, an employee is generally entitled to, among other things, notice of termination of his or her employment contract; payment in lieu of notice; maternity protection in the case of a pregnant employee; not less than one rest day in every period of seven days; severance payments or long service payments; sickness allowance; statutory holidays or alternative holidays; and paid annual leave of up to 14 days depending on the period of employment.

*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 to 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 or her employment, his or her employer is in general liable to pay compensation even if the employee might have committed acts of fault 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 24 of the Employees' Compensation Ordinance, a principal contractor shall be liable to pay compensation to subcontractors' employees who are injured in the course of their employment to the subcontractor. The principal contractor is, nonetheless, entitled to be indemnified by the subcontractor who would have been liable to pay compensation to the injured employee independently of this section. The employees in question are required to serve a notice in writing on the principal contractor before making any claim or application against such principal contractor.

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 to 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 its liability and that of its subcontractor(s) under the Employees' Compensation Ordinance and at common law. Where a principal contractor has taken out 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 (i) on conviction upon indictment to a fine at Level 6 (currently at HK$100,000) and imprisonment for two years, and (ii) on summary conviction to a fine at Level 6 and imprisonment for one year.

According to Section 15 of the Employees' Compensation Ordinance, an employer must notify the Commissioner for Labour of any work accident by submitting Form 2 or Form 2B (within 14 days for general work accidents and within seven days for fatal accidents), irrespective of whether the accident gives rise to any liability to pay compensation. If the happening of such accident was not brought to the notice of the employer or did not otherwise come to its knowledge within such periods of seven and 14 days, respectively, then such notice shall be given not later than seven days or, as may be appropriate, 14 days, after the happening of the accident was first brought to the notice of the employer or otherwise came to its knowledge.

*Immigration Ordinance (Chapter 115 of the Laws of Hong Kong)*

Pursuant to Section 38A of the Immigration Ordinance, a construction site controller (i.e., the principal or main contractor, which includes a subcontractor, owner, occupier, or other person who has control over or is in charge of a construction site) should take all practicable steps to prevent having illegal immigrants from being on the construction site and should prevent illegal workers who are not lawfully employable from taking employment on the construction site.

Where it is proved that an illegal immigrant was on a construction site, or such illegal worker, who is not lawfully employable, took employment on a construction site, the construction site controller commits an offense and is liable to a fine of HK$350,000.

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

The Minimum Wage Ordinance provides for a prescribed minimum hourly wage rate (currently at HK$42.1 per hour) during the wage period for every employee engaged under a contract of employment under the Employment Ordinance.

Any provision of the employment contract that 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)*

The Mandatory Provident Fund Schemes Ordinance ("MPFSO") is an ordinance enacted for the purposes of providing for the establishment of non-governmental mandatory provident fund schemes (each, a "MPF Scheme"). The MPFSO requires every employer of an employee of 18 years of age or above but under 65 years of age to take all practical steps to ensure the employee becomes a member of a registered MPF Scheme. Subject to the minimum and maximum relevant income levels, it is mandatory for both employers and their employees to contribute 5% of the employee's relevant income to the MPF Scheme. Any employer who contravenes this requirement commits a criminal offense and is liable on conviction to a fine and imprisonment. As of the date of this prospectus, the Company believes it has made all contributions required under the MPFSO.

***Regulations Related to Hong Kong Taxation***

*Inland Revenue Ordinance (Chapter 112 of the Laws of Hong Kong)*

Under the Inland Revenue Ordinance, where an employer commences to employ in Hong Kong an individual who is or is likely to be chargeable to tax, or any married person, the employer shall give a written notice to the Commissioner of Inland Revenue not later than three months after the date of commencement of such employment. Where an employer ceases or is about to cease to employ in Hong Kong an individual who is or is likely to be chargeable to tax, or any married person, the employer shall give a written notice to the Commissioner of Inland Revenue not later than one month before such individual ceases to be employed in Hong Kong.

*Tax on dividends*

Under the current practice of the Inland Revenue Department of Hong Kong, no tax is payable in Hong Kong in respect to dividends paid by the Company.

*Capital gains and profit tax*

No tax is imposed in Hong Kong in respect to capital gains from the sale of shares. However, trading gains from the sale of shares by persons carrying on a trade, profession, or business in Hong Kong, where such gains are derived from or arise in Hong Kong, will be subject to Hong Kong profits tax, which is imposed at the rates of 8.25% on assessable profits up to HKD2,000,000 and 16.5% on any part of assessable profits over HKD2,000,000 on corporations from the year of assessment commencing on or after April 1, 2018. Certain categories of taxpayers (for example, financial institutions, insurance companies, and securities dealers) are likely to be regarded as deriving trading gains rather than capital gains unless these taxpayers can prove that the investment securities are held for long-term investment purposes.

*Stamp Duty Ordinance (Chapter 117 of the Laws of Hong Kong)*

Under the Stamp Duty Ordinance, the Hong Kong stamp duty currently charged at the ad valorem rate of 0.1% on the higher of the consideration for or the market value of the shares will be payable by the purchaser on every purchase and by the seller on every sale of Hong Kong shares (in other words, a total of 0.2% is currently payable on a typical sale and purchase transaction of Hong Kong shares). In addition, a fixed duty of HKD5 is currently payable on any instrument of transfer of Hong Kong shares. Where one of the parties is a resident outside Hong Kong and does not pay the ad valorem duty due by it, the duty not paid will be assessed on the instrument of transfer (if any) and will be payable by the transferee. If no stamp duty is paid on or before the due date, a penalty of up to ten times the duty payable may be imposed.

***Regulations Related to Personal Data***

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

The Personal Data (Privacy) Ordinance ("PDPO") imposes a statutory duty on data users to comply with the requirements of the six data protection principles (the "Data Protection Principles") contained in Schedule 1 to the PDPO. The PDPO provides that a data user shall not do an act, or engage in a practice, that contravenes a Data Protection Principle unless the act or practice, as the case may be, is required or permitted under the PDPO. The six Data Protection Principles are:

● Principle 1 — purpose and manner of collection of personal data;

● Principle 2 — accuracy and duration of retention of personal data;

● Principle 3 — use of personal data;

● Principle 4 — security of personal data;

● Principle 5 — information to be generally available; and

● Principle 6 — access to personal data.

Non-compliance with a Data Protection Principle may lead to a complaint to the Privacy Commissioner for Personal Data (the "Privacy Commissioner"). The Privacy Commissioner may serve an enforcement notice to direct the data user to remedy the contravention and/or instigate prosecution actions. A data user who contravenes an enforcement notice commits an offense that may lead to a fine and imprisonment.

The PDPO also gives data subjects certain rights, *inter alia*:

● the right to be informed by a data user whether the data user holds personal data of which the individual is the data subject;

● if the data user holds such data, to be supplied with a copy of such data; and

● the right to request correction of any data the individual considers to be inaccurate.

The PDPO criminalizes, including, but not limited to, the misuse or inappropriate use of personal data in direct marketing activities, non-compliance with a data access request, and the unauthorized disclosure of personal data obtained without the relevant data user's consent. An individual who suffers damage, including injured feelings, by reason of a contravention of the PDPO in relation to his or her personal data may seek compensation from the data user concerned.

***Regulations Related to Environmental Protection***

*Waste Disposal Ordinance (Chapter 354 of the Laws of Hong Kong)*

The Waste Disposal Ordinance controls the production, storage, collection, treatment, reprocessing, recycling, and disposal of wastes. At present, livestock waste and chemical waste are subject to specific controls, while unlawful deposition of waste is prohibited. Import and export of waste is generally controlled through a permit system.

A contractor shall observe and comply with the Waste Disposal Ordinance and its subsidiary regulations, including, without limitation, the Waste Disposal (Charges for Disposal of Construction Waste) Regulation (Chapter 354N of the Laws of Hong Kong) and the Waste Disposal (Chemical Waste) (General) Regulation (Chapter 354C of the Laws of Hong Kong).

Under the Waste Disposal (Charges for Disposal of Construction Waste) Regulation, construction waste can only be disposed at designated prescribed facilities, and a main contractor who undertakes construction work with a value of HK$1,000,000 or above will be required, within 21 days after being awarded the contract, to establish a billing account in respect to that particular contract with the director of the Environmental Protection Department to pay any disposal charges for the construction waste generated from the construction work under that contract.

Under the Waste Disposal Ordinance, a person shall not use, or permit to be used, any land or premises for the disposal of waste unless he has a license from the director of the Environmental Protection Department. A person who, except under and in accordance with a permit or authorization, does, causes, or allows another person to do anything for which such a permit or authorization is required commits an offense and is liable to a fine of HK$200,000 and to imprisonment for six months for the first offense and to a fine of HK$500,000 and to imprisonment for two years for a second or subsequent offense.

*Water Pollution Control Ordinance (Chapter 358 of the Laws of Hong Kong)*

The Water Pollution Control Ordinance controls the effluent discharged from all types of industrial, manufacturing, commercial, institutional, and construction activities into public sewers and public drains. For any industry/trade generating wastewater discharge (except domestic sewage that is discharged into communal sewers or unpolluted water to communal sewers or drains), they are subject to licensing control by the director of the Environmental Protection Department.

All discharges, other than domestic sewage to a communal sewer or drain or unpolluted water to a communal sewer or drain, must be covered by an effluent discharge license. The license specifies the permitted physical, chemical, and microbial quality of the effluent. The general guidelines are that the effluent does not damage sewers or pollute inland or inshore marine waters.

According to the Water Pollution Control Ordinance, unless being licensed under the Water Pollution Control Ordinance, a person who discharges any waste or polluting matter into the waters of Hong Kong in a water control zone or discharges any matter, other than domestic sewage and unpolluted water, into a communal sewer or communal drain in a water control zone commits an offense and is liable to imprisonment for six months and (a) for a first offense, a fine of HK$200,000; (b) for a second or subsequent offense, a fine of HK$400,000; and (c) in addition, if the offense is a continuing offense, a fine of HK$10,000 for each day during which it is proved to the satisfaction of the court that the offense has continued.

*Air Pollution Control Ordinance (Chapter 311 of the Laws of Hong Kong)*

The Air Pollution Control Ordinance is the principal legislation in Hong Kong for controlling emission of air pollutants and noxious odor from construction, industrial, and commercial activities, as well as other polluting sources. Subsidiary regulations of the Air Pollution Control Ordinance impose control on air pollutant emissions from certain operations through the issue of licenses and permits.

A contractor shall observe and comply with the Air Pollution Control Ordinance and its subsidiary regulations, including, without limitation, the Air Pollution Control (Open Burning) Regulation (Chapter 311O of the Laws of Hong Kong), the Air Pollution Control (Construction Dust) Regulation (Chapter 311R of the Laws of Hong Kong), and the Air Pollution Control (Smoke) Regulations (Chapter 311C of the Laws of Hong Kong). The contractor responsible for a construction site shall devise, arrange methods of working, and carry out the work in such a manner so as to minimize dust impacts on the surrounding environment, and it shall provide experienced personnel with suitable training to ensure that these methods are implemented. Asbestos control provisions in the Air Pollution Control Ordinance require that building work involving asbestos must be conducted only by registered qualified personnel and under the supervision of a registered consultant.

*Noise Control Ordinance (Chapter 400 of the Laws of Hong Kong)*

The Noise Control Ordinance controls, among others, the noise from construction, industrial, and commercial activities. A contractor shall comply with the Noise Control Ordinance and its subsidiary regulations in carrying out construction work. For construction activities that are to be carried out during the restricted hours and for percussive piling during the daytime, not being a general holiday, construction noise permits are required from the director of the Environmental Protection Department of Hong Kong in advance.

Under the Noise Control Ordinance, construction work that produces noise and the use of powered mechanical equipment (other than percussive piling) in populated areas are not allowed between 7:00 p.m. and 7:00 a.m. or at any time on general holidays, unless prior approval has been granted by the director of the Environmental Protection Department of Hong Kong through the construction noise permit system. The use of certain equipment is also subject to restrictions. Hand-held percussive breakers and air compressors must comply with noise emissions standards and be issued with a noise emission label from the director of the Environmental Protection Department of Hong Kong. Any person who carries out any construction work except as permitted is liable on first conviction to a fine of HK$100,000 and on subsequent convictions to a fine of HK$200,000, and in any case to a fine of HK$20,000 for each day during which the offense continues.

*Air Pollution Control (Non-road Mobile Machinery) (Emission) Regulation (Chapter 311Z of the Laws of Hong Kong)*

The Air Pollution Control (Non-road Mobile Machinery) (Emission) Regulation introduces regulatory control on the emission of non-road mobile machinery ("NRMMs"), including non-road vehicles and regulated machines such as crawler cranes, excavators, and air compressors.

Unless exempted, NRMMs that are regulated under this provision are required to comply with the emission standards prescribed under the regulation. From September 1, 2015, all regulated machines sold or leased for use in Hong Kong must be approved or exempted with a proper label in a prescribed format issued by the Environmental Protection Department pursuant to Section 4 of the regulation. Under Section 5 of the regulation, starting from December 1, 2015, only approved or exempted NRMMs with a proper label are allowed to be used in specified activities and locations including construction sites. However, existing NRMMs that are already in Hong Kong on or before November 30, 2015, will be exempted from complying with the emission requirements pursuant to Section 11 of the regulation. A period of six months (from June 1, 2015 to November 30, 2015, both dates inclusive) is allowed for existing NRMMs to apply for exemption.

Any person who sells or leases a regulated machine for use in Hong Kong, or uses a regulated machine in specified activities or locations, without (i) exemption or the Environmental Protection Department's approval is liable to a fine of up to HK$200,000 and imprisonment for up to six months, and (ii) a proper label is liable to a fine of up to HK$50,000 and imprisonment for up to three months.

***Regulation Related to Competition***

*Competition Ordinance (Chapter 619 of the Laws of Hong Kong)*

The Competition Ordinance prohibits and deters undertakings in all sectors from adopting anticompetitive conduct which has the object or effect of preventing, restricting or distorting competition in Hong Kong. The Competition Ordinance lays down three forms of behavior and imposes three rules which are intended to prevent and discourage anti-competitive conduct: (i) the first conduct rule under the Competition Ordinance prohibits agreements between undertakings that have the object or effect of preventing, restricting or distorting competition in Hong Kong; (ii) the second conduct rule under the Competition Ordinance prohibits undertakings with a substantial degree of market power in a market from abusing that power by engaging in conduct that has the object or effect of preventing, restricting or distorting competition in Hong Kong; and (iii) the merger rule under the Competition Ordinance prohibits mergers that have or are likely to have the effect of substantially lessening competition in Hong Kong. Currently, the merger rule only applies to the telecommunications sector. Each of the aforesaid rules is however subject to a number of exclusions and exemptions.

Pursuant to section 82 of the Competition Ordinance, if the Competition Commission has reasonable cause to believe that (a) a contravention of the first conduct rule has occurred; and (b) the contravention does not involve serious anti-competitive conduct, it must, before bringing proceedings in the Competition Tribunal against the undertaking whose conduct is alleged to constitute the contravention, issue a notice to the undertaking.

However, under section 67 of the Competition Ordinance, where a contravention of the first conduct rule has occurred and the contravention involves serious anti-competitive conduct or a contravention of the second conduct rule has occurred, the Competition Commission may, instead of bringing proceedings in the Competition Tribunal in the first instance, issue a notice (an "infringement notice") to the person against whom it proposes to bring proceedings, offering not to bring those proceedings on condition that the person makes a commitment to comply with requirements of the infringement notice. "Serious anti-competitive conduct" means any conduct that consists of any of the following or any combination of the following — (a) fixing, maintaining, increasing or controlling the price for the supply of goods or services; (b) allocating sales, territories, customers or markets for the production or supply of goods or services; (c) fixing, maintaining, controlling, preventing, limiting or eliminating the production or supply of goods or services; (d) bid-rigging.

In the event of breaches of the Competition Ordinance, the Competition Tribunal may make orders including: imposing a pecuniary penalty if satisfied that an entity has contravened a competition rule; disqualifying a person from acting as a director of a company or taking part in the management of a company; prohibiting an entity from making or giving effect to an agreement; modifying or terminating an agreement; and requiring the payment of damages to a person who has suffered loss or damage.

**MANAGEMENT**

Set forth below is information concerning our directors and executive officers as of the date of this prospectus:

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| | | |
|:---|:---|:---|
| **Directors and Executive Offices:** | **Age** | **Position / Title** |
| Sui Hei Chan | 37 | Chief Executive Officer and Chairman |
| King Wan Leung | 37 | Chief Finance Officer |
| Chak Kwan Wong | 40 | Director Nominee |
| Wan Bok Lee | 37 | Director Nominee |
| Kai Hung Kwok | 47 | Director Nominee |

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The business address of the officers and directors is Flat B1, 13/F, Hoi Bun Industrial Building, Kwun Tong, Kowloon, Hong Kong.

Brief biographies of our executive officers and directors are provided below.

**Executive Officers**

*Chief Executive Officer*

Mr. Sui Hei Chan completed his Certificate IV in University Foundation Studies at Curtin International College (Australia) in 2008, Mr. Chan returned to Hong Kong and became involved in his family's renovation business, New Fu Hing beginning at the entry level and gradually rose to management. He was involved in his family's business until he set up Global Development HK in 2015. 

*Chief Financial Officer*

Mr. King Wan Leung is a partner of Lake Baroon Business Services Limited n Hong Kong since 2020. Mr. Leung has more than 10 years' experience in accounting, audit, and taxation, providing professional services for different sizes of business and his client covered many industries from retailing to global trading, medical to marketing services. Mr. Leung graduated from the University of Bedfordshire on 2019 with a Bachelor of Arts with Honors in Accounting. Before that, he worked D K Financial Services Limited as an Assistant Manager after graduating with a Higher Diploma in Accountancy at Hong Kong Vocational Training Council in 2009. Mr. Leung join Global Development HK as its Chief Financial Officer as its Chief Financial Officer in 2023.

**Independent Directors (Nominees)**

Mr. Chak Kwan Wong has been a director of J.Wish Investment Limited in Hong Kong since 2014. Mr. Wong has nearly 20 years' experience in risk and financial management, providing professional services and risk management advice in different aspects of business and investor. Mr. Wong graduated from the Hong Kong University in 2007 with a Bachelor of Risk Management. Before that, he worked at Prudential Hong Kong Limited from 2014 to 2017 as a Branch Manager and AIA Hong Kong Limited from 2011 to 2013 as a Senior Unit Manager.

Mr. Wan Bok Lee has been an Executive Manager of Eastern Athletic Association in Hong Kong Mr. Lee graduated from Hong Kong Polytechnic University in 2012 with a Bachelor of Tourism Management. After that, he worked at Messrs. Lim & Lok Solicitor & Co for 3 years. And became a manager (corporate and litigation) in Messrs. Hoosenally & Neo, solicitors and notaries from 2015 to 2017. Mr. Lee has diversified experience in human resources management and legal knowledge, providing his professional knowledge and management skills for different sizes of clients and covering many businesses.

Mr. Kai Hung Kwok has been a Hong Kong certified public accountant since May 2019. Mr. Kwok graduated from Hong Kong University in 2007 with a Bachelor of Accounting. After that, he completed a Master of Corporate Governance from The Open University of Hong Kong in 2018 and became a Charted Secretary. Mr. Kwok has over 28 years of experience in financial reporting, taxation, compliance and internal control from small-medium sized to listed companies. Mr. Kwok has diversified experience in finance and accounting knowledge, providing his professional and internal control skills for different sizes of clients and covering many businesses. From July 1997 – February 2019, Mr. Kwok was a Deputy Manager at D K Mak & Co. C.P.A. From March 2019 – January. 2020, he was an Audit Manager at CTY & Co. From February to March 2020, he was a Manager at McMillan Woods (Hong Kong) CPA Limited. Since 2020, he has been working at his own incorporated CPA firm, KNNK CPA Limited.

**Election of Officers**

Our executive officers are appointed by, and serve at the discretion of, our board of directors.

**Family Relationships**

None of the directors or executive officers has a family relationship as defined in Item 401 of Regulation S-K.

**Involvement in Certain Legal Proceedings**

To the best of our knowledge, none of our directors or executive officers has, during the past ten years, been involved in any legal proceedings described in subparagraph (f) of Item 401 of Regulation S-K. Our directors and officers have not been involved in any transactions with us or any of our affiliates or associates which are required to be disclosed pursuant to the rules and regulations of the SEC.

**Board of Directors**

We expect our board of directors will consist of four (4) directors after completion of the Offering.

A director may vote in respect of any contract or transaction in which he is interested, provided, however that the nature of the interest of any director in any such contract or transaction shall be disclosed by him at or prior to its consideration and any vote on that matter. A disclosure to the directors or otherwise contained in the minutes of a meeting or a written resolution of the directors or any committee thereof of the nature of a director's interest shall be sufficient disclosure and after such general notice, it shall not be necessary to give special notice relating to any particular transaction. A director may be counted for a quorum upon a motion in respect of any contract or arrangement which he shall make with our company, or in which he is so interested and may vote on such motion, subject to the foregoing disclosure requirements.

**Board Committees**

We established three committees under the board of directors: an audit committee, a compensation committee and a nominating and corporate governance committee. We have adopted a charter for each of the three committees. A copy of each of our committee charters is posted on our corporate investor relations website at prior to our listing on the Nasdaq.

Committee members' names and functions are provided below.

*Audit Committee.* We expect that on completion of the Offering, the audit committee will be comprised of Kai Hung Kwok, Chak Kwan Wong and Wan Bok Lee with Chak Kwan Wong serving as chair. Our board of directors has determined that Kai Hung Kwok qualifies as an audit committee financial expert and has the required accounting or financial management expertise as defined under Item 407(d)(5) of Regulation S-K. We have also determined that Wong Chok Kwong, Wan Bok Lee and Kai Hung Kwok satisfy the "independence" requirements for purposes of serving on an audit committee under Rule 5605 of the Corporate Governance Rules of Nasdaq Stock Market and meet the independence standards under Rule 10A-3 under the Exchange Act. Our board of directors has also adopted a written charter for the audit committee which the audit committee reviews and reassesses for adequacy on an annual basis. A copy of the audit committee's current charter is available at our corporate website.

*Compensation Committee*. We expect that upon completion of the Offering, the Compensation Committee will be comprised of Kai Hung Kwok, Chak Kwan Wong and Wan Bok Lee with Wan Bok Lee serving as chair. We have also determined that Wan Bok Lee, Chak Kwan Wong and Kai Hung Kwok satisfy the "independence" requirements of Rule 5605 of the Corporate Governance Rules of Nasdaq Stock Market. The compensation committee oversees the compensation of our chief executive officer and our other executive officers and reviews our overall compensation policies for employees generally. If authorized by the board of directors, the committee may also serve as the granting and administrative committee under any option or other equity-based compensation plans which we may adopt. The compensation committee does not delegate its authority to fix compensation; however, as to officers who report to the chief executive officer, the compensation committee consults with the chief executive officer, who may make recommendations to the compensation committee. Any recommendations by the chief executive officer are accompanied by an analysis of the basis for the recommendations. The committee will also discuss compensation policies for employees who are not officers with the chief executive officer and other responsible officers. A copy of the compensation committee's current charter is available at our corporate website.

*Nominating and Corporate Governance Committee*. We expect that upon completion of the Offering, the Nominating and Corporate Governance Committee will be comprised of Kai Hung Kwok, Wan Bok Lee and Chak Kwan Wong with Kai Hung Kwok serving as chair. We have also determined that Wan Bok Lee, Chak Kwan Wong and Kai Hung Kwok satisfy the "independence" requirements of Rule 5605 of the Corporate Governance Rules of Nasdaq Stock Market. The nominating and corporate governance committee is involved in evaluating the desirability of and recommending to the board any changes in the size and composition of the board, evaluation of and successor planning for the chief executive officer and other executive officers. The qualifications of any candidate for director will be subject to the same extensive general and specific criteria applicable to director candidates generally. A copy of the nominating committee's current charter is available at our corporate website.

**Code of Business Conduct and Ethics**

We have adopted a Code of Business Conduct and Ethics that applies to our principal executive officer, principal financial officer, principal accounting officer and controller, or persons performing similar functions. The Code of Business Conduct and Ethics is available at our corporate website at https://globaldevelopmentengineering.com.

**Duties of Directors**

Under British Virgin Islands law, the directors owe fiduciary duties at both common law and under statute, including a statutory duty to act honestly, in good faith and with a view to our best interests. When exercising powers or performing duties as a director, the director is required to exercise the care, diligence, and skill that a reasonable director would exercise under the circumstances taking into account, without limitation, the nature of the company, the nature of the decision, and the position of the director and the nature of the responsibilities undertaken by him. In exercising the powers of a director, the directors must exercise their powers for a proper purpose and shall not act or agree to the company acting in a manner that contravenes our Amended Memorandum and Articles or the BVI Act.

In addition to the above, directors also owe a duty of care which is not fiduciary in nature. This duty has been defined as a requirement to act as a reasonably diligent person having both the general knowledge, skill, and experience that may reasonably be expected of a person carrying out the same functions as are carried out by that director in relation to the company and the general knowledge, skill, and experience which that director has.

As set out above, directors have a duty not to put themselves in a position of conflict and this includes a duty not to engage in self-dealing or to otherwise benefit as a result of their position.

**Qualification**

There are no membership qualifications for directors. Further, there are no share ownership qualifications for directors. There are no other arrangements or understandings pursuant to which our directors are selected or nominated.

**Terms of Directors and Officers**

Our directors may be elected by a resolution of our shareholders. Each of our directors will hold office until the expiration of his or her term fixed by the resolution of shareholders appointing him or her, if any, or until his earlier death, resignation, or removal. A director will be removed from office (a) by resolution of our shareholders; or (b) by resolution of our board of directors passed by all the other directors at a meeting of our board of directors duly convened and held in accordance with the Amended Memorandum and Articles or by a resolution in writing signed by all of the other directors.

**Interested Transactions**

British Virgin Islands law does not regulate transactions between a company and its significant members, however it does provide that such transactions must be entered into bona fide in the best interests of the company and not with the effect of constituting a fraud on the minority members. We have adopted a code of business conduct and ethics which requires employees to fully disclose any situations that could reasonably be expected to give rise to a conflict of interest, and sets forth relevant restrictions and procedures when a conflict of interest arises to ensure the best interest of the Company.

As set out above, directors have a duty not to put themselves in a position of conflict and this includes a duty not to engage in self-dealing, or to otherwise benefit as a result of their position.

**Remuneration and Borrowing**

The directors may, by resolution of directors, fix the emoluments of directors with respect to services to be rendered in any capacity to the Company. The compensation committee will assist the directors in reviewing and approving the compensation structure for the directors. Our board of directors may exercise all the powers of the Company to incur indebtedness, liabilities or obligations and to secure indebtedness, liabilities or obligations whether of the Company or of any third party.

**Employment Agreements with Named Executive Officers and Directors**

We have entered into employment agreements with each of the named executive officers. Under these agreements, each of the named executive officers is employed and is entitled to receive annual salary plus other remuneration, pension insurance, medical insurance, maternity insurance work-related injury insurance, and other benefits pursuant to Hong Kong law. We and the named executive officers may terminate the employment upon mutual agreement. The named executive officers may terminate the employment by giving three months advance written notice. We may terminate the employment for cause, at any time, without notice or remuneration, for certain acts of the executive officer, such as serious violation of the Company's rules and regulations, gross neglect of duty and misconduct resulting in large economic losses to the Company, damaging the Company's image through defamation or disseminating rumors about the Company or its employees outside the Company. We may also terminate the employment for cause, with three months advance written notice. The employment agreements will be terminated upon (1) mutual agreement, (2) the death of the named executive officers, (3) the bankruptcy of the Company pursuant to law, and (4) revocation of the Company's business license, shutdown of the business pursuant to the order issued by the relevant authority, or earlier dissolution of the Company.

Each named executive officer has agreed not to be involved in a second occupation during the period of employment. Without our prior written consent or related mutual agreement, he/she shall not, directly or indirectly, hold any position in any other enterprises providing same or similar products or services.

Each named executive officer has agreed to be bound by non-competition restrictions during the term of his or her employment and for three months following termination of the employment. The executive officers are not allowed to contact our customers for business after termination of the employment and we have the right to bring legal action against them in the event of any losses so caused by their breach of said restrictions.

We have entered into confidentiality agreements with each of the named executive officers. Each named executive officer has agreed (1) not to inquire about trade secrets which are unrelated to the performance of his or her work; (2) not to disclose the trade secrets of the Company to any third party; (3) not to allow any third party to use or acquire the trade secrets of the Company, except as required in the performance of his or her duties in connection with the employment or pursuant to the instruction of the Company; (4) not to use the trade secrets of the Company for self-benefit; (5) to hold the trade secrets in strict confidence and report to the Company if the trade secrets are disclosed; and (6) to keep other confidential obligations.

Each executive officer has agreed to hold, both during and after the termination or expiry of his or her employment agreement, in strict confidence, except as required in the performance of his or her duties in connection with the employment or pursuant to applicable law or the Company's instruction, any of our trade secrets, the trade secrets of our business partners and customers received by us and for which we have confidential obligations.

We have entered into director agreements with each of our independent director appointees. Their appointments will be effective on the date of close of our Offering and the listing of our Ordinary Shares on the Nasdaq Capital Market. These agreements set forth the services to be provided and compensation to be received by our independent directors, as well as the independent directors' obligations in terms of confidentiality, non-competition and non-solicitation. Pursuant to these agreements, the directorship of our independent director appointees will last until the earlier of (i) the date on which the director ceases to be a member of our board of directors for any reason or (ii) the next annual meeting of shareholders if the director is not re-elected.

**Overseeing Data and Cybersecurity Risk**

It is the responsibility of our board of directors to ensure that the Company maintains sound and effective risk management procedures to safeguard our shareholders' investment and the Company's assets at all times. Our board of directors formulates and supervises the implementation of our risk management policy and the ultimate goal of our risk management process is to bring focus and effort to the issues in our business operations that create impediments to our success.

Our board of directors has identified that breaches of data protection and cybersecurity are potentially a major risk to our business, as the Company collects certain data and information during the course of its business operations. Accordingly, data protection measures are put in place to ensure the data and information that the Company collects are not misappropriated or misused, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Network protection*. Our information technology ("IT") network is configured with two main layers of protection, consisting of the database layer and the data entry layer, to secure our databases and servers. The database layer provides for user identification and authentication and user access rights control, while the data entry layer applies a web application firewall to prevent attacks and other data intrusion incidents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Access restriction*. We have implemented an internal policy to safeguard against any unauthorized access to data which sets out, among others, the obligations and job duties of the system administrator and the implementation of passwords, back-up and security measures against hackers, viruses and network attacks to ensure data security. Only a limited number of our employees has access to the data we collect, and authorization from senior management is required if access to the data is requested from other employees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Compliance policies*. We have implemented measures to comply with laws and regulations on data protection and privacy in Hong Kong. We have implemented an internal data usage and maintenance policy to safeguard against the misuse of data and information, requiring our employees to use authorized passwords and logins to access our computer systems and use our data and information only for the specific purpose and scope permitted by us and not to use such data and information for other purposes without prior written consent from our senior management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Defense against computer virus and hacking of systems*. We have implemented protection and security measures against computer virus and hacking of systems and continue to strengthen such measures, including firewall, data encryption, access restriction, data backup and other automatic software protection measures; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Contingency measures for failure of IT systems*. In the event of any damage to our IT system, we have measures to isolate any malfunctioning software to retain the integrity of our IT systems, and once we identify the malfunctioning software, we will rectify and restore operations. To continue managing risks and to ensure the smooth operation of our business, our board of directors would consider engaging an independent IT consultant, if needed, to assist us in reviewing and providing recommendations for improving our data protection measures. Our board of directors also arranges to provide regular training to our employees and encourage an all-embracing culture of IT risk management, ensuring that all employees are aware of and responsible for managing IT risks.

**EXECUTIVE COMPENSATION**

Our compensation committee approves our salaries and benefit policies. They determine the compensation to be paid to our executive officers based on our financial and operating performance and prospects, and contributions made by the officers to our success. Each of the named officers will be measured by a series of performance criteria by the board of directors or the compensation committee on a yearly basis. Such criteria will be set forth based on certain objective parameters such as job characteristics, required professionalism, management skills, interpersonal skills, related experience, personal performance and overall corporate performance.

Our board of directors has not adopted or established a formal policy or procedure for determining the amount of compensation paid to our executive officers. The board of directors will make an independent evaluation of appropriate compensation to key employees, with input from management. The board of directors has oversight of executive compensation plans, policies and programs.

**Summary Compensation Table**

The following table sets forth certain information with respect to compensation for the year ended March 31, 2023, 2024 and 2025 earned by or paid to our chief executive officer and chief financial officer (the "named executive officers").

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name and Principal Position** | **Fiscal**<br> **Year** | **Fee**<br> **earned**<br> **or paid**<br> **in Cash**<br> **(HK$)** | **Base**<br> **Compensation**<br> **and**<br> **bonus(HK$)** | **Share**<br> **Awards**<br> **(HK$)** | **Option**<br> **Awards**<br> **(HK$)** | **Non-equity**<br> **Incentive**<br> **Plan**<br> **Compensation**<br> **(HK$)** | **Change in**<br> **Pension**<br> **Value and**<br> **Nonqualified**<br> **Deferred**<br> **(HK$)** | **All Other**<br> **Compensation**<br> **(HK$)** | **Total**<br> **(HK$)** |
| Sui Hei Chan | 2023 | 1600000 | – |  | – |  | – |  | 1600000 |
| Chief Executive Officer | 2024 | 1080000 | – |  | – |  | – |  | 1080000 |
|  | 2025 | 960000 | – |  | – |  | – |  | 960000 |
| King Wan Leung | 2023 |  | – |  | – |  | – |  |  |
| Chief Financial Officer\* | 2024 | 180000 | – |  | – |  | – |  | 180000 |
|  | 2025 | 360000 | – |  | – |  | – |  | 360000 |

---

\*Mr. Leung joined Global Development HK in October, 2023. Mr. Leung agreed to defer his compensation until after the Offering, In the meantime, he accrues compensation of HK$30,000 per month from October 2023 through March 31, 2024.

**Compensation of Directors**

For the fiscal years ended March 31, 2025 and 2024 no members of our board of directors received compensation in their capacity as directors.

*Director Compensation — Non-Employee Directors*

Historically, we have not paid our non-employee directors. We have agreed to pay our independent directors an annual cash retainer of $[●] after the listing, subject to terms of the definitive agreements. We will also reimburse all directors for any out-of-pocket expenses incurred by them in connection with their services provided in such capacity. In addition, we may provide incentive grants of stock, options, or other securities convertible into or exchangeable for our securities.

**RELATED PARTY TRANSACTIONS**

A related party is generally defined as (i) any person and or their immediate family hold 10% or more of the company's securities (ii) the Company's management and or their immediate family, (iii) someone that directly or indirectly controls, is controlled by or is under common control with the Company, or (iv) anyone who can significantly influence the financial and operating decisions of the Company. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties. Related parties may be individuals or corporate entities.

Transactions involving related parties cannot be presumed to be carried out on an arm's-length basis, as the requisite conditions of competitive, free market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm's-length transactions unless such representations can be substantiated.

In addition to the executive officer and director compensation arrangements discussed in "*Executive Compensation*," below we describe transactions since incorporation, to which we have been a participant, in which the amount involved in the transaction is material to our Company and in which any of the following is a party: (a) enterprises that directly or indirectly through one or more intermediaries, control or are controlled by, or are under common control with, our Company; (b) associates; (c) individuals owning, directly or indirectly, an interest in the voting power of our Company that gives them significant influence over our Company, and close members of any such individual's family; (d) key management personnel: that is, those persons having authority and responsibility for planning, directing and controlling the activities of our Company, including directors and senior management of companies and close members of such individuals' families; and (e) enterprises in which a substantial interest in the voting power is owned, directly or indirectly, by any person described in (c) or (d) or over which such a person is able to exercise significant influence.

The table below sets forth the major related parties and their relationships with the Company as of March 31, 2025 and 2024.

---

| | |
|:---|:---|
| **Names of the related parties** | **Relationship with the Group** |
| Sui Hei Chan | Controlling shareholder and Chief Executive Officer ("CEO") of the Group |
| New Fu Hing Engineering Limited ("New Fu Hing") | An affiliate of immediate family member of CEO of the Group |
| King Wan Leung | Chief Finance Officer ("CFO") of the Group |
| Lake Baroon Business Services Limited | The Group controlled by the CFO |

---

**(a) Amounts due to related parties** 

---

| | | | |
|:---|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** | **As of March 31,** |
|  | **2024** | **2025** | **2025** |
|  | **HK$** | **HK$** | **US$** |
| New Fu Hing (i) | 16123087 | 6252687 | 801627 |
| Lake Baroon Business Services Limited | - | 51700 | 6628 |
|  | **16123087** | **6304387** | **808255** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Amounts due to New Fu Hing represented the accounts
 payable of Global Development HK to New Fu Hing related to the subcontracting fees, cost of materials and tools and labor costs of
 Global Development HK's construction projects. As a related party and strategic partner, New Fu Hing has agreed that this amount
 due to New Fu Hing carries no fixed repayment terms and provided a written commitment dated September 16,
 2025 stating no demand for repayment within the next 12 months (Exhibit 10.8).

**(b) Amounts due from related parties**

---

| | | | |
|:---|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** | **As of March 31,** |
|  | **2024** | **2025** | **2025** |
|  | **HK$** | **HK$** | **US$** |
| King Wan Leung | 245000 |  |  |
| Lake Baroon Business Services Limited | 16000 |  |  |
|  | **261000** |  |  |

---

**(c) Related parties' transactions**

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended March 31,** | **For the year ended March 31,** | **For the year ended March 31,** |
|  | **2024** | **2025** | **2025** |
|  | **HK$** | **HK$** | **US$** |
| Purchase from New Fu Hing | 13960030 | 4218556 | 540841 |
| Sales to New Fu Hing |  | 6000000 | 769231 |
| Commission for recommended projects to New Fu Hing |  | 13100 | 1679 |
| Renovation for King Wan Leung | 245000 | 46160 | 5918 |
| Accounting service from Lake Baroon Business Services Limited | 62300 | 43605 | 5590 |
|  | **14267330** | **10321421** | **1323259** |

---

**PRINCIPAL SHAREHOLDERS**

The following table sets forth information with respect to beneficial ownership of our Ordinary Shares as of the date of the prospectus by:

● Each person who is known by us to beneficially own more than 5% of our issued and outstanding ordinary shares;

● Each of our directors, director nominees and named executive officers; and

● All directors and named executive officers as a group.

We are authorized to issue an unlimited number of Ordinary Shares with no par value The number and percentage of Ordinary Shares beneficially owned before the Offering are based on 17,500,000 Ordinary issued and outstanding as of the date of this prospectus and 21,250,000 Ordinary Shares post-Offering.

Information with respect to beneficial ownership has been furnished by each director, officer, or beneficial owner of more than 5% of our Ordinary Shares. Beneficial ownership is determined in accordance with the rules of the SEC and generally requires that such person have voting or investment power with respect to securities. In computing the number of Ordinary Shares beneficially owned by a person listed below and the percentage ownership of such person, Ordinary Shares underlying options, warrants or convertible securities held by each such person that are exercisable or convertible within 60 days of the date of this prospectus are deemed issued and outstanding but are not deemed outstanding for computing the percentage ownership of any other person. None of our shareholders as of the date of this prospectus is a record holder in the United States. Except as otherwise indicated in the footnotes to this table, or as required by applicable community property laws, all persons listed have sole voting and investment power for all Ordinary Shares shown as beneficially owned by them. Unless otherwise indicated in the footnotes, the address for each principal shareholder is in the care of our Company at Flat B1, 13/F, Hoi Bun Industrial Building, Kwun Tong, Kowloon, Hong Kong.

We are not aware of any arrangement that may, at a subsequent date, result in a change of control of our Company.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Ordinary Shares beneficially<br> owned prior to this Offering** | **Ordinary Shares beneficially<br> owned prior to this Offering** | **Ordinary Shares beneficially<br> held immediately after this Offering** | **Ordinary Shares beneficially<br> held immediately after this Offering** |
| <br>**Name of Beneficial Owner** | **Number of<br> Ordinary<br> Shares** | **Approximate<br> percentage of<br> outstanding<br> Ordinary<br> Shares** | **Number of<br> Ordinary<br> Shares** | **Approximate<br> percentage of<br> outstanding<br> Ordinary<br> Shares<sup>(5)</sup>** |
| *Directors, director nominees, and executive officers* |  |  |  |  |
| Mr. Sui Hei Chan<sup>1</sup> | 10500000 | 60.0% | 10500000 | 49.4% |
| Mr. King Wan Leung<sup>2</sup> | 822500 | 4.7% | 822500 | 3.9% |
| Mr. Chak Kwan Wong |  |  |  |  |
| Mr. Wan Bok Lee |  |  |  |  |
| Mr. Kai Hung Kwok |  |  |  |  |
| Directors and Executive Officers as a group | 11322500 | 64.7% | 11322500 | 53.3% |
| *5% or greater shareholders* |  |  |  |  |
| Absolute Apex Limited<sup>1</sup> | 10500000 | 60.0% | 10500000 | 49.4% |
| Rightway Gallop Limited<sup>3</sup> | 1417500 | 8.1% | 1417500 | 6.7% |

---

(1) Includes
 10,500,000 held by Absolute Apex Limited, a BVI business company wholly owned by Mr. Sui Hei Chan, our chief executive officer and
 Chairman.

(2) Includes
 822,500 held by Keypoint Tech Limited, a BVI business company wholly owned by Mr. King Wan Leung, our chief financial officer.

(3) Rightway Gallop Limited, a business company incorporated
 in BVI with limited liability on August 28, 2023, is wholly owned by Ms. Sze Yu Tai. Accordingly, Ms. Tai holds the sole voting and
 dispositive powers over these shares. Its registered address is Corporate Registrations Limited, Sea Meadow House, (P.O. Box 116),
 Road Town, Tortola, British Virgin Islands.

**History of Shares**

On September 4, 2023, we established SDL as a holding company under the laws of the British Virgin Islands. On the date of incorporation, SDL issued the number of Ordinary Shares to the following BVI companies below set across their respective names amounting to an aggregate 1,000 Ordinary Shares for a consideration of US$1 per share:

---

| | | |
|:---|:---|:---|
|  | Number of<br> Ordinary Shares | Number of<br> Ordinary Shares |
| Absolutely Apex Limited |  | 600 |
| Rightway Gallop Limited |  | 49 |
| Maxwell Oasis Limited |  | 49 |
| Sparkle Ascent Limited |  | 49 |
| Keypoint Tech Limited |  | 47 |
| Upward Harvest Limited |  | 47 |
| Nimble Attack Limited |  | 47 |
| Beauty Reown Limited |  | 48 |
| Direct Linkage Limited |  | 32 |
| Honest Orient Limited |  | 32 |

---

SDL then acquired all the shares of Global Development HK from its controlling shareholder on December 7, 2023, becoming the ultimate holding company Global Development HK.

On April 25, 2024, SDL was renamed "Global Development Engineering Company Limited". On April 25, 2024, Ordinary Shares were issued to the BVI companies detailed in the table below for the number of shares set across their respective names for a consideration of US$0.1 per Ordinary Share:

---

| | |
|:---|:---|
|  | Number of<br> Ordinary Shares |
| Absolutely Apex Limited | 10499400 |
| Rightway Gallop Limited | 857451 |
| Maxwell Oasis Limited | 857451 |
| Sparkle Ascent Limited | 857451 |
| Keypoint Tech Limited | 822453 |
| Upward Harvest Limited | 822453 |
| Nimble Attack Limited | 822453 |
| Beauty Reown Limited | 839952 |
| Direct Linkage Limited\* | 559968 |
| Honest Orient Limited | 559968 |

---

\*Direct Linkage Limited transferred all its Ordinary Shares to Rightway Gallop Limited on November 5, 2024.

The abovementioned Ordinary Shares were offered and sold in reliance upon an exemption from registration pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended, and Rule 506(b) of Regulation D thereunder.

As of the date of this prospectus, the Company is authorized to issue an unlimited number of Ordinary Shares of no par value, and 17,500,000 Ordinary Shares are issued and outstanding. As of the date of this prospectus, none of our issued and outstanding Ordinary Share is held by record holders in the United States. We are not aware of any arrangement that may, at a subsequent date, result in a change of control of our Company.

Shares may only be issued as registered shares and the Company is not authorized to issue bearer shares. Registered shares may not be exchanged for bearer shares or converted to bearer shares.

**DESCRIPTION OF ORDINARY SHARES**

**General**

We are primarily engaged in construction and renovations work in Hong Kong. Our key operating subsidiary, Global Development HK, obtained the necessary business registration as a general building contractor from the Sino Group, a leading property developer in Hong Kong, in 2015. Our controlling shareholder currently owns 60% of our issued share capital.

On September 4, 2023, we established SDL as a holding company under the laws of the British Virgin Islands. On the date of incorporation, SDL issued the number of Ordinary Shares to the following BVI companies below set across their respective names amounting to an aggregate 1,000 Ordinary Shares for a consideration of US$1 per share:

---

| | | |
|:---|:---|:---|
|  | Number of<br> Ordinary Shares | Number of<br> Ordinary Shares |
| Absolutely Apex Limited |  | 600 |
| Rightway Gallop Limited |  | 49 |
| Maxwell Oasis Limited |  | 49 |
| Sparkle Ascent Limited |  | 49 |
| Keypoint Tech Limited |  | 47 |
| Upward Harvest Limited |  | 47 |
| Nimble Attack Limited |  | 47 |
| Beauty Reown Limited |  | 48 |
| Direct Linkage Limited |  | 32 |
| Honest Orient Limited |  | 32 |

---

SDL then acquired all the shares of Global Development HK from its controlling shareholder on December 7, 2024, becoming the ultimate holding company Global Development HK.

On April 25, 2024, SDL was renamed "Global Development Engineering Company Limited". On April 25, 2024, Ordinary Shares were issued to the BVI companies detailed in the table below for the number of shares set across their respective names for a consideration of US$0.1 per Ordinary Share:

---

| | |
|:---|:---|
|  | Number of<br> Ordinary Shares |
| Absolutely Apex Limited | 10499400 |
| Rightway Gallop Limited | 857451 |
| Maxwell Oasis Limited | 857451 |
| Sparkle Ascent Limited | 857451 |
| Keypoint Tech Limited | 822453 |
| Upward Harvest Limited | 822453 |
| Nimble Attack Limited | 822453 |
| Beauty Reown Limited | 839952 |
| Direct Linkage Limited | 559968 |
| Honest Orient Limited | 559968 |

---

The abovementioned Ordinary Shares were offered and sold in reliance upon an exemption from registration pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended, and Rule 506(b) of Regulation D thereunder.

As of the date of this prospectus, the Company is authorized to issue an unlimited number of Ordinary Shares of no par value, and 17,500,000 Ordinary Shares are issued and outstanding. As of the date of this prospectus, none of our issued and outstanding Ordinary Share is held by record holders in the United States. We are not aware of any arrangement that may, at a subsequent date, result in a change of control of our Company.

Shares may only be issued as registered shares and the Company is not authorized to issue bearer shares. Registered shares may not be exchanged for bearer shares or converted to bearer shares.

The following description of our authorized shares and our constitutional rules under our Amended Memorandum and Articles is qualified in its entirety by reference to our Amended Memorandum and Articles, which have been filed as an exhibit to the registration statement of which this prospectus is a part.

**Amended Memorandum and Articles**

The following discussion describes our Amended Memorandum and Articles that (subject to any limitations, restrictions or modifications in our Amended Memorandum and Articles; and subject to any rights or restrictions attaching to any shares) will be in effect upon the completion of this Offering:

*Objects and Purposes, Register, and Shareholders.* Subject to the BVI Act and BVI law, our objects and purposes are unlimited. Our register of members will be maintained by our transfer agent, Transhare Corporation. Under the BVI Act, a BVI company may treat the registered holder of a share as the only person entitled to (a) exercise any voting rights attaching to the share, (b) receive notices, (c) receive a distribution in respect of the share and (d) exercise other rights and powers attaching to the share. Consequently, as a matter of BVI Law, where a shareholder's shares are registered in the name of a nominee such as Cede & Co, the nominee is entitled to receive notices, receive distributions and exercise rights in respect of any such shares registered in its name. The beneficial owners of the shares registered in a nominee's name will therefore be reliant on their contractual arrangements with the nominee in order to receive notices and dividends and ensure the nominee exercises voting and other rights in respect of the shares in accordance with their directions.

*Directors' Powers.* Under the BVI Act, subject to any modifications or limitations in a company's memorandum and articles of association, a company's business and affairs are managed by, or under the direction or supervision of, its directors; and directors generally have all powers necessary to manage a company. A director must disclose any interest he has in any proposal, arrangement or contract not entered into in the ordinary course of business and on usual terms and conditions. An interested director may (subject to the Amended Memorandum and Articles) vote on a transaction in which he has an interest. In accordance with, and subject to, our Amended Memorandum and Articles, the directors may by resolution of directors exercise all the powers of the Company to incur indebtedness, liabilities or obligations and to secure indebtedness, liabilities or obligations whether of the Company or of any third party. All decisions about the compensation of directors will be recommended by the compensation committee and approved by way of resolution of directors of the Company.

*Ordinary Shares. Our* Ordinary Shares shall carry equal rights and rank *pari passu* with one another, including but not limited to the rights to dividends and other distributions. Our Ordinary Shares are issued in registered form and are issued when registered in our register of members.

*Rights, Preferences and Restrictions of Ordinary Shares.* Our directors may (subject to our Amended Memorandum and Articles and BVI law) authorize dividends at such time and in such amount as they determine, subject to their being satisfied that the Company will meet the statutory solvency test immediately after the dividend. In the event of a liquidation or dissolution of the Company, each Ordinary Share (subject to our Amended Memorandum and Articles) is entitled to an equal share in all surplus assets remaining available for distribution to them after payment and discharge of all claims, debts, liabilities and obligations of the Company and after provision is made for each class of shares (if any) having preference over the Ordinary Shares. Holders of our Ordinary Shares have no pre-emptive rights. Subject to the provisions of the BVI Act, we may, (subject to our Amended Memorandum and Articles) with the consent of the shareholder whose shares are to be purchased, repurchase our Ordinary Shares in certain circumstances provided that the Company will, immediately after the repurchase, satisfy the solvency test. The Company will satisfy the solvency test, if (i) the value of the Company's assets exceeds its liabilities; and (ii) the Company is able to pay its debts as they fall due.

*Voting Rights.* In respect of all matters subject to a shareholders' vote, each ordinary share is entitled to one vote for each ordinary share registered in his or her name on our register of members. Holders of ordinary shares shall at all times vote together on all resolutions submitted to a vote of the members. Voting at any meeting of shareholders is by show of hands unless a poll is demanded. A poll may be demanded by the chairman of such meeting or any one shareholder. A quorum required for a meeting of shareholders consists of the holders of at least thirty three and one third (33 1/3) percent of the votes of the shares being individuals present in person or by proxy or if a corporation or other non-natural person by its duly authorised representative or proxy shall be a quorum. Each general meeting, other than an annual general meeting, shall be an extraordinary general meeting. Extraordinary general meetings may be called by a majority of our board of directors or our chairman or upon a requisition of shareholders holding at the date of deposit of the requisition not less than thirty percent of the issued shares which as at that date carry the right to vote in respect of the matter for which the meeting is requested. Advance notice of at least 7 clear days is required for the convening of our annual general meeting and other general meetings unless such notice is waived in accordance with our Amended Memorandum and Articles.

*Variation of the Rights of Shareholders.* Pursuant to our Amended Memorandum and Articles, the rights conferred upon the holders of the shares of any class of the Company may (subject to our Amended Memorandum and Articles) be varied, whether or not the Company being wound up (dissolved), with the consent in writing of or by resolution passed at a meeting by the holders of more than two-thirds of the issued shares of that class or with the sanction of a resolution passed by a majority of not less than two thirds of the votes cast at a separate meeting of the holders of the Shares of that class.

*Shareholder Meetings.* In accordance with, and subject to, our Amended Memorandum and Articles, (a) any director of the Company may convene meetings of the shareholders at such times as the director considers necessary or desirable (and the director convening a meeting of shareholders may fix as the record date for determining those shareholders that are entitled to vote at the meeting the date notice is given of the meeting, or such other date as may be specified in the notice, being a date not earlier than the date of the notice); and (b) upon the written request of shareholders entitled to exercise 30% or more of the voting rights in respect of the matter for which the meeting is requested, the directors shall convene a meeting of shareholders. Under BVI Law, the memorandum and articles of association may be amended to decrease but not increase the required percentage to call a meeting above 30%. In accordance with, and subject to, our Amended Memorandum and Articles, (a) the director convening a meeting shall give not less than 7 clear days' notice of a meeting of shareholders to those shareholders whose names on the date the notice is given appear as shareholders in the register of members of the Company and are entitled to vote at a meeting; and the other directors; (b) a meeting of shareholders held in contravention of the requirement to give notice is valid if shareholders holding at least 95% of the total voting rights on all the matters to be considered at the meeting have waived notice of the meeting and, for this purpose, the presence of the shareholder at the meeting shall constitute waiver in relation to all of the shares that that shareholder holds; (c) a meeting of the shareholders is duly constituted if, at the commencement of the meeting, there are present in person or by proxy not less than thirty three and one third (33 1/3)% of the votes of the shares; (d) if within two hours from the time appointed for the meeting a quorum is not present, the meeting, if convened upon the request of the shareholders, shall be dissolved; in any other case it shall stand adjourned to the next business day in the jurisdiction in which the meeting was to have been held at the same time and place or to such other time and place as the directors may determine, and if at the adjourned meeting there are present within one hour from the time appointed for the meeting in person or by proxy not less than one third of the votes of the shares entitled to vote on the matters to be considered at the meeting, those present shall constitute a quorum but otherwise the meeting shall be dissolved.

*Dividends.* The holders of our ordinary shares are entitled to an equal share of such dividends as may be declared by our board of directors subject to the BVI Act. Our Amended Memorandum and Articles provide that dividends may be declared and paid at such time, and in such an amount, as the directors determine subject to their being satisfied that the Company will meet the statutory solvency test immediately after the dividend.

*Appointment and Removal of Directors*. In accordance with, and subject to, our Amended Memorandum and Articles (including, for the avoidance of any doubt, any rights or restrictions attaching to any Ordinary Shares), (a) the directors shall be elected by resolution of shareholders for such term as the shareholders determine; (b) each director holds office for the term, if any, fixed by the resolution of shareholders appointing him, or until his disqualification, earlier death, resignation or removal; (c) a director may be removed from office: (i) by a resolution of shareholders or (ii) by resolution of directors passed by all of the other directors at a meeting of directors duly convened and held in accordance with the Amended Memorandum and Articles or by a resolution in writing signed by all of the other directors; (d) a director may resign his office by giving written notice of his resignation to the Company and the resignation has effect from the date the notice is received by the Company at the office of its registered agent or from such later date as may be specified in the notice and a director shall resign forthwith as a director if he is, or becomes, disqualified from acting as a director under the BVI Act; (e) the directors may at any time appoint any person to be a director either to fill a vacancy or as an addition to the existing directors and where the directors appoint a person as director to fill a vacancy, the term shall not exceed the term that remained when the person who has ceased to be a director ceased to hold office; (f) a vacancy in relation to directors occurs if a director dies or otherwise ceases to hold office prior to the expiration of his term of office; and (g) a director is not required to hold shares in the Company as a qualification to office.

*Meetings of Directors.* In accordance with, and subject to, our Amended Memorandum and Articles, (a) any one director of the Company may call a meeting of the directors by sending a written notice to each other director; (b) the directors of the Company or any committee thereof may meet at such times and in such manner as the directors may determine to be necessary or desirable; (c) a director shall be given not less than 2 days' notice of meetings of directors, but a meeting of directors held without 2 days' notice having been given to all directors shall be valid if all the directors entitled to vote at the meeting who do not attend waive notice of the meeting, and for this purpose the presence of a director at a meeting shall constitute waiver by that director and the inadvertent failure to give notice of a meeting to a director, or the fact that a director has not received the notice, does not invalidate the meeting; (d) a meeting of directors is duly constituted for all purposes if at the commencement of the meeting there are present in person or by alternate not less than one-half of the total number of directors, unless there are only 2 directors in which case the quorum is two; (e) a resolution of directors is passed if either (i) the resolution is approved at a duly convened and constituted meeting of directors of the Company or of a committee of directors of the Company by the affirmative vote of a majority of the directors present at the meeting who voted except that where a director is given more than one vote, he shall be counted by the number of votes he casts for the purpose of establishing a majority; or (ii) the resolution is consented to in writing by a majority of directors or by a majority of members of a committee of directors of the Company, as the case may be, unless (in either case) the BVI Act or our Amended Memorandum and Articles require a different majority.

*Indemnification of Directors*. BVI law does not limit the extent to which a company's memorandum and articles of association may provide for indemnification of officers and directors, except to the extent any such provision may be held by the BVI High Court to be contrary to public policy (e.g. for purporting to provide indemnification against the consequences of committing a crime). An indemnity will be void and of no effect and will not apply to a person unless the person acted honestly and in good faith and in what he believed to be in the best interests of the company and, in the case of criminal proceedings, the person had no reasonable cause to believe that his conduct was unlawful. Our Amended Memorandum and Articles permit indemnification of officers and directors for losses, damages, costs and expenses incurred in their capacities as such unless such losses or damages arise from dishonesty or fraud of such directors or officers.

In accordance with, and subject to, our Amended Memorandum and Articles, the Company may purchase and maintain insurance for the benefit of any director or other officer of the Company against any liability which, by virtue of any rule of law, would otherwise attach to such person in respect of any negligence, default, breach of duty or breach of trust of which such person may be guilty in relation to the Company

*Directors and Conflicts of Interest.* As noted above, pursuant to the BVI Act and the Company's Amended Memorandum and Articles, a director of the Company who has an interest in a transaction entered into or to be entered into by the Company and who has declared such interest to the other directors, may vote in respect of such transaction.

*Issuance of Additional Shares.* Our Amended Memorandum and Articles authorizes our board of directors to issue additional ordinary shares from time to time as our board of directors shall determine.

However, under British Virgin Islands law, our directors may only exercise the rights and powers granted to them under our Amended Memorandum and Articles for a proper purpose and for what they believe in good faith to be in the best interests of our Company.

*Transfer of Shares*. Under the BVI Act and our Amended Memorandum and Articles, shares that are listed on a recognized exchange may be transferred without the need for a written instrument of transfer if the transfer is carried out in accordance with the laws, rules, procedures and other requirements applicable to shares listed on the recognized exchange.

*Calls on Ordinary Shares and Forfeiture of Ordinary Shares.* Our board of directors may from time to time make calls upon members for any amounts unpaid on their ordinary shares in a notice served to such members at least 14 clear days prior to the specified time of payment. The ordinary shares that have been called upon and remain unpaid are subject to forfeiture.

*Inspection of Books and Records.* A member of the Company is entitled, on giving written notice to the Company, to inspect (a) the memorandum and articles of association of the Company; (b) the register of members; (c) the register of directors; and (d) the minutes of meetings and resolutions of members and of those classes of members of which he is a member; and to make copies of or take extracts from the documents and records. Subject to the Amended Memorandum and Articles, the directors may, if they are satisfied that it would be contrary to the Company's interests to allow a member to inspect any document, or part of a document, specified in (b), (c) and (d) above, refuse to permit the member to inspect the document or limit the inspection of the document, including limiting the making of copies or the taking of extracts from the records.

Where a company fails or refuses to permit a member to inspect a document or permits a member to inspect a document subject to limitations, that member may apply to the BVI High Court for an order that he should be permitted to inspect the document or to inspect the document without limitation.

A company is required to keep at the office of its registered agent: its memorandum and articles of association of the company; the register of members or a copy of the register of members; the register of directors or a copy of the register of directors; and copies of all notices and other documents filed by the company in the previous ten years.

*Anti-Takeover Provisions.* Some provisions of our Amended Memorandum and Articles may discourage, delay or prevent a change of control of our company or management that members may consider favorable, including provisions that limit the ability of members to requisition and convene general meetings of members.

However, under British Virgin Islands law, our directors may only exercise the rights and powers granted to them under our Amended Memorandum and Articles for a proper purpose and for what they believe in good faith to be in the best interests of our Company.

*Disclosure of the Securities and Exchange Commission's Position on Indemnification for Securities Act Liabilities.* Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling the registrant pursuant to the foregoing provisions, the registrant has been informed that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

**Summary of Certain Significant Provisions of BVI Law**

The BVI Act differs from laws applicable to US corporations and their shareholders. Set forth below is a summary of certain significant provisions of the BVI Act applicable to us (save to the extent that such provisions have been, to the extent permitted under the BVI Act, negated or modified in our memorandum and articles of association in accordance with the BVI Act).

*Mergers and Similar Arrangements.* Under the BVI Act two or more BVI companies or a BVI company and non-BVI company, each a "constituent company," may merge or consolidate. The BVI Act provides for slightly different procedures depending on the nature of the parties to the merger or consolidation.

A merger involves the merging of two or more companies into one of the constituent companies (to the merger) with one constituent company continuing in existence to become the surviving company post-merger. A consolidation involves two or more companies consolidating into a new company.

A merger or consolidation is effective on the date that the articles of merger or consolidation (as described below) are registered by the Registrar of Corporate Affairs in the BVI, or on such later date, not exceeding 30 days from the date of registration as is stated in the articles of merger or consolidation but if the surviving company or the consolidated company is a company incorporated under the laws of a jurisdiction outside the BVI, the merger or consolidation is effective as provided by the laws of that other jurisdiction.

As soon as a merger or consolidation becomes effective:

&nbsp;&nbsp;&nbsp;&nbsp;a. the
 surviving company or consolidated company (so far as is consistent with its memorandum and articles, as amended by the articles of
 merger or consolidation) has all rights, privileges, immunities, powers, objects and purposes of each of the constituent companies;

b. the
 memorandum and articles of the surviving company or consolidated company are automatically amended to the extent, if any, that changes
 to its memorandum and articles are contained in the articles of merger or consolidation;

c. assets
 of every description, including choses in action and the business of each of the constituent companies, immediately vest in the surviving
 company or consolidated company;

d. the
 surviving company or consolidated company is liable for all claims, debts, liabilities and obligations of each of the constituent
 companies;

e. no
 conviction, judgment, ruling, order, claim, debt, liability or obligation due or to become due, and no cause existing, against a
 constituent company or against any member, director, officer or agent thereof, is released or impaired by the merger or consolidation;
 and

f. no
 proceedings, whether civil or criminal, pending at the time of a merger by or against a constituent company, or against any member,
 director or officer, or agent thereof, are abated or discontinued by the merger or consolidation; but

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 proceedings may be enforced, prosecuted, settled or compromised by or against the surviving company or consolidated company or against
 the member, director, officer or agent thereof, as the case may be; or

(ii) the
 surviving company or consolidated company may be substituted in the proceedings for a constituent company,

but if the surviving company or the consolidated company is incorporated under the laws of a jurisdiction outside the BVI, the effect of the merger or consolidation is the same as noted foregoing except insofar as the laws of the other jurisdiction otherwise provide.

The Registrar of Corporate Affairs in the BVI shall strike off the Register of Companies each constituent company that is not the surviving company in the case of a merger and all constituent companies in the case of a consolidation (save that this shall not apply to a foreign company).

The BVI Act provides that any member of the Company is entitled to payment of the fair value of his shares upon dissenting from a merger or consolidation, unless the Company is the surviving company of the merger or the consolidated company of the consolidation and the member continues to hold the same or similar shares. The following is a summary of the position in respect of dissenter's rights in the event of a merger under the BVI Act.

A dissenter is in most circumstances required to give to the Company written objection to the merger or consolidation, which must include a statement that the dissenter proposes to demand payment for his shares if the merger or consolidation takes place. This written objection must be given before the meeting of members at which the merger or consolidation is submitted to a vote, or at the meeting but before the vote. However, no objection is required from a member to whom the Company did not give notice of the meeting of members or where the proposed merger or consolidation is authorized by written consent of the members without a meeting.

Within 20 days immediately following the written consent, or the meeting at which the merger or consolidation was approved, the Company shall give written notice of the consent or resolution to each member who gave written objection or from whom written objection was not required, except those members who voted for, or consented in writing to, the proposed merger or consolidation.

A member to whom the Company was required to give notice who elects to dissent shall, within 20 days immediately following the date on which the copy of the plan of merger or consolidation or an outline of the merger or consolidation is given to him, give to the Company a written notice of his decision to elect to dissent, stating:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) his
 name and address;

(b) the
 number and classes of shares in respect of which he dissents (which must be all shares that he holds in the Company); and

(c) a
 demand for payment of the fair value of his shares.

Upon the giving of a notice of election to dissent, the dissenter ceases to have any of the rights of a member except the right to be paid the fair value of his shares, and the right to institute proceedings to obtain relief on the ground that the action is illegal.

The Company shall make a written offer to each dissenter to purchase his shares at a specified price that the Company determines to be their fair value. Such offer must be given within 7 days immediately following the date of the expiration of the period within which members may give their notices of election to dissent, or within 7 days immediately following the date on which the merger is put into effect, whichever is later.

If the Company and the dissenter fail, within 30 days immediately following the date on which the offer is made, to agree on the price to be paid for the shares owned by the dissenter, then within 20 days:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Company and the dissenter shall each designate an appraiser;

(b) the
 two designated appraisers together shall designate an appraiser;

(c) the
 three appraisers shall fix the fair value of the shares owned by the dissenter as of the close of business on the day prior to the
 date of the meeting or the date on which the resolution was passed, excluding any appreciation or depreciation directly or indirectly
 induced by the action or its proposal, and that value is binding on the Company and the dissenter for all purposes; and

(d) the
 Company shall pay to the dissenter the amount in money upon the surrender by him of the certificates representing his shares, and
 such shares shall be cancelled.

*Continuation into a Jurisdiction Outside the BVI.* In accordance with, and subject to, our Amended Memorandum and Articles, the Company may by resolution of shareholders or by a resolution passed unanimously by all directors of the Company continue as a company incorporated under the laws of a jurisdiction outside the BVI in the manner provided under those laws. The Company does not cease to be a BVI company unless the foreign law permits continuation and the BVI company has complied with the requirements of that foreign law. Where a company is continued under the laws of a jurisdiction outside the BVI, (a) the company continues to be liable for all of its claims, debts, liabilities and obligations that existed prior to its continuation, (b) no conviction, judgment, ruling, order, claim, debt, liability or obligation due or to become due, and no cause existing, against the company or against any shareholder, director, officer or agent thereof, is released or impaired by its continuation as a company under the laws of the jurisdiction outside the BVI, (c) no proceedings, whether civil or criminal, pending by or against the company, or against any shareholder, director, officer or agent thereof, are abated or discontinued by its continuation as a company under the laws of the jurisdiction outside the BVI, but the proceedings may be enforced, prosecuted, settled or compromised by or against the Company or against the shareholder, director, officer or agent thereof, as the case may be; and (d) service of process may continue to be effected on the registered agent of the company in the BVI in respect of any claim, debt, liability or obligation of the Company during its existence as a company under the BVI Act.

*Members' Suits.* Under the provisions of the BVI Act, the memorandum and articles of association of a company are binding as between the company and its members and between the members.

If the majority members have infringed a minority member's rights, the minority may seek to enforce its rights either by derivative action or by personal action. A derivative action concerns the infringement of the company's rights where the wrongdoers are in control of the company and are preventing it from taking action, whereas a personal action concerns the infringement of a right that is personal to the particular member concerned.

The BVI Act provides for a series of remedies available to members. Where a company incorporated under the BVI Act conducts some activity which breaches the BVI Act or the company's memorandum and articles of association, the BVI High Court can issue a restraining or compliance order. Members can now also bring derivative, personal and Representative Actions under certain circumstances.

Generally, any other claims against a company by its members must be based on the general laws of contract or tort applicable in the BVI or their individual rights as members as established by the company's memorandum and articles of association.

In certain circumstances, a member has the right to seek various remedies against the company in the event the directors are in breach of their duties under the BVI Act. Pursuant to Section 184B of the BVI Act, if a company or director of a company engages in, proposes to engage in or has engaged in, conduct that contravenes the provisions of the BVI Act or the memorandum or articles of association of the company, the courts of the British Virgin Islands may, on application of a member or director of the company, make an order directing the company or director to comply with, or restraining the company or director from engaging in conduct that contravenes the BVI Act or the memorandum or articles. Furthermore, pursuant to Section 184I(1) of the BVI Act, a member of a company who considers that the affairs of the company have been, are being or likely to be, conducted in a manner that is, or any acts of the company have been, or are likely to be oppressive, unfairly discriminatory, or unfairly prejudicial to him in that capacity, may apply to the courts of the British Virgin Islands for an order which, inter alia, can require the company or any other person to pay compensation to the members.

Any member of a company may apply to the BVI High Court for the appointment of a liquidator for the company and the Court may appoint a liquidator for the company if it is of the opinion that it is just and equitable to do so.

*Inspection of Books and Records.* A member of the Company is entitled, on giving written notice to the Company, to inspect (a) the memorandum and articles of association of the Company; (b) the register of members; (c) the register of directors; and (d) the minutes of meetings and resolutions of members and of those classes of members of which he is a member; and to make copies of or take extracts from the documents and records. Subject to the Amended Memorandum and Articles, the directors may, if they are satisfied that it would be contrary to the Company's interests to allow a member to inspect any document, or part of a document, specified in (b), (c) and (d) above, refuse to permit the member to inspect the document or limit the inspection of the document, including limiting the making of copies or the taking of extracts from the records. Where a company fails or refuses to permit a member to inspect a document or permits a member to inspect a document subject to limitations, that member may apply to the BVI High Court for an order that he should be permitted to inspect the document or to inspect the document without limitation.

*Transactions with Interested Members.* 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 member" for three years following the date that such person becomes an interested member. An interested member 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 members would not be treated equally. The statute does not apply if, among other things, prior to the date on which such member becomes an interested member, the board of directors approves either the business combination or the transaction which resulted in the person becoming an interested member. This encourages any potential acquirer of a Delaware corporation to negotiate the terms of any acquisition transaction with the target's board of directors.

British Virgin Islands law has no comparable statute. As a result, we are not afforded the same statutory protections in the British Virgin Islands as we would be offered by the Delaware business combination statute. However, although British Virgin Islands law does not regulate transactions between a company and its significant members, it does provide that such transactions must be entered into bona fide in the best interests of the company and not with the effect of constituting a fraud on the minority members. See also "*Members' Suits*" above. We have adopted a code of business conduct and ethics which requires employees to fully disclose any situations that could reasonably be expected to give rise to a conflict of interest, and sets forth relevant restrictions and procedures when a conflict of interest arises to ensure the best interest of the Company. *Squeeze-out Provisions.* Members of a company holding 90% of the votes of the issued and outstanding shares entitled to vote and members of a company holding 90% of the votes of the issued and outstanding shares of each class of shares entitled to vote as a class, may give a written instruction to the company directing it to redeem the shares held by the remaining members.

*Dissolution; Winding Up.* Under BVI law, the liquidation of a company may be a voluntary solvent liquidation or an insolvent liquidation under the BVI Insolvency Act.

**Voluntary Liquidation**

If the liquidation is a solvent liquidation, the provisions of the BVI Act govern the liquidation. A company may only be liquidated under the BVI Act as a solvent liquidation if it has no liabilities or it is able to pay its debts as they fall due, and the value of its assets exceeds its liabilities. Subject to the memorandum and articles of association of a company, a liquidator may be appointed by a resolution of directors or resolution of members, but if the directors have commenced liquidation by a resolution of directors the members must approve the liquidation plan by a resolution of members save in limited circumstances.

A liquidator is appointed for the purpose of collecting in and realizing the assets of a company and distributing proceeds to creditors.

We expect that in the event of a voluntary liquidation of the Company, after payment of the liquidation costs and any sums then due to creditors, the liquidator would distribute our remaining assets on a pari passu basis.

*Rights of Non-resident or Foreign Members.* There are no limitations imposed by our Amended Memorandum and Articles on the rights of non-resident or foreign members to hold or exercise voting rights on our shares. In addition, there are no provisions in our Amended Memorandum and Articles governing the ownership threshold above which member ownership must be disclosed.

*Anti-money laundering.* In order to comply with legislation or regulations aimed at the prevention of money laundering the Company is required to adopt and maintain anti-money laundering procedures and may require members to provide evidence to verify their identity. Where permitted, and subject to certain conditions, the Company also may delegate the maintenance of our anti-money-laundering procedures (including the acquisition of due diligence information) to a suitable person.

If any person resident in the British Virgin Islands knows or suspects that another person is engaged in money laundering or terrorist financing and the information for that knowledge or suspicion came to their attention in the course of their business the person will be required to report his belief or suspicion to the Financial Investigation of the British Virgin Islands, pursuant to the Proceeds of Criminal Conduct Act 1997 (as amended). 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.

**Material Differences in BVI Law and our Memorandum and Articles of Association and Delaware Law**

Our corporate affairs are governed by our memorandum and articles of association and the provisions of applicable BVI law, including the BVI Act and BVI common law. The BVI Act differs from laws applicable to US corporations and their shareholders. The following table provides a comparison between certain statutory provisions of the BVI Act (together with the provisions of our memorandum and articles) and the Delaware General Corporation Law relating to shareholders' rights.

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| | | | |
|:---|:---|:---|:---|
| **Shareholder Meetings** | **Shareholder Meetings** | | |
| **BVI** | **BVI** | **Delaware** | **Delaware** |
| ● | In accordance with, and subject to, our Amended Memorandum and Articles (a) any director of the company may convene meetings of the shareholders at such times and in such manner as the director considers necessary or desirable; and (b) upon the written request of shareholders entitled to exercise thirty percent (30%) or more of the voting rights in respect of the matter for which the meeting is requested the directors shall convene a meeting of shareholders.<br>| ● | May be held at such time or place as designated in the charter or the by-laws, or if not so designated, as determined by the board of directors.<br>|
| ● | May be held inside or outside the BVI. | ● | May be held inside or outside Delaware. |
| ● | In accordance with, and subject to, our Amended Memorandum and Articles, (a) the director convening a meeting shall give not less than 7 clear days' notice of a meeting of shareholders to those shareholders whose names on the date the notice is given appear as shareholders in the register of members of the company and are entitled to vote at the meeting; and the other directors; and (b) the director convening a meeting of shareholders may fix as the record date for determining those shareholders that are entitled to vote at the meeting the date notice is given of the meeting, or such other date as may be specified in the notice, being a date not earlier than the date of the notice. | ● | Whenever shareholders are required to take any action at a meeting, a written notice of the meeting shall be given which shall state the place, if any, date and hour of the meeting, and the means of remote communication, if any. |
| **Shareholder's Voting Rights** | **Shareholder's Voting Rights** |  |  |
| **BVI** | **BVI** | **Delaware** | **Delaware** |
| ● | In accordance with, and subject to, our Amended Memorandum and Articles (including, for the avoidance of any doubt, any rights or restrictions attaching to any shares), (a) a shareholder may be represented at a meeting of shareholders by a proxy who may speak and vote on behalf of the shareholder; and (b) the instrument appointing a proxy shall be produced at the place designated for the meeting before the time for holding the meeting at which the person named in such instrument proposes to vote. The notice of the meeting may specify an alternative or additional place or time at which the proxy shall be presented. | ● | Any person authorized to vote may authorize another person or persons to act for him by proxy. |
| ● | In accordance with, and subject to, our Amended Memorandum and Articles (including, for the avoidance of any doubt, any rights or restrictions attaching to any shares), (a) a meeting of shareholders is duly constituted if, at the commencement of the meeting, there are present in person or by proxy not less than thirty three and one third percent (33 1/3%) of the votes of the shares or class or series of shares entitled to vote on resolutions of shareholders to be considered at the meeting; and (b) if within two hours from the time appointed for the meeting a quorum is not present, the meeting, if convened upon the requisition of shareholders, shall be dissolved; in any other case it shall stand adjourned to the next business day in the jurisdiction in which the meeting was to have been held at the same time and place or to such other time and place as the directors may determine, and if at the adjourned meeting there are present within one hour from the time appointed for the meeting in person or by proxy not less than one third of the votes of the shares or each class or series of shares entitled to vote on the matters to be considered by the meeting, those present shall constitute a quorum but otherwise the meeting shall be dissolved. | ● | The charter or bylaws may specify the number to constitute a quorum but in no event shall a quorum consist of less than one-third of shares entitled to vote at a meeting. In the absence of such specifications, a majority of shares shall constitute a quorum.<br>|

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● In
 accordance with, and subject to, our Amended Memorandum and Articles (including, for the avoidance of any doubt, any rights or restrictions
 attaching to any shares), (a) at any meeting of the shareholders, the chairman is responsible for deciding in such manner as he considers
 appropriate whether any resolution proposed has been carried or not and the result of his decision shall be announced to the meeting
 and recorded in the minutes of the meeting. If the chairman has any doubt as to the outcome of the vote on a proposed resolution,
 he shall cause a poll to be taken of all votes cast upon such resolution. If the chairman fails to take a poll then any shareholder
 present in person or by proxy who disputes the announcement by the chairman of the result of any vote may immediately following such
 announcement demand that a poll be taken and the chairman shall cause a poll to be taken forthwith. If a poll is taken at any meeting,
 the result shall be announced to the meeting and recorded in the minutes of the meeting. In accordance with the BVI Act, a shareholder
 resolution is passed if approved by a majority of in excess of 50% or, if a higher majority is required by the memorandum and articles,
 that higher majority, of the votes of those shareholders entitled to vote and voting on the resolution; unless (in either case) the
 BVI Act or our memorandum and articles require a different majority. ● Except
as provided in the charter documents, changes in the rights of shareholders as set forth in the charter documents require approval of
a majority of its shareholders.

● In
 accordance with, and subject to, our Amended Memorandum and Articles, (a) the rights attached to shares as specified in the memorandum
 may only, whether or not the Company is in liquidation, be varied with the consent in writing of or by a resolution passed
 at a meeting by the holders of not less than two thirds of the issued shares of that class, except where some other majority is required
 under our memorandum and articles or the BVI Act. ● The
 certificate of incorporation or bylaws may provide for cumulative voting.

● In
 accordance with, and subject to, our Amended Memorandum and Articles, the Company may amend its memorandum or articles by a resolution
 of shareholders or by a resolution of directors.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Directors** | **Directors** | **Directors** |  |  |  |
| **BVI** | **BVI** | **BVI** | **Delaware** | **Delaware** | **Delaware** |
|  | ● | In accordance with, and subject to, our Amended Memorandum and Articles, the minimum number of directors shall be one. |  | ● | Board must consist of at least one member.<br>|
|  | ● | In accordance with, and subject to, our Amended Memorandum and Articles (including, for the avoidance of any doubt, any rights or restrictions attaching to any Ordinary Shares), (a) directors shall be elected by resolution of shareholders for such term as the shareholders determine; (b) each director holds office for the term, if any, fixed by the resolution of shareholders appointing him, or until his earlier death, resignation or removal; (c) a director may be removed from office: (i) by a resolution of shareholders; or (ii) by resolution of directors passed by all of the other directors at a meeting of the directors duly convened and held in accordance with the Amended Memorandum and Articles or by a resolution in writing signed by all of the other directors; (d) a director may resign his office by giving written notice of his resignation to the Company and the resignation has effect from the date the notice is received by the Company at the office of its registered agent or from such later date as may be specified in the notice and a director shall resign forthwith as a director if he is, or becomes, disqualified from acting as a director under the BVI Act; and (e) a director is not required to hold Ordinary Shares as a qualification to office. |  | ● | Number of board members shall be fixed by the bylaws, unless the charter fixes the number of directors, in which case a change in the number shall be made only by amendment of the charter. |
|  | ● | Directors do not have to be independent. |  | ● | Directors do not have to be independent. |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Shareholder's Derivative Actions** | **Shareholder's Derivative Actions** | **Shareholder's Derivative Actions** |  |  |  |
| **BVI** | **BVI** | **BVI** | **Delaware** | **Delaware** | **Delaware** |
|  | ● | Under the provisions of the BVI Act, the memorandum and articles of association of a company are binding as between the company and its members and between the members. In general, members are bound by the decision of the majorities as set out in the articles of association or in the BVI Act. As for voting, the usual rule is that with respect to normal commercial matters members may act from self-interest when exercising the right to vote attached to their shares. |  | ● | In any derivative suit instituted by a shareholder of a corporation, it shall be averred in the complaint that the plaintiff was a shareholder of the corporation at the time of the transaction of which he complains or that such shareholder's stock thereafter devolved upon such shareholder by operation of law. |
|  | ● | If the majority members have infringed a minority member's rights, the minority may seek to enforce its rights either by derivative action or by personal action. A derivative action concerns the infringement of the company's rights where the wrongdoers are in control of the company and are preventing it from taking action, whereas a personal action concerns the infringement of a right that is personal to the particular member concerned. |  | ● | Complaint shall set forth with particularity the efforts of the plaintiff to obtain the action by the board or the reasons for not making such effort. |
|  | ● | The BVI Act provides for a series of remedies available to members. Where a company incorporated under the BVI Act conducts some activity which breaches the BVI Act or the company's memorandum and articles of association, the BVI High Court can issue a restraining or compliance order. Members can now also bring derivative, personal and Representative Actions under certain circumstances. |  | ● | Such action shall not be dismissed or compromised without the approval of the Delaware Court of Chancery. |
|  | ● | The traditional English basis for members' remedies have also been incorporated into the BVI Act: where a member of a company considers that the affairs of the company have been, are being or are likely to be conducted in a manner likely to be oppressive, unfairly discriminating or unfairly prejudicial to him, he may apply to the BVI High Court for an order on such conduct. |  |  |  |
|  | ● | Any member of a company may apply to the BVI High Court for the appointment of a liquidator for the company and the Court may appoint a liquidator for the company if it is of the opinion that it is just and equitable to do so. |  |  |  |

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---

| | |
|:---|:---|
| ● | The Act provides that any member of a company is entitled to payment of the fair value of his shares upon dissenting from any of the following: |
|  | (a) a merger; |
|  | (b) a consolidation; |
|  | (c) any sale, transfer, lease, exchange or other disposition of more than 50% in value of the assets or business of the company if not made in the usual or regular course of the business carried on by the company but not including (i) a disposition pursuant to an order of the court having jurisdiction in the matter; (ii) a disposition for money on terms requiring all or substantially all net proceeds to be distributed to the members in accordance with their respective interest within one year after the date of disposition; or (iii) a transfer pursuant to the power of the directors to transfer assets for the protection thereof; |
|  | (d) a redemption of 10%, or fewer, of the issued shares of the company required by the holders of 90%, or more, of the shares of the company pursuant to the terms of the BVI Act; and |
|  | (e) an arrangement, if permitted by the BVI High Court. |
| ● | Generally, any other claims against a company by its members must be based on the general laws of contract or tort applicable in the BVI or their individual rights as members as established by the company's memorandum and articles of association. |
| ● | The BVI Act provides that if a company or a director of a company engages in, proposes to engage in or has engaged in, conduct that contravenes the BVI Act or the memorandum or articles of association of the company, the BVI High Court may, on the application of a member or a director of the company, make an order directing the company or director to comply with, or restraining the company or director from engaging in conduct that contravenes the BVI Act or the memorandum or articles of association. |

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**SHARES ELIGIBLE FOR FUTURE SALE**

Prior to this Offering, there has not been a public market for our Ordinary Shares. We plan to apply to list our Ordinary Shares on the Nasdaq Capital Market under the symbol "[●]". Future sales of substantial amounts of our Ordinary Shares in the public market after our initial public offering, or the possibility of these sales occurring, could cause the prevailing market price for our Ordinary Shares to fall or impair our ability to raise equity capital in the future. Upon completion of this Offering, we will have issued and outstanding Ordinary Shares held by public shareholders representing approximately [●] % of our Ordinary Shares in issue.

All of the Ordinary Shares sold in this Offering will be freely transferable by persons other than our affiliates without restriction or further registration under the Securities Act.

**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 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.

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 then-issued and outstanding Ordinary Shares of the same class, which will equal approximately [●] Ordinary Shares immediately after this Offering, assuming the sales of all of the Ordinary Shares we are offering; and

● the average weekly trading volume of our ordinary shares of the same class on the Nasdaq Capital Market during the four calendar weeks preceding the date on which notice of the sale on Form 144 is filed with the SEC.

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.

**TAXATION**

**<u>Material Tax Consequences Applicable to U.S. Holders of Our Ordinary Shares</u>**

The following sets forth the material U.S. federal income tax consequences related to an investment in our Ordinary Shares. It is directed to U.S. Holders (as defined below) of our Ordinary Shares and is based upon laws and relevant interpretations thereof in effect as of the date of this prospectus, all of which are subject to change. This description does not deal with all possible tax consequences relating to an investment in our Ordinary Shares or U.S. tax laws, other than the U.S. federal income tax laws, such as the tax consequences under non U.S. tax laws, state, local and other tax laws. Unless otherwise noted in the following discussion, this section is the opinion of Sichenzia Ross Ference Carmel LLP, our U.S. Tax counsel, insofar as it relates to legal conclusions with respect to matters of U.S. federal income tax law, and of Robertsons, our Hong Kong counsel, insofar as it relates to legal conclusions with respect to matters of Hong Kong Taxation below.

The following brief description applies only to U.S. Holders (defined below) that hold Ordinary Shares as capital assets and that have the U.S. dollar as their functional currency. This brief description is based on the federal income tax laws of the United States in effect as of the date of this prospectus and on U.S. Treasury regulations in effect or, in some cases, proposed, as of the date of this prospectus, as well as judicial and administrative interpretations thereof available on or before such date. All of the foregoing authorities are subject to change, which change could apply retroactively and could affect the tax consequences described below.

The brief description below of the U.S. federal income tax consequences to "U.S. Holders" will apply to you if you are a beneficial owner of Ordinary Share and you are, 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) organized under the laws of the United States, any state thereof or the District of Columbia;

● an estate whose income 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.

**<u>Hong Kong Taxation</u>**

The following brief description of Hong Kong laws is designed to highlight the enterprise-level taxation on our earnings, which will affect the amount of dividends, if any, we are ultimately able to pay to our shareholders. See "*Dividend Policy*."

**Taxes**

No tax is imposed in Hong Kong in respect of capital gains from the sale of capital assets, such as our Ordinary Shares. Hence, there is no withholding tax on capital gains from sale of our Ordinary Shares. However, revenue gains from the sale of assets 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 profits tax. Liability for Hong Kong profits tax would therefore arise in respect of revenue 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. Effective from April 1, 2018, profits tax is levied on a two-tiered profits tax rate basis, with the first HK$2 million of assessable profits being taxed at 8.25% for corporations and 7.5% for unincorporated businesses, and assessable profits exceeding the first HK$2 million being taxed at 16.5% for corporations and 15% for unincorporated businesses. There is no bilateral tax treaty between Hong Kong and the United States.

Hong Kong does not impose tax on dividends. Furthermore, dividends received from foreign companies are not taxable as they are foreign-source income. Hence, there is no withholding tax on dividends received in respect of our Ordinary Shares

**Stamp Duty**

Hong Kong stamp duty is generally payable on the transfer of "Hong Kong stock." The term "stocks" refers to stock 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.

**<u>British Virgin Islands Taxation</u>**

The following summary contains a description of certain British Virgin Islands and U.S. federal income tax consequences of the acquisition, ownership and disposition of ordinary shares, but it does not purport to be a comprehensive description of all the tax considerations that may be relevant to a decision to purchase ordinary shares. The summary is based upon the tax laws of British Virgin Islands and regulations thereunder and on the tax laws of the U.S. and regulations thereunder as of the date hereof, which are subject to change.

Prospective investors should consult their professional advisers on the possible tax consequences of buying, holding or selling any Shares under the laws of their country of citizenship, residence or domicile.

***British Virgin Islands Tax Considerations***

Under Existing British Virgin Islands Laws, the Company and all dividends, interest, rents, royalties, compensation and other amounts paid by the Company to persons who are not resident in the BVI and any capital gains realized with respect to any shares, debt obligations, or other securities of the Company by persons who are not resident in the BVI are exempt from all provisions of the Income Tax Ordinance in the BVI.

No estate, inheritance, succession or gift tax, rate, duty, levy or other charge is payable by persons who are not resident in the BVI with respect to any shares, debt obligation or other securities of the Company.

All instruments relating to transfers of property to or by the Company and all instruments relating to transactions in respect of the shares, debt obligations or other securities of the Company and all instruments relating to other transactions relating to the business of the Company are exempt from payment of stamp duty in the BVI. This assumes that the Company does not hold an interest in real estate in the BVI.

There are currently no withholding taxes or exchange control regulations in the BVI applicable to the Company or its members.

The disclosure included in the Taxation Section of this Prospectus is the opinion of Maples and Calder, our BVI counsel, on the BVI tax consequences of investing in the Company. In addition, Maples and Calder has confirmed rendering the tax opinion relating the BVI taxation contained in this section in part of its legal opinion attached herein as <u>Exhibit 5.1.</u>

**<u>United States Federal Income Taxation</u>**

**WE URGE POTENTIAL PURCHASERS OF OUR ORDINARY SHARES TO CONSULT THEIR OWN TAX ADVISORS CONCERNING THE U.S. FEDERAL, STATE, LOCAL AND NON-U.S. TAXCONSEQUENCES OF PURCHASING, OWNING AND DISPOSING OF OUR ORDINARY SHARES.**

The following does not address the tax consequences to any particular investor or to persons in special tax situations such as:

● banks;

● financial institutions;

● insurance companies;

● regulated investment companies;

● real estate investment trusts;

● broker-dealers;

● traders that elect to mark-to-market;

● U.S. expatriates;

● tax-exempt entities;

● persons liable for alternative minimum tax;

● persons holding our Ordinary Shares as part of a straddle, hedging, conversion or integrated transaction;

● persons that actually or constructively own 10% or more of our voting shares (including by reason of owning our Ordinary Shares);

● persons who acquired our Ordinary Shares pursuant to the exercise of any employee share option or otherwise as compensation; or

● persons holding our Ordinary Shares through partnerships or other pass-through entities or corporations that may be disregarded for tax purposes, such as controlled foreign corporations or passive foreign investment companies.

The discussion set forth below is addressed only to U.S. Holders that purchase Ordinary Shares in this Offering. Prospective purchasers are urged to consult their own tax advisors about the application of the U.S. federal income tax rules to their particular circumstances as well as the state, local, foreign and other tax consequences to them of the purchase, ownership and disposition of our Ordinary Shares.

***Material Tax Consequences Applicable to U.S. Holders of Our Ordinary Shares***

The following discussion sets forth the material U.S. federal income tax consequences related to the ownership and disposition of our Ordinary Shares. It is directed to U.S. Holders (as defined below) of our Ordinary Shares and is based upon laws and relevant interpretations thereof in effect as of the date of this prospectus, all of which are subject to change. This description does not deal with all possible tax consequences relating to ownership and disposition of our Ordinary Shares or U.S. tax laws, other than the U.S. federal income tax laws, such as the tax consequences under non-U.S. tax laws, state, local and other tax laws.

The information applies only to U.S. Holders (defined below) that hold Ordinary Shares as capital assets and that have the U.S. dollar as their functional currency. This brief description is based on the federal income tax laws of the United States in effect as of the date of this prospectus and on U.S. Treasury regulations in effect or, in some cases, proposed, as of the date of this prospectus, as well as judicial and administrative interpretations thereof available on or before such date. All of the foregoing authorities are subject to change, which change could apply retroactively and could affect the tax consequences described below.

The brief description below of the U.S. federal income tax consequences to "U.S. Holders" described below will apply to you if you are a beneficial owner of Ordinary Share and you are, 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) organized under the laws of the United States, any state thereof or the District of Columbia;

● an estate whose income 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.

*Taxation of Dividends and Other Distributions on Our Ordinary Shares*

Subject to the passive foreign investment company rules discussed below, the gross amount of distributions made by us to you with respect to the Ordinary Shares (including the amount of any taxes withheld therefrom) will generally be includable in your gross income as dividend income on the date of receipt by you. As a general rule distributions are taxed as dividends only to the extent that they are paid out of our current or accumulated earnings and profits as determined under U.S. federal income tax principles. However, while we prepare our financial statements under U.S. GAAP principles, we do not expect necessarily to calculate current or accumulated earnings and profits under U.S. tax principles; accordingly, dividends paid to U.S. holders may be taxable to them as dividends even if not paid out of current and accumulated earnings and profits. With respect to corporate U.S. Holders, the dividends will not be eligible for the dividends-received deduction allowed to corporations in respect of dividends received from other U.S. corporations.

With respect to non-corporate U.S. Holders, including individual U.S. Holders, dividends will be taxed at the lower capital gains rate applicable to qualified dividend income, provided that (1) the Ordinary Shares are readily tradable on an established securities market in the United States, or we are eligible for the benefits of an approved qualifying income tax treaty with the United States that includes an exchange of information program, (2) we are not a passive foreign investment company (as discussed below) for either our taxable year in which the dividend is paid or the preceding taxable year, and (3) certain holding period requirements are met. Because there is no income tax treaty between the United States and the British Virgin Islands, clause (1) above can be satisfied only if the Ordinary Shares are readily tradable on an established securities market in the United States. Under U.S. Internal Revenue Service guidelines, Ordinary Shares are considered for purpose of clause (1) above to be readily tradable on an established securities market in the United States if they are listed on the Nasdaq Capital Market. You are urged to consult your tax advisors regarding the availability of the lower rate for dividends paid with respect to our Ordinary Shares, including the effects of any change in law after the date of this prospectus. Non-corporate U.S. Holders will also be subject to the 3.8% Net Investment Income Tax if their income exceeds the threshold amounts for such tax.

Dividends will constitute foreign source income for foreign tax credit limitation purposes. If the dividends are taxed as qualified dividend income (as discussed above), the amount of the dividend taken into account for purposes of calculating the foreign tax credit limitation will be limited to the gross amount of the dividend, multiplied by the reduced rate divided by the highest rate of tax normally applicable to dividends. The limitation on foreign taxes eligible for the credit is calculated separately with respect to specific classes of income. For this purpose, dividends distributed by us with respect to our Ordinary Shares will generally constitute "passive category income" but could, in the case of certain U.S. Holders, constitute "general category income."

A dividend distribution that exceeds our current and accumulated earnings and profits is treated as a tax-free return of your tax basis in your Ordinary Shares, and to the extent that it exceeds your tax basis, as capital gain. However, as noted above, this general rule applies, only if we determine our accumulated earnings and profits under U.S. federal income tax principles. Also, as noted above, we do not necessarily calculate our earnings and profits under U.S. federal income tax principles. Therefore, a U.S. Holder should expect distributions on our Ordinary Shares to be treated as dividends even if they would otherwise be treated as a non-taxable return of capital or as capital gain under the rules described above. The 3.8% Net Investment Income Tax described above also applies to capital gains.

*Taxation of Dispositions of Ordinary Shares*

Subject to the passive foreign investment company rules discussed below, you will recognize taxable gain or loss on any sale, exchange or other taxable disposition of Ordinary Shares equal to the difference between the amount realized (in U.S. dollars) for the share and your tax basis (in U.S. dollars) in the Ordinary Shares. The gain or loss will be capital gain or loss. Subject to the passive foreign investment company rules discussed below, you will recognize taxable gain or loss on any sale, exchange or other taxable disposition of Ordinary Shares equal to the difference between the amount realized (in U.S. dollars) for the Ordinary Shares and your tax basis (in U.S. dollars) in the Ordinary Shares. The gain or loss will be capital gain or loss. If you are a non-corporate U.S. Holder, including an individual U.S. Holder, who has held the Ordinary Shares for more than one year, you will generally be eligible for reduced tax rates. The deductibility of capital losses is subject to limitations. Any such gain or loss that you recognize will generally be treated as United States source income or loss for foreign tax credit limitation purposes which will generally limit the availability of foreign tax credits.

***Passive Foreign Investment Company***

**<u>Our Status as a Passive Foreign Investment Company.</u>**

A non-U.S. corporation is considered a passive foreign investment company or *"PFIC"* for any taxable year if either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● at least 75% of its gross income for such taxable year is passive income (the "passive income test"); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● at least 50% of the value of its assets (based on an average of the quarterly values of the assets during a taxable year) is attributable to assets that produce or are held for the production of passive income (the "asset test")

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

In determining whether we are a PFIC, we are permitted, under Internal Revenue Code ("Code") Section 1297(c), to take into account, on a pro rata basis, the income and the assets of any entity of which we own (or are treated under the Code as owning) at least 25% of the stock by value (a so-called "look-through subsidiary"). Because we own 100% of the stock of Global Development HK, in determining our PFIC status we will take into account its income and assets (other than certain assets, or the income therefrom, that are subject to intercompany transfers), as well as the income and assets of any other look-through subsidiary 25% or more owned by us.

Under the income test, our status as a PFIC will depend on the nature of our income and the income of Global Development HK. We expect Global Development HK to have considerable amounts of income from operations and so we expect that any passive income generated by us and by Global Development HK will not amount to 75% of the total income from all the entities. Accordingly, based on our current operations we would not expect to be a PFIC under the passive income test. (As discussed below, PFIC status is determined on an annual basis and our status as a PFIC under the passive income test may change from year to year.)

In determining whether we are a PFIC under the assets test, a number of different kinds of assets must be taken into account. Global Development HK has considerable assets used in its operations which would be counted as active assets. However, in this Offering we expect to raise for our Company cash in an amount that considerably exceeds the value of the operational assets of Global Development HK. The IRS has stated that cash, even if held as working capital (other than amounts held for the purpose of meeting the ordinary course operating expenses of the trade or business), produces passive income and is therefore a passive asset. Our status as a PFIC under the assets test will therefore depend in large part on how quickly we convert the cash that we raise into active business assets or otherwise spend it. Our status as a PFIC could also depend on the value of our stock as determined by the market. PFIC status based on assets is calculated annually and is based on the average quarterly value of our assets. Accordingly, our status as a PFIC based on the assets test could change from year to year.

Based on the foregoing, it is not possible to determine whether we will be characterized as a PFIC for the 2025 taxable year or any subsequent year until after the close of the relevant year. We must make a separate determination each year as to whether we are a PFIC (under either the asset test or the passive income test), and there can be no assurance with respect to our status as a PFIC for 2025 or any future taxable year.

If we are a PFIC for any year during which you hold our Ordinary Shares, we will continue to be treated as a PFIC with respect to you for all succeeding years during which you hold our Ordinary Shares, even if in a succeeding taxable year we are no longer classified as a PFIC. However, if we cease to be a PFIC, you may avoid the adverse effects of the PFIC regime thereafter by making a "purging election" (as described below) with respect to the Ordinary Shares. A discussion of other ways in which you may be able to mitigate some of the adverse effects of PFIC status is also set forth below.

**<u>Consequences to You of PFIC status.</u>**

If we are a PFIC for a taxable year during which you hold Ordinary Shares, you will be subject to special tax rules with respect to any "excess distribution" that you receive on, and with respect to any gain that you realize from a sale or other disposition (including a pledge) of the Ordinary Shares, in that year and subsequent years, unless you make a "mark-to-market" election as discussed below. You will be subject to these rules for the first year in which we are a PFIC and for all subsequent years unless (i) we cease to be classified as a PFIC and (ii) you make a "purging election," as discussed below.

"Excess distributions" are distributions you receive from us in a taxable year that are greater than 125% of the average annual distributions you received from us during (i) the three preceding taxable years or (ii) your holding period for the Ordinary Shares, whichever is shorter. Under the special tax rules that apply to excess distributions and to gains realized from a disposition of our Ordinary Shares,

● the excess distribution or gain will be allocated ratably (on a daily basis) over your holding period for the Ordinary Shares;

● the amount allocated to your current taxable year, and any amount allocated to any tax year(s) in your holding period prior to the first taxable year in which we were a PFIC, will be treated as ordinary income arising in the current taxable year; and

● the amount allocated to each of your other taxable years (i.e., prior years during which we were a PFIC) will be subject to the highest tax rate in effect for those years; moreover, interest charges generally applicable to underpayments of tax will be imposed on the resulting tax attributable to each such year.

The tax liability for amounts allocated to years prior to the year of excess distribution or disposition cannot be offset by any net operating losses for such years, and gains (but not losses) realized on the sale of the Ordinary Shares cannot be treated as capital, even if you hold the Ordinary Shares as capital assets.

"<u>Mark-to-market</u>" Election. To elect out of the excess distribution tax treatment discussed above, a U.S. Holder of "marketable stock" (as defined below) in a PFIC may make a mark-to-market election for such stock. If you make a mark-to-market election for the first taxable year which you hold (or are deemed to hold) Ordinary Shares and for which we are determined to be a PFIC, you will include in your income each year an amount equal to the excess, if any, of the fair market value of the Ordinary Shares as of the close of such taxable year over your adjusted basis in such Ordinary Shares. Such excess will be treated as ordinary income and not capital gain. Under the mark-to-market rules you are allowed an ordinary loss for the excess, if any, of the adjusted basis of the Ordinary Shares over their fair market value as of the close of the taxable year. However, such ordinary loss is allowable only to the extent of any net mark-to-market gains on the Ordinary Shares included in your income for prior taxable years. Your basis in the Ordinary Shares will be adjusted to reflect any such income or loss amounts.

In you sell or otherwise dispose of any Ordinary Shares that are subject to a mark-to-market election, any gain on the sale or other disposition is treated as ordinary income. Any loss incurred on such sale or disposition is treated as an ordinary loss, but only to the extent that the amount of such loss does not exceed the net mark-to-market gains previously included for such Ordinary Shares.

If you make a valid mark-to-market election and if we subsequently make dividend distributions, the tax rules that apply to distributions by corporations which are not PFICs would apply to such distributions, except that the lower applicable capital gains rate for qualified dividend income discussed above under "*Taxation of Dividends and Other Distributions on our Ordinary Shares*" generally would not apply.

The mark-to-market election is available only for "marketable stock," which is stock that is traded, other than in *de minimis* quantities, on at least 15 days during each calendar quarter ("regularly traded") on a qualified exchange or other market (as defined in applicable U.S. Treasury regulations), including the Nasdaq Capital Market. We expect to be listed on the Nasdaq Capital Market by the time this offering is closed, but we are uncertain as to whether our Ordinary Shares will be regularly traded. If our Ordinary Shares do not trade regularly on the Nasdaq Capital Market, the mark-to-market election would not be available to you were we to be or become a PFIC.

"<u>Purging Election.</u>" If you do not make a timely "mark-to-market" election (as described above), and if we were a PFIC at any time during the period you hold our Ordinary Shares, then such Ordinary Shares will continue to be treated as stock of a PFIC with respect to you even if we cease to be a PFIC in a future year, unless you make a "purging election" for the year we cease to be a PFIC. A "purging election" creates a deemed sale of such Ordinary Shares at their fair market value on the last day of the last year in which we are treated as a PFIC. The gain recognized by the purging election will be subject to the special tax and interest charge rules, described above, that apply to excess distributions. But as long as we are not thereafter a PFIC, dividends distributed by us (or gains from the sale of our Ordinary Shares) following a purging election will no longer be subject to the rules (described above) that apply to excess distributions. As a result of the purging election, you will have a new basis (equal to the fair market value of the Ordinary Shares on the last day of the last year in which we are treated as a PFIC) and a new holding period (which new holding period will begin the day after such last day) in your Ordinary Shares for tax purposes.

"Qualified electing fund election". In some cases a U.S. Holder of stock in a PFIC may make a "qualified electing fund" election with respect to such PFIC in order to elect out of the tax treatment discussed above. A U.S. Holder who makes a valid qualified electing fund election with respect to a PFIC generally includes in gross income for a taxable year such holder's pro rata share of the corporation's earnings and profits for the taxable year. However, the qualified electing fund election is available only if the PFIC provides the U.S. Holder with certain information regarding its earnings and profits as required under applicable U.S. Treasury regulations (a so-called "Annual Information Statement"). We will endeavor to provide you with the information that would enable you to make a qualified electing fund election but there can be no assurance that we will be able to do so. U.S. Holders who reasonable believe that the Company was not a PFIC during any year may also be able to make so-called "protective elections" in order to preserve their ability to make a retroactive qualified electing fund election at a later date. U.S. Holders should consult their own tax advisors about this election and all PFIC elections.

**<u>PFIC Reporting Requirements.</u>** If you hold Ordinary Shares in any taxable year in which we are a PFIC, you will in all likelihood be required to file U.S. Internal Revenue Service Form 8621 for each such year and provide certain annual information regarding such Ordinary Shares, including information on distributions received on the Ordinary Shares and any gain realized on the disposition of the Ordinary Shares. You should consult your tax advisor about Form 8621 filing requirements.

The PFIC rules are complex and uncertain. You are urged to consult your tax advisor regarding the application of the PFIC rules to your investment in our Ordinary Shares, the elections discussed above, and the PFIC reporting requirements.

**<u>Information Reporting and Backup Withholding</u>**

Dividend payments with respect to our Ordinary Shares and proceeds from the sale, exchange or redemption of our Ordinary Shares may be subject to information reporting to the U.S. Internal Revenue Service and possible U.S. backup withholding at a current rate of 24%. 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 U.S. Internal Revenue Service 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 U.S. Internal Revenue Service 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 U.S. Internal Revenue Service 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.

Certain U.S. Holders are required to report information relating to our Ordinary Shares, subject to certain exceptions (including an exception for Ordinary Shares held in accounts maintained by certain financial institutions), by attaching a complete Internal Revenue Service Form 8938, Statement of Specified Foreign Financial Assets, with their tax return for each year in which they hold Ordinary Shares.

Additional reporting requirements that apply if we are classified as a PFIC are discussed above under "*Passive Foreign Investment Company – PFIC Reporting Requirements*."

**ENFORCEABILITY OF CIVIL LIABILITIES**

We are incorporated under the laws of the British Virgin Islands as a BVI business company limited by shares. We are incorporated in the British Virgin Islands because of certain benefits associated with being a British Virgin Islands entity, such as political and economic stability, an effective judicial system, a favorable tax system, the absence of exchange control or currency restrictions and the availability of professional and support services. However, the British Virgin Islands has a less exhaustive body of securities laws compared with the United States and provides protections for investors to a lesser extent. In addition, British Virgin Islands companies may not have standing to sue before the federal courts of the United States.

Substantially all of our assets are located outside the United States. In addition, a majority of our directors and officers are nationals and/or residents of countries other than the United States, and all or a substantial portion of such persons' assets are located outside the United States. Sui Hei Chan, our chief executive officer, chairman and director, King Wan Leung, chief financial officer, all director are located in Hong Kong. As a result, it may be difficult for investors to effect service of process within the United States upon us or such persons or to enforce against them or against us, judgments obtained in United States courts, including judgments predicated upon the civil liability provisions of the securities laws of the United States or any state thereof.

There is no statutory enforcement in the British Virgin Islands of judgments obtained in the U.S.; however, the courts of the British Virgin Islands will in certain circumstances recognize such a foreign judgment and treat it as a cause of action in itself which may be sued upon as a debt at common law so that no retrial of the issues would be necessary, provided that:

● the U.S. court issuing the judgment had jurisdiction in the matter and the company either submitted to such jurisdiction or was resident or carrying on business within such jurisdiction and was duly served with process;

● the judgment is final and for a liquidated sum;

● the judgment given by the U.S. court was not in respect of penalties, taxes, fines or similar fiscal or revenue obligations of the company;

● in obtaining judgment there was no fraud on the part of the person in whose favor judgment was given or on the part of the court;

● recognition or enforcement of the judgment in the British Virgin Islands would not be contrary to public policy; and

● the proceedings pursuant to which judgment was obtained were not contrary to natural justice.

The British Virgin Islands courts are unlikely to do the following things:

● recognize or enforce against the Company judgments of courts of the U.S. predicated upon the civil liability provisions of the securities laws of the U.S.; and

● impose liabilities against the Company predicated upon the certain civil liability provisions of the securities laws of the U.S. so far as the liabilities imposed by those provisions are penal in nature.

We have appointed Puglisi & Associates as our agent to receive service of process with respect to any action brought against us in the United States District Court for the Southern District of New York under the federal securities laws of the United States or of any State of the United States or any action brought against us in the Supreme Court of the State of New York in the County of New York under the securities laws of the State of New York.

Robertsons, our counsel to laws of the Hong Kong, has 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 the 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.

Our counsel to the laws of Hong Kong also advised us that in Hong Kong, foreign judgments can be enforced under the Foreign Judgments (Reciprocal Enforcement) Ordinance (Cap. 319 of the Laws of Hong Kong) or under common law. Foreign judgments can be enforced through a statutory registration scheme under the Foreign Judgments (Reciprocal Enforcement) Ordinance based on reciprocal recognition of judgment between Hong Kong and the foreign courts. The United States is not a designated country under the Foreign Judgments (Reciprocal Enforcement) Ordinance. As a result, a judgment rendered by a court in the United States, including as a result of administrative actions brought by regulatory authorities such as the SEC, and other actions, cannot be registered and may only be enforced at common law.

With respect to enforcing a judgment of the U.S. court at common law, the U.S. court judgement will not be enforced directly by execution or any other process. The U.S. court judgment itself may form the basis of a cause of action and the judgment will be regarded as creating a debt between the parties to it. The judgment debtor's liability arises on an implied promise to pay the amount of U.S. court judgment under a simple contract. Being a promise under a contract, it is subject to the usual limitation period of 6 years for such legal action.

For a U.S. court judgment to be enforceable at common law in Hong Kong, certain requirements must be met: (i) such a judgment must be for a debt or a definite sum of money other than a sum payable in respect of taxes, penalties, or similar charges; (ii) the judgment creditor has to prove, among other things, that the U.S. court judgment is a final judgment conclusive upon the merits of the claim in the U.S. jurisdiction; (iii) the U.S. court judgment must come from a "competent" court (as determined by the private international law rules applied by the Hong Kong courts); (iv) the U.S. court judgment was not obtained by fraud; (v) the U.S. court judgment was not contrary to Hong Kong rules of public policy or notions of natural justice; (vi) the U.S. court judgment is not irreconcilable with the prior decision of the Hong Kong court in an action between the same parties; and (vii) the judgment debtor submitted or agreed to submit to the jurisdiction of the U.S. court.

**UNDERWRITING**

We will enter into an underwriting agreement with Cathay Securities Inc. (the "Representative"). Subject to the terms and conditions of the underwriting agreement, the underwriters named below have agreed to purchase, and we have agreed to sell to them, the number of our Ordinary Shares at the initial public offering price, less the underwriting discounts, as set forth on the cover page of this prospectus and as indicated below:

---

| | | |
|:---|:---|:---|
| **Name** | **Number of<br> Ordinary Shares** | **Number of<br> Ordinary Shares** |
| Cathay Securities Inc. | | 3,750,000 |

---

A copy of the underwriting agreement will be filed as an exhibit to the registration statement of which this prospectus is part.

The underwriters are offering the shares subject to their acceptance of the 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 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 shares offered by this prospectus if any such shares are taken.

**Discounts and Expenses**

The underwriters have advised us that they propose to offer the Ordinary Shares to the public at the public offering price set forth on the cover page of this prospectus and to certain dealers at that price less a concession not in excess of $[●] per Ordinary Share. The underwriters may allow, and certain dealers may reallow, a discount from the concession not in excess of $[●] per Ordinary Share to certain brokers and dealers. After this Offering, the public offering price, concession, and reallowance to dealers may be changed by the Representative. No such change shall change the amount of proceeds to be received by us as set forth on the cover page of this prospectus. The Ordinary Shares are offered by the underwriters as stated herein, subject to receipt and acceptance by them and subject to their right to reject any order in whole or in part. The underwriters have informed us that they do not intend to confirm sales to any accounts over which they exercise discretionary authority.

---

| | |
|:---|:---|
|  | **Per Share** |
| Initial public offering price | $|
| Underwriting discounts <sup>(1)</sup> | $|
| Proceeds to us, before expenses | $|

---

(1) Represents
 an underwriting discount equal to (i) 7% per Ordinary Share, which is the underwriting discount we have agreed to pay for
 sales to investors in this Offering except for investors identified by us within the limit of $[●]. The fees
 do not include the Representative's Warrants or expense reimbursement provisions described below.

We have agreed to reimburse the Representative for its out-of-pocket accountable expenses (including legal fees), up to a maximum amount of US$150,000 and non-accountable expenses of 1% of the gross proceeds of the Offering. As of the date of this prospectus, we have paid US$80,000 to the Representative as an advance against out-of-pocket accountable expenses. Any advance will be returned to us to the extent the representative's out-of-pocket accountable expenses are not actually incurred in accordance with FINRA Rule 5110(g)(4)(A).

We estimate that the total expenses of the offering payable by us, excluding the underwriting discounts, and non-accountable expenses, will be approximately $1,110,000.

**Representative's Warrants**

We have also agreed to issue to the Representative warrants to purchase a number of ordinary shares equal to 5% of the total number of Ordinary Shares sold in this Offering.

The Representative's Warrants will have an exercise price per ordinary share equal to 125% of the public offering price per Ordinary Share in this Offering and may be exercised on a cashless basis. The Representative's Warrants are exercisable beginning from six months after the date of issuance and for a period of five years after the date of commencement of sales of the Offering. During such time as the Representative's Warrants are outstanding, the Company will agree not to merge, reorganize, or take any action which would terminate the Representative's Warrants without first making adequate provisions for the Representative's Warrant. The Representative's Warrants and the Ordinary Shares underlying the warrants have been deemed compensation by FINRA and are therefore subject to a 180-day lock-up pursuant to FINRA Rule 5110(e)(1). The Representative (or permitted assignees under FINRA Rule 5110(e)(1)) may not sell, transfer, assign, pledge, or hypothecate the Representative's Warrants or the ordinary shares underlying the Representative's Warrants, nor will they engage in any hedging, short sale, derivative, put, or call transaction that would result in the effective economic disposition of the Representative's Warrants or the underlying ordinary shares for a period of 180 days beginning on the commencement of sales in the offering, except as permitted by FINRA Rule 5110(e)(2). In addition, since the Representative's Warrants and the underlying Ordinary Shares will be registered in the registration statement of which this prospectus forms a part, the Representative will not receive any demand or piggyback registration rights in connection with the Representative's Warrants.

**Right of First Refusal**

We have agreed to grant the Representative, for the 12-month period following the closing of this Offering, a right of first refusal to provide investment banking services to the Company on an exclusive basis in all matters for which investment banking services are sought by the Company (such right, the "Right of First Refusal"), which right is exercisable in the Representative's sole discretion but is non-assignable. For these purposes, investment banking services shall include, without limitation, (a) acting as lead manager for any underwritten public offering; (b) acting as exclusive placement agent, initial purchaser or financial advisor in connection with any private offering of securities of the Company; and (c) acting as financial advisor in connection with any sale or other transfer by the Company, directly or indirectly, of a majority or controlling portion of its capital stock or assets to another entity, any purchase or other transfer by another entity, directly or indirectly, of a majority or controlling portion of the capital stock or assets of the Company, and any merger or consolidation of the Company with another entity. The Right of First Refusal may be terminated by the Company for cause.

**Indemnification**

We have agreed to indemnify the underwriters against certain liabilities, including liabilities under the Securities Act and liabilities arising from breaches of representations and warranties contained in the underwriting agreement, or to contribute to payments that the underwriters may be required to make in respect of those liabilities.

**Lock-Up Agreements**

We have agreed, for a period of six (6) months from the effective date of the registration statement of which this prospectus forms a part, subject to certain exceptions, not to offer, sell, contract to sell, pledge, grant any option or contract to purchase, make any short sale, lend 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 equity incentive 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 underwriters.

Furthermore, our officers, directors, and shareholders holding 5% or more of the issued and outstanding Ordinary Shares have agreed, subject to certain exceptions, to a 6-month lock-up period from the date of this prospectus, with respect to the Ordinary Shares that they beneficially own, including the issuance of shares upon the exercise of convertible securities and options that may be currently outstanding or which may be issued. This means that, for a period of six months following the date of this prospectus, such persons may not offer, sell, pledge or otherwise dispose of these securities without the prior written consent of the underwriters or as otherwise agreed.

The Representative has no present intention to waive or shorten the lock-up period; however, the terms of the lock-up agreements may be waived at its discretion. In determining whether to waive the terms of the lock-up agreements, the Representative may base its decision on its assessment of the relative strengths of the securities markets and companies similar to ours in general, and the trading pattern of, and demand for, our securities in general.

**Listing**

We intend to apply to list our Ordinary Shares on the Nasdaq Capital Market under the symbol "[●]." We make no representation that such application will be approved or that our Ordinary Shares will trade on such market either now or at any time in the future. However, we will not complete this Offering unless we are so listed.

**Electronic Offer, Sale and Distribution**

A prospectus in electronic format may be made available on websites or through other online services maintained by the underwriters or selling group members, if any, or by their affiliates, and the underwriters may distribute prospectus electronically. The underwriters may agree to allocate a number of Ordinary Shares to selling group members for sale to their online brokerage account holders. The Ordinary Shares to be sold pursuant to internet distributions will be allocated on the same basis as other allocations. Other than the prospectus in electronic format, the information on, or that can be accessed through, these websites and any information contained in any other website maintained by these entities is not part of, and is not incorporated by reference into, this prospectus or the registration statement of which this prospectus forms a part, has not been approved and/or endorsed by us or the underwriters, and should not be relied upon by investors.

In connection with this Offering, certain of the underwriters or securities dealers may distribute prospectuses by electronic means, such as e-mail.

**Passive Market Making**

Any underwriter who is a qualified market maker on Nasdaq may engage in passive market making transactions 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. Passive market makers must comply with applicable volume and price limitations and must be identified as a passive market maker. In general, a passive market maker must display its bid at a price not in excess of the highest independent bid for such security. If all independent bids are lowered below the passive market maker's bid, however, the passive market maker's bid must then be lowered when certain purchase limits are exceeded.

**Pricing of this Offering**

Prior to this Offering, there has been no public market for our Ordinary Shares. The initial public offering price for our Ordinary Shares will be determined through negotiations between us and the Representative. Among the factors to be considered in these negotiations will be prevailing market conditions, our financial information, market valuations of other companies that we and the Representative believe to be comparable to us, estimate of our business potential and earning prospects, the present state of our development and other factors deemed relevant. The initial public offering price of our Ordinary Shares in this Offering does not necessarily bear any direct relationship to the assets, operations, book or other established criteria of value of our Company.

**Potential Conflicts of Interest**

The underwriters and their affiliates may, from time to time, engage in transactions with and perform services for us in the ordinary course of their business for which they may receive customary fees and reimbursement of expenses. In the ordinary course of their various business activities, the underwriters and their affiliates may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and financial instruments (including bank loans) for their own accounts and for the accounts of their customers and such investment and securities activities may involve securities and/or instruments of our Company. The underwriters and their affiliates may also make investment recommendations and/or publish or express independent research views in respect of such securities or instruments and may at any time hold, or recommend to customers that they acquire, long and/or short positions in such securities and instruments.

**Selling Restrictions**

Other than in the United States, no action may be taken, and no action has been taken, by us or the underwriters that would permit a public offering of the Ordinary Shares offered by, or the possession, circulation or distribution of, this prospectus in any jurisdiction where action for that purpose is required. The Ordinary Shares offered by this prospectus may not be offered or sold, directly or indirectly, nor may this prospectus or any other offering material or advertisements in connection with the offer and sale of any such shares be distributed or published in any jurisdiction, except under circumstances that will result in compliance with the applicable rules and regulations of that jurisdiction. Persons into whose possession this prospectus comes are advised to inform themselves about and to observe any restrictions relating to the Offering and the distribution of this prospectus. This prospectus does not constitute an offer to sell or a solicitation of an offer to buy any Ordinary Shares offered by this prospectus in any jurisdiction in which such an offer or a solicitation is unlawful.

In addition to the offering of the Ordinary Shares in the United States, the underwriters may, subject to applicable foreign laws, also offer the Ordinary Shares in certain countries.

**Price Stabilization, Short Positions, and Penalty Bids**

Until the distribution of the Ordinary Shares offered by this prospectus is completed, rules of the SEC may limit the ability of the underwriters to bid for and to purchase our Ordinary Shares. As an exception to these rules, the underwriters may engage in transactions effected in accordance with Regulation M under the Exchange Act that are intended to stabilize, maintain or otherwise affect the price of our Ordinary Shares. The underwriters may engage in over-allotment sales, syndicate covering transactions, stabilizing transactions and penalty bids in accordance with Regulation M.

● Stabilizing transactions consist of bids or purchases made by the managing underwriter for the purpose of preventing or slowing a decline in the market price of our securities while this offering is in progress.

● Short sales and over-allotments occur when the managing underwriter, on behalf of the underwriting syndicate, sells more of our shares than they purchase from us in this Offering. In order to cover the resulting short position, the managing underwriter may exercise the over-allotment option described above and/or may engage in syndicate covering transactions. There is no contractual limit on the size of any syndicate covering transaction. The underwriters will deliver a prospectus in connection with any such short sales. Purchasers of shares sold short by the underwriters are entitled to the same remedies under the federal securities laws as any other purchaser of units covered by the registration statement.

● Syndicate covering transactions are bids for or purchases of our securities on the open market by the managing underwriter on behalf of the underwriters in order to reduce a short position incurred by the managing underwriter on behalf of the underwriters.

● A penalty bid is an arrangement permitting the managing underwriter to reclaim the selling concession that would otherwise accrue to an underwriter if the Ordinary Shares originally sold by the underwriter were later repurchased by the managing underwriter and therefore were not effectively sold to the public by such underwriter.

Stabilization, syndicate covering transactions and penalty bids may have the effect of raising or maintaining the market price of our Ordinary Shares or preventing or delaying a decline in the market price of our Ordinary Shares. As a result, the price of our Ordinary Shares may be higher than the price that might otherwise exist in the open market.

Neither we nor the underwriters make any representation or prediction as to the effect that the transactions described above may have on the prices of our Ordinary Shares. These transactions may occur on Nasdaq or on any trading market. If any of these transactions are commenced, they may be discontinued without notice at any time.

**Offer Restrictions outside the United States**

No action has been taken in any jurisdiction (except in the United States) that would permit a public offering of the Ordinary Shares the possession, circulation or distribution of this prospectus or any other material relating to us or the Ordinary Shares in any jurisdiction where action for that purpose is required. Accordingly, the Ordinary Shares may not be offered or sold, directly or indirectly, and neither this prospectus nor any other material or advertisements in connection with the Ordinary Shares may be distributed or published, in or from any country or jurisdiction except in compliance with any applicable laws, rules and regulations of any such country or jurisdiction.

**EXPENSES RELATING TO THIS OFFERING**

Set forth below is an itemization of the total expenses, excluding 6% underwriting discounts and 1% non-accountable expenses of the gross proceeds of the Offering that we expect to incur in connection with this Offering. With the exception of the SEC Registration Fee, Legal Fees and Expenses, and Accounting Fees and Expenses, all amounts are estimates.

---

| | |
|:---|:---|
| Securities and Exchange Commission Registration Fee | $3509 |
| Nasdaq Capital Market Listing Fee | $75000 |
| FINRA | $1000 |
| Legal Fees and Expenses | $450000 |
| Accounting Fees and Expenses | $190000 |
| Printing and Engraving Expenses | $50000 |
| Underwriting Accountable Expenses | $150000 |
| Underwriting Non-accountable Expenses | $168750 |
| Miscellaneous Expenses | $21741 |
| **Total Expenses** | $1110000 |

---

We will bear these expenses. The underwriting discounts will be borne by us.

**LEGAL MATTERS**

The validity of the Ordinary Shares offered hereby will be opined upon for us by Maples and Calder. Sichenzia Ross Ference Carmel LLP is acting as counsel to our Company regarding U.S. securities law matters. V L Law LLP is acting as counsel to the Underwriter. Certain legal matters as to Hong Kong will be passed upon for us by Robertsons. Sichenzia Ross Ference Carmel LLP may rely upon Maples and Calder and Robertsons with respect to matters governed by BVI and Hong Kong law, respectively.

The current address for Sichenzia Ross Ference Carmel LLP is 1185 Avenue of the Americas, 31<sup>st</sup> Floor, New York, NY 10036. The current address of Maples and Calder is Ritter House Road Town Tortola, VG1110, British Virgin Islands. The current address of V L Law LLP is 1945 Old Gallows Road, Suite 260, Vienna, VA 22182. The current address of Robertsons is 57th Floor, The Center, 99 Queens Road Central, Hong Kong.

**EXPERTS**

The consolidated financial statements for the year ended March 31, 2025, as set forth in this prospectus and elsewhere in the registration statement have been so included in reliance on the report of Guangdong Prouden CPAs GP, an independent registered public accounting firm, given on their authority as experts in accounting and auditing.

The office of Guangdong Prouden CPAs GP is located at Ste. 2201, GDH Bay City Centre, 21 Zhujiang West Rd., Guangzhou, China.

The consolidated financial statements for the year ended March 31, 2024, as set forth in this prospectus and elsewhere in the registration statement have been so included in reliance on the report of OneStop Assurance PAC, an independent registered public accounting firm, given on their authority as experts in accounting and auditing.

The office of OneStop Assurance PAC is located at 10 Anson Road, #06-15 International Plaza, Singapore 079903.

**INTERESTS OF NAMED EXPERTS AND COUNSEL**

No expert or counsel named in this prospectus as having prepared or certified any part of this prospectus or having given an opinion upon the validity of the securities being registered or upon other legal matters in connection with the registration or offering of the Ordinary Shares was employed on a contingency basis, or had, or is to receive, in connection with the offering, a substantial interest, direct or indirect, in the registrant. Nor was any such person connected with the registrant as a promoter, managing or principal Underwriter, voting trustee, director, officer, or employee.

**DISCLOSURE OF COMMISSION POSITION ON INDEMNIFICATION**

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

**WHERE YOU CAN FIND ADDITIONAL INFORMATION**

We have filed with the SEC a registration statement on Form F-1 under the Securities Act with respect to the Ordinary Shares offered hereby. This prospectus, which constitutes a part of the registration statement, does not contain all of the information set forth in the registration statement or the exhibits filed therewith. For further information about us and the Ordinary Shares offered hereby, reference is made to the registration statement and the exhibits filed therewith. Statements contained in this prospectus regarding the contents of any contract or any other document that is filed as an exhibit to the registration statement are not necessarily complete, and in each instance we refer you to the copy of such contract or other document filed as an exhibit to the registration statement. However, statements in the prospectus contain the material provisions of such contracts, agreements and other documents. We currently do not file periodic reports with the SEC. Upon the closing of our initial public offering, we will be required to file periodic reports and other information with the SEC pursuant to the Exchange Act. A copy of the registration statement and the exhibits filed therewith may be inspected without charge at the public reference room maintained by the SEC, located at 100 F Street, NE, Washington, DC 20549, and copies of all or any part of the registration statement may be obtained from that office. Please call the SEC at 1-800-SEC-0330 for further information about the public reference room. The SEC also maintains a website that contains reports, information statements and other information regarding registrants that file electronically with the SEC. The address of the website is <u>www.sec.gov</u>.

**GLOBAL DEVELOPMENT ENGINEERING COMPANY LIMITED**

**INDEX TO THE COMBINED AND CONSOLIDATED FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
|  | **Page(s)** |
| **Audited Consolidated Financial Statements for the Years Ended March 31, 2025 and 2024** |  |
| [Report of Independent Registered Public Accounting Firm](#Rep_001) (PCAOB ID: 7254, 6732) | F-2 |
| [Consolidated Balance Sheets as of March 31, 2025 and 2024](#acs_001) | F-4 |
| [Consolidated Statements of Operations for the Years Ended March 31, 2025 and 2024](#acs_002) | F-5 |
| [Consolidated Statements of Changes in Equity for the Years Ended March 31, 2025 and 2024](#acs_003) | F-6 |
| [Consolidated Statements of Cash Flows for the Years Ended March 31, 2025 and 2024](#acs_004) | F-7 |
| [Notes to Consolidated Financial Statements](#acs_005) | F-8 |

---

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Shareholders and Board of Directors of Global Development Engineering Company Limited:

**Opinion on the Consolidated Financial Statements**

We have audited the accompanying consolidated balance sheets of Global Development Engineering Company Limited and its subsidiary (the "Company") as of March 31, 2025, the related consolidated statements of operations, changes in equity and cash flows for the year ended March 31, 2025, and the related notes (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Company as of March 31, 2025, and the consolidated results of its operations and its cash flows for the year ended March 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ Guangdong Prouden CPAs GP

We have served as the Company's auditor since 2025.

Guangzhou, China

September 16, 2025

**Report of Independent Registered Public Accounting Firm**

To The Shareholders and the Board of Directors of Global Development Engineering Company Limited

 **Opinion on the Financial Statements**

We have audited the accompanying consolidated balance sheet of Global Development Engineering Company Limited and its subsidiary (collectively, the "Group") as of March 31, 2024, the related consolidated statements of operations, changes in equity and cash flows for each of the year ended March 31, 2024 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 Group as of March 31, 2024 and the results of its operations and its cash flows for the year ended March 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Group's management. Our responsibility is to express an opinion on the Group's financial statements based on our audit. 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 Group 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 audit 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 Group is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit 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 Group's internal control over financial reporting. Accordingly, we express no such opinion.

Our audit 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 audit 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 audit provide a reasonable basis for our opinion.

/s/ OneStop Assurance PAC

We have served as the Group's auditor since 2024.

Singapore

April 16, 2025

**GLOBAL DEVELOPMENT ENGINEERING COMPANY LIMITED**

**CONSOLIDATED BALANCE SHEETS**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **As of March 31,** | **As of March 31,** | **As of March 31,** |
|  | <br>**Notes** | **2024** | **2025** | **2025** |
|  |  | **HK$** | **HK$** | **US$** |
| **ASSETS** |  |  |  |  |
| **Current assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents |  | 370691 | 664573 | 85202 |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net | 4 | 15292660 | 18430787 | 2362921 |
| &nbsp;&nbsp;&nbsp;Contract assets | 5 |  | 6210549 | 796224 |
| &nbsp;&nbsp;&nbsp;Prepayment and other current assets, net | 6 | 12755371 | 4147845 | 531775 |
| &nbsp;&nbsp;&nbsp;Deferred IPO cost |  | 1576509 | 3997009 | 512437 |
| &nbsp;&nbsp;&nbsp;Amount due from related parties | 12 | 261000 |  |  |
| **Total current assets** |  | **30256231** | **33450763** | **4288559** |
| **Non-current assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Property and equipment, net | 7 | 159982 | 94681 | 12139 |
| &nbsp;&nbsp;&nbsp;Operating lease right-of-use assets, net | 11 | 349751 |  |  |
| &nbsp;&nbsp;&nbsp;Finance lease right-of-use assets, net | 11 | 368841 | 184420 | 23644 |
| &nbsp;&nbsp;&nbsp;Deferred tax assets | 14 | 17820 | 55473 | 7112 |
| &nbsp;&nbsp;&nbsp;Other non-current assets, net | 6 | 512329 | 537329 | 68888 |
| **Total non-current assets** |  | **1408723** | **871903** | **111783** |
| **Total assets** |  | **31664954** | **34322666** | **4400342** |
| **LIABILITIES AND EQUITY** |  |  |  |  |
| **Current liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | 8 | 420047 | 12242006 | 1569486 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | 9 | 320174 | 1347971 | 172817 |
| &nbsp;&nbsp;&nbsp;Tax payable |  | 248399 | 184523 | 23657 |
| &nbsp;&nbsp;&nbsp;Contract liabilities | 5 | 340000 | 1289192 | 165281 |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities, current portion | 11 | 349751 |  |  |
| &nbsp;&nbsp;&nbsp;Finance lease liabilities, current portion | 11 | 171402 | 179920 | 23067 |
| &nbsp;&nbsp;&nbsp;Amounts due to related parties | 12 | 16123087 | 6304387 | 808255 |
| &nbsp;&nbsp;&nbsp;Long-term borrowings, current portion | 10 | 1681322 | 1473589 | 188922 |
| **Total current liabilities** |  | **19654182** | **23021588** | **2951485** |
| **Non-current liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Long term borrowings | 10 | 1473850 |  |  |
| &nbsp;&nbsp;&nbsp;Finance lease liabilities, non-current portion | 11 | 179920 |  |  |
| **Total non-current liabilities** |  | **1653770** | **-** | **-** |
| **Total liabilities** |  | **21307952** | **23021588** | **2951485** |
| **Shareholders' equity:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ordinary share, no par value; unlimited shares authorized; 17,500,000 shares issued and outstanding as of March 31, 2024 and 2025, respectively\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital |  | 7575115 | 7575115 | 971169 |
| &nbsp;&nbsp;&nbsp;Retained earnings |  | 2781887 | 3725963 | 477688 |
| **Total shareholders' equity** |  | **10357002** | **11301078** | **1448857** |
| **Total liabilities and equity** |  | **31664954** | **34322666** | **4400342** |

---

\*The shares and per share data are presented on a retroactive basis to reflect the reorganization.

The accompanying notes are an integral part of these consolidated financial statements.

**GLOBAL DEVELOPMENT ENGINEERING COMPANY LIMITED**

**CONSOLIDATED STATEMENTS OF OPERATIONS**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **For the Years Ended March 31,** | **For the Years Ended March 31,** | **For the Years Ended March 31,** |
|  | <br>**Notes** | **2024** | **2025** | **2025** |
|  |  | **HK$** | **HK$** | **US$** |
| **Revenues<sup>(1)</sup>** |  | **26494101** | **33768053** | **4329238** |
| &nbsp;&nbsp;&nbsp;Cost of revenues<sup>(2)</sup> |  | (21219826) | (26142260) | (3351572) |
| **Gross profit** |  | **5274275** | **7625793** | **977666** |
| **Operating expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Selling and marketing expenses |  | (139759) |  |  |
| &nbsp;&nbsp;&nbsp;General and administrative expenses<sup>(3)</sup> |  | (5194547) | (6884555) | (882635) |
| **Total operating expenses** |  | **(5334306)** | **(6884555)** | **(882635)** |
| **Operating (expense)/ income** |  | **(60031)** | **741238** | **95031** |
| &nbsp;&nbsp;&nbsp;Interest income, net |  | 940686 | 264483 | 33908 |
| &nbsp;&nbsp;&nbsp;Other (expense)/income, net<sup>(4)</sup> |  | (19996) | 4985 | 639 |
| **Income before taxes** |  | **860659** | **1010706** | **129578** |
| &nbsp;&nbsp;&nbsp;Income tax expenses | 14 | (135492) | (66630) | (8542) |
| **Net income** |  | **725167** | **944076** | **121036** |
| **Earnings per share attributable to ordinary shareholders** |  |  |  |  |
| Basic and diluted | 15 | 0.04 | 0.05 | 0.01 |
| **Weighted average shares used in calculating basic and diluted net income per share:** |  |  |  |  |
| Basic and diluted\* |  | 17500000 | 17500000 | 17500000 |

---

\* The shares and per share data are presented on a retroactive basis to reflect the reorganization.

The accompanying notes are an integral part of these consolidated financial statements.

(1) Including amounts from related parties of HK$245,000 and HK$6,046,160 for the years ended March 31,
2024 and 2025, respectively.

(2) Including amount to a related party of HK$13,960,030 and HK$4,218,556 for the years ended March 31,
2024 and 2025, respectively.

(3) Including amount to a related party of HK$62,300 and HK$43,605 for the years ended March 31, 2024 and
2025, respectively.

(4) Including amount from a related party of nil and HK$13,100 for the years ended March 31, 2024 and 2025,
respectively.

**GLOBAL DEVELOPMENT ENGINEERING COMPANY LIMITED**

**CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Ordinary shares** | **Ordinary shares** | | | |
|  | **Shares\*** | **Amount** | **Additional**<br>**paid-in**<br>**capital** |<br>**Retained**<br>**earnings** | **Total**<br>**shareholders'**<br>**equity** |
|  | | **HK$** | **HK$** | **HK$** | **HK$** |
| **Balance as of March 31, 2023** | **17500000** |  | **7575115** | **2056720** | **9631835** |
| &nbsp;&nbsp;&nbsp;Net income for the year |  |  |  | 725167 | 725167 |
| **Balance as of March 31, 2024 in HK$** | **17500000** |  | **7575115** | **2781887** | **10357002** |
| &nbsp;&nbsp;&nbsp;Net income for the year |  |  |  | 944076 | 944076 |
| **Balance as of March 31, 2025 in HK$** | **17500000** |  | **7575115** | **3725963** | **11301078** |
| **Balance as of March 31, 2025 in US$** | **17500000** |  | **971169** | **477688** | **1448857** |

---

\* The shares and per share data are presented on a retroactive basis to reflect the reorganization.

The accompanying notes are an integral part of these consolidated financial statements.

**GLOBAL DEVELOPMENT ENGINEERING COMPANY LIMITED**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Year Ended March 31,** | **For the Year Ended March 31,** | **For the Year Ended March 31,** |
|  | **2024** | **2025** | **2025** |
|  | **HK$** | **HK$** | **US$** |
| **CASH FLOWS FROM OPERATING ACTIVITIES** |  |  |  |
| Net income | 725167 | 944076 | 121036 |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to net cash used in operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation of property and equipment | 95801 | 98301 | 12603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of right-of-use assets, operating lease | 331518 | 349751 | 44840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of right-of-use assets, finance lease | 184420 | 184421 | 23644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Reversal) provision of allowance for the expected credit losses | (686356) | 228200 | 29256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax | 113249 | (37653) | (4827) |
| &nbsp;&nbsp;&nbsp;*Changes in operating assets and liabilities:* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivables, net | (12957667) | (3366327) | (431580) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contract assets | 723802 | (6210549) | (796224) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepayment and other assets | (341293) | 1522106 | 195142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 163078 | 11821959 | 1515635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | (1682338) | 1027797 | 131769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax payable | 22243 | (63876) | (8189) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contract liabilities | (426496) | 949192 | 121691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amounts due to related parties | 14133189 | (9818700) | (1258808) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities of operating lease liabilities | (325505) | (336461) | (43136) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amounts due from related parties | (261000) | 261000 | 33462 |
| **Net cash used in operating activities** | **(188188)** | **(2446763)** | **(313686)** |
| **CASH FLOWS FROM INVESTING ACTIVITIES** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase of property and equipment |  | (33000) | (4231) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment of loan to third parties | (500000) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receipt of loan from third parties | 3355629 | 7060420 | 905182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Addition of right-of-use asset | (38651) |  |  |
| **Net cash provided by investing activities** | **2816978** | **7027420** | **900951** |
| **CASH FLOWS FROM FINANCING ACTIVITIES** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment for deferred IPO cost | (1576509) | (2420500) | (310321) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loan repaid to commercial bank | (1586782) | (1681583) | (215588) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities of financing liabilities | (169301) | (184692) | (23678) |
| **Net cash used in financing activities** | **(3332592)** | **(4286775)** | **(549587)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net (decrease)/increase in cash and cash equivalents | (703802) | 293882 | 37678 |
| **Cash and cash equivalents, beginning of year** | 1074493 | 370691 | 47524 |
| **Cash and cash equivalents, end of year** | **370691** | **664573** | **85202** |
| **Supplemental disclosure of cash flows information:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest paid | 226472 | 133925 | 17170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax paid |  | 168159 | 21559 |
| **Supplemental disclosure of non-cash information:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Right-of-use assets obtained in exchange for new lease liabilities | 553261 |  |  |

---

The accompanying notes are an integral part of these consolidated financial statements.

**GLOBAL DEVELOPMENT ENGINEERING COMPANY LIMITED**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**1. ORGANIZATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(a) Nature of operations and principal activities***

GLOBAL DEVELOPMENT ENGINEERING COMPANY LIMITED (the "Company") formerly known as Speedy Desire Limited ("SDL") was incorporated in the British Virgin Islands ("BVI") on September 4, 2023, under the BVI Companies Law as an exempted company with limited liability with authorized to issue an unlimited number of ordinary shares of no par value and 17,500,000 ordinary shares issued and outstanding. The Company conducts its primary operations of construction works services through its wholly owned subsidiary that is incorporated on August 3, 2015 and domiciled in Hong Kong SAR, namely Global Development Engineering Co., Limited ("Global Development HK"). The Company, together with Global Development HK (collectively, the "Group") is primarily engaged in the construction work services, including structural renovation and repairing, interior and exterior finishing and cleaning work.

On April 25, 2024, Speedy Desire Limited ("SDL") was renamed "Global Development Engineering Company Limited".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(b) Reorganization***

In preparation for its initial public offering ("IPO") in the United States, the following transaction was undertaken to reorganize the legal structure of Global Development HK. The Company was incorporated in connection with a group reorganization (the "Reorganization") of Global Development HK.

On December 7, 2023, the Company entered into an equity purchase agreement with Global Development HK. The Company has accounted for the Reorganization as transaction between entities with common ownership, which is akin to a reorganization of entities under common control. As all the entities involved in the process of the Reorganization are under common ownership of the Company's shareholders before and after the Reorganization, the Reorganization is accounted for in a manner similar to a pooling of interests with the assets and liabilities of the parties to the Reorganization carried over at their historical amounts. Therefore, the accompanying consolidated financial statements were prepared as if the corporate structure of the Company had been in existence since the beginning of the periods presented.

As of the date of this report, the details of the Company's principal subsidiary is as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Entity** | **Date of incorporation** | **Place of incorporation** | **Percentage of direct or indirect ownership by the Company** |
| **<u>Subsidiary:</u>** |  |  |  |
| Global Development Engineering Co., Ltd ("Global Development HK") | August 3, 2015 | Hong Kong SAR | 100% |

---

 ****

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(a) Basis of presentation***

The consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP") pursuant to the rules and regulations of the Securities Exchange Commission ("SEC").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(b) Principles of consolidation***

The financial statements presented herein represent the consolidated financial statements of the Group and its subsidiary. All transactions and balances among the Group and its subsidiary have been eliminated upon consolidation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(c) Use of estimates***

The preparation of consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant accounting estimates reflected in the Group's consolidated financial statements mainly include the incremental borrowing rate used in the recognition of right-of-use assets and lease liabilities, allowance for the expected credit losses, the useful lives of property and equipment, valuation allowance for deferred tax assets and the estimated performance obligations completion progress towards certain services revenue. The Group bases its estimates on historical experience and on various other assumptions that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Any future changes to these estimates and assumptions could cause a material change to the Group's reported amounts of revenues, expenses, assets and liabilities. Actual results may differ from these estimates under different assumptions or conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(d) Functional currency and foreign currency translation***

The Group uses Hong Kong dollars ("HK$") as its reporting currency. The functional currency of the Group and its subsidiary is US$ and HK$, respectively. Based on the criteria of Accounting Standards codification ("ASC") Topic 830, Foreign Currency Matters.

Transactions denominated in currencies other than in the functional currency are translated into the functional currency using the exchange rates prevailing at the transaction dates. Monetary assets and liabilities denominated in foreign currencies are translated into functional currency using the applicable exchange rates at the balance sheet date. Non-monetary items that are measured in terms of historical cost in foreign currency are re-measured using the exchange rates at the dates of the initial transactions. Exchange gains or losses arising from foreign currency transactions are included in the consolidated statements of comprehensive loss. No foreign currency translation adjustments in the consolidated statements of comprehensive loss were made for the years ended March 31, 2025 and 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(e) Convenience translation***

The Group's operations are principally conducted in Hong Kong where HK$ is the functional currency and all of the revenues are denominated in HK$. However, periodic reports made to shareholders will include current period amounts translated into US$ using the exchange rate as of balance sheet date, for the convenience of the readers. Translations of balances in the consolidated balance sheets, consolidated statements of operations, consolidated statements of shareholders' equity and consolidated statements of cash flows from HK$ into US$ as of and for the year ended March 31, 2025 are solely for the convenience of the reader and were calculated at the rate of US$1.00 to HK$7.8000, a pegged rate determined by the linked exchange rate system in Hong Kong. No representation is made that the HK$ amounts could have been, or could be, converted, realized or settled into US$ at that rate on March 31, 2025 or at any other rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(f) Fair value of financial instruments***

Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be either recorded or disclosed at fair value, the Group considers the principal or most advantageous market in which it would transact, and it also considers assumptions that market participants would use when pricing the asset or liability.

Accounting guidance establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument's categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Accounting guidance establishes three levels of inputs that may be used to measure fair value:

Level 1 - Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.

Level 2 - Other inputs that are directly or indirectly observable in the marketplace.

Level 3 - Unobservable inputs which are supported by little or no market activity.

Financial assets and liabilities of the Group primarily consist of cash and cash equivalents, accounts receivable, amounts due from related parties, prepayment and other current assets, accounts payable, amounts due to related parties, accrued expenses and other current liabilities and long-term borrowings. As of March 31, 2025, the carrying values of these financial instruments are approximated to their fair values.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(g) Cash and cash equivalents***

Cash and cash equivalents represent cash on hand and highly-liquid investments placed with banks or other financial institutions, which are unrestricted as to withdrawal and use, and which have original maturities of three months or less.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(h) Accounts receivable, net***

Accounts receivable mainly consists of amount due from the Group's customers, which are recorded net of allowance for the expected credit losses. The Group records allowance for the expected credit losses for accounts receivable based on assessments of the recoverability of the account receivables and individual account analysis, including the current creditworthiness and the past collection history of each customer. The allowance is based on management's best estimates of specific losses on individual customer exposures, as well as the historical trends of collections. Account balances are charged off against the allowance after all means of collection have been exhausted and the likelihood of collection is not probable. As of March 31, 2025 and 2024, the Group had an allowance for the expected credit losses of HK$336,200 (US$43,103) and HK$108,000, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(i) Contract Assets and Contract Liabilities***

Contract assets represent the contract revenue recognized but not yet billed pursuant to contract terms.

Contract liabilities represent the billings to date, as allowed under the terms of a contract, but not yet recognized as contract revenue using the Group's revenue recognition policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(j) Property and equipment, net***

Property and equipment are stated at cost less accumulated depreciation and impairment loss, if any. Property and equipment are depreciated at rates sufficient to write off their costs less impairment and residual value, if any, over their estimated useful lives on a straight-line basis. Leasehold improvements, computer and electronic equipment, and office equipment are depreciated over estimated useful lives of the related assets.

---

| | |
|:---|:---|
| **Category** | **Estimated useful life** |
| Leasehold improvements | 3-5 years |
| Computer and electronic equipment | 3-5 years |
| Office equipment | 2-4 years |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(k) Impairment of long-lived assets***

The Group evaluates its long-lived assets, including property and equipment and right-of-use assets with finite lives, for impairment whenever events or changes in circumstances, such as a significant adverse change to market conditions that will impact the future use of the assets, indicate that the carrying amount of an asset may not be fully recoverable. When these events occur, the Group evaluates the recoverability of long-lived assets by comparing the carrying amounts of the assets to the future undiscounted cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected undiscounted cash flows is less than the carrying amounts of the assets, the Group recognizes an impairment loss based on the excess of the carrying amounts of the assets over their fair value. Fair value is generally determined by discounting the cash flows expected to be generated by the assets, when the market prices are not readily available. There was no impairment of long-lived assets recognized for the years ended March 31, 2025 and 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(l)*** ***Revenue recognition***

The Group performs construction work services including: (i) renovation and repairing, which mainly involves encompassing the construction of the building's frame structure and various decoration, (ii) interior and exterior work, which includes customize furniture and fixtures, (iii) cleaning service. The Group recognized its revenue under ASC Topic 606, Revenue from Contracts with Customers ("ASC 606"). The core principle underlying the revenue recognition of this Accounting Standards Update ("ASU") allows the Group to recognize revenue that represents the transfer of goods and services to customers in an amount that reflects the consideration to which the Group expects to be entitled in such exchange. This will require the Group to identify contractual performance obligations and determine whether revenue should be recognized at a point in time or over time, based on when control of goods and services transfers to a customer.

The Group applies five-step model to recognize revenue from customer contracts. The five-step model requires the Group to (i) identify the contract with the customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price, including variable consideration to the extent that it is probable that a significant future reversal will not occur; (iv) allocate the transaction price to the respective performance obligations in the contract; and (v) recognize revenue when (or as) the Group satisfies the performance obligation.

The Group categorizes construction contracts into three distinct types based on their specific characteristics and recognizes contract revenue accordingly. Each individual contract is assessed as comprising a single performance obligation, which is the complete fulfillment of all contractually agreed-upon terms and the achievement of specified acceptance criteria. Consequently, for any given contract, the Group identifies only one performance obligation.

The Group recognized revenue over time when the construction work services were performed over prescribed periods specified within the contract with the customer. The Group solely undertakes construction services with the paramount aim of benefiting their customers, where the ownership and control of the assets being constructed or maintained reside solely with the customer. Depending on the terms of the contract and the laws that applied to the contract, the services were performed gradually therefore relevant revenue was recognized over time, complying with (ii) specified as below, indicated by that the project sites would be usually controlled by the customer whilst the construction works were in the process. Otherwise, if the construction work services do not meet any of the criteria below, revenue related to those services will be recognized at a point in time.

Control of the goods and services is transferred over time if the Group's performance:

&nbsp;&nbsp;&nbsp;&nbsp;(i) provides all of the benefits
 received and consumed simultaneously by the customer;

(ii) creates and enhances an
 asset that the customer controls as the Group performs; or

(iii) does not create an asset
 with an alternative use to the Group and the Group has an enforceable right to payment for performance completed to date. If control
 of the goods and services transfers over time, revenue is recognized over the period of the contract by reference to the progress
 towards complete satisfaction of that performance obligation. Otherwise, revenue is recognized at a point in time when the customer
 obtains control of the goods and services.

The Group adopts ASC Topic 606, Revenue from Contracts with Customers, as the framework for recognizing contract revenue over time as performance obligations are progressively fulfilled. Upon adoption of ASC Topic 606, contracts which include construction services are generally accounted for as a single deliverable (a single performance obligation) and are no longer segmented between types of services. The Group has not bundled any goods or services that are not considered distinct. The Group is required to follow the pre-determined work schedule. Such schedule may be extended from time to time pursuant to the terms of the contract. Under the typical payment terms of construction contracts, amounts were billed as work progresses in accordance with agreed-upon contractual terms on the contract.

Generally, the Group general terms and conditions for our contracts contain a guarantee that they will complete a project by a certain date. Any failure to meet contractual schedule or completion requirements set forth in the contracts could subject us to responsibility for costs resulting from the delay, generally in the form of contractually agreed-upon liquidated damages, liability for their actual costs arising out of our delay, reduced profits or a loss on that project. The Group reasonably estimates the possibility of liquidated damages based on the historical experience of. For the years ended March 31, 2025 and 2024, they have no liquidated damages cost incurred and accrued.

The Group generally measures its progress to completion using an input measure of total costs incurred divided by total costs expected to be incurred, which it believes to be the best measure of progress towards completion of the performance obligation. Subcontractor materials, labor, and equipment were treated as cost of revenues.

When either party to a contract has performed, the Group presented the contract in the consolidated balance sheets as the contract assets or contract liabilities, depending on the relationship between the entity's performance and the customer's payment.

A contract asset is the Group's right to consideration in exchange for services that the Group has transferred to a customer. A receivable is recorded when the Group has an unconditional right to consideration. A right to consideration is unconditional if only the passage of time is required before payment of that consideration is due.

If a customer pays consideration or the Group has a right to an amount of consideration that is unconditional, before the Group transfers the service to the customer, the Group presents the contract liability when the payment is made, or a receivable is recorded (whichever is earlier). A contract liability is the Group's obligation to transfer the services to a customer for which the Group has received consideration (or an amount of consideration is due) from the customer.

The following table sets forth a breakdown of total revenues of the Group, in absolute amounts and percentages of total revenues for the years ended March 31, 2025 and 2024:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended March 31,** | **For the Years Ended March 31,** | **For the Years Ended March 31,** | **For the Years Ended March 31,** | **For the Years Ended March 31,** |
|  | **2024** | **2024** | **2025** | **2025** | **2025** |
|  | **HK$** | **%** | **HK$** | **US$** | **%** |
| Renovation and repairing | 19559101 | 73.8 | 16883081 | 2164498 | 50.0 |
| Interior and exterior finishing | 6935000 | 26.2 | 9977552 | 1279173 | 29.5 |
| Cleaning work | - | - | 6907420 | 885567 | 20.5 |
| **Total revenues** | **26494101** | **100.0** | **33768053** | **4329238** | **100.0** |

---

**Revenue from Renovation and Repairing Services**

Revenue generated from renovation and repairing contracts, which encompass services such as the construction of building frame structures (e.g., reinforced concrete elements) and associated plumbing, drainage, and electrical systems installations, is recognized over time. The Company has determined that each contract constitutes a single performance obligation. This is because the various promised services (e.g., structural work, plumbing, electrical) are highly interdependent and integrated. The customer cannot benefit from any individual component service (such as installing structural columns alone) without the entire project being completed to a functional state. The combined services result in the transfer of a single, customized asset (the renovated/repaired structure) for which the customer obtains control as the Company performs. Consequently, these contracts meet the criterion for recognizing revenue over time as the performance obligation is satisfied. Revenue is measured using the percentage-of-completion method based on costs incurred relative to total estimated costs, reflecting the transfer of control of the integrated asset to the customer.

**Revenue from Interior and Exterior Finishing Services**

Revenue from contracts for interior and exterior finishing services, involving tasks such as interior decoration (walls, flooring, ceilings, doors, windows) and exterior work (walls, roofs), is also recognized over time. The Company concluded that each finishing contract contains one performance obligation. The individual tasks within a finishing project (e.g., wall decoration, flooring installation, window fitting) are not distinct within the context of the contract. They lack standalone utility for the customer until the entire finishing scope for the designated area is complete and ready for use. These services are inputs to the creation of a single, customized finished space that the customer controls as work progresses. Therefore, revenue is recognized over the contract period as the performance obligation is satisfied, utilizing the percentage-of-completion method applied to costs incurred.

**Revenue from Cleaning Work**

Revenue associated with stand-alone contracts primarily focused on cleaning work is recognized at a point in time, upon completion of the service. For these contracts, the Company has determined they represent a single performance obligation satisfied at completion. However, cleaning services performed as an integral part of renovation, repair, or finishing contracts (e.g., post-construction cleanup) are not considered separate performance obligations. Instead, they are incorporated into the single performance obligation of the primary construction contract to which they relate. Revenue for such integrated cleaning services is recognized over time, consistent with the recognition pattern of the primary contract, using the percentage-of-completion method.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(m)*** ***Cost of revenues***

Cost of revenues consists primarily of subcontracting fees, cost of materials and tools, direct labor costs and other overhead costs that are directly attributable to services provided.

The following table sets forth a breakdown of the Group's total costs of revenues, in absolute amounts and percentages of total revenues for the years ended March 31, 2025 and 2024:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended March 31,** | **For the Years Ended March 31,** | **For the Years Ended March 31,** | **For the Years Ended March 31,** | **For the Years Ended March 31,** |
|  | **2024** | **2024** | **2025** | **2025** | **2025** |
|  | **HK$** | **%** | **HK$** | **US$** | **%** |
| Cost of renovation and repairing | 15652432 | 59.1 | 12893932 | 1653068 | 38.2 |
| Cost of interior and exterior finishing | 5567394 | 21.0 | 7124638 | 913415 | 21.1 |
| Cost of cleaning work | - | - | 6123690 | 785089 | 18.1 |
| **Total cost of revenues** | **21219826** | **80.1** | **26142260** | **3351572** | **77.4** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(n)*** ***Sales and marketing expenses***

Sales and marketing expenses consist primarily of (i) compensation to selling personnel, including the salaries and other benefits; and (ii) commission paid to the third parties relevant to the sales and marketing function, including after-sale service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(o)*** ***General and administrative expenses***

General and administrative expenses consist primarily of salaries, bonuses and benefits for employees involved in general corporate functions, and those not specifically dedicated to sales activities, such as depreciation and amortization of fixed assets, legal and other professional services fees, rental and other general corporate related expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(p) Employee benefits***

Full time employees of the Group in Hong Kong participate in a government mandated defined contribution plan, pursuant to which mandatory provident fund ("MPF") is provided to the employees. The Hong Kong Legislative Council requires that Global Development HK, the Hong Kong subsidiary of the Group make contributions for MPF based on certain percentages of the employees' salaries, up to a maximum amount of HK$3,000 (US$385). The Group has no legal obligation for the benefits beyond the contributions made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(q)*** ***Taxation***

<u>Income Taxes</u>

Current income taxes are provided on the basis of income/(loss) for financial reporting purposes, adjusted for income and expense items which are not assessable or deductible for income tax purposes, in accordance with the regulations of the relevant tax jurisdictions. Deferred income taxes are provided using the assets and liabilities method. Under this method, deferred income taxes are recognized for the tax consequences of temporary differences by applying enacted statutory rates applicable to future years to differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities. The tax base of an asset or liability is the amount attributed to that asset or liability for tax purposes. The effect on deferred taxes of a change in tax rates is recognized in the consolidated statement of income and comprehensive income in the period of change. A valuation allowance is provided to reduce the amount of deferred tax assets if it is considered more-likely-than-not that some portion of, or all of the deferred tax assets will not be realized.

Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. The Group considers positive and negative evidence when determining whether a portion or all of its deferred tax assets will more likely than not be realized. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability, the duration of statutory carry-forward periods, its experience with tax attributes expiring unused, and its tax planning strategies. The ultimate realization of deferred tax assets is dependent upon its ability to generate sufficient future taxable income within the carry-forward periods provided for in the tax law and during the periods in which the temporary differences become deductible. When assessing the realization of deferred tax assets, the Group considers possible sources of taxable income including (i) future reversals of existing taxable temporary differences, (ii) future taxable income exclusive of reversing temporary differences and carry-forwards, (iii) future taxable income arising from implementing tax planning strategies, and (iv) specific known trend of profits expected to be reflected within the industry.

*<u>Uncertain tax positions</u>*

The Group applies the provisions of ASC topic 740 ("ASC 740"), Accounting for Income Taxes, to account for uncertainty in income taxes. ASC 740 prescribes a recognition threshold a tax position is required to meet before being recognized in the financial statements. The benefit of a tax position is recognized if a tax return position or future tax position is "more likely than not" to be sustained under examination based solely on the technical merits of the position. Tax positions that meet the "more likely than not" recognition threshold is measured, using a cumulative probability approach, at the largest amount of tax benefit that has a greater than fifty percent likelihood of being realized upon settlement. The estimated liability for unrecognized tax benefits is periodically assessed for adequacy and may be affected by changing interpretations of laws, rulings by tax authorities, changes and or developments with respect to tax audits, and the expiration of the statute of limitations. Additionally, in future periods, changes in facts and circumstances, and new information may require the Group to adjust the recognition and measurement of estimates with regards to changes in individual tax position. Changes in recognition and measurement of estimates are recognized in the period in which the change occurs.

The Group did not accrue any liability, interest or penalties related to uncertain tax positions in its provision for income taxes line of its consolidated statements of income for the years ended March 31, 2025 and 2024, respectively. The Group does not expect that its assessment regarding unrecognized tax positions will materially change over the next 12 months.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(r)*** ***Comprehensive income***

The Group has adopted FASB Accounting Standard Codification Topic 220 ("ASC 220") "Comprehensive income", which establishes standards for reporting and the presentation of comprehensive income (loss), its components and accumulated balances.

There was no other comprehensive loss for the years ended March 31, 2025 and 2024, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(s)*** ***Leases***

The Group accounts for leases under ASC Topic 842, *Leases*. The Group determines if an arrangement is or contains a lease at inception. Right-of-use assets and liabilities are recognized at the lease commencement date based on the present value of remaining lease payments over the lease term. Leases are classified as either finance or operating leases based on criteria such as transfer of ownership, purchase options, lease term relative to asset life, present value of lease payments relative to fair value, and asset specificity. The Group considers only payments that are fixed and determinable at the time of lease commencement.

At the commencement date, the lease liability is recognized at the present value of the lease payments not yet paid, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group's incremental borrowing rate for the same term as the underlying lease. The right-of-use asset is recognized initially at cost, which primarily comprises the initial amount of the lease liability, plus any initial direct costs incurred. For finance leases, the right-of-use asset is subsequently amortized on a straight-line basis over the shorter of the lease term or the asset's useful life, with interest expense recognized on the liability using the effective interest method. Operating lease costs are recognized on a straight-line basis over the lease term.

All right-of-use assets are reviewed for impairment annually. There was no impairment for right-of-use lease assets as of March 31, 2025 and 2024, respectively.

Finance lease right-of-use assets and finance lease liabilities are presented separately as "current finance lease liabilities" and "non-current finance lease liabilities" on the consolidated balance sheets. Operating lease assets are included within "Operating right-of-use assets", and the corresponding operating lease liabilities are included within "current operating lease liabilities" and "non-current operating lease liabilities" on the consolidated balance sheets as of March 31, 2025 and 2024, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(t) Related parties***

Parties are considered to be related if one party has the ability, directly or indirectly, to control the Group or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered to be related if they are subject to common control or have significant influence, such as a family member or relative, shareholder, or a related corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(u)*** ***Segment reporting***

ASC 280, *Segment Reporting*, ("ASC 280"), establishes standards for companies to report in their financial statement information about operating segments, products, services, geographic areas, and major customers.

Based on the criteria established by ASC 280, the Group's chief operating decision maker ("CODM") has been identified as the Group's Chief Executive Officer, who reviews consolidated financial information when making decisions about allocating resources and assessing performance of the Group. As a whole and hence, the Group has only one reportable segment. The Group does not distinguish between markets or segments for the purpose of reporting. As the Group's long-lived assets are substantially located in Hong Kong, no geographical segments are presented.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(v) Deferred IPO costs***

 ****

According to ASC 340-10 on deferred costs, costs associated with future economic activities or earnings generally need to be recorded on the balance sheet rather than in the income statement in order to defer their recognition and amortization to a suitable future period. Under ASC 340, the recognition, measurement and amortization of deferred costs generally depend on the extent to which they relate to the future economic activities or earnings of the enterprise. In particular, the recognition of deferred costs should respect the principle of substance over form and clearly distinguish between specific and general costs. Under the terms, an enterprise can only capitalize costs that are in fact directly related to the IPO process and not to the ongoing operations of the entity prior to or after the IPO, management salaries or other general and administrative expenses may not be recorded as deferred costs on the balance sheet.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(w) Recent accounting pronouncements***

In May 2019, the Financial Accounting Standards Board ("FASB") issued ASU 2019-05, which is an update to ASU 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which introduced the expected credit losses methodology for the measurement of credit losses on financial assets measured at amortized cost basis, replacing the previous incurred loss methodology. The amendments in ASU 2016-13 added ASC 326, Financial Instruments — Credit Losses, and made several consequential amendments to the ASC. ASU 2016-13 also modified the accounting for available-for-sale debt securities, which must be individually assessed for credit losses when fair value is less than the amortized cost basis, in accordance with Subtopic 326-30, Financial Instruments — Credit Losses — Available-for-Sale Debt Securities. The amendments in this ASU address those stakeholders' concerns by providing an option to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost basis. For those entities, the targeted transition relief will increase comparability of financial statement information by providing an option to align measurement methodologies for similar financial assets. Furthermore, the targeted transition relief also may reduce the costs for some entities to comply with the amendments in ASU 2016-13 while still providing financial statement users with decision-useful information. ASU 2019-05 is effective for the Group for annual and interim reporting periods beginning January 1, 2023 after FASB delayed the effective date for non-public companies with ASU 2019-10. The Group adopted this standard since April 1, 2022.

In October 2023, the FASB issued ASU No. 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative. This ASU modifies the disclosure or presentation requirements of a variety of topics in the codification. The effective date for each amendment will be the date on which the SEC's removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective. Early adoption is prohibited. The Group does not expect a significant impact to the consolidated financial statements upon adoption.

In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (Topic 740). The ASU requires specific disaggregated information about a reporting entity's effective tax rate reconciliation as well as additional information on income taxes paid. The ASU is effective on a prospective basis for annual periods beginning after December 15, 2024. Early adoption is also permitted for annual financial statements that have not yet been issued or made available for issuance. This ASU will result in the required additional disclosures being included in the consolidated financial statements, once adopted. The Group is in the process of evaluating the impact of the new guidance and does not expect it to have a significant impact on its consolidated financial statements.

In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280)" ("ASU 2023-07"). The amendments in ASU 2023-07 improve financial reporting by requiring disclosure of incremental segment information on an annual and interim basis for all public entities to enable investors to develop more decision useful financial analyses. Topic 280 requires a public entity to report a measure of segment profit or loss that the chief operating decision maker (CODM) uses to assess segment performance and make decisions about allocating resources. Topic 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 202307 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 applies 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. The Group considers that the guidance will not have a significant impact on the disclosures set out in these consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, Improvements to expense disaggregation disclosures (Subtopic 220-40). During the FASB's 2021 agenda consultation and other outreach, investors observed that expense information is critically important in understanding a company's performance, assessing its prospects for future cash flows, and comparing its performance over time and with that of other companies. They indicated that more granular expense information would assist them in better understanding an entity's cost structure and forecasting future cash flows. The ASU addresses this feedback by requiring public companies to disclose, in the notes to financial statements, specified information about certain costs and expenses at each interim and annual reporting period. The amendments in the ASU are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Group is currently evaluating the impact of this new standard on the Group's consolidated financial statements and related disclosures.

Except for the above-mentioned pronouncements, there are no new recent issued accounting standards that will have a material impact on the consolidated balance sheets, statements of operation and comprehensive income, and statements of cash flows.

**3. CONCENTRATION OF RISKS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(a) Political, social and economic risks***

The main operations of the Group are located in Hong Kong. Accordingly, the Group's business, financial condition, and results of operations may be influenced by political, economic, and legal environments in Hong Kong, as well as by the general state of the economy in Hong Kong. The Group's results may be adversely affected by changes in the political, regulatory and social conditions in Hong Kong. Although the Group has not experienced losses from these situations and believes that it is in compliance with existing laws and regulations including its organization and structure disclosed in Note 1, such experience may not be indicative of future results.

The Group's business, financial condition and results of operations may also be negatively impacted by risks related to natural disasters, extreme weather conditions, health epidemics and other catastrophic incidents, which could significantly disrupt the Group's operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(b) Interest rate risk***

The Group is exposed to interest rate risk on its interest-bearing assets and liabilities. As part of its asset and liability risk management, the Group reviews and takes appropriate steps to manage its interest rate exposure on its interest-bearing assets and liabilities. The Group has not been exposed to material risks due to changes in market interest rates, and has not used any derivative financial instruments to manage the interest risk exposure during the years presented.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(c) Credit risk***

Financial instruments that potentially subject the Group to significant concentrations of credit risk consist primarily of cash and cash equivalents, accounts receivable, contract assets and other current assets. As of March 31, 2025 and 2024, approximately HK$664,573 (US$85,202) and HK$370,691 were deposited with financial institutions located in Hong Kong, respectively. In accordance with the relevant regulations in Hong Kong, the maximum insured bank deposit amount is HK$500,000 for each financial institution. While the Group believes that these financial institutions are of high credit quality, it also continually monitors their credit worthiness.

The Group is also exposed to risk from its accounts receivable, contract assets and other current assets. These assets are subjected to credit evaluations. An allowance has been made for estimated unrecoverable amounts which have been determined by reference to past default experience and the current economic environment and reasonable and supportable forecasts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(d) Concentration risk***

There were four and three customers from whom revenues individually represent greater than 10% of the total revenues of the Group for the fiscal years ended March 31, 2025 and 2024, respectively. The total sales to these customers accounted for approximately 79.1% and 63.5% of total revenues for the fiscal years ended March 31, 2025 and 2024, respectively. As of March 31, 2025, three customers accounted for approximately 85.8% of the Group's accounts receivable. As of March 31, 2024, three customers accounted for approximately 76.8% of the Group's accounts receivable.

The following customers accounted for 10% or more of revenue for the years ended March 31, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Years Ended March 31,** | **For the Years Ended March 31,** | **For the Years Ended March 31,** | **For the Years Ended March 31,** |
|  | **2024** | **2024** | **2025** | **2025** |
|  | **HK$** | **%** | **HK$** | **%** |
| Individual G | 8111554 | 30.6 | \* | \* |
| Company Y | \* | \* | 7400000 | 21.9 |
| Company X | \* | \* | 6902620 | 20.4 |
| Company H | \* | \* | 6000000 | 17.8 |
| Company B | 4508321 | 17.0 | 6400139 | 19.0 |
| Company U | 4200000 | 15.9 | \* | \* |

---

The following customers accounted for 10% or more of the Group's accounts receivable as of March 31, 2024 and 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of March 31, 2024** | **As of March 31, 2024** | **As of March 31, 2025** | **As of March 31, 2025** |
|  | **HK$** | **%** | **HK$** | **%** |
| Company B | 2903830 | 19.0 | \* | \* |
| Company Y | \* | \* | 6660000 | 36.1 |
| Company X | \* | \* | 5842060 | 31.7 |
| Individual G | 4810015 | 31.5 | 3316015 | 18.0 |
| Company U | 4025000 | 26.3 | \* | \* |

---

There were three and two suppliers from whom purchases individually represent greater than 10% of the total purchases of the Group for the fiscal years ended March 31, 2025 and 2024, respectively. The total purchase from these suppliers accounted for approximately 47.0% and 79.3% of the Group's total purchase for the fiscal years ended March 31, 2025 and 2024, respectively. As of March 31, 2025, one supplier accounted for approximately 40.8% of the Group's accounts payable. As of March 31, 2024, two suppliers accounted for approximately 75.6% of the Group's accounts payable.

The following supplier accounted for 10% or more of purchases for the years ended March 31, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Years Ended March 31,** | **For the Years Ended March 31,** | **For the Years Ended March 31,** | **For the Years Ended March 31,** |
|  | **2024** | **2024** | **2025** | **2025** |
|  | **HK$** | **%** | **HK$** | **%** |
| Company G | 2854819 | 13.5 | 3091300 | 11.8 |
| Company Z | \* | \* | 5000000 | 19.1 |
| Company H | 13960030 | 65.8 | 4218556 | 16.1 |

---

The following suppliers accounted for 10% or more of the Group's accounts payable as of March 31, 2024 and 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of March 31, 2024** | **As of March 31, 2024** | **As of March 31, 2025** | **As of March 31, 2025** |
|  | **HK$** | **%** | **HK$** | **%** |
| Company Z | \* | \* | 5000000 | 40.8 |
| Company G | 110030 | 26.2 | \* | \* |
| Company V | 207500 | 49.4 | \* | \* |

---

\* Represents less than 10%

**4. ACCOUNTS RECEIVABLE, NET**

Accounts receivable and the allowance for the expected credit losses consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** | **As of March 31,** |
|  | **2024** | **2025** | **2025** |
|  | **HK$** | **HK$** | **US$** |
| Accounts receivable | 15400660 | 18766987 | 2406024 |
| Less: allowance for the expected credit losses | (108000) | (336200) | (43103) |
|  | **15292660** | **18430787** | **2362921** |

---

There was HK$336,200 (US$43,103) allowance for the expected credit losses recognized by the Group for the year ended March 31, 2025.

**5. CONTRACT ASSETS AND CONTRACT LIABILITIES**

---

| | | | |
|:---|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** | **As of March 31,** |
|  | **2024** | **2025** | **2025** |
|  | **HK$** | **HK$** | **US$** |
| **Contract assets:** |  |  |  |
| Balance at beginning of the year | 723802 |  |  |
| (Deductions) additions | (723802) | 6210549 | 796224 |
| **Balance at end of year** | **-** | **6210549** | **796224** |

---

There was no allowance recognized for contract asset as of March 31, 2025 and 2024.

---

| | | | |
|:---|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** | **As of March 31,** |
|  | **2024** | **2025** | **2025** |
|  | **HK$** | **HK$** | **US$** |
| **Contract liabilities:** |  |  |  |
| Balance at beginning of the year | 766496 | 340000 | 43590 |
| (Deductions) additions | (426496) | 949192 | 121691 |
| **Balance at end of year** | **340000** | **1289192** | **165281** |

---

As of March 31, 2024, the Group's contract liabilities were HK$340,000, of which HK$340,000 was recognized as revenue for the year ended March 31, 2025.

**6. PREPAYMENT AND OTHER CURRENT ASSETS AND OTHER NON-CURRENT ASSETS**

Prepayment and other current assets consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** | **As of March 31,** |
|  | **2024** | **2025** | **2025** |
|  | **HK$** | **HK$** | **US$** |
| **Prepayment and other current assets** |  |  |  |
| Loans to third parties (i) | 12210709 | 4044046 | 518467 |
| Rental deposits | 60000 | 60000 | 7692 |
| Staff advances | 139765 | 32560 | 4174 |
| Advances to suppliers | 344897 | 11239 | 1441 |
|  | **12755371** | **4147845** | **531775** |

---

Other non-current assets consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** | **As of March 31,** |
|  | **2024** | **2025** | **2025** |
|  | **HK$** | **HK$** | **US$** |
| **Other non-current assets** |  |  |  |
| Loans to third parties (ii) | 512329 | 537329 | 68888 |
|  | **512329** | **537329** | **68888** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(i) On January 2, 2023, Global Development HK entered
 into a two-year loan agreement with a third-party entity in Hong Kong, pursuant to which Global Development HK was entitled to provide
 a loan of HK$5,500,000 (US$705,128) with an annual interest rate of 12% to this entity for its working capital needs. As of March 31,
 2025 the outstanding principal balance was HK$3,393,500 (US$435,064) recorded in other current assets, this amount was fully settled on
 April 2, 2025. On May 4, 2021, Global Development HK entered into
 a three-year loan agreement with another third-party entity in Hong Kong, pursuant to which Global Development HK was entitled to provide
 a loan of HK$5,500,420 (US$705,182) with an annual interest rate of 10% to this entity for its working capital needs. As of March 31,
 2025 the outstanding principal balance was HK$650,546 (US$83,403) recorded in other current assets, this amount was fully settled on April
 2, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(ii) On October 4, 2023, Global Development HK entered into a three-year loan
agreement with another third-party entity in Hong Kong, pursuant to which Global Development HK was entitled to provide a loan of HK$500,000
(US$64,103) with an annual interest rate of 5% to this entity for its working capital needs. As of March 31, 2025 the outstanding balance
with interest receivable was HK$537,329 (US$68,888) recorded in other non-current assets.

**7. PROPERTY AND EQUIPMENT, NET**

Property and equipment consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** | **As of March 31,** |
|  | **2024** | **2025** | **2025** |
|  | **HK$** | **HK$** | **US$** |
| Leasehold improvements | 310474 | 310474 | 39805 |
| Computer and electronic equipment | 42407 | 57407 | 7360 |
| Office equipment | 30320 | 48320 | 6195 |
|  | **383201** | **416201** | **53360** |
| Less: Accumulated depreciation | (223219) | (321520) | (41221) |
|  | **159982** | **94681** | **12139** |

---

For the years ended March 31, 2025 and 2024, the Group recorded depreciation expenses of HK$98,301 (US$12,603) and HK$95,801, respectively. No impairment loss was recognized for property and equipment for the years ended March 31, 2025 and 2024.

**8. ACCOUNTS PAYABLE**

For the years ended March 31, 2025 and 2024, the Group recorded accounts payable of HK$12,242,006 (US$1,569,486) and HK$420,047 respectively. The significant fluctuation in accounts payable at the end of the 2025 fiscal year was primarily attributable to two projects completed near year-end. The Group typically requires a certain settlement cycle to finalize payments to suppliers, during which it reviews the settlement amount, evaluates potential exceptional items, and schedules cash flow arrangements. Additionally, the Group's business scale expanded compared to the prior year, with the addition of multiple large-scale, long-duration projects. As several projects remained in progress at year-end, the unpaid supplier balances showed a corresponding increase over the prior year period.

**9. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES**

Accrued expenses and other current liabilities consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** | **As of March 31,** |
|  | **2024** | **2025** | **2025** |
|  | **HK$** | **HK$** | **US$** |
| Payroll and welfare payables | 171000 | 1165925 | 149478 |
| Employee advance payment | 36929 |  |  |
| Expenses to suppliers | 112245 | 182046 | 23339 |
|  | **320174** | **1347971** | **172817** |

---

**10. LONG-TERM BORROWINGS**

Long-term borrowings were as follows as of the respective balance sheet dates:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** | **As of March 31,** |
|  | **2024** | **2025** | **2025** |
|  | **HK$** | **HK$** | **US$** |
| Bank of China (Hong Kong) Limited – current portion | 1681322 | 1473589 | 188922 |
| Bank of China (Hong Kong) Limited – non-current portion | 1473850 | - | - |
|  | **3155172** | **1473589** | **188922** |

---

On December 17, 2022, Global Development HK entered into a three-year bank facility agreement with Bank of China (Hong Kong) Limited, a commercial bank in Hong Kong, pursuant to which Global Development HK was entitled to borrow a loan of HK$5,000,000 (US$641,026) with an annual interest rate of 5.12%-5.75% for working capital requirement, with the facility expiring on January 08, 2026. Global Development HK withdrew the amount in full on January 9, 2023. HKMC Insurance Limited, a third-party company, issued Global Development HK for a non-revolving facility for a guarantee limit not exceeding HK$4,500,000 (US$576,923) for this loan. In addition, this loan was also guaranteed by Mr. Sui Hei Chan, the Controlling shareholder and Chief Executive Officer of the Group with full amount.

As of March 31, 2025, the long-term borrowing of HK$1,473,589 (US$188,922) will be due within one year.

**11. LEASES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) Operating leases**

The Group leases office space from third parties. As the lease does not provide an implicit rate, the Group used an incremental borrowing rate based on the information available at the commenced date in determining the present value of lease payments. The Group's lease agreement does not contain any material guarantees or restrictive covenants. The Group does not have any sublease activities. Operating leases result in the recognition of right-of-use ("ROU") assets and lease liabilities on the balance sheet. ROU assets represent the Group's right to use the leased asset for the lease term, and lease liabilities represent the obligation to make lease payments. The operating lease expenses were charged to general and administrative expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Finance leases**

On April 13, 2023, the Group leases a vehicle from a third party which results in finance lease obligations. The finance lease results in the recognition of right-of-use ("ROU") assets and lease liabilities on the balance sheet. ROU assets represent the Group's right to use the leased asset for the lease term, and lease liabilities represent the obligation to make lease payments. The finance lease expenses were charged to general and administrative expenses and interest expenses.

A summary of supplemental information related to the Group's leases as of March 31, 2024 and 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** | **As of March 31,** |
|  | **2024** | **2025** | **2025** |
|  | **HK$** | **HK$** | **US$** |
| Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
| Operating cashflows used in operating lease | 360000 | 240000 | 30769 |
| Initial payment of finance lease | 38651 |  |  |
| Financing cashflows used in finance lease | 169301 | 184692 | 23678 |
| Right-of-use assets obtained in exchange for new finance lease | 553261 |  |  |
| Operating lease expense | 360000 | 360000 | 46154 |
| Amortization of right-of-use assets, finance lease | 184420 | 184421 | 23644 |
| Interest on finance lease liabilities | 21405 | 13290 | 1704 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** | **As of March 31,** |
|  | **2024** | **2025** | **2025** |
|  | **HK$** | **HK$** | **US$** |
| Operating lease right-of-use assets, net | 349751 |  |  |
| Finance lease right-of-use assets, net | 368841 | 184420 | 23644 |
| Operating lease liabilities, current portion | 349751 |  |  |
| Finance lease liabilities, current portion | 171402 | 179920 | 23067 |
| Operating lease liabilities, non-current portion |  |  |  |
| Finance lease liabilities, non-current portion | 179920 |  |  |
| Weighted average remaining lease terms – operating lease | 1 year |  |  |
| Weighted average remaining lease terms – finance lease | 2 years | 1 year | 1 year |
| Weighted average discount rate – operating lease | 5.50% | 5.50% | 5.50% |
| Weighted average discount rate – finance lease | 4.86% | 4.86% | 4.86% |

---

The maturity analysis of the annual undiscounted cash flows for the Group's leases, as of March 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** |
|  | **Operating Lease** | **Finance Lease** | **Total** |
|  | **HK$** | **HK$** | **HK$** |
| Within 1 year |  | 184692 | 23678 |
| Between 1 to 2 years |  |  |  |
| Between 2 to 3 years |  | - | - |
| Total undiscounted lease payments |  | 184692 | 23678 |
| less: imputed interest |  | (4772) | (611) |
| **Total lease liabilities** |  | **179920** | **23067** |

---

On April 3, 2025, subsequent to the fiscal year ended March 31, 2025, the Group entered into a new lease agreement for office space commencing on April 16, 2025 (Note 16).

**12. RELATED PARTY TRANSACTIONS**

The table below sets forth the major related parties and their relationships with the Group as of March 31, 2024 and 2025:

---

| | |
|:---|:---|
| **Names of the related parties** | **Relationship with the Group** |
| Sui Hei Chan | Controlling shareholder and Chief Executive Officer ("CEO") of the Group |
| New Fu Hing Engineering Limited ("New Fu Hing") | An affiliate of immediate family member of CEO of the Group |
| King Wan Leung | Chief Finance Officer ("CFO") of the Group |
| Lake Baroon Business Services Limited | The Group controlled by the CFO |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) Amounts due to related parties** 

---

| | | | |
|:---|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** | **As of March 31,** |
|  | **2024** | **2025** | **2025** |
|  | **HK$** | **HK$** | **US$** |
| New Fu Hing (i) | 16123087 | 6252687 | 801627 |
| Lake Baroon Business Services Limited | - | 51700 | 6628 |
|  | **16123087** | **6304387** | **808255** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(i) Amounts due to New Fu Hing represented the accounts payable
 of Global Development HK to New Fu Hing related to the subcontracting fees, cost of materials and tools and labor costs of Global
 Development HK's construction projects. As a related party and strategic partner, New Fu Hing has agreed that this amount due
 to New Fu Hing carries no fixed repayment terms and provided a written commitment dated September 16, 2025 stating no demand
 for repayment within the next 12 months (Exhibit 10.8).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Amounts due from related parties**

---

| | | | |
|:---|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** | **As of March 31,** |
|  | **2024** | **2025** | **2025** |
|  | **HK$** | **HK$** | **US$** |
| King Wan Leung | 245000 |  |  |
| Lake Baroon Business Services Limited | 16000 |  |  |
|  | **261000** |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) Related parties' transactions**

---

| | | | |
|:---|:---|:---|:---|
|  | **For the years ended March 31,** | **For the years ended March 31,** | **For the years ended March 31,** |
|  | **2024** | **2025** | **2025** |
|  | **HK$** | **HK$** | **US$** |
| Purchase from New Fu Hing | 13960030 | 4218556 | 540841 |
| Sales to New Fu Hing |  | 6000000 | 769231 |
| Commission for recommended projects to New Fu Hing |  | 13100 | 1679 |
| Renovation for King Wan Leung | 245000 | 46160 | 5918 |
| Accounting service from Lake Baroon Business Services Limited | 62300 | 43605 | 5590 |
|  | **14267330** | **10321421** | **1323259** |

---

**13. EMPLOYEE BENEFIT EXPENSES**

All eligible employees of the Group are entitled to mandatory provident fund ("MPF"). The Group is required to make contributions to the fund and accrues these benefits based on certain percentages of the qualified employees' salaries. Total amounts of such employee benefit expenses, which were expensed as incurred, were approximately HK$91,250 (US$11,699) and HK$90,600 for the years ended March 31, 2025 and 2024, respectively.

**14. INCOME TAXES**

***British Virgin Islands***

The Company is incorporated in British Virgin Islands and conducts its primary business operations through the subsidiary in Hong Kong. Under the current laws of British Virgin Islands, British Virgin Islands levies no taxes on individuals or corporations based upon profits, income, gains or appreciation and the Company is therefore not subject to tax on income or capital gains arising in British Virgin Islands. Additionally, upon payments of dividends by the Company to its shareholders, no British Virgin Islands withholding tax will be imposed.

***Hong Kong***

The Company is subject to a two-tiered income tax rate for taxable income earned in Hong Kong. The first HK$2,000,000 of profits earned by a company is subject to be taxed at an income tax rate of 8.25%, while the remaining profits will continue to be taxed at the existing tax rate of 16.5%.

The following table presents the composition of income tax expenses for the years ended March 31, 2025 and 2024:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the years ended March 31,** | **For the years ended March 31,** | **For the years ended March 31,** |
|  | **2024** | **2025** | **2025** |
|  | **HK$** | **HK$** | **US$** |
| Current income tax expense | 22243 | 104283 | 13369 |
| Deferred tax expenses | 113249 | (37653) | (4827) |
|  | **135492** | **66630** | **8542** |

---

Reconciliation of the difference between the Hong Kong statutory income tax rate applicable to profits of the Group and the income tax expenses of the Group was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the years ended March 31,** | **For the years ended March 31,** | **For the years ended March 31,** |
|  | **2024** | **2025** | **2025** |
|  | **HK$** | **HK$** | **US$** |
| Income before taxes | 860659 | 1010706 | 129578 |
| Income tax expenses computed at statutory rate | 142009 | 166766 | 21380 |
| Preferential rate | (22243) | (104284) | (13370) |
| Non-deductible expenses | 15726 | 4148 | 532 |
| Total income tax expense | **135492** | **66630** | **8542** |

---

***Deferred Taxes***

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The components of the Group's deferred tax assets were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** | **As of March 31,** |
|  | **2024** | **2025** | **2025** |
|  | **HK$** | **HK$** | **US$** |
| **Deferred tax assets:** |  |  |  |
| Allowance for the expected credit losses | 17820 | 55473 | 7112 |
| **Total deferred tax assets** | **17820** | **55473** | **7112** |
| Less: valuation allowance | - | - | - |
| **Deferred tax assets, net** | **17820** | **55473** | **7112** |

---

Realization of the net deferred tax assets is dependent on factors including future reversals of existing taxable temporary differences and adequate future taxable income, exclusive of reversing deductible temporary differences and tax loss carry forwards. The Group evaluates the potential realization of deferred tax assets on an entity-by-entity basis. As of March 31, 2025 and 2024, the allowances for expected credit loss incorporated in Hong Kong of HK$336,200 and HK$108,000 are allowed to be carried forward to offset against future taxable profits. For the years ended March 31, 2025 and 2024, there is no valuation allowance recognized as it was more likely than that the benefits of the deferred tax assets will be realized due to their recurring profits.

***Uncertain tax positions***

The Group evaluates each uncertain tax position (including the potential application of interest and penalties) based on the technical merits, and measure the unrecognized benefits associated with the tax positions. As of March 31, 2024 and 2023, the Group did not have any significant unrecognized uncertain tax positions.

The Group did not accrue any liability, interest or penalties related to uncertain tax positions in its provision for income taxes line of its consolidated statements of operations for the years ended March 31, 2025 and 2024.

**15. EARNING PER SHARE**

The following table sets forth the computation of basic and diluted earnings per share for the years ended March 31, 2025 and 2024:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** | **As of March 31,** |
|  | **2024** | **2025** | **2025** |
|  | **HK$** | **HK$** | **US$** |
| ***Numerator:*** |  |  |  |
| Numerator for basic and diluted earnings per share – net income attributable to shareholders | 725167 | 944076 | 121036 |
| ***Denominator:*** |  |  |  |
| Denominator for basic and diluted net income per share – weighted average number of shares | 17500000 | 17500000 | 17500000 |
| **Basic and diluted earnings per share:** | **0.04** | **0.05** | **0.01** |

---

**16. COMMITMENTS AND CONTINGENCIES**

&nbsp;&nbsp;&nbsp;&nbsp;***(a)***  ***Commitments*** 

On April 3, 2025, the Group entered into a new operating lease agreement with a third party in respect of office space. The lease commences on April 16, 2025, expires on April 15, 2028. As of March 31, 2025, the future lease payments under a non-cancellable agreement that has not been recognized on the balance sheet were:

---

| | |
|:---|:---|
|  | **Operating Lease** |
|  | **HK$** |
| Within 1 year | 360000 |
| Between 1 to 2 years | 360000 |
| Between 2 to 3 years | 360000 |
| **Total lease payment** | **1080000** |

---

&nbsp;&nbsp;&nbsp;&nbsp;***(b)***  ***Contingencies*** 

The Group is subject to legal proceedings and regulatory actions in the ordinary course of business. The results of such proceedings cannot be predicted with certainty, but the Group does not anticipate that the final outcome arising out of any such matter will have a material adverse effect on the Group's consolidated business, financial position, cash flows or results of operations taken as a whole. As of March 31, 2025 and 2024, the Group was not a party to any material legal or administrative proceedings.

**17. SUBSEQUENT EVENTS**

The Group evaluated all events and transactions from March 31, 2025 up through September 16, 2025, which is the date that these consolidated financial statements are available to be issued

**PART II**

**INFORMATION NOT REQUIRED IN PROSPECTUS**

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

Our Amended Memorandum and Articles provides that, subject to the limitations detailed therein, the Company shall indemnify against all expenses, including legal fees, and against all judgments, fines and amounts paid in settlement and reasonably incurred in connection with legal, administrative or investigative proceedings any person who (a) is or was a party or is threatened to be made a party to any threatened, pending or completed proceedings, whether civil, criminal, administrative or investigative, by reason of the fact that the person is or was a director of the Company; or (b) is or was, at the request of the Company, serving as a director of, or in any other capacity is or was acting for, another company or a partnership, joint venture, trust or other enterprise.

In accordance with, and subject to, our Amended Memorandum and Articles (including the limitations detailed therein), (a) the indemnity referred to above only applies if the person acted honestly and in good faith with a view to the best interests of the Company and, in the case of criminal proceedings, the person had no reasonable cause to believe that their conduct was unlawful; (b) the decision of the directors as to whether the person acted honestly and in good faith and with a view to the best interests of the Company and as to whether the person had no reasonable cause to believe that his conduct was unlawful is, in the absence of fraud, sufficient for the purposes of the articles of association, unless a question of law is involved; and (c) the termination of any proceedings by any judgment, order, settlement, conviction or the entering of a nolle prosequi does not, by itself, create a presumption that the person did not act honestly and in good faith and with a view to the best interests of the Company or that the person had reasonable cause to believe that his conduct was unlawful..

We may enter into Letters of Appointment with our directors pursuant to which we agreed to indemnify them against a number of liabilities and expenses incurred by such persons in connection with claims made by reason of their being a director.

We may purchase and maintain insurance in relation to any of our directors or officers against any liability asserted against the directors or officers and incurred by the directors or officers in that capacity.

**Item 7. Recent Sales of Unregistered Securities**

[To be completed with a narrative of the sale and issuance of shares from the beginning.]

**Item 8. Exhibits and Financial Statement Schedules**

&nbsp;&nbsp;&nbsp;&nbsp;(II) **Exhibits and Financial Statement Schedulesa) Exhibits** 

The following exhibits are filed herewith or incorporated by reference in this prospectus:

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 1.1\* | [Form of Underwriting Agreement](ex1-1.htm) |
| 3.1\* | [Certificate of Incorporation of Global Development Engineering Company Limited.](ex3-1.htm) |
| 3.2\* | [Amended and Restated Memorandum and Articles of Association of Global Development Engineering Company Limited.](ex3-2.htm) |
| 4.1\* | [Registrant's Specimen Certificate for Ordinary Shares](ex4-1.htm) |
| 4.2\* | [Form of Representative's Warrant](ex4-2.htm) |
| 5.1\* | [Opinion of Maples and Calder regarding the validity of the Ordinary Shares being registered](ex5-1.htm) |
| 8.1\* | [Opinion of Maples and Calder regarding certain British Virgin Islands tax matters (included in Exhibit 5.1)](ex5-1.htm) |
| 8.2\* | [Opinion of Robertsons regarding certain Hong Kong tax matters (included in Exhibit 99.2)](ex99-2.htm) |
| 10.1\* | [Employment Agreements between the Company and its executive officers](ex10-1.htm) |
| 10.2\* | [Lease Agreement](ex10-2.htm) |
| 10.3\* | [Debt Waiver Agreement dated September 30, 2023](ex10-3.htm) |
| 10.4\* | [Debt Waiver Agreement dated March 30, 2024](ex10-4.htm) |
| 10.5\* | [Agreement with New Fu Hing Engineering Limited dated April 1, 2021](ex10-5.htm) |
| 10.6\* | [Sub-contracting Agreement with New Fu Hing Engineering Limited dated April 1, 2021](ex10-6.htm) |
| 10.7\* | [Bank of China (Hong Kong) Loan General Banking Facilities Letter dated December 17, 2023](ex10-7.htm) |
| 10.8\* | [Supplementary Agreement between New Fu Hing Limited and Global Development Engineering Company Limited dated March 10, 2025](ex10-8.htm) |
| 14.1\* | [Clawback Policy of the Registrant](ex14-1.htm) |
| 21.1\* | [Subsidiaries of the Registrant](ex21-1.htm) |
| 23.1\* | [Consent of OneStop Assurance PAC](ex23-1.htm) |
| 23.2\* | [Consent of Guangdong Prouden CPAs GP](ex23-2.htm) |
| 23.3\* | [Consent of Maples and Calder (included in Exhibit 5.1)](ex5-1.htm) |
| 23.4\* | [Consent of Robertsons (included in Exhibit 99.2)](ex99-2.htm) |
| 99.1\* | [Code of Business Conduct and Ethics of the Registrant](ex99-1.htm) |
| 99.2\* | [Opinion of Robertsons, as to certain matters under Hong Kong law](ex99-2.htm) |
| 99.5\* | [Audit Committee Charter](ex99-5.htm) |
| 99.6\* | [Compensation Committee Charter](ex99-6.htm) |
| 99.7\* | [Nominating and Corporate Governance Committee Charter](ex99-7.htm) |
| 99.8\* | [Consent of Chak Kwan Wong](ex99-8.htm) |
| 99.9\* | [Consent Wan Bok Lee](ex99-9.htm) |
| 99.10\* | [Consent of Kai Hung Kwok](ex99-10.htm) |
| 107\* | [Filing Fee Table](ex107.htm) |

---

\* Filed herewith.

\*\* To be filed by amendment.

\*\*\* Previously filed

**(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 unaudited condensed consolidated financial statements or the Notes thereto.

**Item 8. Undertakings**

The undersigned registrant hereby undertakes to provide to the Underwriter at the closing specified in the placement agreements certificates in such denominations and registered in such names as required by the Underwriter to permit prompt delivery to each purchaser.

Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

The undersigned registrant hereby undertakes:

&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 of 1933;

(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 Commission pursuant to Rule 424(b)
 (§ 230.424(b) of this chapter) if, in the aggregate, the changes in volume and price represent no more than 20% change in the
 maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration
 statement.

&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;(2) That,
 for the purpose of determining any liability under the Securities Act of 1933, 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.

(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.

(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 (17 CFR 249.220f)" at the start of any delayed offering or throughout a continuous offering and such other information
 necessary to ensure that all other information in the prospectus is at least as current as the date of those financial statements.

(5) That,
 for the purpose of determining liability of the registrant under the Securities Act of 1933 to any purchaser in the initial distribution
 of the securities: The undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant
 to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities
 are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller
 to the purchaser and will be considered to offer or sell such securities to such purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any
 preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule
 424 (§ 230.424 of this chapter);

(ii) Any
 free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by
 the undersigned registrant;

(iii) The
 portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant
 or its securities provided by or on behalf of the undersigned registrant; and

(iv) Any
 other communication that is an offer in the offering made by the undersigned registrant to the purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;(6) That,
 for purposes of determining any liability under the Securities Act of 1933, 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.

(7) That,
 for the purpose of determining any liability under the Securities Act of 1933, 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.

**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 the Hong Kong SAR, People's Republic of China, on September 16, 2025.

---

| | |
|:---|:---|
| **GLOBAL DEVELOPMENT ENGINEERING COMPANY LIMITED** | **GLOBAL DEVELOPMENT ENGINEERING COMPANY LIMITED** |
| By: | */s/ Sui Hei Chan* |
|  | Sui Hei Chan |
|  | Chief Executive Officer |
|  | (Principal Executive Officer) |
|  | */s/ King Wan Leung* |
|  | King Wan Leung |
|  | Chief Financial Officer |
|  | Principal Accounting and Financial Officer |

---

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below does hereby constitute and appoint SUI HEI CHAN and KING WAN LEUNG as his true and lawful attorney-in-fact and agent, with full power of substitution and re-substitution, for him and in his name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this registration statement and sign any registration statement for the same offering covered by this registration statement that is to be effective upon filing pursuant to Rule 462(b) promulgated under the Securities Act of 1933, as amended and all post-effective amendments thereto and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith and about the premises, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his substitutes or substitutes, may lawfully do or cause to be done by virtue hereof.

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

---

| | | |
|:---|:---|:---|
| **Signature** | **Capacity** | **Date** |
| */s/ Sui Hei Chan* | Chief Executive Officer | September 16, 2025 |
| Sui Hei Chan | (Principal Executive Officer) |  |
| */s/ King Wan Leung* | Chief Financial Officer | September 16, 2025 |
| King Wan Leung | (Principal Accounting and Financial Officer) |  |
| */s/ Sui Hei Chan* | Chairman and Director | September 16, 2025 |
| Sui Hei Chan |  |  |
| */s* | Director | September [●], 2025 |
| Chak Kwan Wong |  |  |
| */s/* | Director | September [●], 2025 |
| Wan Bok Lee |  |  |
| */s/* | Director | September [●], 2025 |
| Kai Hung Kwok |  |  |

---

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

Pursuant to the Securities Act of 1933 as amended, the undersigned, the duly authorized representative in the United States of America, has signed this registration statement thereto in New York, NY on September 16, 2025.

---

| | |
|:---|:---|
| **Puglisi & Associates** | **Puglisi & Associates** |
| By: | */s/ Donald J. Puglisi* |
| Name: | Donald J. Puglisi |
| Title: | Managing Director |

---

## Exhibit 1.1

**Exhibit 1.1**

**GLOBAL DEVELOPMENT ENGINEERING COMPANY LIMITED**

**FORM OF UNDERWRITING AGREEMENT**

[●], 2025

**Cathay Securities, Inc.**

40 Wall Street, Suite 3600

New York, NY 10005

*As the Representative of several Underwriters named on <u>Schedule A</u> hereto*

Ladies and Gentlemen:

The undersigned, Global Development Engineering Company Limited, a British Virgin Islands company limited by shares ("**Company**"), hereby confirms its agreement (this "**Agreement**" or the "**Underwriting Agreement**") with Cathay Securities, Inc. (the "**Representative**" of several underwriters as disclosed in <u>Schedule A</u> attached hereto and the term Representative as used herein shall have the same meaning as underwriter, collectively the "**Underwriters**" and each an "**Underwriter**") to issue and sell to the Underwriters an aggregate of [●] ordinary shares of no par value, of the Company (the "**Firm Shares**"). The Company also agrees to issue and sell to the Underwriters not more than an additional [●] shares of its ordinary shares of no par value (the "**Option Shares**"), if and to the extent that the Representatives shall have determined to exercise, on behalf of the Underwriters, the right to purchase such shares of Option Shares granted to the Underwriters under <u>Section 1</u> hereof. The Firm Shares and the Option Shares are hereinafter collectively referred to as the "**Securities.**" The offering and sale of Securities contemplated by this Agreement is referred to herein as the "**Offering**."

**1.** **<u>Purchase and Sale of Securities</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Purchase of Firm Shares</u>. On the basis of the representations and warranties herein contained, but subject to the terms and conditions herein set forth, the Company agrees to issue and sell to the Underwriters an aggregate of [●] Firm Shares at a purchase price (net of underwriting discount) of $[●] per share (the "**Purchase Price**") on a firm commitment basis. The Underwriters agree to purchase from the Company the Firm Shares set forth opposite its name on <u>Schedule A</u> attached hereto and made a part hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Delivery of and Payment for Firm Shares</u>. Delivery of and payment for the Firm Shares shall be made on the [second] Business Day following the effective date of the Registration Statement ("**Effective Date**") or at such time as shall be agreed upon by the Underwriters and the Company, at the offices of VCL Law LLP (the "**Underwriters' Counsel**") or at such other place as shall be agreed upon by the Underwriters and the Company. The hour and date of delivery of and payment for the Firm Shares is referred to as the "**Closing Date**." The closing of the payment of the purchase price for, and delivery of certificates representing, the Firm Shares is referred to herein as the "**Closing**." Payment for the Firm Shares shall be made on the Closing Date by wire transfer in Federal (same day) funds upon delivery to the Underwriters of certificates (in form and substance reasonably satisfactory to the Underwriters) representing the Firm Shares (or if uncertificated through the full fast transfer facilities of the Depository Trust Company (the "**DTC**")) for the account of the Underwriters. The Firm Shares shall be registered in such names and in such denominations as the Underwriters may request in writing at least two (2) Business Days prior to the Closing Date. If certificated, the Company will permit the Underwriters to examine and package the Firm Shares for delivery at least one (1) full Business Day prior to the Closing Date. The Company shall not be obligated to sell or deliver the Firm Shares except upon tender of payment by the Underwriters for all the Firm Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Option Shares.</u> The Company hereby agrees to issue and sell to the Underwriters the Option Shares, and the Underwriters shall have the option to purchase, severally and not jointly, in whole or in part, the Option Shares from the Company (the "**Over-Allotment Option**"), in each case, at a price per share equal to the Purchase Price less an amount per share equal to any dividends or distributions declared by the Company and payable on the Firm Shares but not payable on the Option Shares (the "**Over-Allotment Option Purchase Price**"). The Company and the Underwriters agree that the Underwriters may only exercise the Over-Allotment Option for the purpose of covering over-allotments made in connection with the offering of the Firm Shares. The Representative may exercise the Over-Allotment Option on behalf of the Underwriters at any time in whole, or from time to time in part, on or before the forty-fifth (45th) day after the Closing Date, by giving written notice to the Company (the "**Over-Allotment Exercise Notice**"). Each exercise date must be at least one (1) Business Day after the written notice is given and may not be earlier than the Closing Date nor later than ten (10) Business Days after the date of such notice. On each day, if any, that the Option Shares are to be purchased, each Underwriter agrees, severally and not jointly, to purchase the number of the Option Shares (subject to such adjustments to eliminate fractional shares as the Representative may determine) that bears the same proportion to the total number of the Option Shares to be purchased on such Additional Closing Date (as defined below) as the number of Firm Shares set forth in <u>Schedule A</u> hereto opposite the name of such Underwriter bears to the total number of the Firm Shares. The Representative may cancel any exercise of the Over-Allotment Option at any time prior to the Closing Date or the applicable Additional Closing Date (as defined below), as the case may be, by giving written notice of such cancellation to the Company. The Over-Allotment Exercise Notice shall set forth: (i) the aggregate number of Option Shares as to which the Over-Allotment Option is being exercised; (ii) the Over-Allotment Option Purchase Price; (iii) the names and denominations in which the Option Shares are to be registered; and (iv) the applicable Additional Closing Date. Payment for the Option Shares (the "**Option Shares Payment**") shall be made, against delivery of the Option Shares to be purchased, by wire transfer in immediately available funds to the account(s) specified by the Company to the Representative at least one (1) Business Day in advance of such payment at the office of VCL Law LLP, or at such other place on the same or such other date and time, as shall be designated in writing by the Representative (an "**Additional Closing Date**"). Delivery of the Option Shares shall also be made through the facilities of the DTC, unless the Representative shall otherwise instruct.

**2. <u>Representations and Warranties of the Company</u>**. The Company represents and warrants to the Underwriters as of the Applicable Time (as defined below) and as of the Closing Date, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Filing of Registration Statement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Pursuant to the Act</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) The Company has filed with the Securities and Exchange Commission (the "**Commission**") a registration statement and an amendment or amendments thereto, on Form F-1 (File No. 333-[●]), including any related prospectus or prospectuses, for the registration of the Securities under the Securities Act of 1933, as amended (the "**Act**"), which registration statement and amendment or amendments have been prepared by the Company and conform, in all material respects, with the requirements of the Act and the rules and regulations of the Commission under the Act (the "**Regulations**"). Except as the context may otherwise require, such registration statement on file with the Commission at the time the registration statement becomes effective (including the prospectus, financial statements, schedules, exhibits and all other documents filed as a part thereof or incorporated therein and all information deemed to be a part thereof as of the Effective Date pursuant to paragraph (b) of Rule 430A of the Regulations), is referred to herein as the "**Registration Statement**."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) The final prospectus in the form first furnished to the Underwriters for use in the Offering, is hereinafter called the "**Prospectus**."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) The Registration Statement has been declared effective by the Commission on or prior to the date hereof. "**Applicable Time**" means [●] p.m. Eastern Time, on [Date], or such other time as agreed to by the Company and the Underwriters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Registration under the Exchange Act</u>. The Securities are registered pursuant to Section 12(b) of the Securities Exchange Act of 1934 (the "**Exchange Act**"), and the Company has taken no action designed to, or likely to have the effect of, terminating the registration of the Securities under the Exchange Act nor has the Company received any notification that the Commission is contemplating terminating such registration except as described in the Registration Statement and Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Listing on Nasdaq</u>. The Securities will be approved for listing on the Nasdaq Capital Market ("**Nasdaq**") by the Closing Date, subject to official notice of issuance, and the Company has taken no action designed to, or likely to have the effect of, terminating the listing of the Securities on Nasdaq nor has the Company received any notification that Nasdaq is contemplating revoking or withdrawing approval for listing of the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Disclosures in Registration Statement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>10b-5 Representation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) The Registration Statement and the Prospectus and any post-effective amendments thereto will, in all material respects, comply with the requirements of the Act and the Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) The Registration Statement, when it became effective, and any amendment or supplement thereto, did not contain and, at the Closing Date, will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, and the Prospectus, when filed with the Commission, does not contain and, at the Closing Date, will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. The representation and warranty made in this <u>Section 2(b)(i)(B)</u> does not apply to statements made or statements omitted in reliance upon and in conformity with written information with respect to the Underwriters furnished to the Company by the Underwriters expressly for use in the Registration Statement or Prospectus or any amendment thereof or supplement thereto. The parties acknowledge and agree that such information provided by or on behalf of any of the Underwriters consists solely of the disclosure contained in the "*Underwriting*" section of the Registration Statement and Prospectus (collectively, the "**Underwriters' Information**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) The road show presentation and materials, when taken together as a whole with the Disclosure Materials (as defined below in Section 2(w)), do not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. The preceding sentence does not apply to statements in or omissions from the Disclosure Materials based upon and in conformity with the Underwriters' Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Prior Securities Transactions</u>. No securities of the Company have been sold by the Company or by or on behalf of, or for the benefit of, any person or persons controlling, controlled by, or under common control with the Company, except as disclosed in the Disclosure Materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Changes After Dates in Registration Statement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>No Material AdverseEffect</u>. Since the end of the period covered by the latest audited financial statements included in the Registration Statement and the Prospectus, and except as otherwise specifically stated therein: (A) to the knowledge of the Company, there has been no events that have occurred that would have a have a material adverse effect on the assets, business, conditions, financial position, results of operations or business prospects of the Company (a "**Material Adverse Effect**"); and (B) there have been no material transactions entered into by the Company not in the ordinary course of business, other than as contemplated pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Recent Securities Transactions, etc</u>. Since the end of the period covered by the latest audited financial statements or interim financial statements included in the Registration Statement and the Prospectus, and except as may otherwise be indicated or contemplated herein or disclosed in the Registration Statement and the Prospectus, the Company has not, other than with respect to options to purchase the ordinary shares at an exercise price equal to the then fair market price of the ordinary shares, as determined by the Company's board of directors, granted to employees, consultants or service providers: (A) issued any securities or incurred any material liability or obligation, direct or contingent, for borrowed money other than in the ordinary course of business; or (B) declared or paid any dividend or made any other distribution on or in respect to its capital stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Corporate Power; Licenses; Consents</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Conduct of Business</u>. Except as described in the Registration Statement and the Prospectus, the Company has all requisite corporate power and authority, and has all necessary authorizations, approvals, orders, licenses, certificates and permits of and from all governmental regulatory officials and bodies that it needs as of the date hereof to conduct its business purpose as described in the Prospectus except, any non-compliance, in each case either individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Transactions Contemplated Herein</u>. The Company has all corporate power and authority to enter into this Agreement and to carry out the provisions and conditions hereof and thereof, and all consents, authorizations, approvals and orders required in connection therewith have been obtained. No consent, authorization or order of, and no filing with, any court, government agency or other body is required for the valid issuance, sale and delivery of the Securities and the consummation by the Company of the transactions and agreements contemplated by this Agreement and as contemplated by the Prospectus, except with respect to applicable federal and state securities laws and the rules and regulations of the Financial Industry Regulatory Authority ("**FINRA**"), the Commission and Nasdaq.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Good Standing</u>. The Company has been duly incorporated, is validly existing and is in good standing under the laws of the British Virgin Islands as of the date hereof, and is duly qualified to do business and is in good standing in each jurisdiction in which the conduct of business requires such qualification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Subsidiaries</u>. Exhibit 21.1 of the Registration Statement lists all the Company's subsidiaries and sets forth the ownership of all of the subsidiaries. The subsidiaries are duly organized and in good standing under the laws of the place of organization or incorporation, and each such subsidiary is in good standing in each jurisdiction in which its ownership or lease of property or the conduct of business requires such qualification, except where the failure to qualify would not reasonably be expected to have a Material Adverse Effect. The Company's ownership and control of each subsidiary and each subsidiary's ownership and control of other subsidiaries, is as described in the Registration Statement, the Disclosure Materials and the Prospectus. The Company does not own or control, directly or indirectly, any corporation, association or entity other than the subsidiaries described in the Registration Statement, the Disclosure Materials and the Prospectus. Each of the Company and its subsidiaries has full corporate power and authority to own or lease, as the case may be, and to operate its properties and conduct its business as described in the Disclosure Materials and the Prospectus, and is duly qualified to do business under the laws of each jurisdiction which requires such qualification, except where the failure to qualify would not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Board of Directors</u>. The board of directors of the Company is comprised of the persons set forth under the heading of the Prospectus captioned "*Management*." The qualifications of the persons serving as board members and the overall composition of the board comply with the Sarbanes-Oxley Act of 2002 and the rules promulgated thereunder applicable to the Company and the rules of Nasdaq. At least one member of the board of directors of the Company qualifies as an "<u>audit committee financial expert</u>" as such term is defined under the Sarbanes-Oxley Act of 2002 and the rules promulgated thereunder and the rules of Nasdaq. In addition, at least a majority of the persons serving on the board of directors qualify as "<u>independent</u>" as defined under the rules of the Commission and Nasdaq.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Officers' Certificate</u>. Any certificate signed by any duly authorized officer of the Company and delivered to Underwriters or to Underwriters' Counsel shall be deemed a representation and warranty by the Company to the Underwriters as to the matters covered thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>D&O Questionnaires</u>. To the Company's knowledge, all information contained in the questionnaires (the "**Questionnaires**") completed by each of the Company's directors and officers named in the section "*Management*" in the Prospectus immediately prior to the Offering (the "**Insiders**") as well as in the Lock-Up Agreements in the form attached hereto as <u>Annex IV</u> provided to the Underwriter is true and correct in all respects and the Company has not become aware of any information which would cause the information disclosed in the Questionnaires completed by each Insider to become inaccurate or incorrect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>MD&A</u>. The section entitled "*Management's Discussion and Analysis of Financial Condition and Results of Operations*" in the Prospectus included in the Disclosure Materials and the Prospectus accurately and fully describes in all material respects (i) accounting policies that the Company believes are the most important in the portrayal of the Company's financial condition and results of operations and that require management's most difficult, subjective or complex judgments ("**Critical Accounting Policies**"); (ii) judgments and uncertainties affecting the application of the Critical Accounting Policies; and (iii) the likelihood that materially different amounts would be reported under different conditions or using different assumptions and an explanation thereof; and the Company's management has reviewed and agreed with the selection, application and disclosure of the Critical Accounting Policies as described in the Disclosure Materials and the Prospectus and have consulted with its independent accountants with regard to such disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Financial Statements, etc</u>. The financial statements, including the notes thereto and supporting schedules included in the Registration Statement and Prospectus fairly present the financial position and the results of operations of the Company at the dates and for the periods to which they apply; and such financial statements have been prepared in conformity with United States generally accepted accounting principles ("**GAAP**"), consistently applied throughout the periods involved except as disclosed therein; and the supporting schedules included in the Registration Statement and Prospectus present fairly the information required to be stated therein. The Registration Statement and Prospectus disclose all material off-balance sheet transactions, arrangements, obligations (including contingent obligations), and other relationships of the Company with unconsolidated entities or other persons that may have a material current or future effect on the Company's financial condition, changes in financial condition, results of operations, liquidity, capital expenditures, capital resources, or significant components of revenues or expenses. Except as disclosed in the Registration Statement and the Prospectus, (i) neither the Company nor any of its subsidiaries has incurred any material liabilities or obligations, direct or contingent, or entered into any material transactions other than in the ordinary course of business; (ii) the Company has not declared or paid any dividends or made any distribution of any kind with respect to its capital stock; (iii) there has not been any change in the share capital of the Company or any of its subsidiaries or any grants under any stock compensation plan; and (iv) there has not been any Material Adverse Effect in the Company's long-term or short-term debt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Free Transferability of Dividends or Distributions</u>. Except as disclosed in the Disclosure Materials, Registration Statement and Prospectus all dividends and other distributions declared and payable on the ordinary shares may under current British Virgin Islands and Hong Kong laws and regulations be paid to the holders of Securities in United States dollars and may be converted into foreign currency that may be transferred out of the British Virgin Islands and Hong Kong in accordance with, and all such payments made to holders thereof or therein who are non-residents of the British Virgin Islands or Hong Kong, will not be subject to income, withholding or other taxes under, the laws and regulations of the British Virgin Islands and Hong Kong, or any political subdivision or taxing authority thereof or therein and will otherwise be free and clear of any other tax, duty, withholding or deduction in the British Virgin Islands and Hong Kong or any political subdivision or taxing authority thereof or therein and without the necessity of obtaining any governmental authorization in the British Virgin Islands and Hong Kong or any political subdivision or taxing authority thereof or therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Independent Accountants</u>. To the best of the Company's knowledge, OneStop Assurance PAC and Guangdong Prouden CPAs GP whose reports are filed with the Commission as part of the Registration Statement and the Prospectus, are independent registered public accountants as required by the Act and the Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Authorized Capital; Options, etc</u>. The Company had the duly authorized, issued and outstanding capitalization as set forth in the Registration Statement and the Prospectus. Based on the assumptions stated in the Registration Statement and the Prospectus, the Company will have on the Closing Date the adjusted capitalization set forth therein. Except as set forth in, or contemplated by, this Agreement, the Registration Statement and the Prospectus, on the Effective Date and on the Closing Date, there will be no options, warrants, or other rights to purchase or otherwise acquire any authorized, but unissued share capital of the Company or any security convertible into share capital of the Company, or any contracts or commitments to issue or sell shares or any such options, warrants, rights or convertible securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Valid Issuance of Securities, etc.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Outstanding Securities</u>. All issued and outstanding securities of the Company issued prior to the transactions contemplated by this Agreement have been duly authorized and validly issued and are fully paid and non-assessable; the holders thereof have no rights of rescission with respect thereto, and are not subject to personal liability by reason of being such holders; and none of such securities were issued in violation of the preemptive rights of any holders of any security of the Company or similar contractual rights granted by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Securities Sold Pursuant to this Agreement</u>. The Securities have been duly authorized for issuance and sale and, when issued and paid for, will be validly issued, fully paid and non-assessable; the Securities are not and will not be subject to the preemptive rights of any holders of any security of the Company or similar contractual rights granted by the Company; and all corporate action required to be taken for the authorization, issuance and sale of the foregoing Securities has been duly and validly taken. The Securities conform in all material respects to all statements with respect thereto contained in the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Issuance of Securities</u>. Upon issuance of Securities, and subject to full payment thereof by the Underwriters in accordance with the terms thereof, such Securities will be duly and validly issued, and the persons in whose names the Securities are registered will be entitled to the rights specified in the Securities, and upon the sale and delivery of these Securities, and payment therefor pursuant to this Agreement, the purchasers will acquire good, marketable and valid title to such Securities, free and clear of all pledges, liens, security interests, charges, claims or encumbrances of any kind.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) <u>Lock-Up Period.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each Insider and each beneficial owner of the Company holding five percent (5.0%) or more of the issued and outstanding ordinary shares (or securities convertible into ordinary shares) (together with the Insiders, the "**Lock-Up Parties**") have agreed, pursuant to the executed Lock-Up Agreements in the form attached hereto as <u>Annex IV</u> that, for a period ending six (6) months from the date of commencement of sales of this Offering (the "**Lock-Up Period**"), such persons and their affiliated parties shall not offer, pledge, sell, contract to sell, grant, lend or otherwise transfer or dispose of, directly or indirectly, any Securities or capital stock of the Company, including ordinary shares, or any securities convertible into or exercisable or exchangeable for such Securities or capital stock, without the consent of the Underwriters. The Underwriters may consent to an early release from the applicable Lock-Up period if, in its opinion, the market for the Securities would not be adversely impacted by sales and in cases of financial emergency of an Insider or other holders of Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Company, on behalf of itself and any successor entity, has agreed that, without the prior written consent of the Underwriters, it will not, for a period ending six (6) months days from the date of commencement of sales of this Offering, (A) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any shares of capital stock of the Company or any securities convertible into or exercisable or exchangeable for shares of capital stock of the Company; (B) file or cause to be filed any registration statement with the Commission relating to the offering of any shares of capital stock of the Company or any securities convertible into or exercisable or exchangeable for shares of capital stock of the Company; or (C) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of capital stock of the Company, whether any such transaction described in clause (A), (B) or (C) above is to be settled by delivery of shares of capital stock of the Company or such other securities, in cash or otherwise. The restrictions contained in this <u>Section 2(p)(ii)</u> shall not apply to the Securities to be sold hereunder or the adoption of a Company equity incentive plan and the grant of options and/or restricted share grants thereunder, and the filing of a registration statement on Form S-8.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) <u>Registration Rights of Third Parties</u>. Except as set forth in the Registration Statement and the Prospectus, no holders of any securities of the Company or any rights exercisable for or convertible or exchangeable into securities of the Company have the right to require the Company to register any such securities of the Company under the Act or to include any such securities in a registration statement to be filed by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) <u>Related Party Transactions</u>. Except as disclosed in the Registration Statement and the Prospectus, there are no business relationships or related party transactions involving the Company or any other person required to be described in the Prospectus that have not been described as required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) <u>Scheme or Arrangement with Shareholders</u>. Neither the Company nor any of its affiliate is a party to any scheme or arrangement through which shareholders or potential shareholders are being loaned, given or otherwise having money made available for the purchase of shares whether before, in or after the Offering. Neither the Company nor any of its affiliate is aware of any such scheme or arrangement, regardless of whether it is a party to a formal agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) <u>Transactions Affecting Disclosure to FINRA</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Finder's Fees</u>. Except as described in the Registration Statement and the Prospectus, there are no claims, payments, arrangements, agreements or understandings relating to the payment of a finder's, consulting or origination fee by the Company or any Insider with respect to the sale of the Securities hereunder or any other arrangements, agreements or understandings of the Company or, to the best of the Company's knowledge, any of its shareholders that may affect the Underwriters' compensation, as determined by FINRA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Payments Within Twelve (12) Months</u>. Except as described in the Registration Statement and the Prospectus, the Company has not made any direct or indirect payments (in cash, securities or otherwise) to: (A) any person, as a finder's fee, consulting fee or otherwise, in consideration of such person raising capital for the Company or introducing to the Company persons who raised or provided capital to the Company; (B) to any FINRA member; or (C) to any person or entity that has any direct or indirect affiliation or association with any FINRA member, within the twelve (12) months prior to the Effective Date, other than the prior payment to the Underwriters, as provided hereunder in connection with the Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>FINRA Affiliation</u>. To the best of the Company's knowledge, and except as may have been previously disclosed in writing to the Underwriters, no Insider or any beneficial owner of ten percent 10% or more of the Company's outstanding ordinary shares has any direct or indirect affiliation or association with any FINRA member (as determined in accordance with the rules and regulations of FINRA).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) <u>Validity and Binding Effect of This Agreement</u>. This Agreement has been duly and validly authorized by the Company, and, when executed and delivered, will constitute, the valid and binding agreement of the Company, enforceable against the Company in accordance with its terms, except: (i) as such enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws affecting creditors' rights generally; (ii) as enforceability of any indemnification or contribution provision may be limited under the federal and state securities laws; and (iii) that the remedy of specific performance and injunctive and other forms of equitable relief may be subject to the equitable defenses and to the discretion of the court before which any proceeding therefore may be brought.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>No Conflicts.</u> The execution, delivery, and performance by the Company of this Agreement, the consummation by the Company of the transactions herein and therein contemplated and the compliance by the Company with the terms hereof do not and will not, with or without the giving of notice or the lapse of time or both: (i) result in a material breach of, or conflict with any of the terms and provisions of, or constitute a material default under, or result in the creation, modification, termination or imposition of any lien, charge or encumbrance upon any property or assets of the Company pursuant to the terms of any agreement or instrument to which the Company is a party; (ii) result in any violation of the provisions of the Company's amended and restated memorandum and articles of association or bylaws (as the same may be amended from time to time, the "**Charter**"); or (iii) violate any existing applicable law, rule, regulation, judgment, order or decree of any governmental agency or court, domestic or foreign, having jurisdiction over the Company or any of its properties or business constituted as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) <u>No Stop Orders, etc</u>. Neither the Commission nor, to the best of the Company's knowledge, any state regulatory authority has issued any order preventing or suspending the use of the Registration Statement, any preliminary prospectus ("**Preliminary Prospectus**") or the Prospectus (collectively, the "**Disclosure Materials**") or has instituted or, to the best of the Company's knowledge, threatened to institute any proceedings with respect to such an order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) <u>No Defaults; Violations</u>. No default exists in the due performance and observance of any term, covenant or condition of any material license, contract, indenture, mortgage, deed of trust, note, loan or credit agreement, or any other material agreement or instrument evidencing an obligation for borrowed money, or any other material agreement or instrument to which the Company is a party or by which the Company may be bound or to which any of the properties or assets of the Company is subject, except for such defaults that would not, singly or in the aggregate, result in a Material Adverse Effect to the Company and its subsidiaries, and that are not otherwise disclosed in the Disclosure Materials. The Company is not in violation of any term or provision of its Charter, or in violation in any respect of any franchise, license, permit, applicable law, rule, regulation, judgment or decree of any governmental agency or court, domestic or foreign, having jurisdiction over the Company or any of its properties or businesses, except for such defaults that would not, singly or in the aggregate, result in a Material Adverse Effect to the Company and its subsidiaries, and that are not otherwise disclosed in the Disclosure Materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) <u>No Material Labor Disputes</u>. No material labor dispute with the employees of the Company or any of its subsidiaries exists or, to the best of the Company's knowledge, is imminent, which would result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) <u>Litigation; Governmental Proceedings</u>. There is no (i) action, (ii) suit, (iii) proceeding, (iv) inquiry, (v) arbitration, (vi) investigation, (vii) litigation, or (viii) governmental proceeding that is pending, threatened against, or involving the Company or any of its executive officers or directors. Any of the aforementioned situations that are pending or threatened have been disclosed in the Disclosure Materials and in connection with the Company's listing application for the listing of the Securities on Nasdaq.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) <u>Choice of Law</u>. Except as disclosed in the Disclosure Materials, Registration Statement and the Prospectus, the choice of law provision set forth in this Agreement constitutes a legal and valid choice of law under the laws of the British Virgin Islands and Hong Kong and will be honored by courts in the British Virgin Islands and Hong Kong, subject to compliance with relevant civil procedural requirements (that do not involve a re-examination of the merits of the claim) in the British Virgin Islands and Hong Kong. The Company has the power to submit, and pursuant <u>to Section 15</u> of this Agreement, has legally, validly, effectively and submitted, to the personal jurisdiction of each of the New York Courts, and the Company has the power to designate, appoint and authorize, and pursuant to <u>Section 15</u> of this Agreement, has legally, validly, effectively and irrevocably designated, appointed an authorized agent for service of process in any action arising out of or relating to this Agreement, or the Securities in any New York Court, and service of process effected on such authorized agent will be effective to confer valid personal jurisdiction over the Company as provided in <u>Section 15</u> of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) <u>Recognition of Judgments</u>. Except as described under the section "*Enforceability of Civil Liabilities*" in the the Prospectus, the courts of the British Virgin Islands and Hong Kong would recognize as a valid judgment any final monetary judgment obtained against the Company in the courts of the State of New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) <u>No Immunity</u>. None of the Company, its subsidiaries, or any of its or their properties or assets has any immunity from the jurisdiction of any court or from any legal process (whether through service or notice, attachment prior to judgment, attachment in aid of execution or otherwise) under the laws of the British Virgin Islands and Hong Kong or federal law of the United States; and, to the extent that the Company, its subsidiaries, or any of their respective properties, assets or revenues may have or may hereafter become entitled to any such right of immunity in any such court in which proceedings may at any time be commenced, each of the Company and its subsidiaries waives or will waive such right to the extent permitted by law and has consented to such relief and enforcement under New York law as provided under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) <u>Intellectual Property</u>. Except as described in the Registration Statement and the Prospectus, the Company and each of its subsidiaries owns or possesses or has valid rights to use all patents, patent applications, trademarks, service marks, trade names, trademark registrations, service mark registrations, copyrights, licenses, inventions, trade secrets and similar rights ("**Intellectual Property**") necessary for the conduct of the business of the Company and its subsidiaries as currently carried on and as described in the Registration Statement and the Prospectus, except for such Intellectual Property, the failure of which to own or possess or have the rights to use, as the case may be, would not reasonably be expected to result in a Material Adverse Effect. To the best of the Company's knowledge, no action or use by the Company or any of its subsidiaries will involve or give rise to any infringement of, or material license or similar fees for, any Intellectual Property of others, that would reasonably be expected to have a Material Adverse Effect on the Company and the subsidiaries, taken as a whole, except as disclosed in the Registration Statement or the Prospectus. Neither the Company nor any of its subsidiaries has received any notice alleging any such infringement or fee, except such infringement or fee that would not reasonably be expected to have a Material Adverse Effect on the Company or the subsidiaries, taken as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) <u>Taxes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each of the Company and its subsidiaries has filed all returns (as hereinafter defined) required to be filed with taxing authorities prior to the date hereof or has duly obtained extensions of time for the filing thereof. Each of the Company and its subsidiaries has paid all taxes (as hereinafter defined) shown as due on such returns that were filed and has paid all material taxes imposed on or assessed against the Company or such subsidiaries. The provisions for taxes payable, if any, shown on the financial statements filed with or as part of the Registration Statement are sufficient for all accrued and unpaid taxes, whether or not disputed, for all periods to and including the dates of such consolidated financial statements. Except as disclosed in writing to the Underwriters and to the knowledge of the Company, (A) no material issues have been raised (and are currently pending) by any taxing authority in connection with any of the returns or taxes asserted as due from the Company or its subsidiaries, and (B) no waivers of statutes of limitation with respect to the returns or collection of taxes have been given by or requested from the Company or its subsidiaries. The term "**taxes**" mean all federal, state, local, foreign, and other net income, gross income, gross receipts, sales, use, ad valorem, transfer, franchise, profits, license, lease, service, service use, withholding, payroll, employment, excise, severance, stamp, occupation, premium, property, windfall profits, customs, duties or other taxes, fees, assessments, or charges of any kind whatever, together with any interest and any penalties, additions to tax, or additional amounts with respect thereto. The term "**returns**" means all returns, declarations, reports, statements, and other documents required to be filed with relevant taxing authorities in respect to taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Except as disclosed in the Registration Statement, the Disclosure Materials and Prospectus, no transaction, stamp, capital or other issuance, registration, transaction, transfer or withholding taxes or duties are payable in Hong Kong, or the British Virgin Islands to any Hong Kong taxing authority in connection with (A) the issuance, sale and delivery of the Securities to or for the account of the purchasers, and (B) the purchase from the Company and the sale and delivery of the Securities to purchasers thereof

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) <u>Data</u>. The statistical, industry-related and market-related data included in the Registration Statement and the Prospectus are based on or derived from sources which the Company reasonably and in good faith believes are reliable and accurate, and such data agree with the sources from which they are derived.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) The Company's board of directors has validly appointed an audit committee whose composition satisfies the requirements of the rules and regulations of Nasdaq and the Board of Directors and/or audit committee has adopted a charter that satisfies the requirements of the rules and regulations of Nasdaq. Except as described in the Registration Statement and the Prospectus, neither the board of directors nor the audit committee has been informed, nor is any director of the Company aware, of any significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Company's ability to record, process, summarize and report financial information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) Neither the Company nor the subsidiaries has, prior to the date hereof, made any offer or sale of any securities which are required to be "<u>integrated</u>" pursuant to the Act or the Regulations with the offer and sale of the Underwriters pursuant to the Registration Statement. Except as disclosed in the Registration Statement and Prospectus, neither the Company nor the subsidiaries has sold or issued any ordinary shares or any securities convertible into, exercisable or exchangeable for ordinary shares, or other equity securities, or any rights to acquire any ordinary shares or other equity securities of the Company, during the six-month period preceding the date of the Prospectus, including but not limited to any sales pursuant to Rule 144A or Regulation D or S under the Act, other than ordinary shares issued pursuant to employee benefit plans, qualified stock option plans or the employee compensation plans or pursuant to outstanding options, rights or warrants as described in the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Sarbanes-Oxley Compliance</u>. Except as described in the Registration Statement, the Disclosure Materials, and the Prospectus, the Company has taken all necessary actions to ensure that, on the Effective Date, will be in material compliance with the provisions of the Sarbanes-Oxley Act of 2002 applicable to it and has implemented or will implement such programs and taken reasonable steps to ensure the Company's future compliance (not later than the relevant statutory and regulatory deadlines therefor) with all the material provisions of the Sarbanes-Oxley Act of 2002.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) <u>No Investment Company Status</u>. The Company is not and, after giving effect to the Offering and sale of the Securities and the application of the net proceeds thereof as described in the Registration Statement and the Prospectus, will not be, an "<u>investment company</u>" as defined in the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) <u>Money Laundering</u>. The operations of the Company and the subsidiaries are and have been conducted at all times in all material respects in compliance with applicable financial recordkeeping and reporting requirements of money laundering statutes and the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the "**Money Laundering Laws**") and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company, or any of its subsidiaries with respect to the Money Laundering Laws is pending or, to the best of the Company's knowledge, threatened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) <u>Foreign Corrupt Practices Act</u>. Neither the Company nor any of the Insiders or employees of the Company or any other person authorized to act on behalf of the Company has, directly or indirectly, knowingly given or agreed to give any money, gift or similar benefit (other than legal price concessions to customers in the ordinary course of business) to any customer, supplier, employee or agent of a customer or supplier, or official or employee of any governmental agency or instrumentality of any government (domestic or foreign) or any political party or candidate for office (domestic or foreign) or other person who was, is, or may be in a position to help or hinder the business of the Company (or assist it in connection with any actual or proposed transaction) that might subject the Company to any damage or penalty in any civil, criminal or governmental litigation or proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) <u>Office of Foreign Assets Control</u>. None of the Company, the subsidiaries, and, to the best of the Company's knowledge, any director, officer, or employee of the Company and the subsidiaries has conducted or entered into a contract to conduct any transaction with the governments or any of subdivision thereof, residents of, or any entity based or resident in the countries that are currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department ("**OFAC**"); none of the Company or any of its subsidiaries is currently subject to any U.S. sanctions administered by OFAC (including but not limited to the designation as a "<u>specially designated national or blocked person</u>" thereunder), the United Nations Security Council, or the European Union or is located, organized or resident in a country or territory that is the subject of OFAC-administered sanctions, including, without limitation, Burma/Myanmar, Cuba, Iran, North Korea, Sudan and Syria; and the Company will not knowingly directly or indirectly use the proceeds of the Offering, or lend, contribute or otherwise make available such proceeds to any subsidiaries, joint venture partner or other person or entity, for the purpose of financing the activities of any person currently subject to any U.S. sanctions administered by OFAC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) <u>Foreign Private Issuer Status</u>. The Company is a "<u>foreign private issuer</u>" within the meaning of Rule 405 under the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) <u>Not a PFIC</u>. Except as disclosed in the Disclosure Materials, Registration Statement and Prospectus, the Company does not expect that it will be treated as a Passive Foreign Investment Company ("**PFIC**") within the meaning of Section 1297 of the United States Internal Revenue Code of 1986, as amended, for its current taxable year. The Company has no plan or intention to operate in such a manner that would reasonably be expected to result in the Company becoming a PFIC in future taxable years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp) <u>PRC Representation and Warranties</u>.

(i) <u>Organization</u>. Global Development Engineering Company Limited is duly organized under the laws of the Hong Kong and possesses all necessary business licenses, approvals, permits or other authorizations save where the failure of which would not, singly or in the aggregate, result in a Material Adverse Effect to the Company and its subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Dividends and Distributions</u>. Except as disclosed in the Disclosure Materials, Registration Statement and the Prospectus, no subsidiaries of the Company is currently prohibited or restricted, directly or indirectly, from paying any dividends to the Company, from making any other distribution on such subsidiary's capital stock, from repaying to the Company any loans or advances to such subsidiary from the Company or from transferring any of such subsidiary's property or assets to the Company or any other subsidiary of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Compliance with SAFE Regulations</u>. [Reserved]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>M&A and CSRC Rules</u>. [Reserved]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Securities Offering and Listing Rules</u>. The Company represents and warrants to the Underwriters that this offering or the listing of the Company's securities on Nasdaq is not subject to the requirements of the Trial Administrative Measures of the Overseas Securities Offering and Listing by Domestic Companies (the "**Trial Measures**") and related regulations, rules or guidelines, including but not limited to the Provisions on Strengthening the Confidentiality and Archive Management Work Relating to the Overseas Securities Offering and Listing (the "**Confidentiality Provisions**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq) <u>Material Contracts</u>. Neither the Company nor any of its subsidiaries have, since the date of the latest audited financial statements included in the Registration Statement, the Disclosure Materials, and the Prospectus, entered into any transaction or agreement (whether or not in the ordinary course of business) that is material to the Company and its subsidiaries taken as a whole or incurred any liability or obligation, direct or contingent, that is material to the Company and its subsidiaries taken as a whole and not otherwise disclosed in the Registration Statement, the Disclosure Materials, and the Prospectus. Neither the Company nor any of the Subsidiaries have sent or received any written communication regarding termination of, or intent not to renew, any of the contracts or agreements specifically referred to or described in the Registration Statement, the Disclosure Materials, and the Prospectus, or specifically referred to or described in, or filed as an exhibit to, the Registration Statement, and no such termination or non-renewal has been threatened by the Company, any of its subsidiaries or any other party to any such contract or agreement. Neither the Company nor any of its subsidiaries is a party to any effective memorandum of understanding, letter of intent, definitive agreement or any similar agreements with respect to a merger or consolidation or an acquisition or disposition of assets, technologies, business units or businesses which is required to be described in the Registration Statement, the Disclosure Materials, and the Prospectus and which is not so described.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr) <u>Property</u>. The Company and its subsidiaries have good and marketable title (or, in the case of a real property located in the Hong Kong, valid real property ownership certificates with respect to such real property) to the real property and personal property owned by them which are in each case material to the business of the Company and its subsidiaries taken as a whole, free and clear of all liens, encumbrances and defects; and any real property and buildings held under lease by the Company and its subsidiaries are held by them under valid, subsisting and enforceable leases with such exceptions as are described in the Registration Statement, the Disclosure Materials, and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss) <u>Forward-looking Statement</u>. No forward-looking statement (within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act) included or incorporated by reference in any of the Registration Statement, the Disclosure Materials, or the Prospectus (including all amendments and supplements thereto) has been made or reaffirmed without a reasonable basis or has been disclosed other than in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(tt) <u>Insurance</u>. To the best knowledge of the Company, the Company and its subsidiaries carry, or are covered by, insurance for the conduct of their respective businesses and the value of their respective properties, if applicable, in such amounts and covering such risks as is adequate and as is customary for companies engaged in similar businesses; and neither the Company nor any of its subsidiaries has any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage at a cost that would not, individually or in the aggregate, have a Material Adverse Effect from similar insurers as may be necessary to continue its business.

**3. <u>Offering</u>**. Upon authorization of the release of the Securities by the Underwriters, the Underwriters propose to offer the Securities for sale to the public upon the terms and conditions set forth in the Prospectus.

**4. <u>Covenants of the Company</u>**. The Company acknowledges, covenants and agrees with the Underwriters that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registration Statement and any amendments thereto have been declared effective, and if Rule 430A is used or the filing of the Prospectus is otherwise required under Rule 424(b), the Company will file the Prospectus (properly completed if Rule 430A has been used) pursuant to Rule 424(b) within the prescribed time period and will provide evidence satisfactory to the Underwriters of such timely filing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) During the period beginning on the date hereof and ending on the later of the Closing Date or such date as, in the reasonable opinion of Underwriters' Counsel, the Prospectus is no longer required by law to be delivered (or in lieu thereof the notice referred to in Rule 173(a) under the Act is no longer required to be provided) in connection with sales by an underwriter or dealer (the "**Prospectus Delivery Period**"), prior to amending or supplementing the Registration Statement, the General Disclosure Package or the Prospectus, the Company shall furnish to the Underwriters and Underwriters' Counsel for review a copy of each such proposed amendment or supplement, and the Company shall not file any such proposed amendment or supplement to which the Underwriters reasonably object within 36 hours of delivery thereof to Underwriters' Counsel. The term "**General Disclosure Package**" means, collectively, the Issuer Free Writing Prospectus (es) (as defined below) issued at or prior to the date hereof, the most recent Preliminary Prospectus related to this Offering, and the information included on <u>Schedule A</u> hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) After the date of this Agreement, the Company shall promptly advise the Underwriters in writing of: (i) the receipt of any comments of, or requests for additional or supplemental information from, the Commission; (ii) the time and date of any filing of any post-effective amendment to the Registration Statement or any amendment or supplement to any prospectus, the General Disclosure Package or the Prospectus; (iii) the time and date that any post-effective amendment to the Registration Statement becomes effective; and (iv) the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or any post-effective amendment thereto or of any order preventing or suspending its use or the use of any prospectus, the General Disclosure Package, the Prospectus or any issuer free writing prospectus as defined in Rule 433 of the Regulations (the "**Issuer Free Writing Prospectus**"), or the initiation of any proceedings to remove, suspend or terminate from listing the Securities from any securities exchange upon which the Securities are listed for trading, or of the threatening of initiation of any proceedings for any of such purposes. If the Commission shall enter any such stop order at any time, the Company will use its reasonable efforts to obtain the lifting of such order at the earliest possible moment. Additionally, the Company agrees that it shall comply with the provisions of Rules 424(b), 430A and 430B, as applicable, under the Act and will use its reasonable efforts to confirm that any filings made by the Company under Rule 424(b) or Rule 433 were received in a timely manner by the Commission (without reliance on Rule 424(b)(8) or Rule 164(b)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) (i) During the Prospectus Delivery Period, the Company will comply with all requirements imposed upon it by the Act, as now and hereafter amended, and by the Regulations, as from time to time in force, so far as necessary to permit the continuance of sales of or dealings in the Securities as contemplated by the provisions hereof, the General Disclosure Package, the Registration Statement and the Prospectus. If during such period any event or development occurs as a result of which the Prospectus (or if the Prospectus is not yet available to prospective purchasers, the General Disclosure Package) would include an untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances then existing, not misleading, or if during such period it is necessary or appropriate in the opinion of the Company or its counsel or the Underwriters or Underwriters' Counsel to amend the Registration Statement or supplement the Prospectus (or if the Prospectus is not yet available to prospective purchasers, the General Disclosure Package) to comply with the Act, the Company will promptly notify the Underwriters and will promptly amend the Registration Statement or supplement the Prospectus (or if the Prospectus is not yet available to prospective purchasers, the General Disclosure Package) or file such document (at the expense of the Company) so as to correct such statement or omission or effect such compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If at any time following the issuance of an Issuer Free Writing Prospectus there occurs an event or development as a result of which such Issuer Free Writing Prospectus would conflict with the information contained in the Registration Statement or the Prospectus or would include an untrue statement of a material fact or would omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances there existing, not misleading, the Company will promptly notify the Underwriters and will promptly amend or supplement, at its own expense, such Issuer Free Writing Prospectus to eliminate or correct such conflict, untrue statement or omission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Company will deliver to the Underwriters and Underwriters' Counsel a copy of the Registration Statement, as initially filed, and all amendments thereto, including all consents and exhibits filed therewith, and will maintain in the Company's files manually signed copies of such documents for at least five (5) years after the date of filing thereof. The Company will promptly deliver to each of the Underwriters such number of copies of any Preliminary Prospectus, the Prospectus, the Registration Statement, and all amendments of and supplements to such documents, if any, and all documents which are exhibits to the Registration Statement and any Preliminary Prospectus or Prospectus or any amendment thereof or supplement thereto, as the Underwriters may reasonably request. Prior to 10:00 A.M., Eastern Time, on the business day next succeeding the date of this Agreement, and from time to time thereafter, the Company shall furnish to the Underwriters copies of the Prospectus in such quantities as the Underwriters may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Company consents to the use and delivery of the Preliminary Prospectus by the Underwriters in accordance with Rule 430 and Section 5(b) of the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) If the Company elects to rely on Rule 462(b) under the Act, the Company shall both file a Rule 462(b) Registration Statement with the Commission in compliance with Rule 462(b) by the earlier of: (i) 10:00 P.M., Eastern Time, on the date of this Agreement, and (ii) the time that confirmations are given or sent, as specified by Rule 462(b)(2), and pay the applicable fees in accordance with Rule 111 of the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Company will use its best efforts, in cooperation with the Underwriters, at or prior to the time of effectiveness of the Registration Statement, to qualify the Securities for offering and sale under the securities laws relating to the offering or sale of the Securities of such jurisdictions as the Underwriters may designate and to maintain such qualifications in effect for so long as required for the distribution thereof; except that in no event shall the Company be obligated in connection therewith to qualify as a foreign corporation or to execute a general consent to service of process or to subject itself to taxation if it is otherwise not so subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Company will make generally available (which includes filings pursuant to the Exchange Act made publicly through the Electronic Data Gathering, Analysis and Retrieval ("**EDGAR**") system) to its security holders as soon as practicable, but in any event not later than 15 months after the end of the Company's current fiscal quarter, an earnings statement (which need not be audited) covering a 12-month period that shall satisfy the provisions of Section 11(a) of the Act and Rule 158 of the Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Except with respect to (i) securities of the Company which may be issued in connection with an acquisition of another entity (or the assets thereof), (ii) the issuance of securities of the Company intended to provide the Company with proceeds to acquire another entity (or the assets thereof), or (iii) the issuance of securities under the Company's stock option plans with exercise or conversion prices at fair market value (as defined in such plans) in effect from time to time, during the three (3) months following the Closing Date, the Company or any successor to the Company shall not undertake any public or private offerings of any equity securities of the Company (including equity-linked securities) without the prior written consent of the Underwriters, which shall not be unreasonably withheld.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Starting from the commencement of sales of this Offering, any of the entities and individuals listed on <u>Schedule B</u> hereto (the "**Lock-Up Parties**"), without the prior written consent of the Underwriters, shall not sell or otherwise dispose of any securities of the Company, whether publicly or in a private placement, during their respective lock-up period in the lock-up agreements that are in effect. The Company will deliver to the Underwriters the agreements of the Lock-Up Parties to the foregoing effect on the date of this Agreement, which agreements shall be substantially in the form attached hereto as <u>Annex IV.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The Company will not issue press releases or engage in any other publicity without the Underwriters' prior written consent, for a period ending at 5:00 P.M., Eastern Time, on the first Business Day following the forty-fifth (45th) day following the Closing Date, other than normal and customary releases issued in the ordinary course of the Company's business, or as required by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The Company will apply the net proceeds from the sale of the Securities as set forth under the caption "*Use of Proceeds*" in the Prospectus. Without the prior written consent of the Underwriters, except as disclosed in the Registration Statement, the General Disclosure Package and the Prospectus, no proceeds of the Offering will be used to pay outstanding loans from officers, directors or stockholders or to pay any accrued salaries or bonuses to any employees or former employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) The Company will use its commercially reasonable efforts to effect and maintain the listing of the ordinary shares on the Nasdaq Capital Market for at least five (5) years after the Effective Date, unless such listing is terminated as a result of a transaction approved by the holders of a majority of the voting securities of the Company. The Company shall use its commercially reasonable efforts to maintain the effectiveness of the Registration Statement and a current Prospectus relating thereto for as long as the Underwriter's Warrants, as defined in <u>Section 6(a)(iv)</u> , remain outstanding. During any period when the Company fails to have maintained an effective Registration Statement or a current Prospectus relating thereto and a holder of the Underwriter's Warrants desires to exercise such warrant and, in the opinion of counsel to the holder, Rule 144 is not available as an exemption from registration for the resale of the ordinary shares underlying the Underwriter's Warrants ()"**Warrant Shares** "), the Company shall promptly file a registration statement registering the resale of the Warrant Shares and use its commercially reasonable efforts to have it declared effective by the Commission within thirty (30) days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) The Company will use its commercially reasonable efforts to do and perform all things required to be done or performed under this Agreement by the Company prior to the Closing Date, and to satisfy all conditions precedent to the delivery of the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) The Company will not take, and will cause its subsidiaries not to take, directly or indirectly, any action which constitutes or is designed to cause or result in, or which could reasonably be expected to constitute, cause or result in, the stabilization or manipulation of the price of any security to facilitate the sale or resale of any of the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) The Company shall cause to be prepared and delivered to the Underwriters, at its expense, within two (2) business days from the date of this Agreement, an Electronic Prospectus to be used by the Underwriters in connection with the Offering. As used herein, the term "**Electronic Prospectus**" means a form of prospectus, and any amendment or supplement thereto, that meets each of the following conditions: (i) it shall be encoded in an electronic format, satisfactory to the Underwriters, that may be transmitted electronically by the Underwriters to offerees and purchasers of the Securities for at least the period during which a Prospectus relating to the Securities is required to be delivered under the Act or the Exchange Act; (ii) it shall disclose the same information as the paper prospectus and prospectus filed pursuant to EDGAR, except to the extent that graphic and image material cannot be disseminated electronically, in which case such graphic and image material shall be replaced in the electronic prospectus with a fair and accurate narrative description or tabular representation of such material, as appropriate; and (iii) it shall be in or convertible into a paper format or an electronic format, satisfactory to the Underwriters, that will allow recipients thereof to store and have continuously ready access to the Prospectus at any future time, without charge to such recipients (other than any fee charged for subscription to the Internet as a whole and for online time).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) [Reserved]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) The Company will comply with and require the Company's directors and executive officers, in their capacities as such, to comply with all applicable securities laws, rules and regulations, including, without limitation, the Sarbanes-Oxley Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) The Company will promptly notify the Underwriters if the Company ceases to be an Emerging Growth Company at any time prior to the completion of the Lock-up Period.

**5. <u>Representations and Warranties of the Underwriters</u>**.

The Underwriters represent and agree that, unless it obtains the prior written consent of the Company, they have not made and will not make any offer relating to the Securities that would constitute a "<u>free writing prospectus</u>," as defined in Rule 405 under the Act, required to be filed with the Commission; *provided* that the prior written consent of the parties hereto shall be deemed to have been given in respect of the free writing prospectuses. Any such free writing prospectus consented to by the Underwriters is herein referred to as a "**Permitted Free Writing Prospectus**." The Underwriters represent that they have treated or agree that they will treat each Permitted Free Writing Prospectus as an "<u>issuer free writing prospectus</u>," as defined in Rule 433, and have complied and will comply with the requirements of Rule 433 applicable to any Permitted Free Writing Prospectus, including timely Commission filing where required, legending and record keeping.

**6. <u>Consideration; Payment of Expenses</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In consideration of the services to be provided for hereunder, the Company shall pay to the Underwriters or their respective designees their pro rata portion (based on the Securities purchased) of the following compensation with respect to the Securities which they are offering:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an underwriting discount equal to seven percent (7%) of the aggregate gross proceeds raised in the Offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an accountable expense allowance of up to $150,000, including, among other things, all reasonable fees and expenses of the Underwriters' outside legal counsel; any reasonable costs and expenses incurred in conducting background checks of the Company's officers and directors by a background search firm acceptable to the Underwriters; and the costs associated with bound volumes and mementos in such quantities as the Underwriters may reasonably request (the "**Accountable Out-of-Pocket Expenses**"). The Company has advanced an amount of $140,000 (the "**Advances**") to the Representative in anticipation of any Accountable Out-of-Pocket Expenses to be incurred by the Underwriters. The Representative shall promptly return to the Company the Advances against the Accountable Out-of-Pocket Expenses, to the extent that such Accountable Out-of-Pocket Expenses are not actually incurred in accordance with FINRA Rule 5110(g)(4)(A).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a non-accountable expense allowance of one percent (1%) of the gross proceeds of the Offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Company shall grant to the Underwriter or its designated affiliates share purchase warrants (the **"Underwriter's Warrants"**) covering a number of shares equal to $5% of the total number of Shares, substantially in the form and content attached hereto as <u>Exhibit G</u> . The Underwriter's Warrants will be exercisable from the Closing Date of the Offering will expire five (5) years from the date of commencement of sales of the Offering. The Underwriter's Warrants will be exercisable at a price equal to $125% of the Purchase Price. The Underwriter's Warrants shall not be redeemable. The Company will register the ordinary shares underlying the Underwriter's Warrants under the Act and will file all necessary undertakings in connection therewith. The Underwriter's Warrants shall not be sold during the Offering, or sold, transferred, assigned, pledged, or hypothecated, or be the subject of any hedging, short sale, derivative, put, or call transaction that would result in the effective economic disposition of the securities by any person for a period of 180 days immediately following the commencement of sales of the Offering, except that they may be transferred to any member participating in the Offering and the officers or partners thereof, if all securities so transferred remain subject to the lock-up restriction for the remainder of the time period. The Underwriter will have the option to exercise its warrants at any time, provided that such shares are not transferred during the lock-up period; the 180-day lock period will remain on these underlying shares. The Underwriters shall have the option to exercise, transfer or assign its warrants at any time from issuance but the 180-day lock period shall remain in effect for the underlying shares. The Underwriter's Warrants may be exercised as to all or a lesser number of the underlying ordinary shares, will provide for cashless exercise and will contain provisions for one demand registration of the sale of the underlying ordinary shares at the Company's expense, an additional demand registration at the Underwriter's Warrants holder's expense, and unlimited "piggyback" registration rights for a period of five (5) years after the Effective Date at the Company's expense. The Underwriter's Warrants shall further provide for adjustment in the number and price of such warrants (and the ordinary shares underlying such Underwriter's Warrants) in the event of recapitalization, merger or other structural transaction to prevent dilution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Underwriters reserve the right to reduce any item of compensation or adjust the terms thereof as specified herein in the event that a determination shall be made by FINRA to the effect that the Underwriters' aggregate compensation is in excess of FINRA Rules or that the terms thereof require adjustment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Whether or not the transactions contemplated by this Agreement, the Registration Statement and the Prospectus are consummated or this Agreement is terminated, the Company hereby agrees to pay all costs and expenses incident to the Offering, which is not included in the maximum accountable expense allowance, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all expenses in connection with the preparation, printing, formatting for EDGAR and filing of the Registration Statement, any Preliminary Prospectus and the Prospectus and any and all amendments and supplements thereto and the mailing and delivering of copies thereof to the Underwriters and dealers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all fees and expenses in connection with filings with FINRA's Public Offering System;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) all fees, disbursements and expenses of the Company's counsel and accountants in connection with the registration of the Securities under the Act and the Offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) all reasonable expenses in connection with the qualifications of the Securities for offering and sale under state or foreign securities or blue sky laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) all fees and expenses in connection with listing the Securities on a national securities exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) all reasonable travel expenses of the Company's officers, directors and employees and any other expense of the Company incurred in connection with attending or hosting meetings with prospective purchasers of the Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) all the road show expenses incurred by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) any stock transfer taxes or other taxes incurred in connection with this Agreement or the Offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the costs associated with book building, prospectus tracking and compliance software and the cost of preparing certificates representing the Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the cost and charges of any transfer agent or registrar for the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) It is understood, however, that except as provided in this <u>Section 6</u>, and <u>Sections 9</u>, <u>10</u> and <u>11(d)</u> hereof, the Underwriters will pay all of their own costs and expenses. Notwithstanding anything to the contrary in this <u>Section 6</u>, in the event that this Agreement is terminated pursuant to <u>Section 11(b)</u> hereof, or subsequent to a Material AdverseEffect, the Company will pay, less any Advances previously paid, all documented out-of-pocket expenses of the Underwriters (including but not limited to fees and disbursements of Underwriters' Counsel and reasonable and accountable travel) incurred in connection herewith which shall be limited to expenses which are actually incurred as allowed under FINRA Rule 5110 and in any event, the aggregate amount of such expenses to be reimbursed by the Company shall not exceed $150,000, including the Advances. To the extent that the Underwriters' out-of-pocket expenses are less than the Advances, the Underwriters will return to the Company that portion of the Advances not offset by actual expenses.

**7. <u>Right of First Refusal</u>**. The Company agrees that it shall provide the Representative an irrevocable right of first refusal for twelve (12) months from the later of the consummation of the Offering or termination or expiration of that certain engagement letter between the Company and Representative (the **"Engagement Letter"**), to act as sole investment banker, sole book-runner, sole financial advisor, and/or sole placement agent, at the Representative's sole discretion, for each and every Transaction (as such term is defined in the Engagement Letter, a **"Transaction"**), including future public and private equity and/or debt offerings, including all equity linked financings, mergers, business combinations, recapitalizations, or sale of some or all of the equity or assets of the Company, whether in conjunction with another advisor, or broker-dealer, or on the Company's own volition, (collectively, **"Future Services"**). The Representative shall have the sole right to determine whether or not any other financial advisor or broker dealer shall have the right to participate in any such Transaction and the economic terms of any such participation. Further, the Company shall immediately notify the Representative of a proposed Transaction and shall direct all third-party inquiries regarding a Transaction to the Representative within three (3) Business Days of receipt of such inquiry. The Representative shall be entitled to compensation under the Engagement Letter in the event the Company conducts a Transaction and does not provide notice to the Representative of such Transaction pursuant to the Engagement Letter.

**8. <u>Conditions of Underwriters' Obligations</u>**. The obligations of the Underwriters to purchase and pay for the Firm Shares as provided herein shall be subject to: (i) the accuracy of the representations and warranties of the Company herein contained, as of the date hereof and as of the Closing Date, (ii) the absence from any certificates, opinions, written statements or letters furnished to the Underwriters or to Underwriters' Counsel pursuant to this <u>Section 8</u> of any misstatement or omission, (iii) the performance by the Company of its obligations hereunder, and (iv) each of the following additional conditions. For purposes of this <u>Section 8</u>, the terms "**Closing Date**" and "**Closing**" shall refer to the Closing Date for the Firm Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registration Statement shall have become effective and all necessary regulatory and listing approvals shall have been received not later than 5:30 P.M., Eastern time, on the date of this Agreement, or at such later time and date as shall have been consented to in writing by the Underwriters. If the Company shall have elected to rely upon Rule 430A under the Act, the Prospectus shall have been filed with the Commission in a timely fashion in accordance with the terms thereof and a form of the Prospectus containing information relating to the description of the Securities and the method of distribution and similar matters shall have been filed with the Commission pursuant to Rule 424(b) within the applicable time period; and, at or prior to the Closing Date and the actual time of the Closing, no stop order suspending the effectiveness of the Registration Statement or any part thereof, or any amendment thereof, nor suspending or preventing the use of the General Disclosure Package, the Prospectus or any Issuer Free Writing Prospectus shall have been issued; no proceedings for the issuance of such an order shall have been initiated or threatened; all requests of the Commission for additional information (to be included in the Registration Statement, the General Disclosure Package, the Prospectus, any Issuer Free Writing Prospectus or otherwise) shall have been complied with to the Underwriters' satisfaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Underwriters shall not have reasonably determined, and advised the Company, that the Registration Statement, the General Disclosure Package or the Prospectus, or any amendment thereof or supplement thereto, or any Issuer Free Writing Prospectus, contains an untrue statement of fact which, in the Underwriters' reasonable opinion, is material, or omits to state a fact which, in the Underwriters' reasonable opinion, is material and is required to be stated therein or necessary to make the statements therein not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Underwriters shall have received, in form satisfactory to the Underwriters and Underwriters' counsel of (i) favorable legal opinions from Maples and Calder, British Virgin Islands counsel to the Company dated as of the Closing Date and addressed to the Representative, (ii) favorable legal opinions and negative assurance letter from Sichenzia Ross Ference Carmel LLP, U.S. legal counsel for the Company, dated as of the Closing Date and addressed to the Representative, and (iii) favorable legal opinions from Robertsons, Hong Kong legal counsel to the Company, dated as of the Closing Date. A copy of such opinion shall have been provided to the Underwriters with consent from such counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Underwriters shall have received certificates of each of the Chief Executive Officer and Chief Financial Officer of the Company (the "**Officers' Certificate**"), substantially in the form attached hereto as <u>Annex I</u> and dated as of the Closing Date, to the effect that: (i) the conditions set forth in subsection (a) of this <u>Section 8</u> have been satisfied, (ii) as of the date hereof and as of the Closing Date, the representations and warranties of the Company set forth in <u>Section 2</u> hereof are accurate, (iii) as of the Closing Date, all agreements, conditions and obligations of the Company to be performed or complied with hereunder on or prior thereto have been duly performed or complied with, (iv) the Company has not sustained any material loss or interference with its businesses, whether or not covered by insurance, or from any labor dispute or any legal or governmental proceeding, (v) no stop order suspending the effectiveness of the Registration Statement or any amendment thereof has been issued and no proceedings therefor have been initiated or threatened by the Commission, (vi) there are no pro forma or as adjusted financial statements that are required to be included in the Registration Statement and the Prospectus pursuant to the Regulations which are not so included, (vii) subsequent to the respective dates as of which information is given in the Registration Statement and the Prospectus, there has not been any Material Adverse Effect or any development involving a prospective Material AdverseEffect, whether or not arising from transactions in the ordinary course of business, and (viii) any other conditions deemed necessary for the closing of this offering by the Underwriters' Counsel have been satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) At each of the Closing Date, the Underwriters shall have received a certificate of the Company signed by the Secretary of the Company (the "**Secretary's Certificate**"), substantially in the form attached hereto as <u>Annex II</u> and dated the Closing Date, certifying: (i) that each of the Charter and Bylaws is true and complete, has not been modified and is in full force and effect; (ii) that the resolutions of the Company's board of directors relating to the Offering are in full force and effect and have not been modified; (iii) the good standing of the Company; (iv) as to the incumbency of the officers of the Company. The documents referred to in such certificate shall be attached to such certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) On the date of this Agreement and on the Closing Date, the Company shall have furnished to the Representative, a certificate on behalf of the Company, dated the respective dates of delivery thereof and addressed to the Underwriters, of its Chief Financial Officer with respect to certain financial date contained in the Registration Statement and Prospectus (the "**CFO Certificate**"), providing "management comfort" with respect to such information, in form and substance reasonably satisfactory to the Representative, substantially in the form attached hereto as <u>Annex III</u>.

(g). On the date of this Agreement and on the Closing Date, the Underwriters shall have received a comfort letter from OneStop Assurance PAC and Guangdong Prouden CPAs GP (the "**Auditor Comfort Letter**") as of each such date, addressed to the Underwriters and in form and substance satisfactory to the Underwriters and Underwriters' Counsel, confirming that they are independent certified public accountants with respect to the Company within the meaning of the Act and all applicable Regulations, and stating, as of such date (or, with respect to matters involving changes or developments since the respective dates as of which specified financial information is given in the Prospectus, as of a date not more than two (2) Business Days prior to such date), the conclusions and findings of such firm with respect to the financial information and other matters relating to the Registration Statement covered by such letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Company shall have furnished the Underwriters and Underwriters' Counsel with such other certificates, opinions or documents as they may have reasonably requested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Underwriters shall have received a lock-up agreement from each Lock-Up Party, duly executed by the applicable Lock-Up Party, in each case substantially in the form attached as <u>Annex IV</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Subsequent to the execution and delivery of this Agreement and prior to the Closing Date or, if earlier, the dates as of which information is given in the Registration Statement (exclusive of any amendment thereof) and the Prospectus (exclusive of any supplement thereto), there shall not have been any change in the capital stock or long-term debt of the Company or any change or development involving a change, whether or not arising from transactions in the ordinary course of business, in the business, condition (financial or otherwise), results of operations, shareholders' equity, properties or prospects of the Company, taken as a whole, including but not limited to the occurrence of any fire, flood, storm, explosion, accident, act of war or terrorism or other calamity, the effect of which, in any such case described above, is, in the reasonable judgment of the Underwriters, so material and adverse as to make it impracticable or inadvisable to proceed with the sale of Securities or Offering as contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Securities are registered under the Exchange Act and, as of the Closing Date, the Securities shall be listed and admitted and authorized for trading on the Nasdaq Capital Market and satisfactory evidence of such action shall have been provided to the Underwriters. The Company shall have taken no action designed to terminate, or likely to have the effect of terminating, the registration of the Securities under the Exchange Act or delisting or suspending the Securities from trading on the Nasdaq Capital Market, nor will the Company have received any information suggesting that the Commission or the Nasdaq Capital Market is contemplating terminating such registration or listing. The Firm Shares shall be DTC eligible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) FINRA shall have confirmed that it has not raised any objection with respect to the fairness and reasonableness of the underwriting terms and arrangements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) No action shall have been taken and no statute, rule, regulation or order shall have been enacted, adopted or issued by any federal, state or foreign governmental or regulatory authority that would, as of the Closing Date, prevent the issuance or sale of the Securities; and no injunction or order of any federal, state or foreign court shall have been issued that would, as of the Closing Date, prevent the issuance or sale of the Securities or materially and adversely affect or potentially materially and adversely affect the business or operations of the Company.

**9. <u>Indemnification</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company agrees to indemnify and hold harmless (to the fullest extent permitted by applicable law) the Underwriters and each Person, if any, who controls the Underwriters within the meaning of Section 15 of the Act or Section 20 of the Exchange Act, against any losses, liabilities, claims, damages and expenses whatsoever, as incurred (including but not limited to reasonable attorneys' fees and any and all reasonable expenses whatsoever, incurred in investigating, preparing or defending against any litigation, commenced or threatened, or any claim whatsoever, and any and all amounts paid in settlement of any claim or litigation), joint or several, to which they or any of them may become subject under the Act, the Exchange Act or otherwise (including in settlement of any litigation if such settlement is effected with the written consent of the Company), insofar as such losses, liabilities, claims, damages or expenses (or actions in respect thereof) arise out of or are based upon: (i) an untrue statement or alleged untrue statement of a material fact contained in (A) the Registration Statement, including the information deemed to be a part of the Registration Statement at the time of effectiveness and at any subsequent time pursuant to Rules 430A and 430B of the Regulations, any Preliminary Prospectus, the General Disclosure Package, the Prospectus, or any amendment or supplement to any of them or (B) any Issuer Free Writing Prospectus or any materials or information provided to investors by, or with the approval of, the Company in connection with the marketing of the Offering of the Securities ("**Marketing Materials**"), including any road show or investor presentations made to investors by the Company (whether in person or electronically), or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading and will reimburse such indemnified party for any legal or other expenses reasonably incurred by it in connection with investigations or defending against such losses, liabilities, claims, damages or expenses (or actions in respect thereof); or (ii) in whole or in part upon any inaccuracy in the representations and warranties of the Company contained herein; or (iii) in whole or in part upon any failure of the Company to perform its obligations hereunder; *provided, however*, that the Company shall not be liable in any such case to the extent that any such loss, liability, claim, damage or expense (or action in respect thereof) arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in the Registration Statement, any Preliminary Prospectus, the General Disclosure Package, the Prospectus, or any such amendment or supplement to any of them, or any Issuer Free Writing Prospectus or any Marketing Materials in reliance upon and in conformity with the Underwriters' Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Underwriters agree to indemnify and hold harmless the Company, each of the directors of the Company, each of the officers of the Company who shall have signed the Registration Statement, and each other Person, if any, who controls the Company within the meaning of Section 15 of the Act or Section 20 of the Exchange Act, against any losses, liabilities, claims, damages and expenses whatsoever, as incurred (including but not limited to reasonable attorneys' fees and any and all reasonable expenses whatsoever, incurred in investigating, preparing or defending against any litigation, commenced or threatened, or any claim whatsoever, and any and all amounts paid in settlement of any claim or litigation), joint or several, to which they or any of them may become subject under the Act, the Exchange Act or otherwise (including in settlement of any litigation if such settlement is effected with the written consent of the Underwriters), insofar as such losses, liabilities, claims, damages or expenses (or actions in respect thereof) arise out of or are based upon an untrue statement or alleged untrue statement of a material fact contained in the Registration Statement, at the time of effectiveness and at any subsequent time pursuant to Rules 430A and 430B of the Regulations, any Preliminary Prospectus, the General Disclosure Package, the Prospectus, any amendment or supplement to any of them or any Marketing Materials, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, and will reimburse such indemnified party for any legal or other expenses reasonably incurred by it in connection with investigating or defending against such losses, liabilities, claims, damages or expenses (or actions in respect thereof), in each case to the extent, but only to the extent, that any such loss, liability, claim, damage or expense (or action in respect thereof) arises out of or is based upon any such untrue statement or alleged untrue statement or omission or alleged omission made in the Underwriters' Information.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Promptly after receipt by an indemnified party under subsection (a) or (b) above of notice of any claim or the commencement of any action, such indemnified party shall, if a claim in respect thereof is to be made against the indemnifying party under such subsection, notify each party against whom indemnification is to be sought in writing thereof (but the failure so to notify an indemnifying party shall not relieve the indemnifying party from any liability which it may have under this <u>Section 9</u> to the extent that it is not materially prejudiced as a result thereof). In case any such claim or action is brought against any indemnified party, and it so notifies an indemnifying party thereof, the indemnifying party will be entitled to participate at its own expense in the defense of such action, and to the extent it may elect by written notice delivered to the indemnified party promptly after receiving the aforesaid notice from such indemnified party, to assume the defense thereof with counsel satisfactory to such indemnified party. Notwithstanding the foregoing, the indemnified party or parties shall have the right to employ its or their own counsel in any such case, but the fees and expenses of such counsel shall be at the expense of such indemnified party or parties unless: (i) the employment of such counsel shall have been authorized in writing by one of the indemnifying parties in connection with the defense of such action; (ii) the indemnifying parties have not employed counsel to have charge of the defense of such action within a reasonable time after notice of the claim or the commencement of the action; (iii) the indemnifying party does not diligently defend the action after assumption of the defense; or (iv) such indemnified party or parties shall have reasonably concluded that a conflict may arise between the positions of the indemnifying party and the indemnified party, or any of them, in conducting the defense of any such action or there may be legal defenses available to it or them which are different from or additional to those available to any of the indemnifying parties (in which case the indemnifying parties shall not have the right to direct the defense of such action on behalf of the indemnified party or parties), in any of which events such fees and expenses shall be borne by the indemnifying parties and shall be paid as incurred. It is understood that the indemnifying party shall not, in respect of the legal expenses of any indemnified party in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the fees and expenses of more than one separate firm (in addition to any local counsel) of the indemnified party or parties unless such separate representations are required under applicable ethics rules that govern the representations of the indemnified party or parties by such legal counsel. In the case of any separate firm for the Underwriters and such control persons and affiliates of any Underwriters, such firm shall be designated in writing by the Underwriters. In the case of more than one separate firm (in addition to any local counsel) for the Company, and such directors, officers and control persons of the Company, such firm shall be designated in writing by the Company. No indemnifying party shall, without the prior written consent of the indemnified parties, effect any settlement or compromise of, or consent to the entry of judgment with respect to, any pending or threatened claim, investigation, action or proceeding in respect of which indemnity or contribution may be or could have been sought by an indemnified party under this <u>Section 9</u> or <u>Section 10</u> hereof (whether or not the indemnified party is an actual or potential party thereto), unless (v) such settlement, compromise or judgment (A) includes an unconditional release of the indemnified party from all liability arising out of such claim, investigation, action or proceeding and (B) does not include a statement as to or an admission of fault, culpability or any failure to act, by or on behalf of the indemnified party, and (vi) the indemnifying party confirms in writing its indemnification obligations hereunder with respect to such settlement, compromise or judgment.

**10. <u>Contribution</u>**. In order to provide for contribution in circumstances in which the indemnification provided for in <u>Section 9</u> is for any reason held to be unavailable from any indemnifying party or is insufficient to hold harmless a party indemnified thereunder, the Company and the Underwriters shall contribute to the aggregate losses, claims, damages, liabilities and expenses of the nature contemplated by such indemnification provision (including any investigation, legal and other expenses incurred in connection with, and any amount paid in settlement of, any action, suit or proceeding or any claims asserted, but after deducting in the case of losses, claims, damages, liabilities and expenses suffered by the Company, any contribution received by the Company from Persons, other than the Underwriters, who may also be liable for contribution, including Persons who control the Company within the meaning of Section 15 of the Act or Section 20 of the Exchange Act, officers of the Company who signed the Registration Statement and directors of the Company), as incurred, to which the Company and one or more of the Underwriters may be subject, in such proportions as is appropriate to reflect the relative benefits received by the Company on the one hand and the Underwriters on the other hand from the Offering and sale of the Securities or, if such allocation is not permitted by applicable law, in such proportions as are appropriate to reflect not only the relative benefits referred to above but also the relative fault of the Company and the Underwriters in connection with the statements or omissions which resulted in such losses, claims, damages, liabilities or expenses, as well as any other relevant equitable considerations. The relative benefits received by the Company and the Underwriters shall be deemed to be in the same proportion as (i) the total proceeds from the Offering (net of underwriting discount and commission but before deducting expenses) received by the Company bears to (ii) the underwriting discount and commissions received by the Underwriters, in each case as set forth in the table on the cover page of the Prospectus. The relative fault of the Company and the Underwriters shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company or the Underwriters and the parties' relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The Company and the Underwriters agree that it would not be just and equitable if contribution pursuant to this <u>Section 10</u> were determined by pro rata allocation (even if the Underwriters were treated as one entity for such purpose) or by any other method of allocation which does not take account of the equitable considerations referred to above in this <u>Section 10</u>. The aggregate amount of losses, liabilities, claims, damages and expenses incurred by an indemnified party and referred to above in this <u>Section 10</u> shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in investigating, preparing or defending against any litigation, or any investigation or proceeding by any judicial, regulatory or other legal or governmental agency or body, commenced or threatened, or any claim whatsoever based upon any such untrue or alleged untrue statement or omission or alleged omission. Notwithstanding the provisions of this <u>Section 10</u>: (iii) no Underwriter shall be required to contribute any amount in excess of the underwriting discounts applicable to the Securities underwritten by it and distributed to the public and (iv) no Person guilty of fraudulent misrepresentation (within the meaning of Section 12(f) of the Act) shall be entitled to contribution from any Person who was not guilty of fraudulent misrepresentation (within the meaning of Section 12(f) of the Act). For purposes of this <u>Section 10</u>, each Person, if any, who controls an Underwriter within the meaning of Section 15 of the Act or Section 20 of the Exchange Act shall have the same rights to contribution as such Underwriter, and each Person, if any, who controls the Company within the meaning of Section 15 of the Act or Section 20 of the Exchange Act, each officer of the Company who shall have signed the Registration Statement and each director of the Company shall have the same rights to contribution as the Company, subject in each case to clauses (iii) and (iv) of the immediately preceding sentence. Any party entitled to contribution will, promptly after receipt of notice of commencement of any action, suit or proceeding against such party in respect of which a claim for contribution may be made against another party or parties, notify each party or parties from whom contribution may be sought, but the omission to so notify such party or parties shall not relieve the party or parties from whom contribution may be sought from any obligation it or they may have under this <u>Section 10</u> or otherwise. As used herein, a "**Person**" refers to an individual or entity.

**11. <u>Effective Date of Agreement; Termination; Defaulting Underwriters</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall become effective upon the later of: (i) receipt by the Underwriters and the Company of notification of the effectiveness of the Registration Statement or (ii) the execution of this Agreement. Notwithstanding any termination of this Agreement, the provisions of this <u>Section 11</u> and of <u>Sections 1</u>, <u>4</u>, <u>6</u>, <u>9</u>, <u>10</u>, <u>15</u> and <u>16</u> shall remain in full force and effect at all times after the execution hereof to the extent they are in compliance with FINRA Rule 5110(g)(5).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Underwriters shall have the right to terminate this Agreement at any time prior to the consummation of the Closing if: (i) any domestic or international event or act or occurrence has materially disrupted, or in the reasonable opinion of the Underwriters will in the immediate future materially disrupt, the market for the Company's securities or securities in general; or (ii) trading on the Nasdaq Capital Market has been suspended or made subject to material limitations, or minimum or maximum prices for trading have been fixed, or maximum ranges for prices for securities have been required, on the Nasdaq Capital Market or by order of the Commission, FINRA or any other governmental authority having jurisdiction; or (iii) a banking moratorium has been declared by any state or federal authority or any material disruption in commercial banking or securities settlement or clearance services has occurred; or (iv) (A) there has occurred any outbreak or escalation of hostilities or acts of terrorism involving the United States or there is a declaration of a national emergency or war by the United States or (B) there has been any other calamity or crisis or any change in political, financial or economic conditions, if the effect of any such event in (A) or (B), in the reasonable judgment of the Underwriters, is so material and adverse that such event makes it impracticable or inadvisable to proceed with the offering, sale and delivery of the Firm Shares on the terms and in the manner contemplated by the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any notice of termination pursuant to this <u>Section 11</u> shall be in writing and delivered in accordance with <u>Section 13</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If, on the Closing Date or any Additional Closing Date, as the case may be, any one or more of the Underwriters shall fail or refuse to purchase the Securities that it has or they have agreed to purchase hereunder on such date, and the aggregate number of the Securities which such defaulting Underwriter or Underwriters agreed but failed or refused to purchase is not more than one-tenth (10%) of the aggregate number of the Securities to be purchased on such date, the other Underwriters shall be obligated severally in the proportions that the number of Firm Shares set forth opposite their respective names in <u>Schedule A</u> bears to the aggregate number of Firm Shares set forth opposite the names of all such non-defaulting Underwriters, or in such other proportions as the Representative may specify, to purchase the Securities which such defaulting Underwriter or Underwriters agreed but failed or refused to purchase on such date; *provided* that, in no event shall the number of Securities that any Underwriter has agreed to purchase pursuant to this Agreement be increased pursuant to this Section 11(d) by an amount in excess of one-ninth (1/9) of such number of Securities without the written consent of such Underwriter. If, on the Closing Date, any Underwriter or Underwriters shall fail or refuse to purchase Firm Shares and the aggregate number of Firm Shares with respect to which such default occurs is more than one-tenth (10%) of the aggregate number of Firm Shares to be purchased on such date, and arrangements satisfactory to the Representative and the Company for the purchase of such Firm Shares are not made within thirty six (36) hours after such default, this Agreement shall terminate without liability on the part of any non-defaulting Underwriter or the Company. In any such case, either the Representative or the Company shall have the right to postpone the Closing Date, but in no event for longer than seven days, in order that the required changes, if any, in the Registration Statement, in the Pricing Disclosure Package, in the Final Prospectus or in any other documents or arrangements may be effected. If, on an Additional Closing Date, any Underwriter or Underwriters shall fail or refuse to purchase Option Shares and the aggregate number of Option Shares with respect to which such default occurs is more than one-tenth (10%) of the aggregate number of Option Shares to be purchased on such Additional Closing Date, the non-defaulting Underwriters shall have the option to (i) terminate their obligation hereunder to purchase the Option Shares to be sold on such Additional Closing Date or (ii) purchase not less than the number of Option Shares that such non-defaulting Underwriters would have been obligated to purchase in the absence of such default. Any action taken under this paragraph shall not relieve any defaulting Underwriter from liability in respect of any default of such Underwriter under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If this Agreement shall be terminated pursuant to any of the provisions hereof (other than pursuant to <u>Section 11(b)</u> hereof), or if the sale of the Securities provided for herein is not consummated because any condition to the obligations of the Underwriters set forth herein is not satisfied or because of any refusal, inability or failure on the part of the Company to perform any agreement herein or comply with any provision hereof, the Company will, subject to demand by the Underwriters, reimburse the Underwriters for only those documented out-of-pocket expenses (including the reasonable fees and expenses of their counsel), actually incurred by the Underwriters in connection herewith as allowed under FINRA Rule 5110 less any amounts previously paid by the Company); *provided, however,* that all such expenses, including the costs and expenses set forth in <u>Section 6(c)</u> which were actually paid, shall not exceed accountable expenses actually incurred in the aggregate, including any advances.

**12. <u>Survival of Representations and Agreements</u>**. All representations, warranties, covenants and agreements of the Company and the Underwriters contained in this Agreement or in certificates of officers of the Company submitted pursuant hereto, including, without limitation, the agreements contained in <u>Sections 6</u>, <u>15</u> and <u>16</u>, the indemnity agreements contained in <u>Section 9</u> and the contribution agreements contained in <u>Section 10</u>, shall remain operative and in full force and effect regardless of any investigation made by or on behalf of the Underwriters or any controlling Person thereof or by or on behalf of the Company, any of its officers or directors or any controlling Person thereof, and shall survive delivery of and payment for the Securities to and by the Underwriters. The representations and warranties contained in <u>Section 2</u> and the covenants and agreements contained in <u>Sections 4</u>, <u>6, 9</u>, <u>10</u>, <u>15</u> and <u>16</u> shall survive any termination of this Agreement, including termination pursuant to <u>Sections 11</u>. For the avoidance of doubt, in the event of termination the Underwriters will receive only out-of-pocket accountable expenses actually incurred subject to the limit in <u>Section 6(d)</u>, in compliance with FINRA Rules 5110(g)(5)(A), 5110(g)(5)(B)(i) and 5110(g)(5)(B)(ii).

**13. <u>Notices</u>**. All communications hereunder, except as may be otherwise specifically provided herein, shall be in writing, and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if sent to the Representative, shall be mailed, delivered, or emailed, to:

Cathay Securities, Inc.

40 Wall Street, Suite 3600

New York, NY 10005

Attention: Xiaoyu Li

Email: shell.li@cathaysecurities.com

with a copy to Underwriter's Counsel at:

VCL Law LLP

1945 Old Gallows Rd., Suite 260

Vienna, VA 22182

Attention: Fang Liu, Partner

Email: fliu@vcllegal.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if sent to the Company, shall be mailed, delivered, or emailed, to:

Global Development Engineering Company Limited

Flat B1, 13/F, Hoi Bun Industrial Building

Kwun Tong, Kowloon, Hong Kong

Attention: Sui Hei Chan

Email: [ ]

with a copy to the Company's Counsel at:

Sichenzia Ross Ference Carmel LLP

1185 Avenue of the Americas, 31st Floor

New York, NY 10036

Attention: Benjamin Tan, Esq

Email: btan@srfc.law

**14.** <u>Parties; Limitation of Relationship</u>. This Agreement shall inure solely to the benefit of, and shall be binding upon, the Underwriters, the Company and the controlling Persons, directors, officers, employees and agents referred to in <u>Sections 9</u> and <u>10</u> hereof, and their respective Successors and Assigns, and no other Person shall have or be construed to have any legal or equitable right, remedy or claim under or in respect of or by virtue of this Agreement or any provision herein contained. This Agreement and all conditions and provisions hereof are intended to be for the sole and exclusive benefit of the parties hereto and such Persons and their respective successors and assigns, and not for the benefit of any other Person. The term "**Successors and Assigns**" shall not include a purchaser, in its capacity as such, of Securities from the Underwriter.

**15.** <u>Governing Law</u>. This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York. Each of the parties hereto hereby submits to the exclusive jurisdiction of the Federal and state courts in the Borough of Manhattan in The City of New York (each, a "**New York Court**") in any suit or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby. Each of the parties hereto irrevocably waives any objection to the laying of venue of any suit or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby in the New York Courts, and irrevocably waives and agrees not to plead or claim in any such court that any such suit or proceeding in any such court has been brought in an inconvenient forum. The Company irrevocably appoints[ ]. as its authorized agent (the "**Authorized Agent**") in the Borough of Manhattan in The City of New York upon which process may be served in any such suit or proceeding, and agrees that service of process in any manner permitted by applicable law upon such agent shall be deemed in every respect effective service of process in any manner permitted by applicable law upon the Company in any such suit or proceeding. The Company further agrees to take any and all actions as may be necessary to maintain such designation and appointment of such agent in full force and effect for a period of five years from the date of this Agreement.

**16.** <u>Entire Agreement</u>. This Agreement, together with the schedules and annexes attached hereto and as the same may be amended from time to time in accordance with the terms hereof, contains the entire agreement among the parties hereto relating to the subject matter hereof and there are no other or further agreements outstanding not specifically mentioned herein. This Agreement supersedes any prior agreements or understandings among or between the parties hereto.

**17.** <u>Severability</u>. If any term or provision of this Agreement or the performance thereof shall be invalid or unenforceable to any extent, such invalidity or unenforceability shall not affect or render invalid or unenforceable any other provision of this Agreement and this Agreement shall be valid and enforceable to the fullest extent permitted by law.

**18.** <u>Amendment</u>. This Agreement may only be amended by a written instrument executed by each of the parties hereto.

**19.** <u>Waiver, etc.</u> The failure of any of the parties hereto to at any time enforce any of the provisions of this Agreement shall not be deemed or construed to be a waiver of any such provision, nor to in any way affect the validity of this Agreement or any provision hereof or the right of any of the parties hereto to thereafter enforce each and every provision of this Agreement. No waiver of any breach, non-compliance or non-fulfillment of any of the provisions of this Agreement shall be effective unless set forth in a written instrument executed by the party or parties against whom or which enforcement of such waiver may be sought; and no waiver of any such breach, non-compliance or non-fulfillment shall be construed or deemed to be a waiver of any other or subsequent breach, non-compliance or non-fulfillment. The parties to this Agreement hereby irrevocably waive, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal suit, action or proceeding arising out of or relating to this Agreement, the Registration Statement, the General Disclosure Package, the Prospectus, the offering of the Securities or the transactions contemplated hereby.

**20.** <u>No Fiduciary Relationship</u>. The Company hereby acknowledges that the Underwriters are acting solely as Underwriters in connection with the offering of the Company's Securities. The Company further acknowledges that the Underwriters are acting pursuant to a contractual relationship created solely by this Agreement entered into on an arm's-length basis and in no event do the parties intend that the Underwriters act or be responsible as a fiduciary to the Company, its management, shareholders, creditors or any other person in connection with any activity that the Underwriters may undertake or have undertaken in furtherance of the offering of the Company's Securities, either before or after the date hereof. The Underwriters hereby expressly disclaim any fiduciary or similar obligations to the Company, either in connection with the transactions contemplated by this Agreement or any matters leading up to such transactions, and the Company hereby confirms its understanding and agreement to that effect. The Company hereby further confirms its understanding that the Underwriters have not assumed an advisory or fiduciary responsibility in favor of the Company with respect to the Offering contemplated hereby or the process leading thereto, including, without limitation, any negotiation related to the pricing of the Securities; and the Company has consulted its own legal and financial advisors to the extent it has deemed appropriate in connection with this Agreement and the Offering. The Company and the Underwriters agree that they are each responsible for making their own independent judgments with respect to any such transactions, and that any opinions or views expressed by the Underwriters to the Company regarding such transactions, including but not limited to any opinions or views with respect to the price or market for the Company's securities, do not constitute advice or recommendations to the Company. The Company hereby waives and releases, to the fullest extent permitted by law, any claims that the Company may have against the Underwriters with respect to any breach or alleged breach of any fiduciary or similar duty to the Company in connection with the transactions contemplated by this Agreement or any matters leading up to such transactions.

**21.** <u>Counterparts</u>. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, and all such counterparts shall together constitute one and the same instrument. Delivery of a signed counterpart of this Agreement by facsimile or other electronic transmission shall constitute valid and sufficient delivery thereof.

**22.** <u>Headings</u>. The headings herein are inserted for convenience of reference only and are not intended to be part of, or to affect the meaning or interpretation of, this Agreement.

**23.** <u>Time is of the Essence</u>. Time shall be of the essence of this Agreement. As used herein, the term "**Business Day**" shall mean any day other than a Saturday, Sunday or any day on which any of the major U.S. stock exchanges are not open for business.

*[Signature Page Follows]*

If the foregoing correctly sets forth your understanding, please so indicate in the space provided below for that purpose, whereupon this letter shall constitute a binding agreement among us.

---

| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| **Global Development Engineering Company Limited** | **Global Development Engineering Company Limited** |
| By: |  |
| Name: | Sui Hei Chan |
| Title: | Chief Executive Officer |

---

Accepted by the Representative

as of the date first written above

Acting on behalf of itself and as Representative of the Underwriters named in <u>Schedule A</u> hereto

---

| | |
|:---|:---|
| **Cathay Securities, Inc.** | **Cathay Securities, Inc.** |
| By: |  |
| Name: | Xiaoyu Li |
| Title: | [●] |

---

*[Signature Page to Underwriting Agreement]*

 

 

**SCHEDULE A**

Underwriters

---

| | | | |
|:---|:---|:---|:---|
| Underwriters | Firm Shares | Securities if the Maximum Over-Allotment Option is Exercised | Purchase Price |
| Cathay Securities, Inc. |  |  |  |
| **Total** |  |  |  |

---

**SCHEDULE B**

Lock-Up Parties

**Name**<br>

**ANNEX I**

**Global Development Engineering Company Limited**

**OFFICERS' CERTIFICATE**

[ ], 2025

The undersigned, Sui Hei Chan, Chief Executive Officer, and King Wan Leung, Chief Financial Officer, of Global Development Engineering Company Limited, a British Virgin Islands company limited by shares (the "**Company"**), pursuant to Section 8(d) of the Underwriting Agreement, dated as of [●], by and between the Company and Cathay Securities, Inc. as representative of the several underwriters listed on <u>Schedule A</u> thereto (the "**Underwriting Agreement**"), do hereby certify, each in his or her capacity as an officer of the Company, and not individually and without personal liability, on behalf of the Company, as follows:

1. Such
 officer has carefully examined the Registration Statement, the General Disclosure Package, any Permitted Free Writing Prospectus
 and the Prospectus and, in his or her opinion, the Registration Statement and each amendment thereto, as of [●] p.m. EST, [Date]
 (the "**Applicable Time**") and as of the Closing Date did not include any untrue statement of a material fact and
 did not omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading, and
 the General Disclosure Package, as of the Applicable Time and as of the Closing Date, any Permitted Free Writing Prospectus as of
 its date and as of the Closing Date, the Prospectus and each amendment or supplement thereto, as of the respective date thereof and
 as of the Closing Date, did not include any untrue statement of a material fact and did not omit to state a material fact necessary
 in order to make the statements therein, in the light of the circumstances in which they were made, not misleading.

2. Subsequent
 to the respective dates as of which information is given in the Registration Statement, the General Disclosure Package, or the Prospectus,
 there has not been any Material Adverse Effect or any development involving a prospective Material Adverse Effect, whether or not
 arising from transactions in the ordinary course of business.

3. To
 the best of his or her knowledge after reasonable investigation, as of the Closing Date, the representations and warranties of the
 Company in the Underwriting Agreement are true and correct in all material respects (except for those representations and warranties
 qualified as to materiality, which shall be true and correct in all respects and except for those representations and warranties
 which refer to facts existing at a specific date, which shall be true and correct as of such date) and the Company has complied with
 all agreements and satisfied all conditions on its part to be performed or satisfied under the Underwriting Agreement at or prior
 to the Closing Date.

4. To
 the best of his or her knowledge after reasonable investigation, as of the Closing Date, the Company has not sustained any material
 loss or interference with its businesses, whether or not covered by insurance, or from any labor dispute or any legal or governmental
 proceeding.

5. There
 are no pro forma or as adjusted financial statements that are required to be included in the Registration Statement and the Prospectus
 pursuant to the Regulations which are not so included.

6. No
 stop order or other order suspending the effectiveness of the Registration Statement or any part thereof or any amendment thereof
 or the qualification of the Securities for offering or sale, nor suspending or preventing the use of the General Disclosure Package,
 any Permitted Free Writing Prospectus and the Prospectus, has been issued, and no proceeding for that purpose has been instituted
 or, to the best of his knowledge, is contemplated by the Commission or any state or regulatory body.

Capitalized terms used herein but not defined herein shall have the meanings ascribed to them in the Underwriting Agreement. This certificate may be executed in one or more counterparts, all of which together shall be deemed to be one and the same instrument.

*[Signature Page Follows]*

 

**IN WITNESS WHEREOF**, I have, on behalf of the Company, signed this certificate as of the date first written above.

 <br> Name: Sui Hei Chan <br> Title: Chief Executive Officer

 <br> Name: King Wan Leung <br> Title: Chief Financial Officer

*[Signature Page of Officers' Certificate]*

 

**ANNEX II**

**Global Development Engineering Company Limited**

**SECRETARY'S CERTIFICATE**

[ ], 2025

The undersigned, [●], hereby certifies that he/she is the duly elected, qualified, and acting Secretary of Global Development Engineering Company Limited, a British Virgin Islands company limited by shares (the "**Company**"), and that as such he/she is authorized to execute and deliver this certificate in the name and on behalf of the Company. Pursuant to Section 8(e) of the Underwriting Agreement, dated as of [●], by Cathay Securities, Inc. as representative of the several underwriters listed on <u>Schedule A</u> thereto (the "**Underwriting Agreement**"), the undersigned further certifies in his/her capacity as Secretary/Chief Financial Officer of the Company and without personal liability, on behalf of the Company, the items set forth below. Capitalized terms used herein but not defined herein shall have the meanings ascribed to them in the Underwriting Agreement.

1. Attached
 hereto as <u>Exhibit A</u> are true and complete copies of the resolutions adopted by the board of directors of the Company (the
 "**Board**") either at a meeting or meetings properly held or by the unanimous written consent of each member of the
 Company's Board and any committee of or designated by the Company's Board relating to the Offering contemplated by the
 Underwriting Agreement: all of such resolutions were duly adopted, have not been amended, modified or rescinded and remain in full
 force and effect; and such resolutions are the only resolutions adopted by the Board or by any committee of or designated by the
 Board relating to the Offering contemplated by the Underwriting Agreement.

2. Attached
 hereto as <u>Exhibit B</u> is a true, correct, and complete copy of the Certificate of Incorporation of the Company, together with
 any and all amendments thereto. No action has been taken to further amend, modify, or repeal such charter documents, which remain
 in full force and effect in the attached form as of the date hereof. No action has been taken by the Company, its shareholders, directors
 or officers in contemplation of the filing of any such amendment or other document or in contemplation of the liquidation or dissolution
 of the Company prior to the consummation of the transactions contemplated by the Underwriting Agreement.

3. Attached
 hereto as <u>Exhibit C</u> is a true, correct, and complete copy of the memorandum and articles of association of the Company and
 any and all amendments thereto. No action has been taken to further amend, modify, or repeal such memorandum and articles of association,
 which remain in full force and effect in the attached form as of the date hereof.

4. Attached
 hereto as <u>Exhibit D</u> is a true and complete copy of a Certificate of Good Standing, dated [Date], by the Registrar of Companies
 in the British Virgin Islands, relating to the Company.

5. Each
 person listed below has been duly elected or appointed to the positions indicated opposite its name and is duly authorized to sign
 the Underwriting Agreement and each of the documents in connection therewith on behalf of the Company, and the signature appearing
 opposite such person's name below is its genuine signature.

---

| | | |
|:---|:---|:---|
| **Name** | **Position** | **Signature** |
| Sui Hei Chan | Chief Executive Officer | |
| King Wan Leung | Chief Financial Officer | |

---

This certificate may be executed in one or more counterparts, all of which together shall be deemed to be one and the same instrument.

*[Signature Page Follows]*

 

 

**IN WITNESS WHEREOF**, the undersigned has signed this certificate as of the date first written above.

 <br> Name: <br> Title: Secretary

*[Signature Page of Secretary' Certificate]*

 

**ANNEX III**

**Global Development Engineering Company Limited**

**CHIEF FINANCIAL OFFICER'S CERTIFICATE**

[ ], 2025

The undersigned, King Wan Leung, hereby certifies that he is the duly elected, qualified, and acting Chief Financial Officer, of Global Development Engineering Company Limited, a British Virgin Islands company limited by shares (the "**Company**"), and that as such he is authorized to execute and deliver this certificate in the name and on behalf of the Company. Pursuant to Section 8(f) of the Underwriting Agreement, dated as of [●], by Cathay Securities, Inc. as representative of the several underwriters listed on <u>Schedule A</u> thereto (the "**Underwriting Agreement**"), the undersigned further certifies, solely in the capacity as an officer of the Company for and on behalf of the Company as set forth below.

1. I
 am the Chief Financial Officer of the Company and have been duly appointed to such position as of the date hereof.

2. I
 am providing this certificate in connection with the offering of the securities described in the Registration Statement and the Prospectus.

3. I
 am familiar with the accounting, operations, records systems and internal controls of the Company and have participated in the preparation
 of the Registration Statement and the Prospectus.

4. The
 Company Financial Statements present fairly, in all material respects, the financial condition of the Company and its subsidiaries
 and their results of operations for the periods presented in the Registration Statement and the Prospectus.

5. I
 have reviewed the disclosure in the Registration Statement and the Prospectus, the financial and operating information and data identified
 and circled by VCL Law LLP in the Registration Statement and the Prospectus dated [●], attached hereto as <u>Exhibit A</u>,
 and to the best of my knowledge such information is correct, complete and accurate in all material respects.

Capitalized terms used herein but not defined herein shall have the meanings ascribed to them in the Underwriting Agreement.

*[Signature Page Follows]*

 

**IN WITNESS WHEREOF**, the undersigned has signed this certificate as of the date first written above.

---

| | |
|:---|:---|
| **Global Development Engineering Company Limited** | **Global Development Engineering Company Limited** |
| By: |  |
| Name: | King Wan Leung |
| Title: | Chief Financial Officer |

---

*[Signature Page of CFO's Certificate]*

 

 

**ANNEX IV**

Form of Lock-Up Agreement

[●], 2025

Cathay Securities, Inc.

40 Wall Street, Suite 3600

New York, NY 10005

Ladies and Gentlemen:

The undersigned understands Cathay Securities, Inc., as representative (the "**Representative**") for several underwriters (the "**Underwriters**" and individually, an "**Underwriter**") propose to enter into an Underwriting Agreement (the "**Underwriting Agreement**") with Global Development Engineering Company Limited, a British Virgin Islands company limited by shares (the "**Company**"), providing for the initial public offering in the United States (the "**Initial Public Offering**") of a certain number of ordinary shares, of no par value (the "**Securities**"). For purposes of this letter agreement, "Shares" shall mean shares of the Company's ordinary shares.

To induce the Underwriters to continue their efforts in connection with the Initial Public Offering, the undersigned hereby agrees that, without the prior written consent of the Underwriters, the undersigned will not, during the period commencing on the date hereof and ending six months, for our directors, officers, and holders owning 5% or more of our outstanding Shares, from the date of commencement of sales of this Offering (the "**Lock-Up Period**"), (A) offer, pledge, announce the intention to sell, 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, make any short sale, or otherwise transfer or dispose of, directly or indirectly, any Shares or any securities convertible into or exercisable or exchangeable for or represent the right to receive Shares, whether now owned or hereafter acquired by the undersigned (collectively, the "**Lock-Up Securities**"); (B) enter into any swap or other agreement that transfers to another, in whole or in part, any of the economic consequences of ownership of the Lock-Up Securities, whether any such transaction described in clause (A) above or this clause (B) is to be settled by delivery of Shares or such other securities, in cash or otherwise; (C) make any written demand for or exercise any right with respect to the registration of any Shares or any security convertible into or exercisable or exchangeable for Shares; or (D) publicly disclose the intention to do any of the foregoing.

Notwithstanding the foregoing, and subject to the conditions below, the undersigned may transfer Lock-Up Securities without the prior written consent of the Underwriters in connection with (A) transactions relating to Lock-Up Securities acquired in open market transactions after the completion of the Initial Public Offering; (B) transfers of Lock-Up Securities as a *bona fide* gift, by will or intestacy or to a family member or trust for the benefit of the undersigned and/or one or more family members (for purposes of this lock-up agreement, "**family member**" means any relationship by blood, marriage or adoption, not more remote than first cousin); (C) transfers of Lock-Up Securities to a charity or educational institution or other not-for-profit organization; (D) if the undersigned, directly or indirectly, controls a corporation, partnership, limited liability company or other business entity, any transfers of Lock-Up Securities to any such corporation, partnership, limited liability company or other business entity, or any shareholder, partner or member of, or owner of similar equity interests in, the same, as the case may be; (E) a sale or surrender to the Company of any options or Shares of the Company underlying options in order to pay the exercise price or taxes associated with the exercise of options; or (F) transfers or distributions pursuant to any *bona fide* third-party tender offer, merger, acquisition, consolidation or other similar transaction made to all holders of the Company's Shares involving a Change of Control of the Company, *provided* that in the event that such tender offer, merger, acquisition, consolidation or other such transaction is not completed, the Lock-Up Securities held by the undersigned shall remain subject to the provisions of this lock-up agreement; *provided* that in the case of any transfer pursuant to the foregoing clauses (B), (C) or (D), (i) any such transfer shall not involve a disposition for value, (ii) each transferee shall sign and deliver to the Underwriter a lock-up agreement substantially in the form of this lock-up agreement and (iii) no filing under Section 16(a) of the U.S. Securities Exchange Act of 1934, as amended shall be required or shall be voluntarily made (collectively, "**Permitted Transfers**"). For purposes of this paragraph, the term "**Change of Control**" shall mean any transaction or series of related transactions pursuant to which any "<u>person</u>" or "<u>group</u>" (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act) becomes the "beneficial owner" (as such term is defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the total voting power of the Shares of the Company on a fully diluted basis. The undersigned also agrees and consents to the entry of stop transfer instructions with the Company's transfer agent and registrar against the transfer of the undersigned's Lock-Up Securities except in compliance with this lock-up agreement.

The undersigned agrees that, prior to engaging in any transaction or taking any other action that is subject to the terms of this lock-up agreement (for the avoidance of doubt, excluding any transaction or other action in connection with a Permitted Transfer) during the period from the date hereof to and including the 15 days following the expiration of the initial Lock-Up Period, the undersigned will give notice thereof to the Company and will not consummate any such transaction or take any such action unless it has received written confirmation from the Company that the Lock-Up Period has expired.

The undersigned agrees that (A) the foregoing restrictions shall be equally applicable to any issuer-directed or "**friends and family**" Shares that the undersigned may purchase in the Initial Public Offering, (B) at least three (3) Business Days before the effective date of any release or waiver of the foregoing restrictions in connection with a transfer of Lock-Up Securities, the Underwriter will notify the Company of the impending release or waiver. Any release or waiver granted by the Underwriter hereunder to any such officer or director shall only be effective two (2) Business Days after the publication date of a press release by the Company for such release or waiver. The provisions of this paragraph will not apply if (A) the release or waiver is effected solely to permit a transfer of Lock-Up Securities not for consideration or in connection with any other Permitted Transfer and (B) the transferee has agreed in writing to be bound by a lock-up agreement substantially in the form of this lock-up agreement.

The undersigned agrees that except as set forth in this Lock-Up Agreement, there are no and will not have any other agreement or arrangement, either verbal or in writing, with any other individuals or entities, including but not limited to shareholders, friends and family, and other third parties, to circumvent or has an effect of circumventing the obligations set forth in this Lock-Up Agreement.

No provision in this agreement shall be deemed to restrict or prohibit the exercise, exchange or conversion by the undersigned of any securities exercisable or exchangeable for or convertible into Shares, as applicable; *provided* that the undersigned does not transfer the Shares acquired on such exercise, exchange or conversion during the Lock-Up Period, unless in connection with a Permitted Transfer or in a transfer otherwise permitted pursuant to the terms of this lock-up agreement. In addition, no provision herein shall be deemed to restrict or prohibit the entry into or modification of a so-called "**10b5-1**" plan at any time (other than the entry into or modification of such a plan in such a manner as to cause the sale of any Lock-Up Securities within the Lock-Up Period).

The undersigned understands that the Company and the Underwriter are relying upon this lock-up agreement in proceeding toward consummation of the Initial Public Offering. The undersigned further understands that this lock-up agreement is irrevocable and shall be binding upon the undersigned's heirs, legal Underwriters, successors and assigns.

The undersigned understands that, if the Underwriting Agreement does not become effective, or if the Underwriting Agreement (other than the provisions thereof which survive termination) shall terminate or be terminated prior to payment for and delivery of the Shares to be sold thereunder, then this lock-up agreement shall be void and of no further force or effect.

Whether or not the Initial Public Offering actually occurs depends on a number of factors, including market conditions. The Initial Public Offering will only be made pursuant to an Underwriting Agreement, the terms of which are subject to negotiation between the Company and the Underwriter.

This lock-up agreement shall be governed by and construed in accordance with the laws of the State of New York, without regard to the conflict of laws principles thereof. Delivery of a signed copy of this lock-up agreement by facsimile or e-mail/.pdf transmission shall be effective as the delivery of the original hereof.

*[Signature Page Follows]*

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| |
|:---|
| Very truly yours, |
| By: |
| Name: |
| Address: |

---

*[Signature Page of Lock-up Agreement]*

## Exhibit 3.1

**Exhibit 3.1**

![](ex3-1_001.jpg)

## Exhibit 3.2

**Exhibit 3.2**

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| | |
|:---|:---|
| **BVI Co. No.: 2131464** | ![](ex3-2_001.jpg) |

---

**TERRITORY OF THE BRITISH VIRGIN ISLANDS**

**THE BVI BUSINESS COMPANIES ACT (AS REVISED)**

**COMPANY LIMITED BY SHARES**

**AMENDED AND RESTATED**

**MEMORANDUM AND ARTICLES OF ASSOCIATION**

**OF**

**Global Development Engineering Company Limited**

**Incorporated this 4<sup>th</sup> day of September 2023**

**Amended and Restated on the 25<sup>th</sup> day of April 2024**

**Maples Corporate Services (BVI) Limited**

**Kingston Chambers**

**PO Box 173**

**Road Town, Tortola**

**British Virgin Islands**

**TERRITORY OF THE BRITISH VIRGIN ISLANDS**

**THE BVI BUSINESS COMPANIES ACT (AS REVISED)**

**COMPANY LIMITED BY SHARES**

**AMENDED AND RESTATED**

**MEMORANDUM OF ASSOCIATION**

**OF**

**Global Development Engineering Company Limited**

1 The name of the Company is Global Development Engineering Company Limited.

2 The Company is a company limited by shares.

3 The first Registered Office of the Company was at the offices of Corporate Registrations Limited of Sea Meadow House, (P.O. Box 116), Road Town, Tortola, British Virgin Islands.

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| | |
|:---|:---|
| 4 | The current Registered Office of the Company is at the offices of Maples Corporate Services (BVI) Limited, Kingston Chambers, PO Box 173, Road Town, Tortola, British Virgin Islands. The Directors or Members may from time to time change the Registered Office of the Company by resolution of the Directors or Resolution of Members. |

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5 The first Registered Agent of the Company was Corporate Registrations Limited of Sea Meadow House, (P.O. Box 116), Road Town, Tortola, British Virgin Islands.

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| | |
|:---|:---|
| 6 | The current Registered Agent of the Company is Maples Corporate Services (BVI) Limited, Kingston Chambers, PO Box 173, Road Town, Tortola, British Virgin Islands. The Directors or Members may from time to time change the Registered Agent of the Company by resolution of the Directors or Resolution of Members. |

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| | |
|:---|:---|
| 7 | The objects for which the Company is established are unrestricted and the Company shall have full power and authority to carry out any object not prohibited by the laws of the British Virgin Islands. |

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| | |
|:---|:---|
| 8 | The liability of each Member is limited to the amount unpaid on such Member's shares. |

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9 The Company is authorised to issue an unlimited number of shares of one class of no par value.

10 Each Share confers on the holder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 right to one vote on any Resolution of Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 right to an equal share in any dividend paid by the Company in accordance with the Statute;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 right to an equal share in the distribution of the surplus assets of the Company.

11 Shares may only be issued as registered shares and the Company is not authorised to issue bearer shares. Registered shares may not be exchanged for bearer shares or converted to bearer shares.

12 Capitalised terms that are not defined in this Memorandum of Association bear the respective meanings given to them in the Articles of Association of the Company.

13 Subject to the provisions of the Statute, the Company may from time to time amend the Memorandum of Association or the Articles of Association by Resolution of Members or Resolution of Directors.

We, Corporate Registrations Limited of Sea Meadow House, (P.O. Box 116), Road Town, Tortola, British Virgin Islands in our capacity as registered agent for the Company hereby apply to the Registrar for the incorporation of the Company this 4th day of September, 2023.

Incorporator

Sgd. Alicia Davis and Marsha Fahie

Alicia Davis and Marsha Fahie Authorised Signatories Corporate Registrations Limited Sea Meadow House

P.O. Box 116

Road Town, Tortola British Virgin Islands

**TERRITORY OF THE BRITISH VIRGIN ISLANDS**

**THE BVI BUSINESS COMPANIES ACT (AS REVISED)**

**COMPANY LIMITED BY SHARES**

**AMENDED AND RESTATED**

**ARTICLES OF ASSOCIATION**

**OF**

**Global Development Engineering Company Limited**

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| | |
|:---|:---|
| **1** | **Interpretation** |

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1.1 In
 the Articles, unless there is something in the subject or context inconsistent therewith:

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| | |
|:---|:---|
| "**Applicable Law**" | means, with respect to any person, all provisions of laws, statutes, ordinances, rules, regulations, permits, certificates, judgments, decisions, decrees or orders of any governmental authority applicable to such person. |
| "**Articles**" | means these articles of association of the Company. |
| "**Audit Committee**" | means the audit committee of the board of directors of the Company established pursuant to the Articles, or any successor committee. |
| "**Auditor**" | means the person for the time being performing the duties of auditor of the Company (if any). |
| "**Clearing House**" | means a clearing house recognised by the laws of the jurisdiction in which the Shares (or depositary receipts therefor) are listed or quoted on a stock exchange or interdealer quotation system in such jurisdiction. |
| "**Company**" | means the above named company. |
| "**Company's Website**" | means the website of the Company and/or its web-address or domain name (if any). |
| "**Compensation Committee**" | means the compensation committee of the board of directors of the Company established pursuant to the Articles, or any successor committee. |
| "**Directors**" | means the directors for the time being of the Company. |

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| | |
|:---|:---|
| "**Distribution**" | means any distribution (including an interim or final dividend). |
| "**Electronic Communication**" | means a communication sent by electronic means, including electronic posting to the Company's Website, transmission to any number, address or internet website (including the website of the Securities and Exchange Commission) or other electronic delivery methods as otherwise decided and approved by the Directors. |
| "**Electronic Record**" | has the same meaning as in the Electronic Transactions Act. |
| "**Electronic Transactions Act**" | means the Electronic Transactions Act (As Revised) of the British Virgin Islands. |
| "**Exchange Act**" | means the United States Securities Exchange Act of 1934, as amended, or any similar U.S. federal statute and the rules and regulations of the Securities and Exchange Commission thereunder, all as the same shall be in effect at the time. |
| "**Independent Director**" | has the same meaning as in the rules and regulations of the Recognised Exchange or in Rule 10A-3 under the Exchange Act, as the case may be. |
| "**IPO**" | means the Company's initial public offering of securities. |
| "**Member**" | has the same meaning as in the Statute. |
| "**Memorandum**" | means the memorandum of association of the Company. |
| "**Nominating and Corporate Governance Committee**" | means the nominating and corporate governance committee of the board of directors of the Company established pursuant to the Articles, or any successor committee. |
| "**Officer**" | means a person appointed to hold an office in the Company. |
| "**Recognised Exchange**" | has the same meaning as in the Statute and includes, without limitation and notwithstanding any subsequent amendments to the Statute (or otherwise), the Nasdaq Global Market and any United States national securities exchange on which securities of the Company are listed for trading. |
| "**Register of Members**" | means the register of Members maintained in accordance with the Statute. |
| "**Registered Agent**" | means the registered agent for the time being of the Company. |
| "**Registered Office**" | means the registered office for the time being of the Company. |
| "**Resolution of Directors**" | means: |

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a) a resolution passed
by a majority of votes of the Directors or a majority of votes of the members of a committee of the Directors as, being entitled to do
so, vote at a meeting of the Directors or a meeting of a committee of the Directors; or

b) a resolution in
writing signed by a majority of the Directors or a majority of the members of a committee of the Directors, provided that, in each case,
in respect of a resolution relating to the removal of any Director or the vacation of office of any Director, all of the Directors other
than the Director who is the subject of such resolution must approve either by voting in favour of, or signing, such Resolution of Directors.

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| | |
|:---|:---|
| "**Resolution of Members**" | means a resolution passed by a simple majority of the Members as, being entitled to do so, vote in person or, where proxies are allowed, by proxy at a general meeting, and includes a written resolution signed by or on behalf of an absolute majority of the Members. In computing the majority when a poll is demanded, and in the case of a written resolution, regard shall be had to the number of votes to which each Member is entitled by the Articles. |
| "**Seal**" | means the common seal of the Company and includes every duplicate seal. |
| "**Securities and Exchange Commission**" | means the United States Securities and Exchange Commission. |
| "**Share**" | means a share in the Company and includes a fraction of a share in the Company. |
| "**Statute**" | means the BVI Business Companies Act (As Revised) of the British Virgin Islands. |
| "**Treasury Share**" | means a Share held in the name of the Company as a treasury share in accordance with the Statute. |

---

1.2 In
 the Articles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) words
 importing the singular number include the plural number and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) words
 importing the masculine gender include the feminine gender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) words
 importing persons include corporations as well as any other legal or natural person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "written"
 and "in writing" include all modes of representing or reproducing words in visible
 form, including in the form of an Electronic Record;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "shall"
 shall be construed as imperative and "may" shall be construed as permissive;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) references
 to provisions of any law or regulation shall be construed as references to those provisions
 as amended, modified, re-enacted or replaced;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any
 phrase introduced by the terms "including", "include", "in
 particular" or any similar expression shall be construed as illustrative and shall
 not limit the sense of the words preceding those terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the
 term "and/or" is used to mean both "and" as well as "or."
 The use of "and/or" in certain contexts in no respects qualifies or modifies
 the use of the terms "and" or "or" in others. The term "or"
 shall not be interpreted to be exclusive and the term "and" shall not be interpreted
 to require the conjunctive (in each case, unless the context otherwise requires);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) headings
 are inserted for reference only and shall be ignored in construing the Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any
 requirements as to delivery under the Articles include delivery in the form of an Electronic
 Record;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) any
 requirements as to execution or signature under the Articles including the execution of the
 Memorandum and Articles themselves can be satisfied in the form of an electronic signature
 as provided for in the Electronic Transactions Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) the
 Electronic Transactions Act shall be varied pursuant to section 5(1)(b)(i) of the Electronic
 Transactions Act to the extent provided for in the Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) the
 term "clear days" in relation to the period of a notice means that period excluding
 the day when the notice is received or deemed to be received and the day for which it is
 given or on which it is to take effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) the
 term "holder" in relation to a Share means a person whose name is entered in
 the Register of Members as the holder of such Share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) the
 term "simple majority" in relation to a Resolution of Members means a majority
 of those entitled to vote on the resolution and actually voting on the resolution (and absent
 Members, Members who are present but do not vote, blanks and abstentions are not counted);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) the
 term "absolute majority" in relation to a Resolution of Members means a majority
 of all those entitled to vote on the resolution regardless of how many actually vote or abstain;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) where
 a meeting of (a) Members; (b) the board of Directors; or (c) any committee of the Directors,
 is required to be convened for a place, such place may be a physical place, or a virtual
 place, or both, and where a meeting is convened for or including a virtual place any person,
 including the person duly appointed as the chair of such meeting, may attend such meeting
 by virtual attendance and such virtual attendance shall constitute presence in person at
 that meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) the
 term "virtual place" includes a discussion facility or forum with a telephonic,
 electronic or digital identifier; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) the
 term "virtual attendance" means attendance at a virtual place by means of conference
 telephone or other digital or electronic communications equipment or software or other facilities
by means of which all the persons participating in the meeting can communicate with each other.

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| | |
|:---|:---|
| **2** | **Commencement of Business** |

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2.1 The
 business of the Company may be commenced as soon after incorporation of the Company as the
 Directors shall see fit.

2.2 The
 Directors may pay, out of any monies of the Company, all expenses incurred in the formation
 and establishment of the Company, including the expenses of incorporation.

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| | |
|:---|:---|
| **3** | **Issue of Shares and other Securities** |

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3.1 Subject
 to the Statute and the provisions, if any, in the Memorandum (and to any direction that may
 be given by the Company in general meeting) and, where applicable, the rules and regulations
 of the Recognised Exchange, the Securities and Exchange Commission and/or any other competent
 regulatory authority or otherwise under Applicable Law, and without prejudice to any rights
 attached to any existing Shares, the Directors may allot, issue, grant options over or otherwise
 dispose of Shares (including fractions of a Share) with or without preferred, deferred or
 other rights or restrictions, whether in regard to Distribution, voting, return of investment
 or otherwise and to such persons, at such times, for such consideration, and on such other
 terms as they think proper, and may also (subject to the Statute and the Articles) vary such
 rights. A bonus share issued by the Company shall be deemed to have been fully paid for on
 issue.

3.2 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 on such terms as the Directors may
 from time to time determine.

3.3 The
 Company may issue units of securities in the Company, which may be comprised of whole or
 fractional Shares, 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, upon such terms as the Directors
 may from time to time determine.

3.4 Section
 46 of the Statute does not apply to the Company.

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| | |
|:---|:---|
| **4** | **Register of Members** |

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4.1 The
 Company shall maintain or cause to be maintained the Register of Members in accordance with
 the Statute.

4.2 Where
 Shares are listed on a Recognised Exchange, the Directors may determine that the Company
 shall maintain or cause to be maintained its Register of Members in such manner and form
 as is customary for such Recognised Exchange.

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| | |
|:---|:---|
| **5** | **Closing Register of Members, Fixing Record Date and Beneficial Ownership Reporting Requirements** |

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5.1 For
 the purpose of determining Members entitled to notice of, or to vote at any meeting of Members
 or any adjournment thereof, or Members entitled to receive payment of any Distribution, or
 in order

to make a determination of Members for any other purpose, the Directors may, after notice has been given by advertisement in an appointed newspaper or any other newspaper or by any other means in accordance with the rules and regulations of the Recognised Exchange, the Securities and Exchange Commission and/or any other competent regulatory authority or otherwise under Applicable Law, provide that the Register of Members shall be closed for transfers for a stated period which shall not in any case exceed forty days.

5.2 In
 lieu of, or apart from, closing the Register of Members, the Directors may fix in advance
 or arrears a date as the record date for any such determination of Members entitled to vote
 at any meeting of the Members or any adjournment thereof, or for the purpose of determining
 the Members entitled to receive payment of any Distribution, or in order to make a determination
 of Members for any other purpose.

5.3 If
 the Register of Members is not so closed and no record date is fixed for the determination
 of Members entitled to vote at a meeting of Members or Members entitled to receive payment
 of a Distribution, the date on which notice of the meeting is sent or the date on which the
 resolution of the Directors resolving to pay such Distribution is passed, as the case may
 be, shall be the record date for such determination of Members. When a determination of Members
 entitled to vote at any meeting of Members has been made as provided in this Article, such
 determination shall apply to any adjournment thereof.

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| | |
|:---|:---|
| **6** | **Certificates for Shares** |

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6.1 A
 Member shall only be entitled to a share certificate if the Directors resolve that share
 certificates shall be issued. Share certificates representing Shares, if any, shall be in
 such form as the Directors may determine. Share certificates shall be signed by one or more
 Directors or other person authorised by the Directors or shall be given under Seal. The Directors
 may authorise certificates to be issued with the authorised signature(s) or Seal affixed
 by mechanical process or in accordance with the Electronic Transactions Act. All certificates
 for Shares shall be consecutively numbered or otherwise identified and shall specify the
 Shares to which they relate. All certificates surrendered to the Company for transfer shall
 be cancelled and subject to the Articles no new certificate shall be issued until the former
 certificate representing a like number of relevant Shares shall have been surrendered and
 cancelled.

6.2 The
 Company shall not be bound to issue more than one certificate for Shares held jointly by
 more than one person and delivery of a certificate to one joint holder shall be a sufficient
 delivery to all of them.

6.3 If
 a share certificate is defaced, worn out, lost or destroyed, it may be renewed on such terms
 (if any) as to evidence and indemnity and on the payment of such expenses reasonably incurred
 by the Company in investigating evidence, as the Directors may prescribe, and (in the case
 of defacement or wearing out) upon delivery of the old certificate.

6.4 Every
 share certificate sent in accordance with the Articles will be sent at the risk of the Member
 or other person entitled to the certificate. The Company will not be responsible for any
 share certificate lost or delayed in the course of delivery.

6.5 Share
 certificates shall be issued within the relevant time limit as prescribed by the Statute,
 if applicable, or as the rules and regulations of the Recognised Exchange, the Securities
 and Exchange Commission and/or any other competent regulatory authority or otherwise under
 Applicable Law may from time to time determine, whichever is shorter, after the allotment
 or, except in the case of a Share transfer which the Company is for the time being entitled
 to refuse to register and does not register, after lodgement of a Share transfer with the
 Company.

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| | |
|:---|:---|
| **7** | **Transfer of Shares** |

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7.1 Subject
 to the terms of the Articles, any Member may transfer all or any of his Shares by an instrument
 of transfer provided that such transfer complies with the rules and regulations of the Recognised
 Exchange, the Securities and Exchange Commission and/or any other competent regulatory authority
 or otherwise under Applicable Law. If the Shares in question were issued in conjunction with
 rights, options or warrants issued pursuant to the Articles on terms that cannot be transferred
 without the other, the Directors shall refuse to register the transfer of any such Share
 without evidence satisfactory to them of the like transfer of such rights, options or warrants.

7.2 The
 instrument of transfer of any Share shall be in writing and shall be executed by or on behalf
 of the transferor (and if registration as a holder of the Shares imposes a liability to the
 Company on the transferee, signed by or on behalf of the transferee) and contain the name
 and address of the transferee. The transferor shall be deemed to remain the holder of a Share
 until the name of the transferee is entered in the Register of Members.

7.3 Where
 Shares are listed on a Recognised Exchange in accordance with Section 54A of the Statute,
 the Shares may be transferred without the need for a written instrument of transfer if the
 transfer is carried out in accordance with the law, rules, procedures and other requirements
 applicable to shares listed on the Recognised Exchange and Articles 7.1 and 7.2 shall be
 interpreted accordingly.

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| | |
|:---|:---|
| **8** | **Redemption, Repurchase and Surrender of Shares** |

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8.1 Subject
 to the provisions of the Statute (save that sections 60, 61 and 62 of the Statute shall not
 apply to the Company) and, where applicable, the rules and regulations of the Recognised
 Exchange, the Securities and Exchange Commission and/or any other competent regulatory authority
 or otherwise under Applicable Law, the terms attached to Shares, as specified in the Memorandum
 and the Articles, may provide for such Shares to be redeemed or to be liable to be redeemed
 at the option of the Member or the Company.

8.2 Subject
 to the provisions of the Statute (save that sections 60, 61 and 62 of the Statute shall not
 apply to the Company) and, where applicable, the rules and regulations of the Recognised
 Exchange, the Securities and Exchange Commission and/or any other competent regulatory authority
 or otherwise under Applicable Law, the Company may purchase or otherwise acquire its own
 Shares (including any redeemable Shares) in such manner and on such other terms as the Directors
 may agree with the relevant Member. For the avoidance of doubt, redemptions, repurchases
 and surrenders of Shares in the circumstances described in this Article 8 above shall not
 require further approval of the Members.

8.3 The
 Company may make a payment in respect of the redemption, purchase or other acquisition of
 its own Shares in any manner permitted by the Statute.

The Directors may accept the surrender for no consideration of any fully paid Share including, for the avoidance of doubt, a Treasury Share. Any such surrender shall be in writing and signed by the Member holding the Share or Shares.

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| | |
|:---|:---|
| **9** | **Treasury Shares** |

---

Subject to the Statute, the Directors may, prior to the purchase, redemption or surrender of any Share, resolve that such Share shall be held as a Treasury Share.

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| | |
|:---|:---|
| **10** | **Variation of Rights of Shares** |

---

10.1 Subject
 to Article 3.2, if at any time the authorised Shares are divided into different classes of
 Shares, all or any of the rights attached to any class (unless otherwise provided by the
 terms of issue of the Shares of that class) may, whether or not the Company is being wound
 up, be varied without the consent of the holders of the issued Shares of that class where
 such variation is considered by the Directors not to have a material adverse effect upon
 such rights; otherwise, any such variation shall be made only with the consent in writing
 of the holders of not less than two thirds of the issued Shares of that class, or with the
 sanction of a resolution passed by a majority of not less than two thirds of the votes cast
 at a separate meeting of the holders of the Shares of that class. For the avoidance of doubt,
 the Directors reserve the right, notwithstanding that any such variation may not have a material
 adverse effect, to obtain consent from the holders of Shares of the relevant class. To any
 such meeting all the provisions of the Articles relating to general meetings shall apply *mutatis mutandis*, except that the necessary quorum shall be one person holding or
 representing by proxy at least one third of the issued Shares of the class and that any holder
 of Shares of the class present in person or by proxy may demand a poll.

10.2 For
 the purposes of a separate class meeting, the Directors may treat two or more or all the
 classes of Shares as forming one class of Shares if the Directors consider that such class
 of Shares would be affected in the same way by the proposals under consideration, but in
 any other case shall treat them as separate classes of Shares.

10.3 The
 rights conferred upon the holders of the Shares of any class issued with preferred or other
 rights shall not, unless otherwise expressly provided by the terms of issue of the Shares
 of that class, be deemed to be varied by the creation or issue of further Shares ranking
 pari passu therewith.

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| | |
|:---|:---|
| **11** | **Commission on Sale of Shares** |

---

The Company may pay a commission to any person in consideration of their subscribing or agreeing to subscribe (whether absolutely or conditionally) or procuring or agreeing to procure subscriptions (whether absolutely or conditionally) for any Shares. Such commissions may be satisfied by the payment of cash and/or, subject to the Statute, the issue of fully or partly paid-up Shares. The Company may also on any issue of Shares pay such brokerage as may be lawful.

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| | |
|:---|:---|
| **12** | **Non Recognition of Trusts** |

---

The Company shall not be bound by or compelled to recognise in any way (even when notified) any equitable, contingent, future or partial interest in any Share, or (except only as is otherwise provided by the Articles or the Statute) any other rights in respect of any Share other than an absolute right to the entirety thereof in the holder.

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| | |
|:---|:---|
| **13** | **Lien on Shares** |

---

13.1 The
 Company shall have a first and paramount lien on all Shares (whether fully paid-up or not)
 registered in the name of a Member (whether solely or jointly with others) for all debts,
 liabilities or engagements to or with the Company (whether presently payable or not) by such
 Member or their estate, either alone or jointly with any other person, whether a Member or
 not, but the Directors may at any time declare any Share to be wholly or in part exempt from
 the provisions of this Article. The registration of a transfer of any such Share shall operate
 as a waiver of the Company's lien thereon. The Company's lien on a Share shall
 also extend to any amount payable in respect of that Share.

13.2 The
 Company may sell, in such manner as the Directors think fit, any Shares on which the Company
 has a lien, if a sum in respect of which the lien exists is presently due and payable, and
 is not paid within fourteen clear days after notice has been received or deemed to have been
 received by the holder of the Shares, or to the person entitled to it in consequence of the
 death or bankruptcy of the holder, demanding payment and stating that if the notice is not
 complied with the Shares may be sold.

13.3 To
 give effect to any such sale the Directors may authorise any person to execute an instrument
 of transfer of the Shares sold to, or in accordance with the directions of, the purchaser.
 The purchaser or their nominee shall be registered as the holder of the Shares comprised
 in any such transfer, and they shall not be bound to see to the application of the purchase
 money, nor shall their title to the Shares be affected by any irregularity or invalidity
 in the sale or the exercise of the Company's power of sale under the Articles.

13.4 The
 net proceeds of such sale after payment of costs, shall be applied in payment of such part
 of the amount in respect of which the lien exists as is presently payable and any balance
 shall (subject to a like lien for sums not presently payable as existed upon the Shares before
 the sale) be paid to the person entitled to the Shares at the date of the sale.

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| | |
|:---|:---|
| **14** | **Call on Shares** |

---

14.1 Subject
 to the terms of the allotment and issue of any Shares, the Directors may make calls upon
 the Members in respect of any monies unpaid on their Shares, and each Member shall (subject
 to receiving at least fourteen clear days' notice specifying the time or times of payment)
 pay to the Company at the time or times so specified the amount called on the Shares. A call
 may be revoked or postponed, in whole or in part, as the Directors may determine. A call
 may be required to be paid by instalments. A person upon whom a call is made shall remain
 liable for calls made upon them notwithstanding the subsequent transfer of the Shares in
 respect of which the call was made.

14.2 A
 call shall be deemed to have been made at the time when the resolution of the Directors authorising
 such call was passed.

14.3 The
 joint holders of a Share shall be jointly and severally liable to pay all calls in respect
 thereof.

14.4 If
 a call remains unpaid after it has become due and payable, the person from whom it is due
 shall pay interest on the amount unpaid from the day it became due and payable until it is
 paid at such rate as the Directors may determine (and in addition all expenses that have
 been incurred by the Company by reason of such non-payment), but the Directors may waive
 payment of the interest or expenses wholly or in part.

14.5 An
 amount payable in respect of a Share on issue or allotment or at any fixed date shall be
 deemed to be a call and if it is not paid all the provisions of the Articles shall apply
 as if that amount had become due and payable by virtue of a call.

14.6 The
 Directors may issue Shares with different terms as to the amount and times of payment of
 calls, or the interest to be paid.

14.7 The
 Directors may, if they think fit, receive an amount from any Member willing to advance all
 or any part of the monies uncalled and unpaid upon any Shares held by that Member, and may
 (until the amount would otherwise become payable) pay interest at such rate as may be agreed
 upon between the Directors and the Member paying such amount in advance.

14.8 No
 such amount paid in advance of calls shall entitle the Member paying such amount to any portion
 of a dividend or other Distribution payable in respect of any period prior to the date upon
 which such amount would, but for such payment, become payable.

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| | |
|:---|:---|
| **15** | **Forfeiture of Shares** |

---

15.1 If
 a call or instalment of a call remains unpaid after it has become due and payable the Directors
 may give to the person from whom it is due not less than fourteen clear days' notice
 requiring payment of the amount unpaid together with any interest which may have accrued
 and any expenses incurred by the Company by reason of such non-payment. The notice shall
 specify where payment is to be made and shall state that if the notice is not complied with
 the Shares in respect of which the call was made will be liable to be forfeited.

15.2 If
 the notice is not complied with, any Share in respect of which it was given may, before the
 payment required by the notice has been made, be forfeited by a resolution of the Directors.
 Such forfeiture shall include all Distributions or other monies payable in respect of the
 forfeited Share and not paid before the forfeiture.

15.3 A
 forfeited Share may be sold, re-allotted or otherwise disposed of on such terms and in such
 manner as the Directors think fit and at any time before a sale, re-allotment or disposition
 the forfeiture may be cancelled on such terms as the Directors think fit. Where for the purposes
 of its disposal a forfeited Share is to be transferred to any person the Directors may authorise
 some person to execute an instrument of transfer of the Share in favour of that person.

15.4 A
 person any of whose Shares have been forfeited shall cease to be a Member in respect of them
 and shall surrender to the Company for cancellation the certificate for the Shares forfeited.

15.5 A
 certificate in writing under the hand of one Director or officer of the Company that a Share
 has been forfeited on a specified date shall be conclusive evidence of the facts stated in
 it as against all persons claiming to be entitled to the Share. The certificate shall (subject
 to the execution of an instrument of transfer) constitute a good title to the Share and the
 person to whom the Share is sold or otherwise disposed of shall not be bound to see to the
 application of the purchase money, if any, nor shall their title to the Share be affected
 by any irregularity or invalidity in the proceedings in reference to the forfeiture, sale
 or disposal of the Share.

15.6 The
 provisions of the Articles as to forfeiture shall apply in the case of non payment of any
 sum which, by the terms of issue of a Share, becomes payable at a fixed time as if it had
 been payable by virtue of a call duly made and notified.

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| | |
|:---|:---|
| **16** | **Transmission of Shares** |

---

16.1 If
 a Member dies the survivor or survivors (where the Member was a joint holder) or the Member's
 legal personal representatives (where the Member was a sole holder), shall be the only persons
 recognised by the Company as having any title to their Shares. The estate of a deceased Member
 is not thereby released from any liability in respect of any Share, for which they were a
 joint or sole holder.

16.2 Any
 person becoming entitled to a Share in consequence of the death or bankruptcy or liquidation
 or dissolution of a Member (or in any other way than by transfer) may, upon such evidence
 being produced as may be required by the Directors, elect, by a notice in writing sent by
 that person to the Company, either to become the holder of such Share or to have some person
 nominated by them registered as the holder of such Share. If they elect to have another person
 registered as the holder of such Share they shall sign an instrument of transfer of that
 Share to that person. The Directors shall, in either case, have the same right to decline
 or suspend registration as they would have had in the case of a transfer of the Share by
 the relevant Member before their death or bankruptcy or liquidation or dissolution, as the
 case may be.

16.3 A
 person becoming entitled to a Share by reason of the death or bankruptcy or liquidation or
 dissolution of a Member (or in any other case than by transfer) shall be entitled to the
 same Distributions and other advantages to which that person would be entitled if they were
 the holder of such Share. However, they shall not, before becoming a Member in respect of
 a Share, be entitled in respect of it to exercise any right conferred by membership in relation
 to general meetings of the Company and the Directors may at any time give notice requiring
 any such person to elect either to be registered or to have some person nominated by the
 person entitled to the Share be registered as the holder of the Share (but the Directors
 shall, in either case, have the same right to decline or suspend registration as they would
 have had in the case of a transfer of the Share by the relevant Member before their death
 or bankruptcy or liquidation or dissolution or any other case than by transfer, as the case
 may be). If the notice is not complied with within 90 days of being received or deemed to
 be received (as determined pursuant to the Articles) the Directors may thereafter withhold
 payment of all Distributions or other monies payable in respect of the Share until the requirements
 of the notice have been complied with.

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| | |
|:---|:---|
| **17** | **General Meetings** |

---

17.1 All
 general meetings other than annual general meetings shall be called extraordinary general
 meetings.

17.2 The
 Company may, but shall not be obliged to, in each year hold a general meeting as its annual
 general meeting, and, where called, shall specify the meeting as such in the notices calling
 it. Any annual general meeting shall be held at such time and place as the Directors shall
 appoint.

17.3 The
 Directors, the chief executive officer or the chairperson of the board of Directors may call
 general meetings, and they shall on a Members' requisition forthwith proceed to convene
 an extraordinary general meeting of the Company.

17.4 A
 Members' requisition is a requisition of Members holding at the date of deposit of
 the requisition not less than thirty per cent. of the issued Shares which as at that date
 carry the right to vote in respect of the matter for which the meeting is requested.

17.5 The
 Members' requisition must state the objects of the meeting and must be signed by the
 requisitionists and deposited at the Registered Office, and may consist of several documents
 in like form each signed by one or more requisitionists.

17.6 If
 there are no Directors as at the date of the deposit of the Members' requisition or
 if the Directors do not within twenty-one days from the date of the deposit of the Members'
 requisition duly proceed to convene a general meeting to be held within a further twenty-one
 days, the requisitionists, or any of them representing more than one-half of the total voting
 rights of all of the requisitionists, may themselves convene a general meeting, but any meeting
 so convened shall be held no later than the day which falls three months after the expiration
 of the said twenty-one day period.

17.7 A
 general meeting convened as aforesaid by requisitionists shall be convened in the same manner
 as nearly as possible as that in which general meetings are to be convened by Directors.

17.8 Notwithstanding
 any other provision of the Articles, a Members' requisition of not less than thirty
 per cent in par value of the issued Shares which as at the date of the requisition carry
 the right to vote in respect of the matter(s) for which the general meeting is called, can
 require that any such general meeting requisitioned in accordance with the Articles be held
 at a physical place and not only at a virtual place.

17.9 Members
 seeking to bring business before the annual general meeting or to nominate candidates for
 appointment as Directors at the annual general meeting must deliver notice to the principal
 executive offices of the Company not less than 120 calendar days before the date of the Company's
 proxy statement released to Members in connection with the previous year's annual general
 meeting or, if the Company did not hold an annual general meeting the previous year, or if
 the date of the current year's annual general meeting has been changed by more than
 thirty days from the date of the previous year's annual general meeting, then the deadline
 shall be set by the board of Directors with such deadline being a reasonable time before
 the Company begins to print and send its related proxy materials.

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| | |
|:---|:---|
| **18** | **Notice of General Meetings** |

---

18.1 At
 least seven clear days' notice shall be given of any general meeting. Every notice
 shall specify the place, the day and the hour of the meeting and the general nature of the
 business to be conducted at the general meeting and shall be given in the manner hereinafter
 mentioned or in such other manner if any as may be prescribed by the Company, provided that
 a general meeting of the Company shall, whether or not the notice specified in this Article
 has been given and whether or not the provisions of the Articles regarding general meetings
 have been complied with, be deemed to have been duly convened if it is so agreed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in
 the case of an annual general meeting, by all of the Members entitled to attend and vote
 thereat; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in
 the case of an extraordinary general meeting, by a majority in number of the Members having
 a right to attend and vote at the meeting, together holding not less than 95% in par value
 (if all the issued Shares have a par value), or otherwise by number of the Shares giving
 that right.

18.2 Notwithstanding
 any other provision of the Articles, the accidental omission to give notice of a general
 meeting to, or the non receipt of notice of a general meeting by, any person entitled to
 receive such notice, or the accidental failure to refer in any notice or other document to
 a meeting as an "annual general meeting" or "extraordinary general meeting",
 as the case may be, shall not invalidate the proceedings of that general meeting.

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| | |
|:---|:---|
| **19** | **Proceedings at General Meetings** |

---

19.1 No
 business shall be transacted at any general meeting unless a quorum is present. A quorum
 shall consist of the holders of at least thirty three and one third (33 1/3) per cent of
 the votes of the Shares being individuals present in person or by proxy or if a corporation
 or other non-natural person by its duly authorised representative or proxy shall be a quorum.

19.2 A
 person may participate at a general meeting by conference telephone or other communications
 equipment by means of which all the persons participating in the meeting can communicate
 with each other. Participation by a person in a general meeting in this manner is treated
 as presence in person at that meeting.

19.3 A
 resolution in writing (in one or more counterparts) signed by or on behalf of Members representing
 an absolute majority of the votes of the Members for the time being entitled to receive notice
 of and to attend and vote at general meetings (or, being corporations or other non-natural
 persons, signed by their duly authorised representatives) shall, without the need for any
 advance notice, be as valid and effective as if the resolution had been passed at a general
 meeting of the Company duly convened and held. If any Resolution of Members in writing is
 passed otherwise than by the unanimous written consent of all Members, a copy of such resolution
 shall be sent to all Members by whom (or on whose behalf) the resolution has not been signed,
 but the accidental omission to send such a copy to, or the non receipt of a copy by, any
 person entitled to receive such copy shall not invalidate the resolution.

19.4 If
 a quorum is not present within two hours from the time appointed for the meeting to commence
 or if during such a meeting a quorum ceases to be present, the meeting, if convened upon
 a Members' requisition, shall be dissolved and in any other case it shall stand adjourned
 to the next business day in the jurisdiction in which the meeting was to have been held at
 the same time and place or to such other time and place as the Directors may determine, and
 if at the adjourned meeting a quorum is not present within one hour from the time appointed
 for the meeting in person or by proxy not less than one third of the votes of the shares
 entitled to vote on the matters to be considered by the meeting, those present shall constitute
 a quorum but otherwise the meeting shall be dissolved.

19.5 The
 Directors may, at any time prior to the time appointed for the meeting to commence, appoint
 any person to act as chairperson of a general meeting of the Company or, if the Directors
 do not make any such appointment, the chairperson, if any, of the board of Directors shall
 preside as chairperson at such general meeting. If there is no such chairperson, or if they
 shall not be present within 15 minutes after the time appointed for the meeting to commence,
 or is unwilling to act, the Directors present shall elect one of their number to be chairperson
 of the meeting.

19.6 If
 no Director is willing to act as chairperson or if no Director is present within 15 minutes
 after the time appointed for the meeting to commence, the Members present shall choose one
 of their number to be chairperson of the meeting.

19.7 The
 chairperson may, with the consent of a meeting at which a quorum is present (and shall if
 so directed by the meeting) adjourn the meeting from time to time and from place to place,
 but no business shall be transacted at any adjourned meeting other than the business left
 unfinished at the meeting from which the adjournment took place.

19.8 When
 a general meeting is adjourned for thirty days or more, notice of the adjourned meeting shall
 be given as in the case of an original meeting. Otherwise it shall not be necessary to give
 any such notice of an adjourned meeting.

19.9 When
 a general meeting is postponed for thirty days or more, notice of the postponed meeting shall
 be given as in the case of an original meeting. Otherwise it shall not be necessary to give
 any such notice of a postponed meeting. All proxy forms submitted for the original general
 meeting shall remain valid for the postponed meeting. The Directors may by Resolution of
 Directors postpone a general meeting which has already been postponed.

19.10 A
 resolution put to the vote of the meeting shall be decided on a show of hands unless before,
 or on the declaration of the result of, the show of hands, the chairperson demands a poll,
 or any other Member or Members collectively present in person or by proxy (or in the case
 of a corporation or other non-natural person, by its duly authorised representative or proxy)
 and holding at least ten (10)
percent of the votes of the Shares giving a right to attend and vote at the meeting demand a poll.

19.11 Unless
 a poll is duly demanded and the demand is not withdrawn a declaration by the chairperson
 that a resolution has been carried or carried unanimously, or by a particular majority, or
 lost or not carried by a particular majority, and an entry to that effect in the minutes
 of the proceedings of the meeting shall be conclusive evidence of that fact without proof
 of the number or proportion of the votes recorded in favour of or against such resolution.

19.12 The
 demand for a poll may be withdrawn.

19.13 Except
 on a poll demanded on the election of a chairperson or on a question of adjournment, a poll
 shall be taken as the chairperson directs, and the result of the poll shall be deemed to
 be the resolution of the general meeting at which the poll was demanded.

19.14 A
 poll demanded on the election of a chairperson or on a question of adjournment shall be taken
 forthwith. A poll demanded on any other question shall be taken at such date, time and place
 as the chairperson of the general meeting directs, and any business other than that upon
 which a poll has been demanded or is contingent thereon may proceed pending the taking of
 the poll.

19.15 In
 the case of an equality of votes, whether on a show of hands or on a poll, the chairperson
 shall be entitled to a second or casting vote.

19.16 All
 persons seeking to attend and participate in a meeting at a virtual place shall be responsible
 for maintaining adequate facilities to enable them to do so, and any inability of a person
 or persons to attend or participate in a meeting by way of digital or electronic communications
 equipment or software or other facilities shall not invalidate the proceedings of that meeting.

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| | |
|:---|:---|
| **20** | **Votes of Members** |

---

20.1 Subject
 to any rights or restrictions attached to any Shares, on a show of hands every Member who
 (being an individual) is present in person or by proxy or, if a corporation or other non-natural
 person is present by its duly authorised representative or by proxy, shall have one vote
 and on a poll every Member present in any such manner shall have one vote for every Share
 of which they are the holder.

20.2 In
 the case of joint holders the vote of the senior holder who tenders a vote, whether in person
 or by proxy (or, in the case of a corporation or other non-natural person, by its duly authorised
 representative or proxy), shall be accepted to the exclusion of the votes of the other joint
 holders, and seniority shall be determined by the order in which the names of the holders
 stand in the Register of Members.

20.3 A
 Member of unsound mind, or in respect of whom an order has been made by any court having
 jurisdiction in lunacy, may vote, whether on a show of hands or on a poll, by their committee,
 receiver, curator bonis, or other person on such Member's behalf appointed by that
 court, and any such committee, receiver, curator bonis or other person may vote by proxy.

20.4 No
 person shall be entitled to vote at any general meeting unless they are registered as a Member
 on the record date for such meeting nor unless all calls or other monies then due and payable
 by them in respect of Shares have been paid.

20.5 No
 objection shall be raised as to the qualification of any voter except at the general meeting
 or adjourned general meeting at which the vote objected to is given or tendered and every
 vote not disallowed at the meeting shall be valid. Any objection made in due time in accordance
 with this Article shall be referred to the chairperson whose decision shall be final and
 conclusive.

20.6 On
 a poll or on a show of hands votes may be cast either personally or by proxy (or in the case
 of a corporation or other non-natural person by its duly authorised representative or proxy).
 A Member may appoint more than one proxy or the same proxy under one or more instruments
 to attend and vote at a meeting. Where a Member appoints more than one proxy the instrument
 of proxy shall state which proxy is entitled to vote on a show of hands and shall specify
 the number of Shares in respect of which each proxy is entitled to exercise the related votes.

20.7 On
 a poll, a Member holding more than one Share need not cast the votes in respect of their
 Shares in the same way on any resolution and therefore may vote a Share or some or all such
 Shares either for or against a resolution and/or abstain from voting a Share or some or all
 of the Shares and, subject to the terms of the instrument appointing the proxy, a proxy appointed
 under one or more instruments may vote a Share or some or all of the Shares in respect of
 which they are appointed either for or against a resolution and/or abstain from voting a
 Share or some or all of the Shares in respect of which they are appointed.

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| | |
|:---|:---|
| **21** | **Proxies** |

---

21.1 The
 instrument appointing a proxy shall be in writing and shall be executed under the hand of
 the appointor or of their attorney duly authorised in writing, or, if the appointor is a
 corporation or other non natural person, under the hand of its duly authorised representative.
 A proxy need not be a Member.

21.2 The
 Directors may, in the notice convening any meeting or adjourned meeting, or in an instrument
 of proxy sent out by the Company, specify the manner by which the instrument appointing a
 proxy shall be deposited and the place and the time (being not later than the time appointed
 for the commencement of the meeting or adjourned meeting to which the proxy relates) at which
 the instrument appointing a proxy shall be deposited. In the absence of any such direction
 from the Directors in the notice convening any meeting or adjourned meeting or in an instrument
 of proxy sent out by the Company, the instrument appointing a proxy shall be deposited physically
 at the Registered Office not less than 48 hours before the time appointed for the meeting
 or adjourned meeting to commence at which the person named in the instrument proposes to
 vote.

21.3 The
 chairperson may in any event at their discretion declare that an instrument of proxy shall
 be deemed to have been duly deposited. An instrument of proxy that is not deposited in the
 manner permitted, or which has not been declared to have been duly deposited by the chairperson,
 shall be invalid.

21.4 The
 instrument appointing a proxy may be in any usual or common form (or such other form as the
 Directors may approve) and may be expressed to be for a particular meeting or any adjournment
 thereof or generally until revoked. An instrument appointing a proxy shall be deemed to include
 the power to demand or join or concur in demanding a poll.

21.5 Votes
 given in accordance with the terms of an instrument of proxy shall be valid notwithstanding
 the previous death or insanity of the principal or revocation of the proxy or of the authority
 under which the proxy was executed, or the transfer of the Share in respect of which the
 proxy is given unless notice in writing of such death, insanity, revocation or transfer was
 received by the Company at the Registered Office before the commencement of the general meeting,
 or adjourned meeting at which it is sought to use the proxy.

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| | |
|:---|:---|
| **22** | **Corporate Members** |

---

22.1 Any
 corporation or other non-natural person which is a Member may in accordance with its constitutional
 documents, or in the absence of such provision by resolution of its directors or other governing
 body, authorise such person as it thinks fit to act as its representative at any meeting
 of the Company or of any class of Members, and the person so authorised shall be entitled
 to exercise the same powers on behalf of the corporation which they represent as the corporation
 could exercise if it were an individual Member.

22.2 If
 a Clearing House (or its nominee(s)), being a corporation, is a Member, it may authorise
 such persons as it sees fit to act as its representative at any meeting of the Company or
 at any meeting of any class of Members provided that the authorisation shall specify the
 number and class of Shares in respect of which each such representative is so authorised.
 Each person so authorised under the provisions of this Article shall be deemed to have been
 duly authorised without further evidence of the facts and be entitled to exercise the same
 rights and powers on behalf of the Clearing House (or its nominee(s)) as if such person was
 the registered holder of such Shares held by the Clearing House (or its nominee(s)).

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| | |
|:---|:---|
| **23** | **Shares that May Not be Voted** |

---

Shares in the Company that are beneficially owned by the Company (including Treasury Shares) shall not be voted, directly or indirectly, at any meeting and shall not be counted in determining the total number of outstanding Shares at any given time.

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| | |
|:---|:---|
| **24** | **Directors** |

---

24.1 There
 shall be a board of Directors consisting of not less than one person provided however that
 the Company may by Resolution of Members increase or reduce the limits in the number of Directors.

24.2 Directors
 shall be appointed for such term as may be specified on his appointment or, failing any term
 specified, shall be deemed to be appointed indefinitely, until his earlier death, resignation
 or removal. Except as the Statute or other Applicable Law may otherwise require:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in
 the interim between the appointment of a Director in accordance with Article 26 and/or the
 removal of one or more Directors and the filling of any vacancy in that connection, additional
 Directors and any vacancies in the board of Directors, including unfilled vacancies resulting
 from the removal of Directors for cause, may be filled by the vote of a majority of the remaining
 Directors then in office, although less than a quorum (as defined in the Articles), or by
 the sole remaining Director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in
 the interim between annual general meetings or extraordinary general meetings called for
 the appointment of Directors and / or the removal of one or more Directors and the filling
 of any vacancy in that connection, additional Directors and any vacancies in the board of
 Directors, including unfilled vacancies resulting from the removal of Directors for cause,
 may be filled by the vote of a majority of the remaining Directors then in office, although
 less than a quorum (as defined in the Articles), or by the sole remaining Director.

24.3 All
 Directors shall hold office until the expiration of their respective terms of office and
 until their successors shall have been appointed and qualified. A Director appointed to fill
 a vacancy resulting from the death, resignation or removal of a Director shall serve for
 the remainder of the full term of the Director whose death, resignation or removal shall
 have created such vacancy and until his successor shall have been appointed and qualified.

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| | |
|:---|:---|
| **25** | **Powers and Duties of Directors** |

---

25.1 Subject
 to the provisions of the Statute, the Memorandum and the Articles and to any directions given
 by Resolution of Members, the business of the Company shall be managed by the Directors who
 may exercise all the powers of the Company. No alteration of the Memorandum or Articles and
 no such direction shall invalidate any prior act of the Directors which would have been valid
 if that alteration had not been made or that direction had not been given. A duly convened
 meeting of Directors at which a quorum is present may exercise all powers exercisable by
 the Directors.

25.2 All
 cheques, promissory notes, drafts, bills of exchange and other negotiable or transferable
 instruments and all receipts for monies paid to the Company shall be signed, drawn, accepted,
 endorsed or otherwise executed as the case may be in such manner as the Directors shall determine
 by resolution.

25.3 The
 Directors on behalf of the Company may pay a gratuity or pension or allowance on retirement
 to any Director who has held any other salaried office or place of profit with the Company
 or to their surviving spouse, civil partner or dependants and may make contributions to any
 fund and pay premiums for the purchase or provision of any such gratuity, pension or allowance.

25.4 The
 Directors may exercise all the powers of the Company to borrow money and to mortgage or charge
 its undertaking, property and assets (present and future) and to issue debentures, debenture
 stock, mortgages, bonds and other such securities whether outright or as security for any
 debt, liability or obligation of the Company or of any third party.

25.5 Section
 175 of the Statute shall not apply to the Company.

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| | |
|:---|:---|
| **26** | **Appointment and Removal of Directors** |

---

26.1 The
 Company may by Resolution of Members appoint any person to be a Director or may by Resolution
 of Members remove any Director.

26.2 The
 Directors may, by Resolution of Directors, appoint a director to fill a vacancy on the board
 of directors of the Company. The term of the appointment of such director shall not exceed
 the term that remained when the person who has ceased to be a director ceased to hold office.
 A vacancy on the board of directors of the Company occurs if a director dies, or in the case
 of a director that is not an individual, ceases to exist, or otherwise ceases to hold office
 as a director prior to the expiration of his term of office.

26.3 A
 person shall not be appointed as a director unless he has consented in writing to be a director.

26.4 Each
 Director holds office until:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) his
 disqualification to act as a director under section 111 of the Statute (on which his office
 as director shall be automatically terminated if he has not resigned in accordance with section
 115(2) of the Statute;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) his
 death or, in the case of a director that is not an individual, its ceasing to exist;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) his
 resignation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 expiry of the term of office (if any) specified on his appointment or as the Directors or
 Members may have determined; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the
 effective date of his removal by Resolution of Directors or Resolution of Members.

26.5 The
 following are disqualified for appointment as a director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an
 individual who is under 18 years of age;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a
 person who is a disqualified person within the meaning of section 260(4) of the Insolvency
 Act (As Revised);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a
 person who is a restricted person within the meaning of section 409 of the Insolvency Act
 (As Revised); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) an
 undischarged bankrupt.

26.6 Sections
 114(2) and 114(3) of the Statute shall not apply to the Company.

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| | |
|:---|:---|
| **27** | **Vacation of Office of Director** |

---

The office of a Director shall be vacated if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Director gives notice in writing to the Company that they resign the office of Director;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Director is absent (for the avoidance of doubt, without being represented by proxy) from
 three consecutive meetings of the board of Directors without special leave of absence from
 the Directors, and the Directors pass a resolution that the absent Director has by reason
 of such absence vacated office; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 Director dies, becomes bankrupt or makes any arrangement or composition with their creditors
 generally; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 Director is found to be or becomes of unsound mind; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) all
 of the other Directors (being not less than two in number) determine that the Director in
 question should be removed as a Director, either by a resolution passed by all of the other
 Directors at a meeting of the Directors duly convened and held in accordance with the Articles
 or by a resolution in writing signed by all of the other Directors; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the
 Director becomes disqualified to act as a Director under section 111 of the Statute.

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| | |
|:---|:---|
| **28** | **Proceedings of Directors** |

---

28.1 The
 quorum for the transaction of the business of the Directors may be fixed by the Directors,
 and unless so fixed shall be not less than one half of the total number of directors, unless
 there are only two directors, in which case the quorum is two.

28.2 Subject
 to the provisions of the Articles, the Directors may regulate their proceedings as they think
 fit. Questions arising at any meeting shall be decided by a majority of votes. In the case
 of an equality of votes, the chairperson shall have a second or casting vote.

28.3 A
 person may participate in a meeting of the Directors or a meeting of any committee of Directors
 by conference telephone or other communications equipment by means of which all the persons
 participating in the meeting can communicate with each other at the same time. Participation
 by a person in a meeting in this manner is treated as presence in person at that meeting.
 Unless otherwise determined by the Directors the meeting shall be deemed to be held at the
 place where the chairperson is located at the start of the meeting.

28.4 A
 Resolution of Directors in writing (in one or more counterparts) signed by a majority of
 the Directors or a majority of the members of a committee of the Directors or, in the case
 of a resolution in writing relating to the removal of any Director or the vacation of office
 by any Director, all of the Directors other than the Director who is the subject of such
 resolution shall be as valid and effectual as if it had been passed at a meeting of the Directors,
 or committee of Directors as the case may be, duly convened and held.

28.5 A
 Director may, or other Officer on the direction of a Director shall, call a meeting of the
 Directors by at least two days' notice in writing to every Director which notice shall
 set forth the general nature of the business to be considered unless notice is waived by
 all the Directors either at, before or after the meeting is held. To any such notice of a
 meeting of the Directors all the provisions of the Articles relating to the giving of notices
 by the Company to the Members shall apply *mutatis mutandis.* 

 

28.6 The
 continuing Directors (or a sole continuing Director, as the case may be) may act notwithstanding
 any vacancy in their body, but if and so long as their number is reduced below the number
 fixed by or pursuant to the Articles as the necessary quorum of Directors the continuing
 Directors or Director may act for the purpose of increasing the number of Directors to be
 equal to such fixed number, or of summoning a general meeting of the Company, but for no
 other purpose.

28.7 The
 Directors may elect a chairperson of their board and determine the period for which they
 are to hold office; but if no such chairperson is elected, or if at any meeting the chairperson
 is not present within five minutes after the time appointed for the meeting to commence,
 the Directors present may choose one of their number to be chairperson of the meeting.

28.8 All
 acts done by any meeting of the Directors or of a committee of the Directors shall, notwithstanding
 that it is afterwards discovered that there was some defect in the appointment of any Director,
 and/or that they or any of them were disqualified, and/or had vacated their office and/or
 were not entitled to vote, be as valid as if every such person had been duly appointed and/or
 not disqualified to be a Director and/or had not vacated their office and/or had been entitled
 to vote, as the case may be.

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| | |
|:---|:---|
| **29** | **Presumption of Assent** |

---

A Director who is present at a meeting of the board of Directors at which action on any Company matter is taken shall be presumed to have assented to the action taken unless their dissent shall be entered in the minutes of the meeting or unless they shall file their written dissent from such action with the person acting as the chairperson or secretary of the meeting before the adjournment thereof or shall forward such dissent by registered post to such person immediately after the adjournment of the meeting. Such right to dissent shall not apply to a Director who voted in favour of such action.

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| | |
|:---|:---|
| **30** | **Directors' Interests** |

---

30.1 A
 Director may hold any other office or place of profit under the Company (other than the office
 of Auditor) in conjunction with their office of Director for such period and on such terms
 as to remuneration and otherwise as the Directors may determine.

30.2 A
 Director may act on their own or by, through or on behalf of their firm in a professional
 capacity for the Company and they or their firm shall be entitled to remuneration for professional
 services as if they were not a Director.

30.3 A
 Director may be or become a director or other Officer of or otherwise interested in any company
 promoted by the Company or in which the Company may be interested as a shareholder, a contracting
 party or otherwise, and no such Director shall be accountable to the Company for any remuneration
 or other benefits received by them as a director or Officer of, or from their interest in,
 such other company.

30.4 No
 person shall be disqualified from the office of Director or prevented by such office from
 contracting with the Company, either as vendor, purchaser or otherwise, nor shall any such
 contract or any contract or transaction entered into by or on behalf of the Company in which
 any Director shall be in any way interested be or be liable to be avoided, nor shall any
 Director so contracting or being so interested be liable to account to the Company for any
 profit realised by or arising in connection with any such contract or transaction by reason
 of such Director holding office or of the fiduciary relationship thereby established. A Director
 shall be at liberty to vote in respect of any contract or transaction in which they are interested
 provided that the nature of the interest of any Director in any such contract or transaction
 shall be disclosed by them at or prior to its consideration and any vote thereon.

30.5 Any
 notice that a Director is a shareholder, director, officer or employee of any specified firm
 or company and is to be regarded as interested in any transaction with such firm or company
 shall be deemed a general notice of such interest for the purposes of the Statute and be
 sufficient disclosure for the purposes of voting on a Resolution of Directors in respect
 of a contract or transaction in which they have an interest, and after such general notice
 it shall not be necessary to give a general or special notice relating to any particular
 transaction.

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| | |
|:---|:---|
| **31** | **Minutes** |

---

The Directors shall cause minutes to be made in books kept for the purpose of all appointments of officers made by the Directors, all proceedings at meetings of the Company or the holders of any class of Shares and of the Directors, and of committees of the Directors, including the names of the Directors present at each meeting.

---

| | |
|:---|:---|
| **32** | **Delegation of Directors' Powers** |

---

32.1 Subject
 to the Statute, the Directors may delegate any of their powers, authorities and discretions,
 including the power to sub-delegate, to any committee consisting of one or more Directors
 (including, without limitation, the Audit Committee, the Compensation Committee and the Nominating
 and Corporate Governance Committee). They may also, subject to the Statute, delegate to any
 managing director or any Director holding any other executive office such of their powers,
 authorities and discretions as they consider desirable to be exercised by him. Any such delegation
 may be made subject to any conditions the Directors may impose and either collaterally with
 or to the exclusion of their own powers and any such delegation may be revoked or altered
 by the Directors. Subject to any such conditions, the proceedings of a committee of Directors
 shall be governed by the Articles regulating the proceedings of Directors, so far as they
 are capable of applying.

32.2 Subject
 to the Statute, the Directors may establish any committees, local boards or agencies or appoint
 any person to be a manager or agent for managing the affairs of the Company and may appoint
 any person to be a member of such committees, local boards or agencies. Any such appointment
 may be made subject to any conditions the Directors may impose, and either collaterally with
 or to the exclusion of their own powers and any such appointment may be revoked or altered
 by the Directors. Subject to any such conditions, the proceedings of any such committee,
 local board or agency shall be governed by the Articles regulating the proceedings of Directors,
 so far as they are capable of applying.

32.3 The
 Directors may adopt formal written charters for committees and, if so adopted, shall review
 and assess the adequacy of such formal written charters on an annual basis. Each of these
 committees shall be empowered to do all things necessary to exercise the rights of such committee
 set forth in the Articles and shall have such powers as the Directors may delegate pursuant
 to the Articles and as required by the rules and regulations of the Recognised Exchange,
 the Securities and Exchange Commission and/or any other competent regulatory authority or
 otherwise under Applicable Law. Each of the Audit Committee, the Compensation Committee and
 the Nominating and Corporate Governance Committee, if established, shall consist of such
 number of Directors as the Directors shall from time to time determine (or such minimum number
 as may be required from time to time by the rules and regulations of the Recognised Exchange,
 the Securities and Exchange Commission and/or any other competent regulatory authority or
 otherwise under Applicable Law). For so long as any class of Shares is listed on the Recognised
 Exchange, the Audit Committee, the Compensation Committee and the Nominating and Corporate
 Governance Committee shall be made up of such number of Independent Directors as is required
 from time to time by the rules and regulations of the Recognised Exchange, the Securities
 and Exchange Commission and/or any other competent regulatory authority or otherwise under
 Applicable Law.

32.4 Subject
 to the Statute, the Directors may by power of attorney or otherwise appoint any person to
 be the agent of the Company on such conditions as the Directors may determine, provided that
 the delegation is not to the exclusion of their own powers and may be revoked by the Directors
 at any time.

32.5 Subject
 to the Statute, the Directors may by power of attorney or otherwise appoint any company,
 firm, person or body of persons, whether nominated directly or indirectly by the Directors,
 to be the attorney or authorised signatory of the Company for such purpose and with such
 powers, authorities and discretions (not exceeding those vested in or exercisable by the
 Directors under the Articles) and for such period and subject to such conditions as they
 may think fit, and any such powers of attorney or other appointment may contain such provisions
 for the protection and convenience of persons dealing with any such attorneys or authorised
 signatories as the Directors may think fit and may also authorise any such attorney or authorised
 signatory to delegate all or any of the powers, authorities and discretions vested in him.

32.6 The
 Directors may appoint such Officers as they consider necessary on such terms, at such remuneration
 and to perform such duties, and subject to such provisions as to disqualification and removal
 as the Directors may think fit. Unless otherwise specified in the terms of their appointment
 an Officer may be removed by resolution of the Directors or Members. An Officer may vacate
 their office at any time if they give notice in writing to the Company that they resign their
 office.

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| | |
|:---|:---|
| **33** | **No Minimum Shareholding** |

---

The Company in general meeting may fix a minimum shareholding required to be held by a Director, but unless and until such a shareholding qualification is fixed a Director is not required to hold Shares.

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| | |
|:---|:---|
| **34** | **Remuneration of Directors** |

---

34.1 The
 remuneration to be paid to the Directors, if any, shall be such remuneration as the Directors
 shall determine. The Directors shall also be entitled to be paid all travelling, hotel and
 other expenses properly incurred by them in connection with their attendance at meetings
 of Directors or committees of Directors, or general meetings of the Company, or separate
 meetings of the holders of any class of Shares or debentures of the Company, or otherwise
 in connection with the business of the Company or the discharge of their duties as a Director,
 or to receive a fixed allowance in respect thereof as may be determined by the Directors,
 or a combination partly of one such method and partly the other.

34.2 The
 Directors may by resolution approve additional remuneration to any Director for any services
 which in the opinion of the Directors go beyond that Director's ordinary routine work
 as a Director. Any fees paid to a Director who is also counsel, attorney or solicitor to
 the Company, or otherwise serves it in a professional capacity shall be in addition to their
 remuneration as a Director.

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| | |
|:---|:---|
| **35** | **Seal** |

---

35.1 The
 Company shall have a Seal. The Seal shall only be used by the authority of the Directors
 or of a committee of the Directors authorised by the Directors.

35.2 The
 Company may have for use in any place or places outside the British Virgin Islands a duplicate
 Seal or Seals each of which shall be a facsimile of the Seal of the Company and, if the Directors
 so determine, with the addition on its face of the name of every place where it is to be
 used.

35.3 A
 Director or officer, representative or attorney of the Company may without further authority
 of the Directors affix the Seal over that Director's signature alone to any document
 of the Company required to be authenticated by them under seal or to be filed wheresoever.

---

| | |
|:---|:---|
| **36** | **Dividends, Distributions and Reserve** |

---

36.1 Subject
 to the Statute and this Article and except as otherwise provided by the rights attached to
 any Shares, the Directors may resolve to pay Distributions on Shares in issue and authorise
 payment of the Distributions out of the funds of the Company lawfully available therefor.
 A dividend shall be deemed to be an interim dividend unless the terms of the resolution pursuant
 to which the Directors resolve to pay such dividend specifically state that such dividend
 shall be a final dividend. No Distribution shall be authorised if such Distribution would
 cause the Company or its Directors to be in breach of the Statute.

36.2 The
 Directors may deduct from any Distribution payable to any Member all sums of money (if any)
 payable by them to the Company on account of calls or otherwise.

36.3 The
 Directors may resolve that any Distribution or redemption be paid wholly or partly by the
 distribution of specific assets and in particular (but without limitation) by the distribution
 of shares, debentures, or securities of any other company or in any one or more of such ways
 and where any difficulty arises in regard to such distribution, the Directors may settle
 the same as they think expedient and in particular may issue fractional Shares and may fix
 the value for distribution of such specific assets or any part thereof and may determine
 that cash payments shall be made to any Members upon the basis of the value so fixed in order
 to adjust the rights of all Members and may vest any such specific assets in trustees in
 such manner as may seem expedient to the Directors.

36.4 Except
 as otherwise provided by the rights attached to any Shares, Distributions may be paid in
 any currency. The Directors may determine the basis of conversion for any currency conversions
 that may be required and how any costs involved are to be met.

36.5 The
 Directors may, before resolving to pay any Distribution, set aside such sums as they think
 proper as a reserve or reserves which shall, at the discretion of the Directors, be applicable
 for any purpose of the Company and pending such application may, at the discretion of the
 Directors, be employed in the business of the Company.

36.6 Any
 Distribution, redemption payment, interest or other monies payable in cash in respect of
 Shares may be paid by wire transfer to the holder or by cheque or warrant sent through the
 post directed to the registered address of the holder or, in the case of joint holders, to
 the registered address of the holder who is first named on the Register of Members or to
 such person and to such address as such holder or joint holders may in writing direct. Every
 such cheque or warrant shall be made payable to the order of the person to whom it is sent.
 Any one of two or more joint holders may give effectual receipts for any dividends, other
 Distributions, bonuses, or other monies payable in respect of the Share held by them as joint
 holders.

36.7 No
 Distribution or redemption payment shall bear interest against the Company.

36.8 Any
 Distribution or redemption payment which cannot be paid to a Member and/or which remains
 unclaimed after six months from the date on which such Distribution becomes payable may,
 in the discretion of the Directors, be paid into a separate account in the Company's
 name, provided that the Company shall not be constituted as a trustee in respect of that
 account and the dividend or other Distribution shall remain as a debt due to the Member.
 Any Distribution or redemption payment which remains unclaimed after a period of six years
 from the date on which such Distribution or redemption payment becomes payable shall be forfeited
 and shall revert to the Company.

---

| | |
|:---|:---|
| **37** | **Books of Account** |

---

37.1 The
 Directors shall cause proper books of account (including, where applicable, underlying documentation
 including contracts and invoices) to be kept with respect to all sums of money received and
 expended by the Company and the matters in respect of which the receipt or expenditure takes
 place, all sales and purchases of goods by the Company and the assets and liabilities of
 the Company, in accordance with the Statute.

37.2 The
 Directors shall determine whether and to what extent and at what times and places and under
 what conditions or regulations the accounts and books of the Company or any of them shall
 be open to the inspection of Members not being Directors and no Member (not being a Director)
 shall have any right of inspecting any account or book or document of the Company except
 as conferred by Statute or authorised by the Directors or by the Company in general meeting.

37.3 The
 Directors may cause to be prepared and to be laid before the Company in general meeting profit
 and loss accounts, balance sheets, group accounts (if any) and such other reports and accounts
 as may be required by law.

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| | |
|:---|:---|
| **38** | **Audit** |

---

38.1 The
 Directors may appoint an Auditor of the Company who shall hold office on such terms as the
 Directors determine.

38.2 Without
 prejudice to the freedom of the Directors to establish any other committee, if the Shares
 (or depositary receipts therefor) are listed or quoted on the Recognised Exchange, and if
 required by the rules and regulations of the Recognised Exchange, the Securities and Exchange
 Commission and/or any other competent regulatory authority or otherwise under Applicable
 Law, the Directors shall establish and maintain an Audit Committee as a committee of the
 Directors and shall adopt a formal written Audit Committee charter and review and assess
 the adequacy of the formal written charter on an annual basis. The composition and responsibilities
 of the Audit Committee shall comply with the rules and regulations of the Recognised Exchange,
 the Securities and Exchange Commission and/or any other competent regulatory authority or
 otherwise under Applicable Law. The Audit Committee shall meet at least once every 6 months,
 or more frequently as circumstances dictate.

38.3 If
 the Shares (or depositary receipts therefor) are listed or quoted on the Recognised Exchange,
 the Company shall conduct an appropriate review of all related party transactions on an ongoing
 basis and shall utilise the Audit Committee for the review and approval of potential conflicts
 of interest.

38.4 The
 remuneration of the Auditor shall be fixed by the Audit Committee (if one exists).

38.5 If
 the office of Auditor becomes vacant by resignation or death of the Auditor, or by his becoming
 incapable of acting by reason of illness or other disability at a time when his services
 are required, the Directors shall fill the vacancy and determine the remuneration of such
 Auditor.

38.6 Every
 Auditor of the Company shall have a right of access at all times to the books and accounts
 and vouchers of the Company and shall be entitled to require from the Directors and Officers
 such information and explanation as may be necessary for the performance of the duties of
 the Auditor.

38.7 Auditors
 shall, if so required by the Directors, make a report on the accounts of the Company during
 their tenure of office at the next annual general meeting following their appointment and
 at any other any time during their term of office, upon request of the Directors or any general
 meeting of the Members.

38.8 At
 least one member of the Audit Committee shall be an "audit committee financial expert"
 as determined by the rules and regulations of the Recognised Exchange, the Securities and
 Exchange Commission and/or any other competent regulatory authority or otherwise under Applicable
 Law. The "audit committee financial expert" shall have such past employment experience
 in finance or accounting, requisite professional certification in accounting, or any other
 comparable experience or background which results in the individual's financial sophistication.

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| | |
|:---|:---|
| **39** | **Notices** |

---

39.1 Notices
 shall be in writing and may be given by the Company to any Member either personally or by
 sending it by courier, post, fax or email to such Member or to such Member's address
 as shown in the Register of Members (or where the notice is given by email by sending it
 to the email address provided by such Member). Any notice, if posted from one country to
 another, is to be sent by airmail. Notice may also be served by Electronic Communication
 in accordance with the rules and regulations of the Recognised Exchange, the Securities and
 Exchange Commission and/or any other competent regulatory authority or by placing it on the
 Company's Website.

39.2 Where
 a notice is sent by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) courier;
 service of the notice shall be deemed to be effected by delivery of the notice to a courier
 company, and shall be deemed to have been received on the third day (not including Saturdays
 or Sundays or public holidays) following the day on which the notice was delivered to the
 courier;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) post;
 service of the notice shall be deemed to be effected by properly addressing, pre paying and
 posting a letter containing the notice, and shall be deemed to have been received on the
 fifth day (not including Saturdays or Sundays or public holidays in the British Virgin Islands)
 following the day on which the notice was posted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) cable
 or fax; service of the notice shall be deemed to be effected by properly addressing and sending
 such notice and shall be deemed to have been received on the same day that it was transmitted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) email
 or other Electronic Communication service; shall be deemed to be effected by transmitting
 the email to the email address provided by the intended recipient and shall be deemed to
 have been received on the same day that it was sent, and it shall not be necessary for the
 receipt of the email to be acknowledged by the recipient; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) placing
 it on the Company's Website; service of the notice shall be deemed to have been effected
 one hour after the notice or document was placed on the Company's Website.

39.3 A
 notice may be given by the Company to the person or persons which the Company has been advised
 are entitled to a Share or Shares in consequence of the death or bankruptcy of a Member in
 the same manner as other notices which are required to be given under the Articles and shall
 be addressed to them by name, or by the title of representatives of the deceased, or trustee
 of the bankrupt, or by any like description at the address supplied for that purpose by the
 persons claiming to be so entitled, or at the option of the Company by giving the notice
 in any manner in which the same might have been given if the death or bankruptcy had not
 occurred.

39.4 Notice
 of every general meeting shall be given in any manner authorised by the Articles to every
 holder of Shares carrying an entitlement to receive such notice on the date such notice is
 given except that in the case of joint holders the notice shall be sufficient if given to
 the joint holder first named in the Register of Members and every person upon whom the ownership
 of a Share devolves because they are a legal personal representative or a trustee in bankruptcy
 of a Member where the Member but for their death or bankruptcy would be entitled to receive
 notice of the meeting, and no other person shall be entitled to receive notices of general
 meetings.

39.5 Where
 a law or the Articles requires information to be delivered or sent to, or to be served on,
 a person, section 10(1) of the Electronic Transactions Act shall be varied such that: (i)
 the originator of any electronic communication shall not be required to state that the receipt
 of the electronic communication is to be acknowledged; and (ii) unless the originator expressly
 requires an acknowledgment of receipt, the addressee shall not be required to acknowledge
 receipt.

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| | |
|:---|:---|
| **40** | **Winding Up** |

---

40.1 If
 the Company shall be wound up the liquidator shall apply the assets of the Company in satisfaction
 of creditors' claims in such manner and order as such liquidator thinks fit. Subject
 to the rights attaching to any Shares, each Share will rank pari passu with each other Share
 in relation to the distribution of surplus assets on a winding up.

40.2 If
 the Company shall be wound up the liquidator may, subject to the rights attaching to any
 Shares and subject to contrary direction by Resolution of Members, divide amongst the Members
 in kind the whole or any part of the assets of the Company (whether such assets shall consist
 of property of the same kind or not) and may for that purpose value any assets and determine
 how the division shall be carried out as between the Members or different classes of Members.
 The liquidator may, subject to contrary direction by Resolution of Members, vest the whole
 or any part of such assets in trustees upon such trusts for the benefit of the Members as
 the liquidator, subject to contrary direction by Resolution of Members, shall think fit,
 but so that no Member shall be compelled to accept any asset upon which there is a liability.

---

| | |
|:---|:---|
| **41** | **Indemnity and Insurance** |

---

41.1 Subject
 to the Statute, every Director and officer of the Company (which for the avoidance of doubt,
 shall not include Auditors), together with every former Director and former officer of the
 Company (each an "**Indemnified Person**") shall be indemnified out of the
 assets of the Company against any liability, action, proceeding, claim, demand, costs, damages
 or expenses, including legal expenses, whatsoever which they or any of them may incur as
 a result of any act or failure to act in carrying out their functions other than such liability
 (if any) that they may incur by reason of their own actual fraud or wilful default. No Indemnified
 Person shall be liable to the Company for any loss or damage incurred by the Company as a
 result (whether direct or indirect) of the carrying out of their functions unless that liability
 arises through the actual fraud or wilful default of such Indemnified Person. No person shall
 be found to have committed actual fraud or wilful default under this Article unless or until
 a court of competent jurisdiction shall have made a finding to that effect.

41.2 Subject
 to the Statute, the Company shall advance to each Indemnified Person reasonable attorneys'
 fees and other costs and expenses incurred in connection with the defence of any action,
 suit, proceeding or investigation involving such Indemnified Person for which indemnity will
 or could be sought. In connection with any advance of any expenses hereunder, the Indemnified
 Person shall execute an undertaking to repay the advanced amount to the Company if it shall
 be determined by final judgment or other final adjudication that such Indemnified Person
 was not entitled to indemnification pursuant to this Article. If it shall be determined by
 a final judgment or other final adjudication that such Indemnified Person was not entitled
 to indemnification with respect to such judgment, costs or expenses, then such party shall
 not be indemnified with respect to such judgment, costs or expenses and any advancement shall
 be returned to the Company (without interest) by the Indemnified Person.

41.3 The
 Directors, on behalf of the Company, may purchase and maintain insurance for the benefit
 of any Director or other officer of the Company against any liability which, by virtue of
 any rule of law, would otherwise attach to such person in respect of any negligence, default,
 breach of duty or breach of trust of which such person may be guilty in relation to the Company.

---

| | |
|:---|:---|
| **42** | **Financial Year** |

---

Unless the Directors otherwise prescribe, the financial year of the Company shall end on 31st December in each year and, following the year of incorporation, shall begin on 1st January in each year.

---

| | |
|:---|:---|
| **43** | **Transfer by Way of Continuation** |

---

The Company shall, subject to the provisions of the Statute, have the power to register by way of continuation as a body corporate under the laws of any jurisdiction outside the British Virgin Islands and to be deregistered in the British Virgin Islands.

---

| | |
|:---|:---|
| **44** | **Mergers and Consolidations** |

---

The Company shall, subject to the provisions of the Statute, have the power to merge or consolidate with one or more constituent companies (as defined in the Statute), upon such terms as the Directors may determine.

We, Corporate Registrations Limited of Sea Meadow House, (P.O. Box 116), Road Town, Tortola, British Virgin Islands in our capacity as registered agent for the Company hereby apply to the Registrar for the incorporation of the Company this 4th day of September, 2023.

Incorporator

Sgd. Alicia Davis and Marsha Fahie

Alicia Davis and Marsha Fahie Authorised Signatories Corporate Registrations Limited Sea Meadow House

P.O. Box 116

Road Town, Tortola British Virgin Islands

## Exhibit 4.1

**Exhibit 4.1**

![](ex4-1_001.jpg)

## Exhibit 4.2

**Exhibit 4.2**

**Form of Representative's Warrant**

THE REGISTERED HOLDER OF THIS PURCHASE WARRANT AGREES BY HIS, HER OR ITS ACCEPTANCE HEREOF, THAT SUCH HOLDER WILL NOT FOR A PERIOD OF ONE HUNDRED EIGHTY (180) DAYS BEGINNING ON THE DATE OF CONSUMMATION OF THE OFFERING: (A) EXERCISE, SELL , TRANSFER, ASSIGN, PLEDGE OR HYPOTHECATE THIS PURCHASE WARRANT OR THE SECURITIES ISSUABLE HEREUNDER TO ANYONE OTHER THAN OFFICERS OR PARTNERS OF Cathay Securities, Inc. EACH OF WHOM SHALL HAVE AGREED TO THE RESTRICTIONS CONTAINED HEREIN, IN ACCORDANCE WITH FINRA CONDUCT RULE 5110(E), OR (B) CAUSE THIS PURCHASE WARRANT OR THE SECURITIES ISSUABLE HEREUNDER TO BE THE SUBJECT OF ANY HEDGING, SHORT SALE, DERIVATIVE, PUT OR CALL TRANSACTION THAT WOULD RESULT IN THE EFFECTIVE ECONOMIC DISPOSITION OF THIS PURCHASE WARRANT OR THE SECURITIES HEREUNDER, EXCEPT AS PROVIDED FOR IN FINRA RULE 5110(E)(2).

THIS PURCHASE WARRANT IS EXERCISABLE AFTER THE CLOSING DATE, VOID AFTER 5:00 P.M., EASTERN TIME, [●], 2030*.*

ORDINARY SHARES PURCHASE WARRANT

For the Purchase of [●] Ordinary Shares

of

Global Development Engineering Company Limited<br>

1. <u>Purchase Warrant</u>. THIS ORDINARY SHARES PURCHASE WARRANT (this "**Purchase Warrant**") certifies that, pursuant to that certain Underwriting Agreement by and between Global Development Engineering Company Limited, a British Virgin Islands company limited by shares (the "**Company**") and Cathay Securities, Inc. ("**Cathay**"), dated [●], 2025 (the "**Underwriting Agreement**"), [●] (in such capacity with its permitted successors or assigns, the "**Holder**"), as registered owner of this Purchase Warrant, is entitled, at any time or from time to time from [●], 2025 (the "**Exercise Date**") , and at or before 5:00 p.m., Eastern time, [●], 2030 (the "**Expiration Date**"), but not thereafter, to subscribe for, purchase and receive, in whole or in part, up to [●]Company's Ordinary Shares, with no par value (the "**Shares**"), subject to adjustment as provided in <u>Section 5</u> hereof. If the Expiration Date is a day on which banking institutions are authorized by law or executive order to close, then this Purchase Warrant may be exercised on the next succeeding day which is not such a day in accordance with the terms herein, provided, however, for clarification, that banking institutions shall not be deemed to be authorized or required by law or executive order to remain closed due to "stay at home", "shelter-in-place", "non-essential employee" or any other similar orders or restrictions or the closure of any physical branch locations at the direction of any governmental authority so long as the electronic funds transfer systems (including for wire transfers) of banking institutions in The City of New York generally are open for use by customers on such day. During the period commencing on the date hereof and ending on the Expiration Date, the Company agrees not to take any action that would terminate this Purchase Warrant. This Purchase Warrant is initially exercisable at $[●] per Share (125% of the price of the Shares sold in the Offering); provided, however, that upon the occurrence of any of the events specified in <u>Section 5</u> hereof, the rights granted by this Purchase Warrant, including the exercise price per Share and the number of Shares to be received upon such exercise, shall be adjusted as therein specified. The term "**Exercise Price**" shall mean the initial exercise price or the adjusted exercise price, depending on the context. Any term not defined herein shall have the meaning ascribed thereto in the Underwriting Agreement.

2. <u>Exercise</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Exercise Form</u>. In order to exercise this Purchase Warrant, the exercise form attached hereto as <u>Exhibit</u> A (the "**Exercise Form**") must be duly executed and completed and delivered to the Company, together with this Purchase Warrant and payment of the Exercise Price for the Shares being purchased payable in cash by wire transfer of immediately available funds to an account designated by the Company or by certified check or official bank check to the order of the Company. If the subscription rights represented hereby shall not be exercised at or before 5:00 p.m., Eastern time, on the Expiration Date, this Purchase Warrant shall become and be void without further force or effect, and all rights represented hereby shall cease and expire.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Cashless Exercise</u>. In lieu of exercising this Purchase Warrant by payment of cash or check payable to the order of the Company pursuant to <u>Section 2.1</u> above, Holder may elect to receive the number of Shares equal to the value of this Purchase Warrant (or the portion thereof being exercised), by surrender of this Purchase Warrant to the Company, together with the Exercise Form, in which event the Company shall issue to Holder, Shares in accordance with the following formula:

X = <u>Y(A-B)</u> <br> A

Where, X = The number of Shares to be issued to Holder;

Y = The number of Shares that would be issuable upon exercise of this Purchase Warrant in accordance with the terms of this Purchase Warrant if such exercise were by means of a cash exercise rather than a cashless exercise;

A = The fair market value of one Share; and

B = The Exercise Price of this Purchase Warrant, as adjusted hereunder.

For purposes of this <u>Section 2.2</u>, the fair market value of a Share is defined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if the Company's Ordinary Shares are traded on a securities exchange, the value shall be deemed to be the closing price on such exchange on the trading day immediately prior to the Exercise Form being submitted to the Company in connection with the exercise of this Purchase Warrant; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if the Company's Ordinary Shares are actively traded over-the-counter, the value shall be deemed to be the closing bid price on the trading day immediately prior to the Exercise Form being submitted to the Company in connection with the exercise of the Purchase Warrant; if there is no active public market, the value shall be the fair market value thereof, as determined in good faith by the Company's board of directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if there is no market for the Ordinary Shares, the value shall be the fair market value thereof, as determined in good faith by the Company's board of directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 <u>Legend</u>. Each certificate for the securities purchased under this Purchase Warrant shall bear a legend as follows unless such securities have been registered under the Securities Act of 1933, as amended (the "**Act**"):

"The securities represented by this certificate have not been registered under the Securities Act of 1933, as amended (the "Act"), or applicable state law. Neither the securities nor any interest therein may be offered for sale, sold or otherwise transferred except pursuant to an effective registration statement under the Act, or pursuant to an exemption from registration under the Act and applicable state law which, in the opinion of counsel to the Company, is available."

3. <u>Transfer</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <u>General Restrictions</u>. The registered Holder of this Purchase Warrant agrees by his, her or its acceptance hereof, that such Holder will not for a period of six (6) months beginning on the date of consummation of the Offering: (a) exercise, sell, transfer, assign, pledge or hypothecate this Purchase Warrant or the securities hereunder to anyone other than: (i) Cathay or a selected dealer participating in the Offering contemplated by the Underwriting Agreement, or (ii) officers or partners of Cathay, each of whom shall have agreed to the restrictions contained herein, in accordance with FINRA Rule 5110(e), or (b) cause this Purchase Warrant or the securities issuable hereunder to be the subject of any hedging, short sale, derivative, put or call transaction that would result in the effective economic disposition of this Purchase Warrant or the securities hereunder, except as provided for in FINRA Rule 5110(e)(2). On and after that date that is six months after the date of consummation of the Offering, transfers to others may be made subject to compliance with or exemptions from applicable securities laws. In order to make any permitted assignment, the Holder must deliver to the Company the assignment form attached hereto as <u>Exhibit B</u> duly executed and completed, together with this Purchase Warrant and payment of all transfer taxes, if any, payable in connection therewith. The Company shall, within five (5) Business Days, transfer this Purchase Warrant on the books of the Company and shall execute and deliver a new Purchase Warrant or Purchase Warrants of like tenor to the appropriate assignee(s) expressly evidencing the right to purchase the aggregate number of Shares purchasable hereunder or such portion of such number as shall be contemplated by any such assignment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>Restrictions Imposed by the Act</u>. The securities evidenced by this Purchase Warrant shall not be transferred unless and until: (i) the Company has received the opinion of counsel for the Holder that the securities may be transferred pursuant to an exemption from registration under the Act and applicable state securities laws, the availability of which is established to the reasonable satisfaction of the Company, (ii) a Registration Statement relating to the offer and sale of such securities that includes a current prospectus has been filed and declared effective by the Securities and Exchange Commission (the "**Commission**") and compliance with applicable state securities law has been established.

4. <u>New Purchase Warrants to be Issued</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <u>Partial Exercise or Transfer</u>. Subject to the restrictions in <u>Section 3</u> hereof, this Purchase Warrant may be exercised or assigned in whole or in part. In the event of the exercise or assignment hereof in part only, upon surrender of this Purchase Warrant for cancellation, together with the duly executed exercise or assignment form and funds sufficient to pay any Exercise Price and/or transfer tax if exercised pursuant to <u>Section 2.1</u> hereof, the Company shall cause to be delivered to the Holder without charge a new Purchase Warrant of like tenor to this Purchase Warrant in the name of the Holder evidencing the right of the Holder to purchase the number of Shares purchasable hereunder as to which this Purchase Warrant has not been exercised or assigned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <u>Lost Certificate</u>. Upon receipt by the Company of evidence satisfactory to it of the loss, theft, destruction or mutilation of this Purchase Warrant and of reasonably satisfactory indemnification or the posting of a bond, the Company shall execute and deliver a new Purchase Warrant of like tenor and date at the cost of the Holder. Any such new Purchase Warrant executed and delivered as a result of such loss, theft, mutilation or destruction shall constitute a substitute contractual obligation on the part of the Company.

5. <u>Adjustments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <u>Adjustments to Exercise Price and Number of Shares</u>. The Exercise Price and the number of Shares underlying this Purchase Warrant shall be subject to adjustment from time to time as hereinafter set forth:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.1 <u>Share Dividends; Split Ups</u>. If, after the date hereof, and subject to the provisions of <u>Section 5.3</u> below, the number of outstanding Shares is increased by a Share dividend payable in Shares or by a split up of Shares or other similar event, then, on the effective day thereof, the number of Shares purchasable hereunder shall be increased in proportion to such increase in outstanding Shares, and the Exercise Price shall be proportionately decreased.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.2 <u>Aggregation of Shares</u>. If, after the date hereof, and subject to the provisions of <u>Section 5.3</u> below, the number of outstanding Shares is decreased by a consolidation, combination or reclassification of Shares or other similar event, then, on the effective date thereof, the number of Shares purchasable hereunder shall be decreased in proportion to such decrease in outstanding shares, and the Exercise Price shall be proportionately increased.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.3 <u>Replacement of Shares upon Reorganization, etc</u>. In case of any reclassification or reorganization of the outstanding Shares other than a change covered by <u>Section 5.1.1</u> or <u>Section 5.1.2</u> hereof or that solely affects the par value of such Shares, or in the case of any share reconstruction or amalgamation or consolidation of the Company with or into another corporation (other than a consolidation or share reconstruction or amalgamation in which the Company is the continuing corporation and that does not result in any reclassification or reorganization of the outstanding Shares), or in the case of any sale or conveyance to another corporation or entity of the property of the Company as an entirety or substantially as an entirety in connection with which the Company is dissolved, the Holder of this Purchase Warrant shall have the right thereafter (until the expiration of the right of exercise of this Purchase Warrant) to receive upon the exercise hereof, for the same aggregate Exercise Price payable hereunder immediately prior to such event, the kind and amount of shares of stock or other securities or property (including cash) receivable upon such reclassification, reorganization, share reconstruction or amalgamation, or consolidation, or upon a dissolution following any such sale or transfer, by a Holder of the number of Shares of the Company obtainable upon exercise of this Purchase Warrant immediately prior to such event; and if any reclassification also results in a change in Shares covered by <u>Section 5.1.1</u> or <u>Section 5.1.2</u>, then such adjustment shall be made pursuant to <u>Section 5.1.1</u>, <u>Section 5.1.2</u> and this <u>Section 5.1.3</u>. The provisions of this <u>Section 5.1.3</u> shall similarly apply to successive reclassifications, reorganizations, share reconstructions or amalgamations, or consolidations, sales or other transfers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.4 <u>Changes in Form of Purchase Warrant</u>. This form of Purchase Warrant need not be changed because of any change pursuant to this <u>Section 5.1</u>, and Purchase Warrants issued after such change may state the same Exercise Price and the same number of Shares as are stated in the Purchase Warrants initially issued pursuant to this Agreement. The acceptance by any Holder of the issuance of new Purchase Warrants reflecting a required or permissive change shall not be deemed to waive any rights to an adjustment occurring after the date hereof or the computation thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>Substitute Purchase Warrant</u>. In case of any consolidation of the Company with, or share reconstruction or amalgamation of the Company with or into, another corporation (other than a consolidation or share reconstruction or amalgamation which does not result in any reclassification or change of the outstanding Shares), the corporation formed by such consolidation or share reconstruction or amalgamation shall execute and deliver to the Holder a supplemental Purchase Warrant providing that the holder of each Purchase Warrant then outstanding or to be outstanding shall have the right thereafter (until the stated expiration of such Purchase Warrant) to receive, upon exercise of such Purchase Warrant, the kind and amount of shares of stock and other securities and property receivable upon such consolidation or share reconstruction or amalgamation, by a holder of the number of Shares of the Company for which such Purchase Warrant might have been exercised immediately prior to such consolidation, share reconstruction or amalgamation, sale or transfer. Such supplemental Purchase Warrant shall provide for adjustments which shall be identical to the adjustments provided for in this <u>Section 5</u>. The above provision of this <u>Section 5</u> shall similarly apply to successive consolidations or share reconstructions or amalgamations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 <u>Elimination of Fractional Interests</u>. The Company shall not be required to issue certificates representing fractions of Shares upon the exercise of the Purchase Warrant, nor shall it be required to issue scrip or pay cash in lieu of any fractional interests, it being the intent of the parties that all fractional interests shall be eliminated by rounding any fraction up or down, as the case may be, to the nearest whole number of Shares or other securities, properties or rights.

6. <u>Registration Rights</u>. The Company has filed the Registration Statement with the Commission, which has been declared effective on Form F-1 (File No. 333-[●]), and registers the underlying Shares of the Purchase Warrant(s) granted to the Holder(s) in connection to the Offering, under the terms of the Underwriting Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 <u>Demand Registration</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.1 <u>Grant of Right</u>. Unless all of the Registrable Securities (defined as below) are included in an effective registration statement with a current prospectus or the Registrable Securities may be sold without restriction pursuant to Rule 144 promulgated under the Securities Act, as amended (including any restrictions under Rule 144(c) or Rule 144(i)), the Company, upon written demand ("**Demand Notice**") of the Holder(s) of at least 51% of the Representative's Warrants and/or the underlying securities ("**Majority Holder(s)**"), agrees to register on one occasion, all or any portion of the remaining Shares (collectively, the "**Registrable Securities**") as requested by the Majority Holder(s) in the Demand Notice, provided that no such registration will be required unless the Holders request registration of an aggregate of at least 51% of the outstanding Registrable Securities. On such occasion, the Company will file a new registration statement or a post-effective amendment to the Registration Statement covering the Registrable Securities within sixty (60) days after receipt of the Demand Notice and use its commercially reasonablke efforts to have such registration statement or post-effective amendment declared effective as soon as possible thereafter. The demand for registration may be made at any time after one (1) year from the date of effectiveness of the Registration Statement, but no later than five (5) years from the effective date of the Registration Statement. The Company covenants and agrees to give written notice of its receipt of any Demand Notice by the Majority Holder(s) to all other registered holders of the Representative's Warrants and/or the Registrable Securities within ten (10) days from the date of the receipt of any such Demand Notice, who shall have five days from the receipt of such Notice in which to notify the Company of their desire to have their Registrable Securities included in the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.2 <u>Terms</u>. The Company shall bear all fees and expenses attendant to registering the Registrable Securities upon the Demand Notice. The Company agrees to use its commercially reasonable efforts to qualify or register the Registrable Securities in such states as are reasonably requested by the Majority Holder(s); provided, however, that in no event shall the Company be required to register the Registrable Securities in a state in which such registration would cause (i) the Company to be obligated to qualify to do business in such State or execute a general consent to service of process, or would subject the Company to taxation as a foreign corporation doing business in such jurisdiction or (ii) the principal shareholders of the Company to be obligated to escrow their Shares of capital stock of the Company or (iii) while the Shares are listed on a national securities exchange. The Company shall use it commercially reasonable efforts to cause any registration statement or post-effective amendment filed pursuant to the demand rights granted under <u>Section 6.1.1</u> to remain effective for a period of twelve (12) consecutive months from the effective date of such registration statement or post-effective amendment or until the Holders have completed the distribution of the Registrable Securities included in the Registration Statement, whichever occurs first.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.3. <u>Deferred Filing</u>. If (i) in the good faith sole and absolute judgment of the board of directors of the Company, filing a registration statement pursuant to <u>Section 6.1</u> would be seriously detrimental to the Company and the board of directors of the Company concludes, as a result, that it is essential to defer the filing of such registration statement at such time, and (ii) the Company shall furnish to such Holders a certificate signed by the Chief Executive Officer of the Company stating that in the good faith judgment of the board of directors of the Company it would be seriously detrimental to the Company for such registration statement to be filed in the near future and that it is, therefore, essential to defer the filing of such registration statement, then the Company shall have the right to defer such filing on two occasions for an aggregate of not more than one hundred and twenty (120) days in any twelve-month period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.4. <u>No Cash Settlement Option</u>. The Company is only required to use its commercially reasonable efforts to cause a registration statement covering issuance of the Registrable Securities underlying the Representative's Warrant to be declared effective, and once effective, only to use its commercially reassonable efforts to maintain the effectiveness of the registration statement. The Company will not be obligated to deliver securities, and there are no contractual penalties for failure to deliver securities, if a registration statement is not effective at the time of exercise. Additionally, in no event is the Company obligated to settle any Representative's Warrant, in whole or in part, for cash in the event it is unable to register the Registrable Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 "<u>Piggy-Back" Registration</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.1 <u>Grant of Right</u>. Unless all of the Registrable Securities are included in an effective registration statement with a current prospectus or the Registrable Securities may be sold without restriction pursuant to Rule 144 promulgated under the Securities Act, as amended (including any restrictions under Rule 144(c) or Rule 144(i)), the holders of the Representative's Warrants shall have the right for a period of not more than five (5) years from the date of effectiveness of the Registration Statement, to include the remaining Registrable Securities as part of any other registration of securities filed by the Company (other than in connection with a transaction contemplated by Rule 145(a) promulgated under the Act or pursuant to Form S-8 or any successor or equivalent form); provided, however, that if, in the written opinion of the Company's then managing underwriter or underwriters, if any, for such offering, the inclusion of the Registrable Securities, when added to the securities being registered by the Company or the selling shareholder(s), will exceed the maximum amount of the Company's securities which can be marketed (i) at a price reasonably related to their then current market value, and (ii) without materially and adversely affecting the entire offering, then the Company will still be required to include the Registrable Securities, but may require the Holders to agree, in writing, to delay the sale of all or any portion of the Registrable Securities for a period of ninety (90) days from the effective date of the offering, provided, further, that if the sale of any Registrable Securities is so delayed, then the number of securities to be sold by all shareholders in such public offering shall be apportioned pro rata among all such selling shareholders and all holders of the Registrable Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.2 <u>Terms</u>. The Company shall bear all fees and expenses attendant to registering the Registrable Securities. In the event of such a proposed registration, the Company shall furnish the then holders of outstanding Registrable Securities with not less than fifteen (15) days written notice prior to the proposed date of filing of such registration statement. Such notice to the holders shall continue to be given for each applicable registration statement filed (during the period in which the Representative's Warrant is exercisable) by the Company until such time as all of the Registrable Securities have been registered and sold. The holders of the Registrable Securities shall exercise the "piggy back" rights provided for herein by giving written notice, within ten (10) business days of the receipt of the Company's notice of its intention to file a registration statement. The Company shall use its commercially reasonable efforts to cause any registration statement filed pursuant to the above "piggyback" rights that does not relate to a firm commitment underwritten offering to remain effective for at least nine (9) consecutive months from the effective date of such registration statement or until the holders have completed the distribution of the Registrable Securities in the registration statement, whichever occurs first.

7. <u>Reservation and Listing</u>. The Company shall at all times reserve and keep available out of its authorized Shares, solely for the purpose of issuance upon exercise of this Purchase Warrant, such number of Shares or other securities, properties or rights as shall be issuable upon the exercise thereof. The Company covenants and agrees that, upon exercise of this Purchase Warrant and payment of the Exercise Price therefor, in accordance with the terms hereby, all Shares and other securities issuable upon such exercise shall be duly and validly issued, fully paid and non-assessable and not subject to preemptive rights of any shareholder. As long as this Purchase Warrant shall be outstanding, the Company shall use its commercially reasonable efforts to cause all Shares issuable upon exercise of this Purchase Warrant to be listed (subject to official notice of issuance) on all national securities exchanges (or, if applicable, on the OTC Bulletin Board or any successor trading market) on which the Shares issued to the public in the Offering may then be listed and/or quoted.

8. <u>Certain Notice Requirements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 <u>Holder's Right to Receive Notice</u>. Nothing herein shall be construed as conferring upon the Holder the right to vote or consent or to receive notice as a shareholder for the election of directors or any other matter, or as having any rights whatsoever as a shareholder of the Company. If, however, at any time prior to the expiration of this Purchase Warrant and its exercise, any of the events described in <u>Section 8.2</u> shall occur, then, in one or more of said events, the Company shall give written notice of such event at least fifteen (15) days prior to the date fixed as a record date or the date of closing the transfer books (the "**Notice Date**") for the determination of the shareholders entitled to such dividend, distribution, conversion or exchange of securities or subscription rights, or entitled to vote on such proposed dissolution, liquidation, winding up or sale. Such notice shall specify such record date or the date of the closing of the transfer books, as the case may be. Notwithstanding the foregoing, the Company shall deliver to Holder a copy of each notice given to the other shareholders of the Company at the same time and in the same manner that such notice is given to the shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 <u>Events Requiring Notice</u>. The Company shall be required to give the notice described in this <u>Section 8</u> upon one or more of the following events: (i) if the Company shall take a record of the holders of its Shares for the purpose of entitling them to receive a dividend or distribution payable otherwise than in cash, or a cash dividend or distribution payable otherwise than out of retained earnings, as indicated by the accounting treatment of such dividend or distribution on the books of the Company, (ii) the Company shall offer to all the holders of its Shares any additional shares of capital stock of the Company or securities convertible into or exchangeable for shares of capital stock of the Company, or any option, right or warrant to subscribe therefor, or (iii) a dissolution, liquidation or winding up of the Company (other than in connection with a consolidation or share reconstruction or amalgamation) or a sale of all or substantially all of its property, assets and business shall be proposed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 <u>Notice of Change in Exercise Price</u>. The Company shall, promptly after an event requiring a change in the Exercise Price pursuant to <u>Section 5</u> hereof, send notice to the Holder of such event and change ("**Price Notice**"). The Price Notice shall describe the event causing the change and the method of calculating same and shall be certified as being true and accurate by the Company's Chief Financial Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 <u>Transmittal of Notices</u>. All notices, requests, consents and other communications under this Purchase Warrant shall be in writing and shall be deemed to have been duly made (1) when hand delivered, (2) when mailed by express mail or private courier service, (3) if sent by electronic mail, on the day the notice was sent if during regular business hours and, if sent outside of regular business hours, on the following business day, or (4) when the event requiring notice is disclosed in all material respects and filed in a Current Report on Form 6-K prior to the Notice Date: (i) if to the registered holder of the Purchase Warrant, to the address of such holder as shown on the books of the Company, or (ii) if to the Company, to following address or to such other address as the Company may designate by notice to the Holder:

If to the Holder:

Cathay Securities, Inc.

40 Wall Street, Suite 3600

New York, NY 10005

Attention: Xiaoyu Li

Email: shell.li@cathaysecurities.com

*with a copy (which shall not constitute notice) to:*

VCL Law LLP

1945 Old Gallows Rd., Suite 630

Vienna, VA 22182

Attention: Fang Liu, Partner

Email: fliu@vcllegal.com

If sent to the Company, shall be mailed, delivered, or emailed, to the Company with a copy to its counsel (which shall not constitute notice), at the addresses set forth in the Registration Statement.

9. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 <u>Amendments</u>. The Company and Cathay Securities, Inc. may from time to time supplement or amend this Purchase Warrant without the approval of the Holder in order to cure any ambiguity, to correct or supplement any provision contained herein that may be defective or inconsistent with any other provisions herein, or to make any other provisions in regard to matters or questions arising hereunder that the Company and Cathay Securities, Inc. may deem necessary or desirable and that the Company and Cathay Securiuties, Inc. deem shall not adversely affect the interest of the Holder. All other modifications or amendments shall require the written consent of and be signed by the party against whom enforcement of the modification or amendment is sought.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 <u>Headings</u>. The headings contained herein are for the sole purpose of convenience of reference, and shall not in any way limit or affect the meaning or interpretation of any of the terms or provisions of this Purchase Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 <u>Entire Agreement</u>. This Purchase Warrant (together with the other agreements and documents being delivered pursuant to or in connection with this Purchase Warrant) constitutes the entire agreement of the parties hereto with respect to the subject matter hereof, and supersedes all prior agreements and understandings of the parties, oral and written, with respect to the subject matter hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4 <u>Binding Effect</u>. This Purchase Warrant shall inure solely to the benefit of and shall be binding upon, the Holder and the Company and their permitted assignees and respective successors and no other person shall have or be construed to have any legal or equitable right, remedy or claim under or in respect of or by virtue of this Purchase Warrant or any provisions herein contained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5 <u>Governing Law; Submission to Jurisdiction</u>. This Purchase Warrant shall be governed by and construed and enforced in accordance with the laws of the State of New York, without giving effect to conflict of laws principles thereof. Each of the Company and Holder hereby agrees that any action, proceeding or claim against it arising out of, or relating in any way to this Purchase Warrant shall be brought and enforced in the Borough of Manhattan in The City of New York (each, a "**New York Court**"), and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. Each of the Company and Holder hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. Any process or summons to be served upon the Company or the Holder may be served by transmitting a copy thereof by registered or certified mail, return receipt requested, postage prepaid, addressed to it at the address set forth in <u>Section 8.4</u> hereof. Such mailing shall be deemed personal service and shall be legal and binding upon the Company in any action, proceeding or claim. The Company and the Holder agree that the prevailing party(ies) in any such action shall be entitled to recover from the other party(ies) all of its reasonable attorneys' fees and expenses relating to such action or proceeding and/or incurred in connection with the preparation therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6 <u>Waiver, etc</u>. The failure of the Company or the Holder to at any time enforce any of the provisions of this Purchase Warrant shall not be deemed or construed to be a waiver of any such provision, nor to in any way affect the validity of this Purchase Warrant or any provision hereof or the right of the Company or any Holder to thereafter enforce each and every provision of this Purchase Warrant. No waiver of any breach, non-compliance or non-fulfillment of any of the provisions of this Purchase Warrant shall be effective unless set forth in a written instrument executed by the party or parties against whom or which enforcement of such waiver is sought; and no waiver of any such breach, non-compliance or non-fulfillment shall be construed or deemed to be a waiver of any other or subsequent breach, non-compliance or non-fulfillment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.7 <u>Exchange Agreement</u>. As a condition of the Holder's receipt and acceptance of this Purchase Warrant, Holder agrees that, at any time prior to the complete exercise of this Purchase Warrant by Holder, if the Company and Cathay Securities, Inc. enter into an agreement ("**Exchange Agreement**") pursuant to which they agree that all outstanding Purchase Warrants will be exchanged for securities or cash or a combination of both, then Holder shall agree to such exchange and become a party to the Exchange Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.8 <u>Execution in Counterparts</u>. This Purchase Warrant may be executed in one or more counterparts, and by the different parties hereto in separate counterparts, each of which shall be deemed to be an original, but all of which taken together shall constitute one and the same agreement, and shall become effective when one or more counterparts has been signed by each of the parties hereto and delivered to each of the other parties hereto. Such counterparts may be delivered by facsimile transmission or other electronic transmission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.9 <u>Restrictions</u>. The Holder acknowledges that the Shares acquired upon the exercise of this Purchase Warrant, if not registered, and the Holder does not utilize cashless exercise, will have restrictions upon resale imposed by state and federal securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.10 <u>Severability</u>. Wherever possible, each provision of this Purchase Warrant shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Purchase Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Purchase Warrant.

**[Remainder of page intentionally left blank]**

**IN WITNESS WHEREOF**, the Company has caused this Purchase Warrant to be signed by its duly authorized officer as of the [●] day of [●], 2025.

By:   <br> Name: <br> Title:

**EXHIBIT A**

**EXERCISE FORM**

Form to be used to exercise Purchase Warrant:

Date: __________, 20___

The undersigned hereby elects irrevocably to exercise the Purchase Warrant for ______ Shares of Global Development Engineering Company Limited, a British Virgin Islands company limited by shares (the "**Company**") and hereby makes payment of $____ (at the rate of $____ per Share) in payment of the Exercise Price pursuant thereto. Please issue the Shares as to which this Purchase Warrant is exercised in accordance with the instructions given below and, if applicable, a new Purchase Warrant representing the number of Shares for which this Purchase Warrant has not been exercised.

or

The undersigned hereby elects irrevocably to convert its right to purchase ___ Shares under the Purchase Warrant for ______ Shares, as determined in accordance with the following formula:

---

| | | |
|:---|:---|:---|
| X | = | Y(A-B) |
|  |  | A |

---

Where,

X = The number of Shares to be issued to Holder;

Y = The number of Shares that would be issuable upon exercise of this Purchase Warrant in accordance with the terms of this Purchase Warrant if such exercise were by means of a cash exercise rather than a cashless exercise;

A = The fair market value of one Share; and

B = The Exercise Price of this Purchase Warrant, as adjusted hereunder

The undersigned agrees and acknowledges that the calculation set forth above is subject to confirmation by the Company and any disagreement with respect to the calculation shall be resolved by the Company in its sole discretion.

Signature

Signature Guaranteed

**INSTRUCTIONS FOR REGISTRATION OF SECURITIES**

Name:

(Print in Block Letters)

Address:

NOTICE: The signature to this form must correspond with the name as written upon the face of the Purchase Warrant without alteration or enlargement or any change whatsoever, and must be guaranteed by a bank, other than a savings bank, or by a trust company or by a firm having membership on a registered national securities exchange.

**EXHIBIT B**

**ASSIGNMENT FORM**

Form to be used to assign Purchase Warrant:

(To be executed by the registered Holder to effect a transfer of the within Purchase Warrant):

FOR VALUE RECEIVED, does hereby sell, assign and transfer unto the right to purchase shares of Global Development Engineering Company Limited, a British Virgin Islands company limited by shares (the "**Company**"), evidenced by the Purchase Warrant and does hereby authorize the Company to transfer such right on the books of the Company to

_______________________________________________ whose address is

_______________________________________________________________.

_______________________________________________________________

Dated: ____________, 20__

Holder's Signature: _____________________________

Holder's Address: _____________________________

_____________________________

Signature Guaranteed: ___________________________________________

NOTICE: The signature to this form must correspond with the name as written upon the face of the within Purchase Warrant without alteration or enlargement or any change whatsoever, and must be guaranteed by a bank or trust company. Officers of corporations and those acting in a fiduciary or other representative capacity should file proper evidence of authority to assign the foregoing Purchase Warrant.

## Exhibit 5.1

**Exhibit 5.1**

![](ex5-1_001.jpg)

Our ref EWR/830670-000003/41019406v2

Global Development Engineering Company Limited

Kingston Chambers

PO Box 173

Road Town

Tortola, VG1110

British Virgin Islands

16 September 2025

**Global Development Engineering Company Limited**

We have acted as counsel as to British Virgin Islands law to Global Development Engineering Company Limited (the "**Company**") in connection with the Company's registration statement on Form F-1, including all amendments or supplements thereto, filed with the United States Securities and Exchange Commission (the "**Commission**") under the United States Securities Act of 1933, as amended (the "**Act**") (including its exhibits, the "**Registration Statement**") for the purposes of, registering with the Commission under the Act, the offering and sale of:

&nbsp;&nbsp;&nbsp;&nbsp;(a) up
 to 3,750,000 ordinary shares of no par value of the Company (the "**Ordinary Shares** ");
 and

&nbsp;&nbsp;&nbsp;&nbsp;(b) up
 to 187,500 ordinary shares of no par value of the Company that may be issued upon exercise
 of the Representative's Warrants (as defined in the Registration Statement) (the "**Warrant Shares** ").

This opinion letter is given in accordance with the terms of the Legal Matters section of the Registration Statement.

---

| | |
|:---|:---|
| **1** | **Documents Reviewed** |

---

We have reviewed originals, copies, drafts or conformed copies of the following documents:

1.1 The
 public records of the Company on file and available for public inspection at the Registry
 of Corporate Affairs in the British Virgin Islands (the "**Registry of Corporate Affairs** ")
 on 15 September 2025, including the Company's Certificate of Incorporation and the
 memorandum and articles of association registered on 25 April 2024 (the "**Memorandum and Articles** ").

1.2 A
 list of the Company's directors provided by the Registry of Corporate Affairs dated
 15 September 2025 (the "**Registry List of Directors** ").

1.3 The
 records of proceedings available from a search of the electronic records maintained on the
 Judicial Enforcement Management System and the E-Litigation Portal from 1 January 2000 and
 available for inspection on 15 September 2025 at the British Virgin Islands High Court Registry
 (the "**High Court Registry** ").

![](ex5-1_002.jpg)

1.4 The
 written resolutions of the board of directors of the Company dated 12 September 2025 (the
 "**Resolutions** ").

1.5 A
 Certificate of Incumbency dated 15 September 2025, issued by Maples Corporate Services (BVI)
 Limited, the Company's registered agent (the "**Registered Agent's Certificate** ").

1.6 A
 certificate of good standing with respect to the Company issued by the Registrar of Corporate
 Affairs dated 15 September 2025 (the "**Certificate of Good Standing** ").

1.7 A
 certificate from a director of the Company a copy of which is attached to this opinion (the
 "**Director's Certificate** ").

1.8 The
 Registration Statement.

1.9 A
 draft of the form of the purchase warrant agreement constituting the Representative's
 Warrants (the "**Warrant Documents** ")

The documents listed in paragraphs 1.8 and 1.9 above shall be referred to collectively herein as the "**Documents**").

---

| | |
|:---|:---|
| **2** | **Assumptions** |

---

The following opinions are given only as to, and based on, circumstances and matters of fact existing and known to us on the date of this opinion letter. These opinions only relate to the laws of the British Virgin Islands which are in force on the date of this opinion letter. In giving the following opinions we have relied (without further verification) upon the completeness and accuracy, as at the date of this opinion letter, of the Registry List of Directors, the Registered Agent's Certificate, the Director's Certificate and the Certificate of Good Standing. We have also relied upon the following assumptions, which we have not independently verified:

2.1 The
 Documents have been or will be authorised and duly executed and unconditionally delivered
 by or on behalf of all relevant parties in accordance with all relevant laws (other than,
 with respect to the Company, the laws of the British Virgin Islands).

2.2 The
 Documents are, or will be, legal, valid, binding and enforceable against all relevant parties
 in accordance with their terms under the laws of the State of New York (the "**Relevant Law**") and all other relevant laws (other than, with respect to the Company, the
 laws of the British Virgin Islands).

2.3 The
 choice of the Relevant Law as the governing law of the Documents has been made in good faith
 and would be regarded as a valid and binding selection which will be upheld by the courts
 of the State of New York and any other relevant jurisdiction (other than the British Virgin
 Islands) as a matter of the Relevant Law and all other relevant laws (other than the laws
 of the British Virgin Islands).

2.4 Copies
 of documents, conformed copies or drafts of documents provided to us are true and complete
 copies of, or in the final forms of, the originals.

2.5 All
 signatures, initials and seals are genuine.

2.6 The
 capacity, power, authority and legal right of all parties under all relevant laws and regulations
 (other than, with respect to the Company, the laws and regulations of the British Virgin
 Islands) to enter into, execute, unconditionally deliver and perform their respective obligations
 under the Documents.

2.7 That
 all public records of the Company which we have examined are accurate and that the information
 disclosed by the searches which we conducted against the Company at the Registry of Corporate
 Affairs and the High Court Registry is true and complete and that such information has not
 since then been altered and that such searches did not fail to disclose any information which
 had been delivered for registration but did not appear on the public records at the date
 of our searches.

2.8 No
 invitation has been or will be made by or on behalf of the Company to the public in the British
 Virgin Islands to subscribe for any of the Ordinary Shares or Warrant Shares.

2.9 There
 is no contractual or other prohibition or restriction (other than as arising under British
 Virgin Islands law) binding on the Company prohibiting or restricting it from entering into
 and performing its obligations under the Documents.

2.10 No
 monies paid to or for the account of any party under the Documents or any property received
 or disposed of by any party to the Documents in each case in connection with the Documents
 or the consummation of the transactions contemplated thereby represent or will represent
 proceeds of criminal conduct or criminal property or terrorist property Registration Statement
 represents or will represent proceeds of criminal conduct (as defined in the Proceeds of
 Criminal Conduct Act (As Revised)).

2.11 There
 is nothing contained in the minute book or corporate records of the Company (which we have
 not inspected) which would or might affect the opinions set out below.

2.12 The
 Company will have sufficient authorised and unissued shares under the Memorandum and Articles
 at the time any Ordinary Shares or Warrant Shares were or are issued.

2.13 The
 Ordinary Shares and Warrant Shares issued pursuant to the Documents have been, or will be,
 duly registered, and will continue to be registered, in the Company's register of members.

2.14 The
 Company will receive or has received, cash consideration or non-cash consideration in consideration
 for the issue of the Ordinary Shares and none of the Ordinary Shares were, or will be, issued
 for less than par value.

2.15 There
 is nothing under any law (other than the laws of the British Virgin Islands) which would
 or might affect the opinions set out below. Specifically, we have made no independent investigation
 of the Relevant Law.

2.16 The
 Warrant Shares to be issued upon exercise of the Representative's Warrants are issued
 for cash consideration, or, to the extent that any Warrant Shares to be issued upon exercise
 of the Representative's Warrants are to be issued, in whole or in part, for non-cash
 consideration, the Company has passed or will pass a resolution of directors in respect of
 such Warrant Shares stating:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 amount to be credited for the issue of such Warrant Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that,
 in their opinion, the present cash value of the non-cash consideration and cash consideration,
 if any, is not less than the amount to be credited for such Warrant Shares.

Save as aforesaid we have not been instructed to undertake and have not undertaken any further enquiry or due diligence in relation to the transaction the subject of this opinion letter.

---

| | |
|:---|:---|
| **3** | **Opinions** |

---

Based upon, and subject to, the foregoing assumptions and the qualifications set out below, and having regard to such legal considerations as we deem relevant, we are of the opinion that:

3.1 The
 Company is a company limited by shares incorporated with limited liability under the BVI
 Business Companies Act (As Revised) (the "**Act** "), is in good standing at
 the Registry of Corporate Affairs and is validly existing under the laws of the British Virgin
 Islands.

3.2 The
 Company is authorized to issue an unlimited number of Ordinary Shares of no par value.

3.3 The
 Ordinary Shares to be offered and issued by the Company as contemplated by the Registration
 Statement have been duly authorised for issue, and when issued by the Company against payment
 in full of the consideration as set out in the Registration Statement and in accordance with
 the terms set out in the Registration Statement, such Ordinary Shares will be validly issued
 and, assuming that all of the consideration is received by the Company, fully paid and non-assessable.
 As a matter of British Virgin Islands law, a share is only issued when it has been entered
 in the register of members.

3.4 The
 execution, delivery and performance of the Warrant Documents have been authorised by and
 on behalf of the Company and, once the Warrant Documents have been executed and delivered
 by any director or officer of the Company, the Warrant Documents will be duly executed and
 delivered on behalf of the Company and will constitute the legal, valid and binding obligations
 of the Company enforceable in accordance with their terms.

3.5 The
 Warrant Shares to be issued by the Company upon exercise of the Representative's Warrants
 have been duly authorised for issue, and when issued by the Company against payment in full
 of the consideration set out in the Warrant Documents and in accordance with the terms set
 out in the Warrant Documents, such Warrant Shares will be validly issued, fully paid and
 non-assessable. As a matter of British Virgin Islands law, a share is only issued when it
 has been entered in the register of members.

3.6 The
 statements included in the prospectus included in the Registration Statement under the heading
 "British Virgin Islands Taxation", insofar as such statements summarise the laws
 of the British Virgin Islands, are accurate and fairly represent in all material respects
 summaries of British Virgin Islands laws and regulations.

---

| | |
|:---|:---|
| **4** | **Qualifications** |

---

The opinions expressed above are subject to the following qualifications:

4.1 The
 obligations assumed by the Company under the Documents will not necessarily be enforceable
 in all circumstances in accordance with their terms. In particular:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) enforcement
 may be limited by bankruptcy, insolvency, liquidation, reorganisation, readjustment of debts
 or moratorium or other laws of general application relating to or affecting the rights of
 creditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) enforcement
 may be limited by general principles of equity. For example, equitable remedies such as specific
 performance may not be available, *inter alia*, where damages are considered to be an
 adequate remedy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) where
 obligations are to be performed in a jurisdiction outside the British Virgin Islands, they
 may not be enforceable in the British Virgin Islands to the extent that performance would
 be illegal under the laws of that jurisdiction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) some
 claims may become barred under relevant statutes of limitation or may be or become subject
 to defences of set off, counterclaim, estoppel and similar defences.

4.2 To
 maintain the Company in good standing with the Registrar of Corporate Affairs under the laws
 of the British Virgin Islands, annual filing fees must be paid and returns made to the Registrar
 of Corporate Affairs within the time frame prescribed by law.

4.3 We
 express no opinion as to the meaning, validity or effect of any references to foreign (i.e.
 non-British Virgin Islands) statutes, rules, regulations, codes, judicial authority or any
 other promulgations and any references to them in the Registration Statement.

4.4 The
 obligations of the Company may be subject to restrictions pursuant to United Nations and
 United Kingdom sanctions extended to the British Virgin Islands by Orders in Council and/or
 sanctions imposed by governmental or regulatory authorities or agencies in the British Virgin
 Islands under British Virgin Islands legislation.

4.5 We
 express no view as to the commercial terms of the Registration Statement or whether such
 terms represent the intentions of the parties and we make no comment with respect to any
 representations and warranties which may be made by or with respect to the Company in any
 of the documents or instruments cited in this opinion letter or otherwise with respect to
 the commercial terms of the transactions the subject of this opinion letter.

4.6 Under
 British Virgin Islands law, the register of members is *prima facie* evidence of title
 to shares and this register would not record a third party interest in such shares. However,
 there are certain limited circumstances where an application may be made to a British Virgin
 Islands court for a determination on whether the register of members reflects the correct
 legal position. Further, the British Virgin Islands court has the power to order that the
 register of members maintained by a company should be rectified where it considers that the
 register of members does not reflect the correct legal position. For the purposes of the
 opinion given in paragraphs 3.2 and 3.3, there are no circumstances or matters of fact known
 to us on the date of this opinion letter which would properly form the basis for an application
 for an order for rectification of the register of members of the Company, but if such an
 application were made in respect of the Ordinary Shares or Warrant Shares, then the validity
 of such shares may be subject to re-examination by a British Virgin Islands court.

4.7 In
 this opinion letter, the phrase "non-assessable" means, with respect to the issuance
 of shares, that a shareholder shall not, in respect of the relevant shares and in the absence
 of a contractual arrangement, or an obligation pursuant to the memorandum and articles of
 association, to the contrary, have any obligation to make further contributions to the Company's
 assets (except in exceptional circumstances, such as involving fraud, the establishment of
 an agency relationship or an illegal or improper purpose or other circumstances in which
 a court may be prepared to pierce or lift the corporate veil).

4.8 The
 search of records of proceedings available at the High Court Registry would not reveal any
 proceeding which has been placed under seal or anonymised (whether by order of the Court
 or pursuant to the practice of the High Court Registry).

We hereby consent to the filing of this opinion letter as an exhibit to the Registration Statement and to the reference to our firm under the heading "Legal Matters" in the prospectus included in the Registration Statement. In providing our consent, we do not thereby admit that we are in the category of persons whose consent is required under section 7 of the Act or the Rules and Regulations of the Commission thereunder.

We express no view as to the commercial terms of the Documents or whether such terms represent the intentions of the parties and make no comment with regard to warranties or representations that may be made by the Company.

The opinions in this opinion letter are strictly limited to the matters contained in the opinions section above and do not extend to any other matters. We have not been asked to review and we therefore have not reviewed any of the ancillary documents relating to the Documents and express no opinion or observation upon the terms of any such document.

This opinion letter is addressed to you and may be relied upon by you, your counsel and purchasers of Ordinary Shares and Warrant Shares pursuant to the Documents. This opinion letter is limited to the matters detailed herein and is not to be read as an opinion with respect to any other matter.

Yours faithfully

Maples and Calder

**Appendix A**

**Director's Certificate**

---

| | |
|:---|:---|
| To: | Maples and Calder |
|  | 5<sup>th</sup> Floor, Ritter House |
|  | PO Box 173 |
|  | Road Town |
|  | Tortola |
|  | British Virgin Islands |

---

___________________ 2025

**Global Development Engineering Company Limited** (the "**Company**")

I, the undersigned, being a director of the Company, am aware that you are being asked to provide an opinion letter (the "**Opinion**") in relation to certain aspects of British Virgin Islands law. Unless otherwise defined herein, capitalised terms used in this certificate have the respective meanings given to them in the Opinion. I hereby certify that:

1 The Memorandum and Articles remain in full force and effect and are unamended.

---

| | |
|:---|:---|
| 2 | The director resolutions dated _____________________ 2025 (the "**Resolutions**") were duly passed in the manner prescribed in the Memorandum and Articles (including, without limitation, with respect to the disclosure of interests (if any) by directors of the Company). The Resolutions have not been amended, varied or revoked in any respect and the directors of the Company have not restricted or limited the powers of any future directors of the Company in any way. |

---

---

| | |
|:---|:---|
| 3 | Immediately prior to the issue of the Ordinary Shares and Warrant Shares, the Company had or will have sufficient authorised but unissued shares in order for Ordinary Shares and Warrant Shares to be issued as contemplated by the Documents. |

---

4 All shares of the Company in issue immediately prior to the offering of Ordinary Shares or Warrant Shares have been duly authorised and are validly issued as fully paid and non-assessable.

---

| | |
|:---|:---|
| 5 | The members of the Company (the "**Members**") have not restricted or limited the powers of the directors of the Company in any way. |

---

6 The directors of the Company at the date of the Resolutions and at the date of this certificate were and are as follows: Sui Hei Chain and King Wan Leung.

---

| | |
|:---|:---|
| 7 | The minute book and corporate records of the Company as maintained at its registered office in the British Virgin Islands and on which the Registered Agent's Certificate were prepared are complete and accurate in all material respects, and all minutes and resolutions filed therein represent a complete and accurate record of all meetings of the members and directors (or any committee thereof) (duly convened in accordance with the Memorandum and Articles) and all resolutions passed at the meetings, or passed by written resolution or consent, as the case may be. |

---

8 The Company has not created any charges over any of its property or assets.

---

| | |
|:---|:---|
| 9 | Prior to, at the time of, and immediately following the approval of the transactions contemplated by the Registration Statement, the Company was, or will be, able to pay its debts as they fell, or fall, due and the transactions to which the Registration Statement relate will not cause the Company to become unable to pay its debts as they fall due. The Company has entered, or will enter, into the transactions contemplated by the Registration Statement for proper value and not with an intention to defraud or wilfully defeat an obligation owed to any creditor and the transactions contemplated thereby do not and will not give any creditor an unfair preference. |

---

10 Neither the Company nor any of its subsidiaries (if any) has an interest in any land in the British Virgin Islands.

---

| | |
|:---|:---|
| 11 | Each director of the Company considers the transactions contemplated by the Registration Statement to be of commercial benefit to the Company and has acted in good faith in the best interests of the Company, and for a proper purpose of the Company, in relation to the transactions which are the subject of the Opinion. |

---

---

| | |
|:---|:---|
| 12 | To the best of my knowledge and belief, having made due inquiry, the Company is not the subject of legal, arbitral, administrative or other proceedings in any jurisdiction. Nor have the Directors and/or the Member taken any steps to have the Company struck off or placed in liquidation, nor have any steps been taken to wind up the Company. Nor has any receiver been appointed over any of the Company's property or assets. |

---

13 The Company has at no time had employees.

---

| | |
|:---|:---|
| 14 | To the best of my knowledge and belief, having made due inquiry, there are no circumstances or matters of fact existing which may properly form the basis for an application for an order for rectification of the register of members of the Company. |

---

15 The Registration Statement has been, or will be, authorised and duly executed and delivered by or on behalf of all relevant parties in accordance with all relevant laws.

16 No invitation has been made or will be made by or on behalf of the Company to the public in the British Virgin Islands to subscribe for any of the Ordinary Shares or Warrant Shares.

17 The Ordinary Shares to be issued pursuant to the Registration Statement have been, or will be, duly registered, and will continue to be registered, in the Company's register of members.

18 The Company is not a central bank, monetary authority or other sovereign entity of any state and is not a subsidiary, direct or indirect, of any sovereign entity or state.

---

| | |
|:---|:---|
| 19 | There is no contractual or other prohibition or restriction (other than as arising under British Virgin Islands law) binding on the Company prohibiting or restricting it from entering into and performing its obligations under the Documents. |

---

[*Signature page follows*]

I confirm that you may continue to rely on this certificate as being true and correct on the day that you issue the Opinion unless I shall have previously notified you in writing personally to the contrary.

Signature:   <br> Name: <br> Title: Director

## Exhibit 10.1

**Exhibit 10.1**

![](ex10-1_001.jpg)

![](ex10-1_002.jpg)

![](ex10-1_003.jpg)

![](ex10-1_004.jpg)

![](ex10-1_005.jpg)

![](ex10-1_006.jpg)

## Exhibit 10.2

**Exhibit 10.2**

![](ex10-2_001.jpg)

![](ex10-2_002.jpg)

![](ex10-2_003.jpg)

![](ex10-2_004.jpg)

## Exhibit 10.3

**Exhibit 10.3**

**債務免除協議**

**Debt Waive Agreement**

日期: 30/03/2023 <br> Date: March 30, 2023

---

| | |
|:---|:---|
| 債權人: | 新富興工程公司 |
| Creditor: | New Fu Hing Engineering Co. |
| 地址 |  |
| Address: | G/F, No.91, Tai Nan Street, Kowloon |
| 債務人: | 宏拓工程有限公司 |
| Debtor: | Global Development Engineering Co., Ltd. |
| 地址 |  |
| Address: | Flat B1, 13/F, Hoi Bun Industrial Building, Kwun Tong, Kowloon |

---

債權人與債務人協商達成本協議，遵守所述條款，保障雙方在債務豁免過程中的權利、義務與責任。

WHEREAS the Creditor and the Debtor agree to effect this debt waive agreement subject to and in accordance with terms hereof, to protect relevant rights, obligations and responsibilities of both parties associated with the debt waive.

債務人在經營過程中，因向債權人採購材料或者獲取相關服務，而對債權人負有一定金額的貨幣債務。

The Debtor has monetary debts to the Creditor as of purchase of materials or services during the operation.

第一條 債務金額與豁免

Article 1 Debt Amount and Debt Waive

1. 截止本協定簽署日，債務人對債權人的債務總額為 HK$7,989,898.11，債權人同意豁免債務總計HK$6,000,000.00。

As of the date of signing this agreement, the Debtor has a debt of HK$7,989,898.11 in total to the Creditor, the Creditor agrees to waive the debt of HK$6,000,000.00.

2.豁免完成（即本協議生效後）,債務人對債權人的債務總額為 HK$1,989,898.11，以上豁免不附帶任何或有條件。

After this debt waive (this agreement comes into effect), the Debtor bear a debt of HK$1,989,898.11 in total to the Creditor, there are no any contingent conditions imposed on this debt waive.

第二條 債權人承諾與保證

Article 2 Creditor's Commitment and Guarantee

債權人承諾簽署本協定及依據本協定豁免債務人之債務，此同意已經取得債權人內部相應決策機構之有效批准決議，且該等決議不變更、不撤銷。

The Creditor commits to sign this agreement and agrees the debt waive subject to and in accordance with this agreement, which has entitled to a valid approval resolution of corresponding decision-making body within the Creditor and this approval resolution will not be amended or withdrawn.

第三條 資訊披露之許可

Article 3 Permission for Information Disclosure

債務人承諾披露本協定相關內容需經債權人之許可。

The Debtor agrees disclosure of relevant information within this agreement shall be permitted from the Creditor.

第四條 協議變更與解除

Article 4 Amendment and Termination of the Agreement

1. 雙方簽署本協議後，非經雙方另行簽署書面協定，本協定不得變更、解除、終止、撤銷。

After the signing of this agreement by both parties, this agreement shall not be amended, rescinded, terminated or withdrawn without an agreement in written signed by both parties.

2. 任一方違反前款約定，單方變更、解除、終止、撤銷本協議的，均屬無效行為。

If either party violates the terms of this agreement, any unilateral amendment, rescission, termination or withdrawn of this agreement shall be invalid.

第五條 協定效力與文本

Article 5 Effectiveness and Copies

本協議自雙方簽署時生效，雙方各執一份。

This agreement comes into effect after the signing of this agreement by both parties, with each party holding one copy.

---

| |
|:---|
| 宏拓工程有限公司 |
| Global Development Engineering Co Ltd |
| 接納及確認: |
| Accept and agrees above terms |
| ![](ex10-3_001.jpg) |
| 30/03/2023 |
| 新富興工程公司 |
| New Fu Hing Engineering Co. |
| 接納及確認: |
| Accept and agrees above terms |
| ![](ex10-3_002.jpg) |
| 30/03/2023 |

---

## Exhibit 10.4

**Exhibit 10.4**

**債務免除協議**

**Debt Waive Agreement**

日期: 30/09/2022<br> Date: September 30, 2022

---

| | |
|:---|:---|
| 債權人: | 新富興工程公司 |
| Creditor: | New Fu Hing Engineering Co. |
| 地址 |  |
| Address: | G/F, No.91, Tai Nan Street, Kowloon |
| 債務人: | 宏拓工程有限公司 |
| Debtor: | Global Development Engineering Co., Ltd. |

---

地址

Address: Flat B1, 13/F, Hoi Bun Industrial Building, Kwun Tong, Kowloon

債權人與債務人協商達成本協議，遵守所述條款，保障雙方在債務豁免過程中的權利、義務與責任。

WHEREAS the Creditor and the Debtor agree to effect this debt waive agreement subject to and in accordance with terms hereof, to protect relevant rights, obligations and responsibilities of both parties associated with the debt waive.

債務人在經營過程中，因向債權人採購材料或者獲取相關服務，而對債權人負有一定金額的貨幣債務。

The Debtor has monetary debts to the Creditor as of purchase of materials or services during the operation.

第一條 債務金額與豁免

Article 1 Debt Amount and Debt Waive

1. 截止本協定簽署日，債務人對債權人的債務總額為 HK$3,651,925.04，債權人同意豁免債務總計HK$393,600.00。

As of the date of signing this agreement, the Debtor has a debt of HK$3,651,925.04 in total to the Creditor, the Creditor agrees to waive the debt of HK$393,600.00.

2.豁免完成（即本協議生效後）,債務人對債權人的債務總額為 HK$3,258,325.04，以上豁免不附帶任何或有條件。

After this debt waive (this agreement comes into effect), the Debtor bear a debt of HK$3,258,325.04 in total to the Creditor, there are no any contingent conditions imposed on this debt waive.

第二條 債權人承諾與保證

Article 2 Creditor's Commitment and Guarantee

債權人承諾簽署本協定及依據本協定豁免債務人之債務，此同意已經取得債權人內部相應決策機構之有效批准決議，且該等決議不變更、不撤銷。

The Creditor commits to sign this agreement and agrees the debt waive subject to and in accordance with this agreement, which has entitled to a valid approval resolution of corresponding decision-making body within the Creditor and this approval resolution will not be amended or withdrawn.

第三條 資訊披露之許可

Article 3 Permission for Information Disclosure

債務人承諾披露本協定相關內容需經債權人之許可。

The Debtor agrees disclosure of relevant information within this agreement shall be permitted from the Creditor.

第四條 協議變更與解除

Article 4 Amendment and Termination of the Agreement

1. 雙方簽署本協議後，非經雙方另行簽署書面協定，本協定不得變更、解除、終止、撤銷。

After the signing of this agreement by both parties, this agreement shall not be amended, rescinded, terminated or withdrawn without an agreement in written signed by both parties.

2. 任一方違反前款約定，單方變更、解除、終止、撤銷本協議的，均屬無效行為。

If either party violates the terms of this agreement, any unilateral amendment, rescission, termination or withdrawn of this agreement shall be invalid.

第五條 協定效力與文本

Article 5 Effectiveness and Copies

本協議自雙方簽署時生效，雙方各執一份。

This agreement comes into effect after the signing of this agreement by both parties, with each party holding one copy.

宏拓工程有限公司

Global Development Engineering Co Ltd

接納及確認:

Accept and agrees above terms

---

| |
|:---|
| ![](ex10-4_001.jpg) |
| 30/03/2023 |

---

新富興工程公司

New Fu Hing Engineering Co.

接納及確認:

Accept and agrees above terms

---

| |
|:---|
| ![](ex10-4_002.jpg) |
| 30/03/2023 |

---

## Exhibit 10.5

**Exhibit 10.5**

**SUBCONTRACTING AGREEMENT**

**Between**

**NEW FU HING ENGINEERING LIMITED ("NFH")**

**and**

 **Global Development Engineering Co., Ltd. ("Global Development HK")**

This Agreement, dated as of **<u>1<sup>st</sup> April 2021</u>**, between **<u>New Hu Hing Engineering Limited</u>**. ("**NFH**") which business registration number is 22117518, as independent subcontractor, and **<u>Global Development Engineering Co., Ltd</u>** ("**Global Development HK**") which business registration number is 65089645, as main contractor.

**WHEREAS**, NFH agrees to perform certain business and/or construction services ("Services") as a subcontractor as set forth within this Agreement; and

**WHEREAS**, Global Development HK agrees to procure the Services from NFH as specified within this Agreement.

**NOW, THEREFORE**, in consideration of the mutual covenants hereinafter set forth, and the adequacy and receipt of which are hereby acknowledged, the parties hereto agree as follows:

**1**.  **<u>Scope of Services</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 NFH agrees to perform construction services ("Services") as a subcontractor agreed within this Agreement and required by Global Development HK during the term of this agreement and any extensions thereof. With respect to specific and detailed projects and locations, Global Development HK shall notify NFH in written case by case.

**2**.  **<u>Term of Agreement</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;2.1 This Agreement shall commence as of  **<u>1<sup>st</sup> April 2021</u>** and shall expire on  **<u>31<sup>st</sup> March 2024</u>** ()"**Completion Date** "). Should both Global Development HK and NFH agree in writing, this Agreement
may be extended for up to an additional sixty (60) day period commencing from the Completion Date.

&nbsp;&nbsp;&nbsp;&nbsp;2.2 In the case that one party is in breach of any terms or conditions of this Agreement and fails to rectify
the breach within seven (7) days upon written notice by the other party, or is presumed or deemed to be unable or admits inability to
pay its debts as they fall due by reason of actual or anticipated financial difficulties, or files a petition for winding-up, or shall
go into liquidation (save for the purpose of amalgamation or reorganization), or suffers judicial compulsory execution over all or any
part of its assets (each an "**Event of Default** "), the other party may terminate this Agreement. Upon any such termination
by Global Development HK in accordance with this term hereof, NFH shall only be compensated for all costs incurred for that portion of
the Service then performed deducting any losses and damages so incurred by the Global Development HK due to such termination, including
but not limited to any rent losses incurred by the delay of the Service, and NFH shall be liable for any costs incurred by Global Development
HK in completing the Project in excess of the difference between the Contract Price and the amount paid to NFH by Global Development HK
as to the date of termination.

&nbsp;&nbsp;&nbsp;&nbsp;2.3 Global Development HK reserves the right to terminate this Agreement at its sole discretion by giving
not less than seven (7) days' prior notice in writing to NFH. In such event, NFH shall be paid its actual costs for that portion
of the Service completed up to the date of termination.

**3**.  **<u>Site Investigation</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;3.1 NFH shall understand the nature and location of the projects assigned by Global Development HK, the character
of equipment and facilities needed prior to and during the performance of the Service, the general and local conditions and other matters
which can reasonably be expected to affect the Services/projects.

&nbsp;&nbsp;&nbsp;&nbsp;3.2 NFH will conduct all necessary surveys on the physical characteristics, premise, geological and subsurface
conditions, legal limitations and utility locations in connection with the Service/projects.

---

| | |
|:---|:---|
| **4** | **<u>Performance of the Service</u>** |

---

&nbsp;&nbsp;&nbsp;&nbsp;4.1 NFH shall diligently perform the Service in order to achieve completion by the delivery date.

&nbsp;&nbsp;&nbsp;&nbsp;4.2 NFH shall, at its own expense, keep the site of the projects free from accumulation of rubbish and waste
materials. Upon completion of the Services, NFH shall remove all rubbish, waste materials, temporary structures, equipment and surplus
materials.

&nbsp;&nbsp;&nbsp;&nbsp;4.3 Global Development HK shall have full and free access to the project locations to inspect the performance
of Services by NFH. In case that Global Development HK finds out any item of work inconsistent with the requirements as agreed by both
parties, Global Development HK shall have the right to require NFH re-perform such work at NFH's cost.

**5.**  **<u>Materials, Equipment and Appliances</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;5.1 Unless otherwise instructed by Global Development HK, NFH shall provide and pay the cost, including taxes,
for all materials, labor, equipment, tools, transportation and all other services and facilities necessary for completion of the Services
except as otherwise stated in writing and agreed by Global Development HK.

&nbsp;&nbsp;&nbsp;&nbsp;5.2 Unless otherwise specified, all materials incorporated in the Services shall be new and both workmanship
and materials shall be of good quality and comply with all relevant standards set out by the laws of Hong Kong. NFH shall, if required,
furnish satisfactory evidence as to the kind and quality of workmanship and materials.

**6.**  **<u>Labor and Supervision</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;6.1 NFH shall at all times maintain good discipline and order among its employees. NFH shall provide competent,
suitably qualified personnel to perform the work assigned to them.

&nbsp;&nbsp;&nbsp;&nbsp;6.2 NFH shall employ on the site of the Project necessary assistants to represent NFH receives communications
from Global Development HK. Important communications shall be confirmed by Global Development HK in writing.

&nbsp;&nbsp;&nbsp;&nbsp;6.3 Global Development HK, at its sole discretion, may require NFH in writing to remove any superintendent,
employee, or agent of NFH from any site where the projects are being performed.

**7.**  **<u>Permits, Licenses and Regulations</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 NFH shall acquire and maintain any approvals, registrations, permits or licenses to be qualified for the Services and give all notices and comply with all laws, ordinances, rules and regulations in connection with the performance of the Services. If the drawings and specifications are in violation of any laws, ordinances, rules and regulations, Global Development HK shall be promptly notified of such violation. Any necessary changes in the Services as a result of such violation shall be made by NFH and at NFH's cost.

**8.**  **<u>Inspection of Work</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;8.1 Global Development HK shall have the right to inspect the site during the course of the Service. Notwithstanding
such inspection, NFH will be held responsible for the acceptability of the finished Service, and defective work shall be corrected.

&nbsp;&nbsp;&nbsp;&nbsp;8.2 Global Development HK and its representatives shall at all times have access to the Project whenever it
is in preparation or progress, and NFH shall provide proper facilities for such access and for inspection.

&nbsp;&nbsp;&nbsp;&nbsp;8.3 NFH shall give not less than three (3) days' prior notice to Global Development HK if any portion
of the work is to be covered. If a portion of the work has been covered without prior notice to Global Development HK, Global Development
HK may request to see such part. Upon such request, NFH shall uncover such work. The costs of the relevant uncovering and replacement
shall be undertaken by NFH.

**9.**  **<u>Suspension of Work</u>** 

Global Development HK may at any time by notice to NFH suspend further performance of all or any portion of the Services by NFH. The notice shall specify the date and the estimated duration of the suspension. Any suspension shall not exceed ten (10) consecutive working days, nor shall the total of all suspensions exceed thirty (30) calendar days. Upon receiving any such notice, NFH shall promptly suspend further performance of the Services to the extent specified in the notice, and during the period of such suspension, shall properly take care of and protect all work in progress and materials, supplies, and equipment that NFH has on hand for performance of the Services. Global Development HK may at any time withdraw the suspension of performance of Service as to all or part of the suspended work by notice to NFH specifying the effective date and scope of withdrawal, and NFH shall resume diligent performance of the Service for which the suspension is withdraw. In case all or any portion of the Service is suspended, the Completion Date shall be extended for the same period of time.

**10.**  **<u>Completion and Acceptance</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;10.1 NFH shall notify Global Development HK upon completion of the Services for inspection.

&nbsp;&nbsp;&nbsp;&nbsp;10.2 If any portion of the permanent construction has been satisfactorily completed and Global Development
HK determines that such portion of the permanent construction is not required for the operations of NFH, Global Development HK may issue
to NFH a certificate of partial completion, and Global Development HK may take over and use the portion of the permanent construction
described in such certificate.

&nbsp;&nbsp;&nbsp;&nbsp;10.3 NFH shall be responsible for the Services in accordance with the requirements. Global Development HK shall
be entitled to request NFH to re-perform, repair or rectify, at the cost of NFH, any work inconsistent with the requirements under this
Agreement. If such work has not been re-performed, repaired or rectified within five (5) days (or such longer period as Global Development
HK may reasonably agree) upon request by Global Development HK, Global Development HK shall be entitled to be compensated by NFH for all
costs or damages incurred in relation to such delay, offset such costs or damages by deducting from payments of the Contract Price, or
terminate this Agreement.

**11.**  **<u>Protection of the Public, the Work and the Property</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;11.1 NFH shall be responsible for initiating, maintaining, and supervising all safety precautions and programs
in connection with the Services.

&nbsp;&nbsp;&nbsp;&nbsp;11.2 NFH shall take all reasonable precaution for the safety of, and shall provide all reasonable protection
to prevent damage, injury or loss to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. all employees on the Services and all other persons who may be affected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. all the Service and its materials and equipment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. other property at or adjacent to the site of the Project.

&nbsp;&nbsp;&nbsp;&nbsp;11.3 NFH shall give all notices and comply with all applicable laws, ordinances, rules, regulations and lawful
orders of any public authority bearing on the safety of persons or property or their protection from damage, injury or loss.

&nbsp;&nbsp;&nbsp;&nbsp;11.4 In any emergency affecting the safety of persons or property, NFH shall timely act to prevent threatened
damage, injury or loss.

**12**.  **<u>Payment for Services</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;12.1 The consideration of Services will be quoted in written case by case by NFH, and agreed by Global Development
HK.

&nbsp;&nbsp;&nbsp;&nbsp;12.2 Global Development HK agrees to pay NFH in accordance with the quotations and rates set forth within invoices
billed for specific projects. NFH shall submit itemized invoices for Services and others requested by Global Development HK to Global
Development HK for review and approval. Global Development HK shall not be liable to pay for any additional services or related costs
and expenses if Global Development HK has not approved such additional services in writing.

&nbsp;&nbsp;&nbsp;&nbsp;12.3 Failing to meet delivery dates agreed by both parties shall result in Global Development HK having the
right to remedy the failure by replacing components not delivered or non-conforming and offsetting any increase in price by deducting
from invoices on components already received and/or canceling that portion of the order which is delayed or non-conforming at no penalty
and with complete refund of deposits and/or recovery of the maximum legal damages allowed under the laws of Hong Kong.

&nbsp;&nbsp;&nbsp;&nbsp;12.4 NFH agrees that all work, materials and equipment covered by an application for payment will pass to Global
Development HK free and clear of all liens, claims, security interests or encumbrances.

**13**.  **<u>Independent NFH</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;13.1 NFH shall perform the Services hereunder as an independent subcontractor, and nothing contained herein
shall be deemed to create any association, partnership, joint venture, or relationship of principal and agent or master and servant, or
employer and employee between the parties hereto or any affiliates or subsidiaries thereof, or to provide either party with the right,
power or authority, whether expressed or implied, to create any such duty or obligation on behalf of the other party. NFH acknowledges
that its rendition of Services is solely within its control, subject to the terms and conditions agreed, and agrees not to hold itself
out to be an affiliate or agent of Global Development HK. NFH must also comply with all applicable law of Hong Kong.

&nbsp;&nbsp;&nbsp;&nbsp;13.2 NFH also agrees, on behalf of all its employees, that its employees will not be treated, or seek to be
treated, as employees of Global Development HK, for the purposes of fringe benefits provided by Global Development HK for mandatory benefits
under related regulations of Hong Kong. NFH hereby represents that NFH has and at all times will maintain timely payments of all taxes
in compliance with the related laws and regulations, including withholding and all other taxes.

**14**.  **<u>Compliance with Laws</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1 This Agreement shall be governed by the laws of Hong Kong. It is agreed and understood by both parties that all disputes arising out of or in connection with this Agreement shall be settled through negotiation. If the disputes cannot be settled through negotiation, they shall be submitted to Hong Kong Arbitration in accordance with the arbitration rules in force at the time of applying for arbitration. This settlement shall be the final resolution; the prevailing party shall be entitled to recover its arbitration costs, lawyer's fee, plus interest and all other rational related expenses including, but not limited to, those in connection with the procurement of permits, licenses and certificates where required and payment of applicable taxes, Labor Law, work place safety requirements and insurance in line with industry standards. NFH warrants that it will perform the Services in a professional manner and the Services will be fit for the intended purposes. NFH further agrees to hold harmless and indemnify Global Development HK against any loss or damage, including legal fees on a full indemnity basis that may be incurred by reason of the failure of NFH to comply with this term.

**15**.  **<u>Proprietary Rights</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;15.1 NFH agrees that work products including, but not limited to, all information, reports, studies, object
or source codes, flow charts, diagrams and other materials (whether tangible or intangible) of any nature whatsoever produced by or as
a result of any of the Services and additional services rendered hereunder shall be the sole and exclusive property of Global Development
HK. In furtherance thereof, NFH hereby irrevocably grants, assigns and transfers to Global Development HK all rights, title and interest
of any kind, in and to any work product produced hereunder. NFH shall not make use of any of the materials except as may be expressly
permitted in this Agreement. NFH also agrees to execute any documents reasonably requested by Global Development HK in connection with
the registration of patent and/or copyrights or any other statutory protection in such work product.

&nbsp;&nbsp;&nbsp;&nbsp;15.2 NFH further warrants to Global Development HK that the materials, documentation, analysis data, programs
and Services to be delivered or rendered hereunder, will be of the kind and quality designated and shall meet specifications as determined
in Global Development HK's sole and exclusive discretion.

**16.**  **<u>Indemnification</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;16.1 NFH hereby represents and warrants to Global Development HK that the Services provided by NFH will not
violate any proprietary rights of any third party including, without limitation, confidential relationships, patent, trade secrets, copyright
rights and any other proprietary rights. NFH hereby separately agrees to indemnify and hold Global Development HK harmless from any loss,
claim, damage, costs or expense of any kind, including legal fees on a full indemnity basis, to which Global Development HK may be subjected
by virtue of a breach of the foregoing warranty by NFH.

&nbsp;&nbsp;&nbsp;&nbsp;16.2 NFH shall indemnify and hold harmless Global Development HK from and against any and all claims, suits,
losses, damages, liabilities, awards costs (including attorneys' fees and costs) or other expenses of any kind or nature arising
from or relating to: (a) any act or omission by NFH or, its agents, employees or representatives whether or not the same constitutes a
breach of this Agreement or is committed in the course of performing NFH's duties hereunder, including but not limited to those
acts or omissions which are considered tortuous, discriminatory or otherwise unlawful under any applicable law; (b) any act or omission
relating to NFH's failure to maintain insurance as required hereunder, or to properly report, withhold or pay any applicable federal,
state or local taxes or fees of any kind and (c) claims for personal injury or property damage resulting, directly or indirectly, from
the performance of NFH's obligations hereunder or the fault or negligence of NFH, its agents, employees or representatives.

&nbsp;&nbsp;&nbsp;&nbsp;16.3 The obligations of NFH under this term shall survive the expiration or cancellation or termination of
this Agreement.

**17.**  **<u>Limitation of Liability</u>** 

In no event shall Global Development HK be liable for any indirect, special or consequential damages which may arise under this Agreement.

**18**.  **<u>Confidential Information</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;18.1 NFH acknowledges and agrees that all
tangible and intangible information obtained, developed, or disclosed in connection with the performance of this Agreement and any business
information and trade secrets of Global Development HK shall be deemed to be confidential and proprietary information of Global Development
HK ()"**Confidential Information"**), NFH agrees not to disclose any Confidential Information to any third person or entity. NFH
ensures that each of their directors, officers, employees and agents who will have access to the Confidential Information acknowledge
and comply with confidentiality obligations under this term of this Agreement. NFH accepts responsibility for any breach of the confidentiality
obligations.

&nbsp;&nbsp;&nbsp;&nbsp;18.2 The obligations of NFH under this term shall survive the expiration or cancellation or termination of
this Agreement.

**19.**  **<u>Taxes</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;19.1 NFH shall be solely liable and responsible for the payment of taxes, including but not limited to (i)
any tax based on or measured by NFH's income or receipts, and (ii) any other tax and duty arising from the NFH's business.

&nbsp;&nbsp;&nbsp;&nbsp;19.2 Provided that required by related laws and regulations, Global Development HK shall have no liability
for and no obligation to withhold at source any income tax.

&nbsp;&nbsp;&nbsp;&nbsp;19.3 NFH shall timely file all applicable tax returns, including income tax returns, employment tax returns
and information returns required by law, in a manner consistent with its status as an independent NFH of Services and as employer of individual
personnel assigned hereunder. NFH shall make all required payments and deposits of taxes in a timely manner.

&nbsp;&nbsp;&nbsp;&nbsp;19.4 NFH shall cooperate fully in the defense of any claim by any government authority against Global Development
HK regarding taxes assessed with respect to NFH or any individual assigned by NFH to provide Services and additional services hereunder.
Without limiting the generality of the foregoing, NFH shall, upon request by Global Development HK, promptly furnish to Global Development
HK, (i) documentary evidence, in the form satisfactory to Global Development HK, of income tax returns and other filings, (ii) proof of
payment of taxes by NFH, (iii) documentary evidence of employment between NFH and individuals providing Services and (iv) other necessary
documents or evidence as reasonably requested by Global Development HK.

&nbsp;&nbsp;&nbsp;&nbsp;19.5 NFH shall indemnify and hold Global Development HK harmless from and against (i) all taxes, additions
to tax, penalties and interest thereon assessed by state or local governmental authority against Global Development HK and (ii) all liabilities,
costs and expenses including legal fees on a full indemnity basis incurred in the defense of any such assessment.

&nbsp;&nbsp;&nbsp;&nbsp;19.6 This term shall survive this Agreement and remain in effect until the statute of limitations, including
extensions thereof, for all claims by government authorities against Global Development HK for taxes expire.

**20**.  **<u>Publicity</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1 NFH is not authorized to solicit Global Development HK and/or its employees in any manner. Any unauthorized solicitation or publication may result in an Event of Default. NFH shall not use the name and/or trademark/logo of Global Development HK in any sales or marketing publication or advertisement, without prior written consent of Global Development HK.

**21**.  **<u>Non-Subornation</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.1 Global Development HK is required to comply with provisions against bribery and NFH agrees that in performance of its obligations under this Agreement, it will not make or offer to make any payments to, or confer, or offer to confer any benefit upon any employee, agent or fiduciary of any third party, with the intent to influence the conduct of such employee, agent or fiduciary in relation to the business of such third party, in connection with this Agreement.

**22.**  **<u>Work Policy</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;22.1 NFH agrees to observe the working hours, work rules/security measures and holiday schedule of Global Development
HK and the landlord, when required to work on Global Development HK's premises; provided, however, that adherence to such working hours
and schedules shall not constitute justification for non-accomplishment of agreed upon deadlines.

**23.**  **<u>Notice</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.1 Unless otherwise provided in this Agreement, any notice, demand or other communication to be served under this Agreement may be served upon any party hereto only by hand delivery, by courier or by sending the same by facsimile transmission with a copy delivered by courier, to the party to be served at its address or facsimile number given below or at such other address or facsimile number as it may from time to time notify, in writing, to the other party hereto. Unless otherwise provided in this Agreement, a notice, demand or other communication shall be effective upon receipt by the addressee.

**Global Development HK**

Address: <u>Flat B1, 13/F, Hoi Bun Industrial Building, Kwun Tong, Kowloon, Hong Kong.</u>

Attn: Mr Chan Sui Hei

**NFH**

Address: <u>G/F, No.91 Tai Nan Street, Kowloon, Hong Kong.</u>

Attn: Mr. Chan Chiu Hung

**24.**  **<u>Miscellaneous Provisions</u>** 

The following general provisions shall apply to this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;24.1 This Agreement may be executed in several counterparts, each
of which shall be an original, but all of which together shall constitute one and the same Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;24.2 Each signatory of this Agreement has been duly authorized to
sign this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;24.3 If any provision of this Agreement is determined to be illegal
or unenforceable for any reason, the same shall be severed from this Agreement and the remainder of this Agreement shall be given full
force and effect.

**IN WITNESS WHEREOF**, the parties hereto, through their duly authorized officers, have executed this Agreement as of the day and year first set forth above.

**New Hu Hing Engineering Limited**

Signature

________________________

Date: 1 April 2021

**Global Development Engineering Co., Ltd.**

Signature

________________________

Date: 1 April 2021

## Exhibit 10.6

**Exhibit 10.6**

**SUBCONTRACTING AGREEMENT**

**Between**

**NEW FU HING ENGINEERING LIMITED ("NFH")**

**and**

**Global Development Engineering Co., Ltd. ("Global Development HK")**

This Agreement, dated as of **<u>1<sup>st</sup> April 2021</u>**, between **<u>New Hu Hing Engineering Limited</u>**. ("**NFH**") which business registration number is 22117518, as independent subcontractor, and **<u>Global Development Engineering Co., Ltd</u>** ("**Global Development HK**") which business registration number is 65089645, as main contractor.

**WHEREAS**, NFH agrees to perform certain business and/or construction services ("Services") as a subcontractor as set forth within this Agreement; and

**WHEREAS**, Global Development HK agrees to procure the Services from NFH as specified within this Agreement.

**NOW, THEREFORE**, in consideration of the mutual covenants hereinafter set forth, and the adequacy and receipt of which are hereby acknowledged, the parties hereto agree as follows:

**1**.  **<u>Scope of Services</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 NFH agrees to perform construction services ("Services") as a subcontractor agreed within this Agreement and required by Global Development HK during the term of this agreement and any extensions thereof. With respect to specific and detailed projects and locations, Global Development HK shall notify NFH in written case by case.

**2**.  **<u>Term of Agreement</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;2.1 This Agreement shall commence as of  **<u>1<sup>st</sup> April 2021</u>** and shall expire on  **<u>31<sup>st</sup> March 2024</u>** ()"**Completion Date** "). Should both Global Development HK and NFH agree in writing, this Agreement
may be extended for up to an additional sixty (60) day period commencing from the Completion Date.

&nbsp;&nbsp;&nbsp;&nbsp;2.2 In the case that one party is in breach of any terms or conditions of this Agreement and fails to rectify
the breach within seven (7) days upon written notice by the other party, or is presumed or deemed to be unable or admits inability to
pay its debts as they fall due by reason of actual or anticipated financial difficulties, or files a petition for winding-up, or shall
go into liquidation (save for the purpose of amalgamation or reorganization), or suffers judicial compulsory execution over all or any
part of its assets (each an "**Event of Default** "), the other party may terminate this Agreement. Upon any such termination
by Global Development HK in accordance with this term hereof, NFH shall only be compensated for all costs incurred for that portion of
the Service then performed deducting any losses and damages so incurred by the Global Development HK due to such termination, including
but not limited to any rent losses incurred by the delay of the Service, and NFH shall be liable for any costs incurred by Global Development
HK in completing the Project in excess of the difference between the Contract Price and the amount paid to NFH by Global Development HK
as to the date of termination.

&nbsp;&nbsp;&nbsp;&nbsp;2.3 Global Development HK reserves the right to terminate this Agreement at its sole discretion by giving
not less than seven (7) days' prior notice in writing to NFH. In such event, NFH shall be paid its actual costs for that portion
of the Service completed up to the date of termination.

**3**.  **<u>Site Investigation</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;3.1 NFH shall understand the nature and location of the projects assigned by Global Development HK, the character
of equipment and facilities needed prior to and during the performance of the Service, the general and local conditions and other matters
which can reasonably be expected to affect the Services/projects.

&nbsp;&nbsp;&nbsp;&nbsp;3.2 NFH will conduct all necessary surveys on the physical characteristics, premise, geological and subsurface
conditions, legal limitations and utility locations in connection with the Service/projects.

---

| | |
|:---|:---|
| **4** | **<u>Performance of the Service</u>** |

---

&nbsp;&nbsp;&nbsp;&nbsp;4.1 NFH shall diligently perform the Service in order to achieve completion by the delivery date.

&nbsp;&nbsp;&nbsp;&nbsp;4.2 NFH shall, at its own expense, keep the site of the projects free from accumulation of rubbish and waste
materials. Upon completion of the Services, NFH shall remove all rubbish, waste materials, temporary structures, equipment and surplus
materials.

&nbsp;&nbsp;&nbsp;&nbsp;4.3 Global Development HK shall have full and free access to the project locations to inspect the performance
of Services by NFH. In case that Global Development HK finds out any item of work inconsistent with the requirements as agreed by both
parties, Global Development HK shall have the right to require NFH re-perform such work at NFH's cost.

**5.**  **<u>Materials, Equipment and Appliances</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;5.1 Unless otherwise instructed by Global Development HK, NFH shall provide and pay the cost, including taxes,
for all materials, labor, equipment, tools, transportation and all other services and facilities necessary for completion of the Services
except as otherwise stated in writing and agreed by Global Development HK.

&nbsp;&nbsp;&nbsp;&nbsp;5.2 Unless otherwise specified, all materials incorporated in the Services shall be new and both workmanship
and materials shall be of good quality and comply with all relevant standards set out by the laws of Hong Kong. NFH shall, if required,
furnish satisfactory evidence as to the kind and quality of workmanship and materials.

**6.**  **<u>Labor and Supervision</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;6.1 NFH shall at all times maintain good discipline and order among its employees. NFH shall provide competent,
suitably qualified personnel to perform the work assigned to them.

&nbsp;&nbsp;&nbsp;&nbsp;6.2 NFH shall employ on the site of the Project necessary assistants to represent NFH receives communications
from Global Development HK. Important communications shall be confirmed by Global Development HK in writing.

&nbsp;&nbsp;&nbsp;&nbsp;6.3 Global Development HK, at its sole discretion, may require NFH in writing to remove any superintendent,
employee, or agent of NFH from any site where the projects are being performed.

**7.**  **<u>Permits, Licenses and Regulations</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 NFH shall acquire and maintain any approvals, registrations, permits or licenses to be qualified for the Services and give all notices and comply with all laws, ordinances, rules and regulations in connection with the performance of the Services. If the drawings and specifications are in violation of any laws, ordinances, rules and regulations, Global Development HK shall be promptly notified of such violation. Any necessary changes in the Services as a result of such violation shall be made by NFH and at NFH's cost.

**8.**  **<u>Inspection of Work</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;8.1 Global Development HK shall have the right to inspect the site during the course of the Service. Notwithstanding
such inspection, NFH will be held responsible for the acceptability of the finished Service, and defective work shall be corrected.

&nbsp;&nbsp;&nbsp;&nbsp;8.2 Global Development HK and its representatives shall at all times have access to the Project whenever it
is in preparation or progress, and NFH shall provide proper facilities for such access and for inspection.

&nbsp;&nbsp;&nbsp;&nbsp;8.3 NFH shall give not less than three (3) days' prior notice to Global Development HK if any portion
of the work is to be covered. If a portion of the work has been covered without prior notice to Global Development HK, Global Development
HK may request to see such part. Upon such request, NFH shall uncover such work. The costs of the relevant uncovering and replacement
shall be undertaken by NFH.

**9.**  **<u>Suspension of Work</u>** 

Global Development HK may at any time by notice to NFH suspend further performance of all or any portion of the Services by NFH. The notice shall specify the date and the estimated duration of the suspension. Any suspension shall not exceed ten (10) consecutive working days, nor shall the total of all suspensions exceed thirty (30) calendar days. Upon receiving any such notice, NFH shall promptly suspend further performance of the Services to the extent specified in the notice, and during the period of such suspension, shall properly take care of and protect all work in progress and materials, supplies, and equipment that NFH has on hand for performance of the Services. Global Development HK may at any time withdraw the suspension of performance of Service as to all or part of the suspended work by notice to NFH specifying the effective date and scope of withdrawal, and NFH shall resume diligent performance of the Service for which the suspension is withdraw. In case all or any portion of the Service is suspended, the Completion Date shall be extended for the same period of time.

**10.**  **<u>Completion and Acceptance</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;10.1 NFH shall notify Global Development HK upon completion of the Services for inspection.

&nbsp;&nbsp;&nbsp;&nbsp;10.2 If any portion of the permanent construction has been satisfactorily completed and Global Development
HK determines that such portion of the permanent construction is not required for the operations of NFH, Global Development HK may issue
to NFH a certificate of partial completion, and Global Development HK may take over and use the portion of the permanent construction
described in such certificate.

&nbsp;&nbsp;&nbsp;&nbsp;10.3 NFH shall be responsible for the Services in accordance with the requirements. Global Development HK shall
be entitled to request NFH to re-perform, repair or rectify, at the cost of NFH, any work inconsistent with the requirements under this
Agreement. If such work has not been re-performed, repaired or rectified within five (5) days (or such longer period as Global Development
HK may reasonably agree) upon request by Global Development HK, Global Development HK shall be entitled to be compensated by NFH for all
costs or damages incurred in relation to such delay, offset such costs or damages by deducting from payments of the Contract Price, or
terminate this Agreement.

**11.**  **<u>Protection of the Public, the Work and the Property</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;11.1 NFH shall be responsible for initiating, maintaining, and supervising all safety precautions and programs
in connection with the Services.

&nbsp;&nbsp;&nbsp;&nbsp;11.2 NFH shall take all reasonable precaution for the safety of, and shall provide all reasonable protection
to prevent damage, injury or loss to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. all employees on the Services and all other persons who may be affected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. all the Service and its materials and equipment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. other property at or adjacent to the site of the Project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3 NFH shall give all notices and comply with all applicable laws, ordinances, rules, regulations and lawful
orders of any public authority bearing on the safety of persons or property or their protection from damage, injury or loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4 In any emergency affecting the safety of persons or property, NFH shall timely act to prevent threatened
damage, injury or loss.

**12**.  **<u>Payment for Services</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 The consideration of Services will be quoted in written case by case by NFH, and agreed by Global Development
HK.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 Global Development HK agrees to pay NFH in accordance with the quotations and rates set forth within invoices
billed for specific projects. NFH shall submit itemized invoices for Services and others requested by Global Development HK to Global
Development HK for review and approval. Global Development HK shall not be liable to pay for any additional services or related costs
and expenses if Global Development HK has not approved such additional services in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3 Failing to meet delivery dates agreed by both parties shall result in Global Development HK having the
right to remedy the failure by replacing components not delivered or non-conforming and offsetting any increase in price by deducting
from invoices on components already received and/or canceling that portion of the order which is delayed or non-conforming at no penalty
and with complete refund of deposits and/or recovery of the maximum legal damages allowed under the laws of Hong Kong.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4 NFH agrees that all work, materials and equipment covered by an application for payment will pass to Global
Development HK free and clear of all liens, claims, security interests or encumbrances.

**13**.  **<u>Independent NFH</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1 NFH shall perform the Services hereunder as an independent subcontractor, and nothing contained herein
shall be deemed to create any association, partnership, joint venture, or relationship of principal and agent or master and servant, or
employer and employee between the parties hereto or any affiliates or subsidiaries thereof, or to provide either party with the right,
power or authority, whether expressed or implied, to create any such duty or obligation on behalf of the other party. NFH acknowledges
that its rendition of Services is solely within its control, subject to the terms and conditions agreed, and agrees not to hold itself
out to be an affiliate or agent of Global Development HK. NFH must also comply with all applicable law of Hong Kong.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2 NFH also agrees, on behalf of all its employees, that its employees will not be treated, or seek to be
treated, as employees of Global Development HK, for the purposes of fringe benefits provided by Global Development HK for mandatory benefits
under related regulations of Hong Kong. NFH hereby represents that NFH has and at all times will maintain timely payments of all taxes
in compliance with the related laws and regulations, including withholding and all other taxes.

**14**.  **<u>Compliance with Laws</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1 This Agreement shall be governed by the laws of Hong Kong. It is agreed and understood by both parties that all disputes arising out of or in connection with this Agreement shall be settled through negotiation. If the disputes cannot be settled through negotiation, they shall be submitted to Hong Kong Arbitration in accordance with the arbitration rules in force at the time of applying for arbitration. This settlement shall be the final resolution; the prevailing party shall be entitled to recover its arbitration costs, lawyer's fee, plus interest and all other rational related expenses including, but not limited to, those in connection with the procurement of permits, licenses and certificates where required and payment of applicable taxes, Labor Law, work place safety requirements and insurance in line with industry standards. NFH warrants that it will perform the Services in a professional manner and the Services will be fit for the intended purposes. NFH further agrees to hold harmless and indemnify Global Development HK against any loss or damage, including legal fees on a full indemnity basis that may be incurred by reason of the failure of NFH to comply with this term.

**15**.  **<u>Proprietary Rights</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1 NFH agrees that work products including, but not limited to, all information, reports, studies, object
or source codes, flow charts, diagrams and other materials (whether tangible or intangible) of any nature whatsoever produced by or as
a result of any of the Services and additional services rendered hereunder shall be the sole and exclusive property of Global Development
HK. In furtherance thereof, NFH hereby irrevocably grants, assigns and transfers to Global Development HK all rights, title and interest
of any kind, in and to any work product produced hereunder. NFH shall not make use of any of the materials except as may be expressly
permitted in this Agreement. NFH also agrees to execute any documents reasonably requested by Global Development HK in connection with
the registration of patent and/or copyrights or any other statutory protection in such work product.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2 NFH further warrants to Global Development HK that the materials, documentation, analysis data, programs
and Services to be delivered or rendered hereunder, will be of the kind and quality designated and shall meet specifications as determined
in Global Development HK's sole and exclusive discretion.

**16.**  **<u>Indemnification</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1 NFH hereby represents and warrants to Global Development HK that the Services provided by NFH will not
violate any proprietary rights of any third party including, without limitation, confidential relationships, patent, trade secrets, copyright
rights and any other proprietary rights. NFH hereby separately agrees to indemnify and hold Global Development HK harmless from any loss,
claim, damage, costs or expense of any kind, including legal fees on a full indemnity basis, to which Global Development HK may be subjected
by virtue of a breach of the foregoing warranty by NFH.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2 NFH shall indemnify and hold harmless Global Development HK from and against any and all claims, suits,
losses, damages, liabilities, awards costs (including attorneys' fees and costs) or other expenses of any kind or nature arising
from or relating to: (a) any act or omission by NFH or, its agents, employees or representatives whether or not the same constitutes a
breach of this Agreement or is committed in the course of performing NFH's duties hereunder, including but not limited to those
acts or omissions which are considered tortuous, discriminatory or otherwise unlawful under any applicable law; (b) any act or omission
relating to NFH's failure to maintain insurance as required hereunder, or to properly report, withhold or pay any applicable federal,
state or local taxes or fees of any kind and (c) claims for personal injury or property damage resulting, directly or indirectly, from
the performance of NFH's obligations hereunder or the fault or negligence of NFH, its agents, employees or representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.3 The obligations of NFH under this term shall survive the expiration or cancellation or termination of
this Agreement.

**17.**  **<u>Limitation of Liability</u>** 

In no event shall Global Development HK be liable for any indirect, special or consequential damages which may arise under this Agreement.

**18**.  **<u>Confidential Information</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.1 NFH acknowledges and agrees that all
 tangible and intangible information obtained, developed, or disclosed in connection with
 the performance of this Agreement and any business information and trade secrets of Global
 Development HK shall be deemed to be confidential and proprietary information of Global Development
 HK ()"**Confidential Information** "), NFH agrees not to disclose any Confidential
 Information to any third person or entity. NFH ensures that each of their directors, officers,
 employees and agents who will have access to the Confidential Information acknowledge and
 comply with confidentiality obligations under this term of this Agreement. NFH accepts responsibility
 for any breach of the confidentiality obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.2 The obligations of NFH under this term shall survive the expiration or cancellation or termination of
this Agreement.

**19.**  **<u>Taxes</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.1 NFH shall be solely liable and responsible for the payment of taxes, including but not limited to (i)
any tax based on or measured by NFH's income or receipts, and (ii) any other tax and duty arising from the NFH's business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2 Provided that required by related laws and regulations, Global Development HK shall have no liability
for and no obligation to withhold at source any income tax.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.3 NFH shall timely file all applicable tax returns, including income tax returns, employment tax returns
and information returns required by law, in a manner consistent with its status as an independent NFH of Services and as employer of individual
personnel assigned hereunder. NFH shall make all required payments and deposits of taxes in a timely manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.4 NFH shall cooperate fully in the defense of any claim by any government authority against Global Development
HK regarding taxes assessed with respect to NFH or any individual assigned by NFH to provide Services and additional services hereunder.
Without limiting the generality of the foregoing, NFH shall, upon request by Global Development HK, promptly furnish to Global Development
HK, (i) documentary evidence, in the form satisfactory to Global Development HK, of income tax returns and other filings, (ii) proof of
payment of taxes by NFH, (iii) documentary evidence of employment between NFH and individuals providing Services and (iv) other necessary
documents or evidence as reasonably requested by Global Development HK.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.5 NFH shall indemnify and hold Global Development HK harmless from and against (i) all taxes, additions
to tax, penalties and interest thereon assessed by state or local governmental authority against Global Development HK and (ii) all liabilities,
costs and expenses including legal fees on a full indemnity basis incurred in the defense of any such assessment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.6 This term shall survive this Agreement and remain in effect until the statute of limitations, including
extensions thereof, for all claims by government authorities against Global Development HK for taxes expire.

**20**.  **<u>Publicity</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1 NFH is not authorized to solicit Global Development HK and/or its employees in any manner. Any unauthorized solicitation or publication may result in an Event of Default. NFH shall not use the name and/or trademark/logo of Global Development HK in any sales or marketing publication or advertisement, without prior written consent of Global Development HK.

**21**.  **<u>Non-Subornation</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.1 Global Development HK is required to comply with provisions against bribery and NFH agrees that in performance of its obligations under this Agreement, it will not make or offer to make any payments to, or confer, or offer to confer any benefit upon any employee, agent or fiduciary of any third party, with the intent to influence the conduct of such employee, agent or fiduciary in relation to the business of such third party, in connection with this Agreement.

**22.**  **<u>Work Policy</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.1 NFH agrees to observe the working hours, work rules/security measures and holiday schedule of Global Development
HK and the landlord, when required to work on Global Development HK's premises; provided, however, that adherence to such working hours
and schedules shall not constitute justification for non-accomplishment of agreed upon deadlines.

**23.**  **<u>Notice</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.1 Unless otherwise provided in this Agreement, any notice, demand or other communication to be served under this Agreement may be served upon any party hereto only by hand delivery, by courier or by sending the same by facsimile transmission with a copy delivered by courier, to the party to be served at its address or facsimile number given below or at such other address or facsimile number as it may from time to time notify, in writing, to the other party hereto. Unless otherwise provided in this Agreement, a notice, demand or other communication shall be effective upon receipt by the addressee.

**Global Development HK**

Address: <u>Flat B1, 13/F, Hoi Bun Industrial Building, Kwun Tong, Kowloon, Hong Kong.</u>

Attn: Mr Chan Sui Hei

**NFH**

Address: <u>G/F, No.91 Tai Nan Street, Kowloon, Hong Kong.</u>

Attn: Mr. Chan Chiu Hung

**24.**  **<u>Miscellaneous Provisions</u>** 

The following general provisions shall apply to this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;24.1 This Agreement may be executed in several counterparts, each
of which shall be an original, but all of which together shall constitute one and the same Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;24.2 Each signatory of this Agreement has been duly authorized to
sign this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;24.3 If any provision of this Agreement is determined to be illegal
or unenforceable for any reason, the same shall be severed from this Agreement and the remainder of this Agreement shall be given full
force and effect.

**IN WITNESS WHEREOF**, the parties hereto, through their duly authorized officers, have executed this Agreement as of the day and year first set forth above.

**New Hu Hing Engineering Limited**

Signature

________________________

Date: 1 April 2021

**Global Development Engineering Co., Ltd.**

Signature

________________________

Date: 1 April 2021

## Exhibit 10.7

**Exhibit 10.7**

![](ex10-7_001.jpg)

![](ex10-7_002.jpg)

![](ex10-7_003.jpg)

![](ex10-7_004.jpg)

![](ex10-7_005.jpg)

![](ex10-7_006.jpg)

![](ex10-7_007.jpg)

![](ex10-7_008.jpg)

![](ex10-7_009.jpg)

![](ex10-7_010.jpg)

![](ex10-7_011.jpg)

![](ex10-7_012.jpg)

![](ex10-7_013.jpg)

![](ex10-7_014.jpg)

![](ex10-7_015.jpg)

![](ex10-7_016.jpg)

![](ex10-7_017.jpg)

## Exhibit 10.8

**Exhibit 10.8**

**Supplementary agreement**

In light of the long-term strategic partnership between New Fu Hing Limited ("NFH") and Global Development Engineering Company Limited ("GDE"), and pursuant to the Debt Waiver Agreement executed on March 31, 2023, we hereby confirm the following terms:

1. No Fixed Repayment Terms

Under Section 5.2 of the Subcontracting Agreement (No. NFH-GDE-2023-001) entered into between the parties, the amounts due to NFH by GDE (amounting to USD 801,627 as of March 31, 2025) are not subject to fixed repayment terms. This provision explicitly permits GDE to flexibly schedule repayments based on its operational cash flows and business development requirements.

2. Written Commitment of No Short-Term Demand for Repayment

NFH hereby irrevocably commits that, for a period of 12 months from the date of this letter, it shall not demand repayment of the aforementioned outstanding balance in any form. This commitment is made to support GDE's ongoing business expansion and financial stability.

3. Priority of Strategic Collaboration

NFH regards GDE as a critical strategic partner. Our collaboration focuses on advancing joint subcontracting projects rather than short-term debt recovery. NFH will continue to support GDE's operational needs through flexible financial arrangements.

---

| | |
|:---|:---|
| New Fu Hing Engineering Limited | Global Development Engineering Company Limited |
| Seal or representative signature | Seal or representative signature |
| 16-09-2025 | 16-09-2025 |

---

## Exhibit 14.1

**Exhibit 14.1**

**GLOBAL DEVELOPMENT ENGINEERING COMPANY LIMITED**

**Executive Compensation Recovery Policy**

This policy covers the Covered Officers of Global Development Engineering Company Limited (the "<u>Company</u>") and explains when the Company 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;**1.** **Miscalculation of Financial Performance Measure Results.** In the event of a Restatement, the Company 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 the Company is required to undertake a Restatement, the Company will not be required
 to recover the Recoverable Incentive Compensation if the Compensation Committee determines it Impracticable to do so, after exercising
 a normal due process review of all the relevant facts and circumstances.

The Company 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, the Company will seek to recover the amount that the Compensation Committee determines in good faith should be recouped.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Legal and Compliance Violations**. Compliance with the law and the Company's corporate policies is a pre-condition to earning Incentive
 Compensation. If the Company 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 the Company's corporate policies
 (each, " <u>Misconduct</u> "), or (2) was aware of or willfully blind to Misconduct that occurred in an area over which
 the Covered Officer had supervisory authority, the Company 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, the Company 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, the Company 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 the Company'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;**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;**4.** **No Indemnification or Reimbursement**. Notwithstanding the terms of any other policy, program, agreement or arrangement, in no event
 will the Company or any of its affiliates indemnify or reimburse a Covered Officer for any loss under this Policy and in no event
 will the Company 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;**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 " <u>Exchange Act</u> "), and the
 Company'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;**6.** **Other Claims and Rights**. The remedies under this Policy are in addition to, and not in lieu of, any legal and equitable claims the
 Company 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 the Company or any of its affiliates may have with respect to any Covered Officer subject to this Policy.

&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;**8.** **Amendment; Termination**. The Board or the Compensation Committee may amend or terminate this Policy at any time.

&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 the Company and its affiliates.

&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;**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 the Company immediately preceding the earlier of (i) the date the Board, a committee of the Board, or the officer or officers of the Company 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 the Company 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 the Company'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 the Company.

"<u>Compensation Committee</u>" means the Company'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 Officer</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 the Company, 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 the Company, 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 [\*], 2025.

"<u>Executive Officer</u>" means the Company's Chairman, Chief Executive Officer and Chief 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 the Company's parent(s) or subsidiaries) who performs similar policy-making functions for the Company.

"<u>Financial Performance Measure</u>" means a measure that is determined and presented in accordance with the accounting principles used in preparing the Company's financial statements (including "non-GAAP" financial measures, such as those appearing in the Company'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 the Company provides an opinion of counsel to that effect acceptable to the Company'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 the Company has (A) made a reasonable attempt to recover such amounts and (B) provided documentation of such attempts to recover to the Company'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 the Company, 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 the Company'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, the Company will maintain documentation of such determination of that reasonable estimate and provide such documentation to the Company's applicable listing exchange).

"<u>Restatement</u>" means an accounting restatement of any of the Company's financial statements filed with the Securities and Exchange Commission under the Exchange Act, or the Securities Act of 1933, as amended, due to the Company's material noncompliance with any financial reporting requirement under U.S. securities laws, regardless of whether the Company 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 21.1

**Exhibit 21.1**

<u>Subsidiary</u> <u>of the Registrant</u>

Global Development HK

## Exhibit 23.1

**Exhibit 23.1**

![](ex23-1_001.jpg)

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We consent to the inclusion in this Registration Statement on Form F-1 of our report dated April 16, 2025, relating to the consolidated financial statements of Global Development Engineering Company Limited for the year ended March 31, 2024. We also consent to the reference to us under the heading "Experts" in this Registration Statement.

/s/ OneStop Assurance PAC

Singapore

September 16, 2025

## Exhibit 23.2

**Exhibit 23.2**

![](ex23-2_001.jpg)

<u>Independent Registered Public Accounting Firm's Consent</u>

We consent to the inclusion in this Registration Statement of Global Development Engineering Company Limited on Form F-1 of our report dated September 16, 2025, with respect to our audits of the consolidated financial statements of Global Development Engineering Company Limited as of March 31, 2025 and for the year ended March 31, 2025, which report appears in the Prospectus, which is part of this Registration Statement.

We also consent to the reference to our Firm under the heading "Experts" in such Prospectus.

/s/ Guangdong Prouden CPAs GP

Guangdong Prouden CPAs GP

Guangzhou, China

September 16, 2025

## Exhibit 99.1

**Exhibit 99.1**

**GLOBAL DEVELOPMENT ENGINEERING COMPANY LIMITEDCODE OF BUSINESS CONDUCT AND ETHICS**

This Code of Business Conduct and Ethics covers a wide range of business practices and procedures. It does not cover every issue that may arise, but it sets out basic principles to guide the employees of GLOBAL DEVELOPMENT ENGINEERING COMPANY LIMITED and its subsidiaries (the "Company"). All of our employees must conduct themselves in accordance with these principles and seek to avoid even the appearance of improper behavior. The Company's agents and representatives, including consultants and directors, to the extent practicable, shall also follow this Code.

This Code is in addition to and supplements the other policies and procedures which have been implemented by the Company. If a law conflicts with a policy in this Code, you must comply with the law; however, if a local custom or policy conflicts with this Code, you must comply with the Code. If you have any questions about a conflict, you should ask your supervisor how to handle the situation.

All claims of violations of this Code will be investigated by appropriate personnel. Those who violate the standards in this Code will be subject to disciplinary action. If you are in a situation that you believe may violate or lead to a violation of this Code, follow the guidelines described in Section 14 of this Code.

1. Compliance
 with Laws, Rules and Regulations

Obeying the law, both in letter and in spirit, is the foundation on which this Company's ethical standards are built. All employees must respect and obey the laws of all jurisdictions in which the Company operates. Any employee who is unsure about any aspect of these laws should seek advice from supervisors, managers or other appropriate personnel.

2 Record-Keeping

Accuracy and reliability in the preparation of all business records is critically important to the Company's decision-making process and to the proper discharge of its financial, legal, and reporting obligations. All of the Company's books, records, accounts and financial statements shall be maintained in reasonable detail, shall appropriately reflect the Company's transactions and shall conform both to applicable legal requirements and to the Company's system of internal controls. Unrecorded or "off the books" funds or assets shall not be maintained unless permitted by applicable law or regulation.

Many employees regularly incur business expenses, which must be documented and recorded accurately. If you are not sure whether a certain expense is appropriate, consult the policy or ask your supervisor.

Business records and communications often become public, and we should avoid exaggeration, derogatory remarks, guesswork, or inappropriate characterizations of people and companies that can be misunderstood. This applies equally to e-mail, internal memos and formal reports. Records shall always be retained or destroyed according to the Company's record retention policies.

3. Conflicts
 of Interest and Related Party Transactions

A "conflict of interest" exists when a person's private interest interferes in any way with the interests of the Company. A conflict situation can arise when an employee, officer or director takes actions or has interests that may make it difficult to perform his or her Company work objectively and effectively. Conflicts of interest may also arise when an employee, officer or director, or members of his or her family, receives improper personal benefits as a result of his or her position in the Company. Loans to, or guarantees of obligations of, employees and their family members may create conflicts of interest. Loans to, or guarantees of obligations of, directors, executive officers and their family members are prohibited.

A conflict of interest almost always exists when a Company employee works concurrently for a competitor, customer or supplier. You are not allowed to work for a competitor as a consultant or board member. The best policy is to avoid any direct or indirect business connection with the Company's competitors, customers or suppliers, except on the Company's behalf.

A conflict of interest may occur when an employee of the Company has an ownership or financial interest in another business organization that is doing business with the Company. These transactions between the Company and the other organization are characterized as related party transactions. While not all related party transactions are improper, the Company must be aware of the details of each such transaction so that it can make a judgment as to the appropriateness of the transaction. If you or a family member have any ownership or financial interest in another organization that conducts business or seeks to conduct business with the Company, you must report the situation to the Chief Executive Officer ("CEO") and cooperate with the legal staff by providing all relevant facts. The CEO will determine whether or not the related party transaction is a conflict of interest.

Conflicts of interest are prohibited as a matter of Company policy, except under guidelines approved by the Board of Directors. Conflicts of interest may not always be clear, so if you have a question, you should consult with higher levels of management or the Company's CEO. Any employee, officer or director who becomes aware of a conflict or potential conflict shall bring it to the attention of a supervisor, manager or other appropriate personnel or consult the procedures described in Section 14 of this Code.

4. Confidentiality

Employees must maintain the confidentiality of confidential information entrusted to them by the Company or its customers, except when disclosure is authorized by the CEO or legally mandated. Even within the Company, you should disclose confidential information only to those employees who need to know the information. Confidential information includes all non-public information that might be of use to competitors, or harmful to the Company or its customers, if disclosed. It also includes information that suppliers and customers have entrusted to us. The obligation to preserve confidential information continues even after employment ends.

5. Insider
 Trading

Employees who have access to confidential information are not permitted to use or share that information for stock trading purposes or for any other purpose except the conduct of the Company's business. All non-public information about the Company shall be considered confidential information. To use non-public information for personal financial benefit or to "tip" others who might make an investment decision on the basis of this information is not only unethical but also illegal. If you have any questions, you should consult the Company's CEO.

6. Corporate
 Opportunities

Employees, officers and directors are prohibited from taking for themselves personally opportunities that are discovered through the use of corporate property, information or position without the consent of the Board of Directors. No employee shall use corporate property, information, or position for improper personal gain, and no employee shall compete with the Company directly or indirectly. Employees, officers and directors owe a duty to the Company to advance its legitimate interests when the opportunity to do so arises.

7. Competition
 and Fair Dealing

The Company seeks to outperform its competition fairly and honestly. The Company seeks competitive advantages through superior performance, never through unethical or illegal business practices. Stealing proprietary information, possessing trade secret information that was obtained without the owner's consent, or inducing such disclosures by past or present employees of other companies is prohibited. Each employee shall endeavor to respect the rights of and deal fairly with the Company's customers, suppliers, competitors and employees. No employee shall take unfair advantage of anyone through manipulation, concealment, abuse of privileged information, misrepresentation of material facts, or any other intentional unfair-dealing practice.

The purpose of business entertainment and gifts in a commercial setting is to create good will and sound working relationships, not to gain unfair advantage with customers. No gift or entertainment shall ever be offered, given, provided or accepted by any Company employee, family member of an employee or agent unless it:

● is not a cash gift,

● is consistent with customary business practices,

● is not excessive in value, and

● cannot be construed as a bribe or payoff

8. Discrimination
 and Harassment

The diversity of the Company's employees is a tremendous asset. The Company is firmly committed to providing equal opportunity in all aspects of employment and shall not tolerate any illegal discrimination or harassment or any kind. Examples include derogatory comments based on racial, gender, religious, or ethnic characteristics and unwelcome sexual advances.

9. Health
 and Safety

The Company strives to provide each employee with a safe and healthful work environment. Each employee has the responsibility for maintaining a safe and healthful workplace for all employees by following safety and health rules and practices and reporting accidents, injuries and unsafe equipment, practices or conditions. Violence and threatening behavior are not permitted. Employees must report to work in condition to perform their duties, free from the influence of alcohol or illegal drugs. The use of alcohol or illegal drugs in the workplace is not tolerated.

10. Protection
 and Proper Use of Company Assets

All employees shall endeavor to protect the Company's assets and ensure their efficient use. Theft, carelessness and waste have a direct impact on the Company's profitability. All Company assets should be used for legitimate business purposes. Any suspected incident of theft, carelessness, or waste of or with Company assets shall be immediately reported for investigation. Company equipment shall not be used for non-Company business, although incidental personal use may be permitted by your supervisor. The obligation of employees to protect the Company's assets includes its proprietary information. Proprietary information includes intellectual property such as trade secrets, patents, trademarks, and copyrights, as well as business, marketing and service plans, databases, records, salary information and any unpublished financial data and reports. Unauthorized use or distribution of this information would violate Company policy. It could also be illegal and result in civil and/or criminal penalties.

11. Accounting
 and Related Matters

All employees participate, in some measure, in the gathering of information made available to the Company's accounting department for use in the Company's financial reports and other information required to be publicly disclosed by the Securities and Exchange Commission and the NASDAQ Stock Market LLC/NYSE American. Each employee should endeavor to ensure that such information is accurate and complete in all material respects through full compliance with the Company's accounting requirements, internal disclosure and accounting controls and audits.

12. Waivers
 of the Code of Business Conduct and Ethics

Any waiver of this Code for executive officers or directors may be made only by the Nominating and Corporate Governance Committee of the Board and shall be promptly disclosed as required by law or stock exchange regulation.

13. Administration
 of Code

This Code shall be administered by the Company's CEO, who shall act as the Corporate Compliance Officer of the Company, Company employees are encouraged to seek guidance regarding the application or interpretation of this Code from the CEO and are expected to cooperate fully in any investigation of any potential violation of this Code.

14. Reporting
 Violations; Compliance Procedures

All employees shall work to ensure prompt and consistent action against violations of this Code. However, in some situations it is difficult to know right from wrong. Since no one can anticipate every situation that will arise, it is important to have a way to approach a new question or problem. These are the steps to keep in mind:

● Make sure you have all the facts. In order to reach the right solutions, you must be as fully informed as possible.

● Ask yourself: What specifically am I being asked to do? Does it seem unethical or improper? This will enable you to focus on the specific question you are faced with and the alternatives you have. Use your judgment and common sense; if something seems unethical or improper, it probably is.

● Clarify your responsibility and role. In most situations there is shared responsibility. Are your colleagues informed? It may help to get others involved and discuss the problem.

● Discuss the problem with your supervisor. You are encouraged to talk to your supervisor about any issues concerning illegal, unethical or improper behavior and when in doubt about the best course of action in a particular situation. This is the basic guidance for all situations. In many cases your supervisor will be more knowledgeable about the question, and will appreciate being brought into the decision-making process. Remember it is your supervisor's responsibility to help solve problems.

● Report serious violations to the Company's CEO. You should report serious violations that have not been properly addressed by your supervisor or other resources of the Company to the CEO. However, if it is not appropriate to discuss an issue with the CEO, or if you believe that the CEO has not properly addressed the violations, you may contact any independent director of the Board of Directors. In the rare case that you become aware of a material legal violation or a breach of fiduciary duty by an employee of the Company, address your concerns to: Nominating and Corporate Governance Committee Chairperson, GLOBAL DEVELOPMENT ENGINEERING COMPANY LIMITED, Flat B1, 13/F, Hoi Bun Industrial Building, Kwun Tong, Kowloon, Hong Kong.

● Reporting of accounting issues. If you are aware of an issue concerning accounting, auditing or the Company's internal accounting controls, address your concerns with the Company's internal audit function or to the CEO. In the event that you believe that the Company has not properly responded to the issue, you may address your concerns to: Audit Committee Chairperson, GLOBAL DEVELOPMENT ENGINEERING COMPANY LIMITED, Flat B1, 13/F, Hoi Bun Industrial Building, Kwun Tong, Kowloon, Hong Kong.

● You may report any possible violation in confidence and without fear of retaliation. If your situation requires that your identity be kept secret, your anonymity will be protected and you will be guaranteed confidentiality in the handling of your claim. It is the policy of the Company not to allow retaliation for reports of misconduct by others made in good faith by employees. Employees are expected to cooperate in internal investigations of misconduct.

● Always ask first, act later: If you are unsure of, what to do in any situation, seek guidance before you act.

## Exhibit 99.2

**Exhibit 99.2**

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| | |
|:---|:---|
| Our Ref: WWLK/97641<br> Your Ref:<br> Direct Line: +852 2861 8471<br> Direct Email: warrenko@robertsonshk.com | ![](ex99-2_001.jpg) |

---

**Global Development Engineering Company Limited**

Corporate Registrations Limited

Sea Meadow House,

Blackburne Highway, (P.O. Box 116)

Road Town, Tortola

British Virgin Islands

**<u>Private & Confidential</u>**

16 September 2025

Dear Sirs,

---

| | |
|:---|:---|
| Re: | Hong Kong legal opinion for the proposed initial public offering of ordinary shares in Global Development **Engineering Company Limited** (formerly **known as Speedy Desire Limited) ("Company") on NASDAQ ("Proposed Listing")** |

---

**1.** **INTRODUCTION** 

We are the legal advisers of the Company on the laws of the Hong Kong Special Administrative Region of the People's Republic of China **("Hong Kong")** in connection with the Proposed Listing and have been requested to provide our opinion on matters relating to Global Development Engineering Company Limited 宏 拓 工 程 有 限 公 司, a subsidiary of the Company which is incorporated in Hong Kong (the **"Hong Kong Subsidiary"),** since 1 April 2021 to 31 March 2025 (the **"Track Record Period").**

We are qualified to practice law in Hong Kong. This opinion is limited to matters of the laws of Hong Kong as in force and applied at the date of this opinion. We have not investigated the laws of any jurisdiction other than Hong Kong and we express no opinion on the laws of any other jurisdiction.

For the purpose of issuing this opinion, we have reviewed only the documents (the **"Documents")** and completed only the searches and enquiries (the "Searches") referred to in **Schedule** I *(Documents and Searches).* We have not reviewed any other contracts, instruments or documents.

This opinion is given on the basis of the assumptions set out in Schedule II *(Assumptions)* and is subject to the qualifications set out in **Schedule III** *(Qualifications).*

 

*Partners: Barry HOY, Andrew LEE, Chris LAMBERT, Kevin STEEL. Lesley McLEAN, Warren KO.*

*Frank SZETO, LI Chung Nam (China-Appointed Attesting Officer), Johnny HO.*

*Rio LAU, Lawrence TANG, Cyrus HO, Simon TONG*

*Consultants: Michael LINTERN-SMITH (Notary Public). Christopher GORDON (Notary Public).*

*Jeremy LEVY, Jennifer WONG, Cynthia WONG, Susanna CHEUNG*

![](ex99-2_002.jpg)

**2.** **OPINIONS** 

Based upon and relying upon the foregoing assumptions, and subject to the comments, reservations and qualifications stated below, and having regard to such legal considerations as we deem relevant, we are of the following opinions:

**2.1.** **Incorporation** 

The Hong Kong Subsidiary is a body corporate duly incorporated with limited liability, is validly existing under the laws of Hong Kong and is in continuing registration with the Companies Registry of Hong Kong as at the date of this opinion. The Hong Kong Subsidiary has perpetual corporate existence and the capacity to sue or be sued in its own name and under the laws of Hong Kong to the extent that the courts of Hong Kong have or assume jurisdiction and the Hong Kong courts do not exercise their discretion to stay any such proceedings.

**2.2.** **Authority and power** 

2.2.1. The
 Hong Kong Subsidiary has the corporate power and authority under its articles of association
 to own, use, lease and operate assets and property and conduct its business as currently
 conducted. The articles of association of the Hong Kong Subsidiary do not contain any restriction
 against it owning, using, leasing or operating its properties and assets or conducting its
 business as currently conducted. The articles of association of the Hong Kong Subsidiary
 complies with the requirements of applicable laws of Hong Kong, have been filed with the
 Companies Registry of Hong Kong and are in full force and effect.

**2.3.** **Share capital and corporate information** 

2.3.1. The
 issued share capital, registered shareholder(s) and other particulars of the Hong Kong Subsidiary
 are set out in **Schedule IV** *(Particulars of the Hong Kong Subsidiary).* The allotment
 and issuance of the shares held by the current shareholder of the Hong Kong Subsidiary were
 duly authorised, effected and are in order and in accordance with the laws of Hong Kong and
 the articles of association of the Hong Kong Subsidiary and there is no irregularity which
 would affect the validity of the shareholding interests of the current shareholder. The current
 shareholder of the Hong Kong Subsidiary has good and valid title to its shares in the Hong
 Kong Subsidiary. All of the issued and outstanding capital of the Hong Kong Subsidiary have
 been duly authorised, are validly issued and fully paid. All consents, approvals, authorizations,
 filings and registrations and qualifications required by the articles of association and
 the Companies Registry under applicable Hong Kong laws for the issuance and transfer (if
 any) of the shares of the Hong Kong Subsidiary have been obtained.

![](ex99-2_002.jpg)

2.3.2. There
 are no pre-emptive rights, re-sale right, right of first refusal or similar rights under
 the articles of association of the Hong Kong Subsidiary. None of the shares in the Hong Kong
 Subsidiary were issued in violation of any pre-emptive rights, re-sale right, right of first
 refusal or similar rights (if any) under the laws of Hong Kong or the articles of association
 of the Hong Kong Subsidiary. Based on the Hong Kong Subsidiary's confirmation, the
 Hong Kong Subsidiary has not granted any person any right, warrant or option to subscribe
 for, or any security convertible into, any shares or other equity interest in the Hong Kong
 Subsidiary. Save and except that the directors of the Hong Kong Subsidiary may in their discretion
 refuse to register a transfer of shares in the Hong Kong Subsidiary in accordance with its
 articles of association, there is no legal restriction on foreign ownership of its shares
 whether directly or indirectly in respect of the nationality of shareholders or the percentage
 of local/foreign shareholding or otherwise under the laws of Hong Kong or its articles of
 association. All historical issuances and transfers of shares (if any) in the Hong Kong Subsidiary
 have been duly approved and completed and the transferred shares were properly registered,
 and all stamp duties in respect of the share transfers were properly paid and were not in
 violation of applicable Hong Kong laws or the articles of association of the Hong Kong Subsidiary.

2.3.3. The
 existing board of directors of the Hong Kong Subsidiary has been appointed according to the
 laws of Hong Kong and the articles of association of the Hong Kong Subsidiary.

**2.4.** **Distributions** 

2.4.1. Under
 Hong Kong laws, all dividends and other distributions declared and payable on the shares
 of the Hong Kong Subsidiary in accordance with the Companies Ordinance (Cap. 622) (the **"Companies Ordinance")** may be paid or distributed to holders of such shares, and such dividends
 and other distribution made to holders of such shares are, as of the date hereof, not subject
 to withholding or other taxes and are otherwise free and clear of any other tax, withholding
 or deduction under the laws of Hong Kong, and may be paid without obtaining any approval
 from any governmental authority in Hong Kong. Save and except that a distribution may only
 be made by the Hong Kong Subsidiary out of profits available for distribution in accordance
 with the Companies Ordinance and its articles of association, there is no general restriction
 against payment of dividends and making of other distributions to shareholders by the Hong
 Kong Subsidiary under the laws of Hong Kong or its articles of association. Dividends or
 distributions may be paid in Hong Kong dollars and may be converted into other foreign currency
 and transferred out of Hong Kong. There is no exchange control legislation under Hong Kong
 laws and accordingly there are no exchange control regulations imposed under Hong Kong laws
 which would prevent the Hong Kong Subsidiary from paying dividends and other distributions
 to its shareholders.

2.4.2. Based
 on the Hong Kong Subsidiary's confirmation, no dividends have been declared or made
 by the Hong Kong Subsidiary since incorporation.

**2.5.** **Licenses and permits** 

2.5.1. We
 understand that, as at the date of this opinion, the Hong Kong Subsidiary carries on the
 business set out in the table below. The Hong Kong Subsidiary has obtained the following
 l1cense(s), permit(s), approval(s) and certificate(s) (collectively, the **"License(s)")** for its business operations in Hong Kong:

![](ex99-2_002.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Company** | **Nature of business** | **License** | **Expiry date** |
| The Hong Kong Subsidiary | Body corporate | Business Registration Certificate | 2 August 2027 |
| The Hong Kong Subsidiary | Electrical contractor | Certificate of Registration of Electronic contractor | 20 December 2026 |
| The Hong Kong Subsidiary | Minor work contractor | Certificate of Registration of Registered Minor Works Contractor (Company) | 26 July 2027 |

---

2.5.2. As
 at the date of this opinion, all of the Licenses are valid and effective and will not cease
 to be valid or effective as a result of the Proposed Listing. Save for the License(s), we
 are not aware of any other licence(s), permit(s), approval(s) and certificate(s) which the
 Hong Kong Subsidiary has to obtain to carry on its business in Hong Kong. Based on the Hong
 Kong Subsidiary's confirmation, the Hong Kong Subsidiary has complied with all applicable
 conditions imposed under the License(s).

2.5.3. Save
 for approval of the directors of the Hong Kong Subsidiary and so far as we are aware, no
 licence(s), permit(s), approval(s) and certificate(s) are required for the transfer or disposal
 of any interest in the shares of the Hong Kong Subsidiary . We are also not aware of any
 pending or threatened administrative complaints or court actions against the License(s) or
 any pending proceedings relating to the revocation, suspension, modification or non-renewal
 of any of the License(s).

**2.6.** **Legal and Compliance** 

2.6.1. So
 far as we are aware and based on the Hong Kong Subsidiary's confirmation,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Hong Kong Subsidiary received Form IRC 1812 from the Inland Revenue Department on 3 April
 2019 indicating that the Hong Kong Subsidiary falls within the circumstances that the Inland
 Revenue Department does not call for the annual submission of Profit Tax. For the years of
 assessment 2019/2020, 2020/2021 and 2021/2022, the Hong Kong Subsidiary's profit before
 taxation is negative. Hence for the years of assessment 2019/2020, 2020/2021 and 2021/2022,
 the Hong Kong Subsidiary's business carried on does not give rise to assessable profits.
 The Hong Kong Subsidiary has filed the Tax Return for 2022/2023, and has received the assessment
 on tax for 2022/23 on 11 November 2024 and the Hong Kong Subsidiary confirms they have duly
 paid the tax.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) there
 are no non-compliance issues in respect of the Hong Kong Subsidiary under applicable Hong
 Kong laws including the Companies Ordinance (Cap. 622) relevant to the conduct of business
 in Hong Kong, including those relating to the holding of annual general meeting, laying accounts
 at annual general meeting, retaining copies of resolutions of members, operation of business,
 tax/financial reporting structure and reorganization, foreign investment, foreign ownership,
 tax, labour and employment, health and safety for the period from 1 April 2021 to 31 March
 2025 (the **"Track Record Period")** and up to the date of this opinion;

![](ex99-2_002.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) there
 are no pending or threatened administrative complaints, disciplinary actions, penalties,
 fines or sanctions against the Hong Kong Subsidiary since the incorporation of the Hong Kong
 Subsidiary up to the date of this opinion; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all
 necessary filings have been made in accordance with the Companies Ordinance during the Track
 Record Period and up to the date of this opinion.

2.6.2. Pursuant
 to section 612(2)(a) of the Companies Ordinance, a company that has only one member is not
 required to hold an annual general meeting. As Chan Sui Hei is the sole shareholder of the
 Hong Kong Subsidiary since its incorporation to 7 December 2023 and the Company is the sole
 shareholder of the Hong Kong Subsidiary since 7 December 2023 to the date of this opinion,
 the requirement of holding an annual general meeting can be dispensed with according to section
 612(2)(a) of the Companies Ordinance. Section 430(3) of the Companies Ordinance provides
 that a company which is not required to hold an AGM by virtue of section 612(2) is required
 to send a copy of the reporting documents for the financial year to every member of the company.
 Based on the Hong Kong Subsidiary's confirmation, the Hong Kong Subsidiary has sent
 a copy of the reporting documents to Chan Sui Hei for each financial year since the incorporation
 date of the Hong Kong Subsidiary up to 7 December 2023.

**2.7.** **Material contracts** 

2.7.1. We
 have been provided with the following material contracts to which the Hong Kong Subsidiary
 is a party, being contracts which may be material and determined by the board of directors
 of the Hong Kong Subsidiary, and which are governed by the laws of Hong Kong (collectively,
 the "**Contracts** "):

---

| | | |
|:---|:---|:---|
| Agreement | Date | Governing Law |
| Facility letter for General Banking Facilities between the Hong Kong Subsidiary and Bank of China (Hong Kong) Limited | 17 December 2022 | Hong Kong |
| Lease Agreement between the Hong Kong Subsidiary and China Construction Bank (Asia) Corporation Limited, with agreement no. 81344033 1212000000900 16109 | 13 April 2023 | Hong Kong |

---

2.7.2. Based
 on the Hong Kong Subsidiary's confirmation, save and except the Contracts, the Hong
 Kong Subsidiary has not entered into any sales and services contracts, franchise agreements,
 distributorship agreements, financing agreements, licensing arrangements, joint venture agreements,
 intellectual property agreements or any other material contracts which are governed by the
 laws of Hong Kong.

2.7.3. We
 have been provided with the following material contract[s] to which the Hong Kong Subsidiary
 is a party, being contract[s] which may be material and determined by the board of directors
 of the Hong Kong Subsidiary, and which are not expressly stated in the contract to be governed
 by the laws of Hong Kong ([collectively], the "**Non-HK Contract[s]** "):

---

| | | |
|:---|:---|:---|
| **Agreement** | **Date** | **Governing Law** |
| 租約 between the Hong Kong Subsidiary and 卓禮有限公司 (BR No. 13050412) | 28 March 2021 | Not stated |
| 租約 between the Hong Kong Subsidiary and 卓禮有限公司(BR No. 13050412) for the lease period 16 April 2025 to 15 April 2028 | 3 April 2025 | Not stated |

---

![](ex99-2_002.jpg)

2.7.4. The
 execution of the Non-HK Contract[s] and the performance by the Hong Kong Subsidiary of its
 obligations under the Non-HK Contract[s], if it were to be governed by Hong Kong laws, will
 not violate any law, rule or regulation having the force of law in Hong Kong. The Hong Kong
 Subsidiary has the necessary power and authority, and has taken all corporation action required,
 to enter into and perform its obligations under the Non-HK Contract[s] to which it is a party
 under Hong Kong laws. Based on the Hong Kong Subsidiary's confirmation, there is no
 breach or violation of the Non-HK Contract[s] by the Hong Kong Subsidiary.

**2.8.** **Properties** 

2.8.1. The
 Hong Kong Subsidiary has currently leased the following property in Hong Kong (the **"Property")** and has the legal right to use the Property:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Property** | **Landlord /** **Licensor** | **Tenant /** **Licensee** | **Usage** | **Expiry date** |
| Flat B1, 13/F., Hot Bun Industrial Building, 6 Wing Yip Street, Kwun Tong, Kowloon, Hong Kong | 卓禮有限公司 | The Hong Kong Subsidiary | 合法之用 | 15 April 2028 |

---

2.8.2. Based
 on the Hong Kong Subsidiary's confirmation, save and except for the Property, as at
 the date of this opinion, the Hong Kong Subsidiary does not own or lease any properties in
 Hong Kong and does not own any other assets that are material to the Hong Kong Subsidiary
 's business operation in Hong Kong.

**2.9.** **Intellectual property rights** 

2.9.1. The
 Hong Kong Subsidiary has not registered any trademarks with the Trade Marks Registry in Hong
 Kong.

2.9.2. The
 Hong Kong Subsidiaries has not applied for registration of any trademark with the Trade Marks
 Registry in Hong Kong.

**2.10.** **Labour law related matters** 

2.10.1. Based
 on the Documents and the Hong Kong Subsidiary's confirmation, the Hong Kong Subsidiary
 has complied with all the applicable laws in Hong Kong on employment and labour matters (including
 but not limited to employee registration, social benefits, insurance, Mandatory Provident
 Fund, labour unions, and tax matters) during the Track Record Period and up to the date hereof;
 there were no non-compliances and penalties imposed against the Hong Kong Subsidiary for
 violation of any applicable laws in Hong Kong on employment, labour matter and occupational
 health and safety, including, but not limited to, the Employment Ordinance (Cap. 57) and
 the Occupational Safety and Health Ordinance (Cap. 509) during the Track Record Period and
 up to the date hereof.

![](ex99-2_002.jpg)

**2.11.** **Charges, public searches, claims, litigations and disputes** 

2.11.1. According
 to the Documents and the Searches and to the best of our knowledge, during the Track Record
 Period and up to the date of this opinion there are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) no
 outstanding registered charges, mortgages or other security interests over any of the assets
 of the Hong Kong Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no
 pending litigation, disputes, claims, arbitration, legal proceedings, administrative complaints
 and government investigations to which the Hong Kong Subsidiary is subject or which are foreseeable
 in the future (including foreclosure, winding up and mandatory requisition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) no
 record of any order issued, petition made and resolution passed for the winding-up, amalgamation,
 reconstruction, administration, dissolution, liquidation, merger or consolidation or analogous
 procedure of the Hong Kong Subsidiary, and no notice of appointment in respect of the Hong
 Kong Subsidiary of a liquidator, receiver, administrator, trustee, custodian or other similar
 officer has been served;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) no
 litigation, bankruptcy, winding-up, prosecution, arbitral or disciplinary proceeding involving
 the Hong Kong Subsidiary and its director, senior management or individual shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the
 shares of the Hong Kong Subsidiary are free and clear of any security interest, mortgage,
 pledge, claim, lien or other encumbrance.

**2.12.** **Disclosures in the Registration Statement** 

2.12.1. The
 statements set forth in the Registration Statement under the sections entitled "Risk
 Factors", "Regulations", "TAXATION — Hong Kong Taxation"
 and "ENFORCEABILITY OF CIVIL LIABILITIES" to the extent they relate to the Hong
 Kong Subsidiary and its businesses and the laws and regulations of Hong Kong constitute accurate
 summaries of the matters described therein or are accurate in all material respects.

**2.13.** **Matters relating to the Proposed Listing** 

2.13.1. There
 is no requirement for the Hong Kong Subsidiary to obtain any registrations, consents, approvals,
 orders or authorizations for the Proposed Listing or other qualification requirements for
 the underwriters in Hong Kong.

![](ex99-2_002.jpg)

2.13.2. The
 consummation or performance of the transactions contemplated by the Proposed Listing (including
 but not limited to the issue, offering, sale and delivery of shares under the global offering)
 will not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) contravene,
 violate, conflict with or constitute a default under any law, rule, regulation, judgment,
 order, or decree of Hong Kong applicable to the Hong Kong Subsidiary or any of its properties
 or assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) contravene,
 violate, conflict with or constitute a default under the articles of association of the Hong
 Kong Subsidiary; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) result
 in a breach of, or default under, any of the Contracts.

These opinions are given to you as at the date of this letter only, and no inference or conclusion to the contrary should be drawn by any person or entity to whom these opinions are given or revealed whether as permitted herein or otherwise and these opinions may not be disclosed to or relied upon by any person or entity except the addressees or their professional advisors (including the issuer's counsel and the underwriter's counsel), or for any purpose relating to the Proposed Listing to be disclosed to any affiliates of the underwriters.

This opinion may, however, without our further written consent, be used, disclosed and, if necessary, furnished where it is reasonable to do so (i) for the purpose of responding to governmental, regulatory (including NASDAQ) or judicial authorities having competent jurisdiction over the underwriters; and (ii) in connection with the defence of any legal or regulatory proceeding or investigation arising out of the Proposed Listing.

Yours faithfully

*/s/ ROBERTSONS*

**ROBERTSONS**

Encls.

![](ex99-2_002.jpg)

<u>SCHEDULE I — DOCUMENTS AND SEARCHES</u>

Documents

For the purposes of this opinion, we have reviewed copies of the following documents (in respect of the Hong Kong Subsidiary):

---

| | | |
|:---|:---|:---|
| **No.** | **Description** | **Date of Document/ Filing/Submission** |
| **The Hong Kong Subsidiary** | **The Hong Kong Subsidiary** | **The Hong Kong Subsidiary** |
| **Corporate documents** | **Corporate documents** | **Corporate documents** |
| 1. | Incorporation Form (NNC1 form) | 3 August 2015 |
| 2. | Articles of Association | 3 August 2015 |
| 3. | Certificate of incorporation | 3 August 2015 |
| 4. | Notice of Change of Company Secretary and Director (Appointment / Cessation) (ND2A form) | 20 August 2015 |
| 5. | Notice of Change of Address of Registered Office (NR l Form) | 20 August 2015 |
| 6. | Annual Return (FAR 1 form) | 15 August 2016 |
| 7. | Annual Return (NAR 1 form) | 9 August 2017 |
| 8. | Annual Return (NAR l form) | 16 August 2018 |
| 9. | Notice of Location of Registers and Company Records (NR2 Form) | 9 April 2018 |
| 10. | Annual Return (NAR 1 form) | 27 August 2019 |
| 11. | Annual Return (NAR l form) | 14 August 2020 |
| 12. | Notice of Change of Company Secretary and Director (Appointment / Cessation) (ND2A form) | 5 November 2020 |
| 13. | Notice of Change of Address of Registered Office (NR1 Form) | 5 November 2020 |
| 14. | Annual Return (NAR I form) | 25 August 2021 |
| 15. | Notice of Change of Address of Registered Office (NR1 Form) | 14 April 2021 |
| 16. | Annual Return (NAR l form) | 17 August 2022 |
| 17. | Annual Return (NAR1 form) | 16 August 2023 |
| 18. | Business Registration Certificate for 3 August 2015 to 2 August 2018 | Undated |
| 19. | Business Registration Certificate for 3 August 2018 to 2 August 2021 | Undated |
| 20. | Business Registration Certificate for 3 August 2021 to 2 August 2024 | Undated |
| 21. | Register of Members and Share Ledger | 7 December 2023 |
| 22. | Register of Directors | 20 October 2020 |
| 23. | Register of Secretaries | 20 October 2020 |
| 24. | Significant Controllers Register | 7 December 2023 |
| 25. | Register of Charges | Undated |
| 26. | Annual Return (NAR I form) | 15 August 2024 |
| 27. | Business Registration Certificate for 3 August 2024 to 2 August 2027 | Undated |
| **Board resolutions / shareholder resolutions** | **Board resolutions / shareholder resolutions** | **Board resolutions / shareholder resolutions** |
| 28. | Appointment of first director Chan Sui Hei by founder member | 3 August 2015 |
| 29. | First board resolution | 3 August 2015 |
| 30. | Sole director resolution for appointment of Chan Chui Hong as director of the Company and change of registered office address to Flat A, 9/F, Glen Haven, 117, 119 & 121 Argyle Street, Kowloon, Hong Kong | 20 August 2015 |
| 31. | Board resolution for 2016 annual general meeting | 27 June 2016 |
| 32. | Written resolution in lieu of 2016 annual general meeting of sole shareholder | 27 June 2016 |
| 33. | Board resolution for 2017 annual general meeting | 29 August 2017 |
| 34. | Written resolution in lieu of 2017 annual general meeting of sole shareholder | 29 August 2017 |
| 35. | Board resolution for designation of representative to significant controllers register and location of significant controllers register | 1 March 2018 |

---

![](ex99-2_002.jpg)

---

| | | |
|:---|:---|:---|
| **No.** | **Description** | **Date of Document/**<br> **Filing/Submission** |
| 36. | Board resolution for 2018 annual general meeting | 14 December 2018 |
| 37. | Written resolution in lieu of 2018 annual general meeting of sole shareholder | 14 December 2018 |
| 38. | Board resolution for 2019 annual general meeting | 5 August 2019 |
| 39. | Written resolution in lieu of 2019 annual general meeting of sole shareholder | 5 August 2019 |
| 40. | Board resolution for 2020 annual general meeting | 28 September 2020 |
| 41. | Written resolution in lieu of 2020 annual general meeting of sole shareholder | 28 September 2020 |
| 42. | Director's resolution for the change of the registered address of the Company to Flat B1, I 3/F., Hoi Bun Industrial Building, 6 Wing Yip Street, Kwun Tong, Kowloon, Hong Kong | 7 April 2021 |
| 43. | Board resolution for 2021 annual general meeting | 23 November 2021 |
| 44. | Written resolution in lieu of 2021 annual general meeting of sole shareholder | 23 November 2021 |
| 45. | Board resolution for resignation of Chan Chiu Hung as directors, resignation of Chan Sin Kwan as company secretary, and appointment of Tai Sze Yu as company secretary | 20 October 2020 |
| 46. | Director's resolution for change of registered office address to Room 1104, Crawford House, 70 Queen's Road Central, Central, Hong Kong | 20 October 2020 |
| 47. | Sole director's resolution for change of registered office address to Flat B1, 13/F., Hoi Bun Industrial Building, 6 Wing Yip Street, Kwun Tong, Kowloon, Hong Kong | 7 April 2021 |
| 48. | Sole director's resolution for financial statements of the Company for the years ended 31 March 2019, 2020 and 2021 | 23 November 2021 |
| 49. | Sole director's resolution for 2022 annual general meeting | 14 November 2022 |
| 50. | Written resolution in lieu of 2022 annual general meeting of sole shareholder | 14 November 2022 |
| 51. | Sole director's resolution for financial statements of the Company for the year ended 31 March 2022 | 25 May 2023 |
| 52. | Sole director's resolution for 2023 annual general meeting | 28 August 2023 |
| 53. | Written resolution in lieu of 2023 annual general meeting of sole shareholder | 28 August 2023 |
| 54. | Sole director's resolution for financial statements of the Company for the year ended 3 l March 2023 | 28 August 2023 |
| 55. | Policy schedule from Zurich Insurance Company Ltd covering period 11 October 2023 to 10 October 2024 (both days inclusive) | I I October 2023 |
| 56. | Written resolution in lieu of 2024 annual general meeting of sole shareholder | 15 November 2024 |
| 57. | Sole director's resolution for 2024 annual general meeting | 15 November 2024 |
| **Transfer of shares** | **Transfer of shares** | **Transfer of shares** |
| 58. | Instrument of transfer and bought and sold notes dated 7 December 2023 in relation to the transfer of 10,000 shares in the Company by Mr. Chan Sui Hei in favour of Global Development Engineering Company Limited | 7 December 2023 |
| **Employment and MPF** | **Employment and MPF** | **Employment and MPF** |
| 59. | One monthly sample MPF contribution to Manulife (for 1 January 2023 to 31 January 2023) within the period from l April 2021 to 31 March 2024 | 3 February 2023 |
| 60. | Employee list | Undated |
| 61. | Notice of insurance participation issued under Employees' Compensation Ordinance | II October 2023 |
| 62. | Annual MPF contribution table by the Company from January 2023 to December 2023 | 7 February 2024 |
| 63. | Notice of insurance participation issued under Employees' Compensation Ordinance | II October 2024 |
| 64. | Annual MPF contribution table by the Company from January 2024 to December 2024 | 6 January 2025 |
| **Documents in relation to tax** | **Documents in relation to tax** | **Documents in relation to tax** |
| 65. | Profit tax computation for 2019/2020 | 23 November 2021 |
| 66. | Director's Reports and Financial Statements for the year ended 31 March 2020 | 23 November 2021 |

---

![](ex99-2_002.jpg)

---

| | | |
|:---|:---|:---|
| **No.** | **Description** | **Date of Document/**<br> **Filing/Submission** |
| 67. | Profit tax computation for 2020/2021 | 23 November 2021 |
| 68. | Director's Reports and Financial Statements for the year ended 31 March 2021 | 23 November 2021 |
| 69. | Profit tax computation for 2021/2022 | 25 May 2023 |
| 70. | Director's Reports and Financial Statements for the year ended 31 March 2022 | 25 May 2023 |
| 71. | Profits tax return for the year of assessment 2022/2023 | 28 August 2023 |
| 72. | Letter from Inland Revenue Department informing the Company that they did not call for the annual submission of profits tax return | 3 April 2019 |
| 73. | Profits tax computation for 2022/2023 | l I November 2024 |
| 74. | Employer's return of remuneration and pensions for the year from 1 April 2023 to 31 March 2024 | 12 December 2024 |
| **Materials** | **Materials** | **Materials** |
| 75. | Facility letter for General Banking Facilities between the Hong Kong Subsidiary and Bank of China (Hong Kong) Limited | 17 December 2022 |
| 76. | Lease Agreement between the Hong Kong Subsidiary and China Construction Bank (Asia) Corporation Limited, with agreement no. 813440331 212000000900 16109 | 13 April 2023 |
| 77. | J& between the Hong Kong Subsidiary and 卓禮有限公司(BR No. 13050412) | 28 March 2021 |
| 78. | between the Hong Kong Subsidiary and 卓禮有限公司 (BR No. 1305041 2) for the lease period 16 April 2025 to 15 April 2028 | 3 April 2025 |
| *Others* | *Others* | *Others* |
| 79. | Certificate of Registration of Registered Minor Works Contractor (Company) | 15 July 2024 |

---

**Searches**

We have reviewed and examined the following for the purposes of this opinion:

1. results
 of company searches carried out by us on 15 September 2025 against the publicly available
 records at the Companies Registry in Hong Kong in respect of the Hong Kong Subsidiary during
 the Track Record Period;

2. results
 of business registration searches carried out by us on 15 September 2025 against the publicly
 available records at the Inland Revenue Department Business Registration Office in Hong Kong
 in respect of the Hong Kong Subsidiary;

3. results
 of winding up searches and bankruptcy searches carried out by us on 15 September 2025 against
 the publicly available records at the Official Receiver's Office in Hong Kong in respect
 of the Hong Kong Subsidiary and its director;

4. results of litigation searches
 carried out on our behalf by Target On-Line Financial Ltd. on 15 September 2025 in respect of the Hong Kong Subsidiary and its director
 (whether as plaintiff, defendant, appellant or respondent), based on the Cause Book of the Registry of Hong Kong High Court and District
 Court, the Daily Cause List of the Court of Final Appeal, High Court, District Court, Small Claims Tribunal, Magistrates' Court,
 Labour Tribunal, Lands Tribunal, Competition Tribunal and Obscene Articles Tribunal; and

5. results of trademark searches
 carried out by us on 15 September 2025 against the publicly available records at the Intellectual Property Department in Hong Kong.

**<u>SCHEDULE II — ASSUMPTIONS</u>**

In this opinion we have made the following assumptions. We have made no independent investigation of the accuracy of the assumptions.

1. All
 Documents received by us as electronic, facsimile or photostatic copies are complete and
 conform to the originals and that such originals are themselves authentic.

2. All
 Documents considered by us as originals (if any) are authentic.

3. All
 factual statements made in the Documents are true and accurate in all aspects.

4. There
 is and will be no foreign law that is of relevance which would affect the conclusions or
 our opinion expressed in this opinion.

5. Save
 as stated in this opinion, there are no documents which are relevant to our opinion other
 than the Documents and the Searches.

6. Each
 of the Documents remains unamended and is in full force and effect and constitutes the entire
 agreement between the relevant parties in relation to the relevant subject matter;

7. The
 signatories to the Documents (other than the Hong Kong Subsidiary) have the capacity, power
 and authority to sign the Documents. The Documents have been validly authorised and executed
 by each of the parties thereto (other than the Hong Kong Subsidiary) and that the performance
 thereof by all parties thereto (other than the Hong Kong Subsidiary) is within the capacity
 and powers of each of them.

8. All
 steps and procedures required to be taken in any jurisdiction other than Hong Kong in order

 have been taken and performed.

9. Each
 of the Documents has been or will be properly stamped, registered and filed (where necessary)
 as prescribed by applicable laws and regulations (other than Hong Kong laws and regulations),
 and all other procedures that are necessary to perform in order to make the document admissible
 in evidence has been carried out and within the time limits prescribed by applicable laws
 and regulations (save in respect of Hong Kong laws and regulations).

10. The
 information disclosed by the Searches was accurate and that there has been no alteration
 in the status or condition of the Hong Kong Subsidiary since the date of those searches and
 no additional matters would have been disclosed by such searches being carried out at any
 later time.

![](ex99-2_002.jpg)

**<u>SCHEDULE III — QUALIFICATIONS</u>**

This opinion is subject to the following qualifications, limitations and exceptions:

1. This
 opinion is subject to the laws of Hong Kong only and is given on the basis of the current
 laws applied in Hong Kong.

2. No
 opinion is expressed on matters of fact (except where a specific fact confirmation procedure
 is stated to have been performed (in which case we have performed the stated procedure))
 or laws of any other jurisdiction.

3. The
 search at the Companies Registry referred to in Schedule I *(Documents and Searches)* are
 not conclusively capable of revealing whether or not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a
 winding-up order has been made in respect of a company or a resolution passed for the winding-up
 of a company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a
 receiver or liquidator has been appointed in respect of a company or any of its property
 or assets.

Notice of these matters might not be filed with the Registrar of Companies in time to be disclosed in our search and, when filed, might not be entered on the records of the relevant company in time to be disclosed in our search, as it normally takes several working days for the Company Registry to process new filings. In addition, that search is not capable of revealing, before the making of the relevant order, whether or not a petition for winding-up has been presented, as documents submitted to the Companies Registry are subject to the review and processing of the Companies Registry before they are made available for public search and such review and processing may be delayed.

4. The
 enquiry at the Official Receiver's Office referred to in Schedule I *(Documents and Searches)* relates only to a compulsory winding-up in Hong Kong. It is not capable of
 revealing conclusively whether or not a winding-up petition for a compulsory winding- up
 has been presented, as details of the petition may not have been entered on the records of
 the Official Receiver's Office in time to be disclosed by our enquiry.

5. The
 term "enforceable" as used above means that the obligations assumed by a party
 under the Documents are of a type which the Hong Kong courts enforce. It does not mean that
 these obligations will necessarily be enforced in all circumstances in accordance with their
 terms. In particular:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) enforcement
 may be limited by general principles of equity, and in particular the remedies of injunction
 and specific performance are discretionary and will not be normally ordered by the court
 in respect of an obligation where damages would be an adequate remedy;

![](ex99-2_002.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) enforcement
 may be limited by laws from time to time in effect relating to insolvency, bankruptcy, liquidation,
 receivership, reorganisation, moratoria, court schemes or other similar laws affecting generally
 the enforcement of creditors rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) claims
 may be time-barred or become subject to defences of set-off or counterclaim;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) upon
 a future application by any party to enforce any of the Documents, a Hong Kong court may
 consider the then prevailing public policy of Hong Kong in determining the enforceability
 of the Documents at such time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) where
 obligations are to be performed in a jurisdiction outside Hong Kong, they may not be enforceable
 in Hong Kong to the extent that performance would be illegal or contrary to public policy
 under that jurisdiction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the
 enforceability of each of the Documents may be limited by the provisions of Hong Kong law
 applicable to contracts held to have been frustrated by events happening after their execution.

6. The
 term "binding" used in this opinion is used in the context of a theoretical future
 action or proceeding and, in such context, has a meaning similar to "enforceable"
 and accordingly our above qualifications as to the term "enforceable" also apply
 to the term "binding" as used in this opinion.

![](ex99-2_002.jpg)

<u>SCHEDULE IV — PARTICULARS OF THE HONG KONG SUBSIDIARY</u>

---

| | |
|:---|:---|
| Name | Global Development Engineering Company Limited |
| Former name | Nil |
| Company number | 2270511 |
| Date of incorporation | 3 August 2015 |
| Place of incorporation | Hong Kong |
| Registered office | Flat B1, 13/F., Hoi Bun Industrial Building, 6 Wing Yip Street, Kwun Tong, Kowloon, Hong Kong |
| Issued share capital | HK$l0,000 with 10,000 ordinary shares |
| Director | CHAN Sui Hei 陳瑞熙 |
| Company secretary | TAI Sze Yu 戴思宇 |
| Shareholder | Global Development Engineering Company Limited (formerly known as Speedy Desire Limited) |
| Shareholding history | CHAN Sui Hei 陳瑞熙, was the founding member of the company with 10,000 shares. All the 10,000 shares are fully paid.<br>On 7 December 2023, CHAN Sui Hei 陳瑞熙 transferred 10,000 shares to Global Development Engineering Company Limited (formerly known as Speedy Desire Limited) for the consideration of HK$10,000. |

---

## Exhibit 99.5

**Exhibit 99.5**

**GLOBAL DEVELOPMENT ENGINEERING COMPANY LIMITED**

**Charter of the Audit Committee of the Board of Directors**

&nbsp;&nbsp;&nbsp;&nbsp;I. PURPOSE

The primary function of the Audit Committee (the "Committee") is to represent and assist the Board of Directors (the "Board") of GLOBAL DEVELOPMENT ENGINEERING COMPANY LIMITED (the "Corporation") in fulfilling its general oversight responsibilities by reviewing: the quality and integrity of the financial reports and other financial information provided by the Corporation to any governmental body or its shareholders; the Corporation's systems of disclosure controls and procedures, internal controls over financial reporting and the ethical standards that management and the Board have established; the Corporation's auditing, accounting and financial reporting processes generally; the independence, qualifications, and performance of the Corporation's independent auditor; the Corporation's compliance with the Corporation's Code of Business Conduct and Ethics; and the Corporation's overall compliance with legal and regulatory requirements.

Management is responsible for the preparation, presentation and integrity of the Corporation's financial statements, accounting and financial reporting principles, and internal controls and procedures designed to assure compliance with accounting standards and applicable laws and regulations. The Corporation's independent auditors are responsible for performing an independent audit of the financial statements of the Corporation in accordance with generally accepted auditing standards.

The Committee serves a Board-level oversight role in which it provides advice, counsel and direction to management and the independent auditors on the basis of the information it receives, discussions with the independent auditors, and the experience of the Committee's members in business, financial and accounting matters.

The Committee will primarily fulfill its responsibilities by carrying out the activities enumerated in Section IV of this Charter. The Committee has the resources, funding and authority to conduct any investigation appropriate to fulfilling its responsibilities, including the authority to retain and compensate outside legal, accounting and other experts or consultants without seeking approval of the Board of Directors, and it has direct access to the independent auditors as well as to officers and employees of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;II. COMPOSITION

The Committee shall be comprised of three or more directors, one of whom shall be Chairperson and if required by the rules of the relevant stock exchange, each of whom shall be independent, non-officer directors, and free from any relationship that would interfere with the exercise of his or her independent judgment as a member of the Committee. Committee members shall otherwise meet the applicable audit committee membership requirements, including with respect to financial literacy, of the Securities Exchange Act of 1934, the Securities and Exchange Commission, the relevant stock exchange (as such requirements may be modified or supplemented from time to time) and any other applicable regulatory authority and including, with respect to independence, the requirements issued pursuant to Rule 10A-3 of the Securities Exchange Act of 1934 (as such requirements may be modified or supplemented from time to time). At least one member of the Committee shall qualify as an "audit committee financial expert" as determined by the Board in accordance with the requirements of the Securities Exchange Act of 1934, the Securities and Exchange Commission, the relevant stock exchange (as such requirements may be modified or supplemented from time to time) and any other applicable regulatory authority. The existence of such a member, including his or her name and whether or not he or she is independent, will be disclosed in periodic filings as required by the Securities and Exchange Commission. No member of the Committee shall have participated in the preparation of the financial statements of the Corporation or any current subsidiary of the Corporation at any time during the past three (3) years. The members of the Committee shall be recommended by the Nominating and Corporate Governance Committee and elected by the Board and serve until their successors shall be duly elected and qualified or until their earlier death, resignation or removal from the Committee. Unless a Chair is elected by the full Board, the members of the Committee may designate a Chair by majority vote of the full Committee membership. The Board of Directors may, pursuant to the bylaws, remove a member of the Committee provided that the Board must, at all times, assure that the Committee will have a Chairperson and sufficient members to satisfy the requirements set forth above relating to the number and qualifications of Committee members.

&nbsp;&nbsp;&nbsp;&nbsp;III. MEETINGS

The Committee shall meet quarterly and more frequently as circumstances dictate. The Committee shall report to the Board on its activities on a regular basis. As part of its job to foster open communication, and as the Committee deems appropriate, the Committee may meet privately in separate sessions with executive management, the principal accounting officer, and/or the independent auditors and as a committee to discuss any matters that the Committee or each of these individuals or groups believes should be discussed. The Committee may act by unanimous written resolution signed by all members in lieu of a meeting.

&nbsp;&nbsp;&nbsp;&nbsp;IV. RESPONSIBILITIES AND DUTIES

The Audit Committee shall have the responsibility and authority to:

<u>Documents/Reports Review</u>

1. Review and reassess the adequacy of this Charter as frequently as conditions may dictate, and propose any amendments to the Charter as it deems necessary or appropriate. Submit the Charter to the Board for approval and cause the Charter to be approved and disclosed as frequently and in such form as may be required by the regulations of the Securities and Exchange Commission, the rules of the relevant stock exchange (as such regulations may be modified or supplemented from time to time) and any other applicable regulatory authority.

2. Review the Corporation's annual audited financial statements before they are filed with the Securities and Exchange Commission or released. Review should include discussion with management and the independent auditors of significant issues regarding critical accounting estimates, accounting principles, practices and judgments and a review with the independent auditors of any auditor report to the Committee required under the rules of the Securities and Exchange Commission, the relevant stock exchange (as may be modified or supplemented from time to time) and any other applicable regulatory authority. Review should also include review of the independence of the independent auditors (see Item 7 below) and the discussion with the independent auditors of the conduct of their audit (see Item 10 below). Based on such review, determine whether to recommend to the Board that the annual audited financial statements be included in the Corporation's Annual Report on Form 10-K filed under the rules of the Securities and Exchange Commission.

3. Review and discuss with management and the independent auditors the Corporation's quarterly financial reports before they are filed with the Securities and Exchange Commission or released.

4. Report Committee actions to the Board of Directors with such recommendations as the Committee may deem appropriate.

5. Prepare a report to shareholders to be included in the Corporation's annual proxy statement as required by the rules of the Securities and Exchange Commission, the relevant stock exchange (as such rules may be modified or supplemented from time to time) and any other applicable regulatory authority.

6. Review the regular internal reports to management, or summaries thereof, prepared by the internal auditing department, as well as management's responses. Review other relevant reports or financial information submitted by the Corporation to any governmental body or the public, including management certifications as required by the Sarbanes-Oxley Act of 2002, and relevant reports rendered by the independent auditors, or summaries thereof. Independent Auditors

7. The Corporation's independent auditors are directly accountable to the Committee and the Board. The Committee shall be the sole authority to select, evaluate and retain the Corporation's independent auditors and pre-approve the fees and other compensation to be paid to the independent auditors for their audit service. The Corporation shall, at all times, make adequate provision for the payment of all fees and other compensation approved by the Committee to the Corporation's independent auditors. On an annual basis, or more frequently as conditions dictate, the Committee shall review and discuss with the independent auditors all significant relationships the auditors have with the Corporation to determine the auditors' independence. Such review should include receipt and review of a report from the independent auditors regarding their independence consistent with the applicable requirements of the Public Company Accounting Oversight Board regarding the independent accountant's communications with the Committee concerning independence. All engagements for any permissible non-audit services by the independent auditors must be pre-approved by the Committee before the commencement of any such services, and after the Committee has considered whether the performance of such services is compatible with the auditors' independence. The Corporation's independent auditors may not be engaged to perform prohibited activities under the Sarbanes-Oxley Act of 2002 or the rules of the Public Company Accounting Oversight Board or the Securities and Exchange Commission. Approval of non-audit services will be disclosed to investors in periodic reports as required by the Securities Exchange Act of 1934.

8. Oversee the work performed by the independent auditors; review their performance; actively engage in dialogue with the independent auditors with respect to any disclosed relationship or service that may affect the independence and objectivity of the auditor and take, or recommend that the full board take, appropriate action to oversee the independence of the independent auditors; and/or approve any proposed discharge or replacement of the independent auditors when circumstances warrant.

9. Consult with the independent auditors out of the presence of management about internal controls and the fullness and accuracy of the Corporation's financial statements.

10. Before filing or releasing annual financial statements, discuss the conduct and results of the audit with the independent auditors, including a discussion of the matters required to be communicated to audit committees in accordance with Statement on Auditing Standards (SAS) No. 61, as amended by SAS No. 84 and SAS No. 90 (and as may be further modified or supplemented from time to time).

11. Obtain from the independent auditors assurance that the audit was conducted in a manner consistent with Section 10A of the Securities Exchange Act of 1934.

12. Consider the independent auditors' judgments about the quality and appropriateness of the Corporation's accounting principles and critical accounting policies and estimates as applied in its financial reporting; all alternative treatments of financial information within generally accepted accounting principles that have been discussed with management, ramifications for the use of such alternative disclosures and treatments, and the treatment preferred by the independent auditor; and other material written communications between the independent auditors and management.

<u>Financial Reporting; Processes and Controls</u>

13. Discuss significant financial risk exposures and the steps management has taken to monitor, control and report such exposures. Review significant findings prepared by the independent auditors and the principal accounting officer together with management's responses. Review any significant changes to the Corporation's auditing and accounting policies.

14. Consider and approve, if appropriate, significant changes to the Corporation's auditing and accounting principles and practices as suggested by the independent auditors, executive management, or the principal accounting officer. Consider the independent auditors' judgments about the quality and appropriateness of the Corporation's accounting principles as applied in its financial reporting.

15. Receive and review any disclosure from the Corporation's CEO or CFO, made in connection with the certification of the Corporation's quarterly and annual reports filed with the Securities and Exchange Commission, of all significant deficiencies and material weaknesses in the design and operation of internal controls over financial reporting which are reasonably likely to adversely affect the Corporation's ability to record, process, summarize and report financial data; and any fraud, whether or not material, that involves management or other employees who have a significant role in the Corporation's internal controls.

16. Review the Corporation's significant controls, policies and procedures in connection with the assessment and management of enterprise risk, and coordinate with the Corporation's internal auditing department to ensure that effective programs are in place to monitor compliance with applicable policies and procedures.

<u>Process Improvement</u>

17. Establish regular and separate systems of reporting to the Committee by members of the Corporation's executive management, the independent auditors and the principal accounting officer regarding any significant judgments made in management's preparation of the financial statements and the view of each as to the appropriateness of such judgments.

18. Following completion of the annual audit, review separately with executive management, the independent auditors and/or the principal accounting officer, as the Committee deems necessary or appropriate, any significant difficulties encountered during the course of the audit, including any restrictions on the scope of work or access to required information.

19. Resolve any disagreements between management and the independent auditors regarding financial reporting.

20. Review with the independent auditors, the principal accounting officer and/or executive management, as the Committee deems necessary or appropriate, the extent to which changes or improvements in financial or accounting practices, as approved by the Audit Committee, have been implemented. (This review should be conducted at an appropriate time subsequent to implementation of changes or improvements, as decided by the Committee.)

<u>Other and Legal Compliance</u>

21. Approve the appointment and compensation of, and oversee the work of, any accounting firm employed by the Corporation.

22. On at least an annual basis, review with management of the Corporation and with the Corporation's law firm(s) any legal matters that could have a significant impact on the Corporation's financial statements, the Corporation's compliance with applicable laws and regulations and any inquiries received from regulators or governmental agencies.

23. Oversee procedures for (a) the receipt, retention and treatment of complaints received by the Corporation regarding accounting, internal accounting controls or auditing matters, and (b) the confidential, anonymous submission to the Committee by employees of the Corporation of concerns regarding questionable accounting or auditing matters.

24. Review, approve or disapprove, and report to the Board regarding all "related party transactions" (as defined in Securities and Exchange Commission Regulation S-K, Item 404), including all transactions between the Company and any director or officer (excepting compensation relationships for their services as such), and between the Company and any person or entity in which a director or officer has a material financial interest.

25. Retain, at the Corporation's expense, special legal, accounting or other consultants or experts the Committee deems necessary to carry out its duties. The Corporation shall, at all times, make adequate provision for the payment of all fees and other compensation approved by the Committee to any consultants or experts employed by the Committee and for the payment of administrative expenses of the Committee that are, in the Committee's discretion, necessary or appropriate in carrying out its duties.

26. Review and update periodically the Corporation's Code of Business Conduct and Ethics (the "Code"), if any, and determine whether management has established a system to enforce this Code. Determine whether the Code is in compliance with all applicable rules and regulations. Review and reassess the adequacy of the Code at least annually, and more frequently as conditions dictate, and propose any amendments to the Code as the Committee deems necessary or appropriate.

27. Review management's monitoring of the Corporation's compliance with its Code, and determine whether management has the proper review system in place such that the Corporation's financial statements, reports and other financial information disseminated to governmental organizations and the public satisfy legal requirements.

28. As assigned to it by the Board, investigate any potential conflict of interest between a director, executive officer or employee of the Corporation and the Corporation.

29. Consider and, if appropriate and permitted, grant any requested waivers of the Code and, in the case of waivers of the Code that may be granted only by the Board, make recommendations to the Board regarding such waivers.

30. Perform any other activities consistent with this Charter, the Corporation's bylaws and governing law, as the Committee or the Board deems necessary or appropriate.

31. Maintain minutes of Committee meetings and periodically report to the Board on significant results of the foregoing activities.

Although the Committee has the responsibilities and powers set forth in this Charter, it is not the duty of the Committee to conduct audits or to determine that the Corporation's financial statements are complete and accurate and are in accordance with generally accepted accounting principles, which is the responsibility of management and the independent auditors. It is also the responsibility of management to assure compliance with laws and regulations and the Corporation's corporate policies with oversight by the Committee in the areas covered by this Charter.

## Exhibit 99.6

**Exhibit 99.6**

**GLOBAL DEVELOPMENT ENGINEERING COMPANY LIMITED**

**Charter of the Compensation Committee of the Board of Directors**

&nbsp;&nbsp;&nbsp;&nbsp;I. PURPOSE

The primary function of the Compensation Committee (the "Committee") is to assist the Board of Directors (the "Board") of GLOBAL DEVELOPMENT ENGINEERING COMPANY LIMITED (the "Corporation") in fulfilling its responsibility to the shareholders with regard to oversight and determination of executive compensation and the Corporation's compensation, philosophy, objectives and policies. The Committee shall also oversee compensation and benefits policies, strategies, and pay levels necessary to support the Corporation's objectives and make recommendations regarding major compensation plans, policies and programs of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;II. COMPOSITION

The Committee shall be composed of at least three members of the Board, one of whom shall serve as Chairperson. Except as otherwise permitted by the applicable relevant stock exchange rules and any other regulatory requirements, each member of the Committee shall be an "independent director" as that term is determined pursuant to Rule 10A-3 of the Securities Exchange Act of 1934 (as such requirements may be modified or supplemented from time to time). The members of the Committee shall be recommended by the Nominating and Corporate Governance Committee and elected by the Board and serve until their successors shall be duly elected and qualified or until their earlier death, resignation or removal from the Committee. Unless a Chair is elected by the full Board, the members of the Committee may designate a Chair by majority vote of the full Committee membership. The Board may, pursuant to the bylaws, remove a member of the Committee provided that the Board must, at all times, assure that the Committee will have a Chairperson and sufficient members to satisfy the requirements set forth above relating to the number and qualifications of Committee members.

&nbsp;&nbsp;&nbsp;&nbsp;III. MEETINGS

The Committee shall meet as frequently as necessary, but not less than three (3) times a year. Minutes of all Committee meetings shall be properly recorded. An agenda for each meeting shall be prepared and whenever reasonably practicable, the meeting agenda as well as the minutes of the previous Committee meeting shall be distributed to the Committee members prior to each meeting.

&nbsp;&nbsp;&nbsp;&nbsp;IV. RESPONSIBILITIES
 AND DUTIES

The Committee shall have the responsibility and authority to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. In
 conjunction with the Board and/or the Nominating and Corporate Governance Committee of the
 Board, as appropriate, (i) review and approve the goals and objectives with respect to compensation
 for the Chief Executive Officer, (ii) evaluate the Chief Executive Officer's performance
 in light of the established goals and objectives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Set
 the Chief Executive Officer's compensation, including but not necessarily limited to
 salary, bonus, incentive and equity compensation and special or supplemental benefits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. In
 conjunction with the Board and/or the Nominating and Corporate Governance Committee of the
 Board, as appropriate, oversee (i) the establishment of goals and objectives with respect
 to compensation for the named executive officers, and (ii) the Chief Executive Officer's
 evaluation of the performance of the named executive officers in light of their established
 goals and objectives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Set
 the named executive officer's compensation, including but not necessarily limited to
 salary, bonus, incentive and equity compensation and special or supplemental benefits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Review
 and approve compensation programs for the non-employee members of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Review
 and oversee the Corporation's policies relating to the compensation of its employees
 generally.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Administer
 the stock plans of the Corporation (other than with respect to stock option grants to members
 of the Board, which shall be considered by the entire Board or granted in accordance with
 any previously determined automatic formula grants) in accordance with the terms of such
 plans and to grant and issue, or recommend the grant and issuance of, awards thereunder,
 including stock options, stock units, restricted stock and stock appreciation rights, to
 executive officers of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Review
 the Corporation's incentive compensation and other benefit plans and practices and
 recommend changes in such plans and practices to the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Administer
 the other compensation plans that may be adopted from time to time as authorized by the Board,
 including any Corporation employee stock purchase plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. As
 appropriate, approve the grants of stock options and other equity or long-term incentives
 to employees (under the Corporation's option plans or otherwise), make recommendations
 to the Board with respect to incentive-compensation plans and equity-based plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Select,
 evaluate and retain the Corporation's independent compensation consultant, if any,
 and pre-approve the fees and other compensation to be paid to the independent compensation
 consultant for their services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Review
 and discuss with management the annual Compensation Discussion and Analysis (CD&A) disclosure
 regarding named executive officer compensation and, based on this review and discussions,
 recommend the inclusion of the CD&A disclosure in the Corporation's annual public
 filings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. Prepare
 the Compensation Committee report required by applicable laws and regulations for inclusion
 in the Corporation's annual public filings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. Review
 the Corporation's significant controls, policies and procedures in connection with
 the assessment and management of enterprise risk in the areas of compensation of directors
 and employees, and coordinate with the Corporation's management and internal auditing
 department to ensure that effective programs are in place to monitor compliance with applicable
 policies and procedures.

15. Evaluate
 the Committee's performance annually.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. Maintain
 minutes of Committee meetings and periodically report to the Board on significant results
 of the foregoing activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. Administer
 the Clawback Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. Perform
 such other activities and functions as may be assigned to it from time to time by the Board.

V. POLICIES
 AND PROCEDURES

1. <u>Action</u>.
 A majority of the members of the Committee shall constitute a quorum. The Committee shall
 act on the affirmative vote of a majority of members present at a meeting at which a quorum
 is present. The Committee may also meet by telephone or video conference. The Chairperson
 will preside, when present, at all meetings of the Committee. The Committee may also act
 by unanimous written resolution signed by all members in lieu of a meeting.

2. <u>Investigations</u>.
 The Committee shall have the authority to conduct or authorize investigations into any matters
 within the scope of its responsibilities as it shall deem appropriate, including the authority
 to request any officer, employee or advisor of the Corporation to meet with the Committee
 or any advisors engaged by the Committee.

3. <u>Consultants and Advisors</u>. The Committee shall have the authority to retain, at the Corporation's
 expense, special legal, accounting or other consultants or experts the Committee deems necessary
 to carry out its duties. The Corporation shall, at all times, make adequate provision for
 the payment of all fees and other compensation approved by the Committee to any consultants
 or experts employed by the Committee and for the payment of administrative expenses of the
 Committee that are, in the Committee's discretion, necessary or appropriate in carrying
 out its duties.

4. <u>Charter</u>.
 The Committee shall review and reassess the adequacy of this Charter at least annually, and
 more frequently as conditions dictate, and propose any amendments to the Charter as it deems
 necessary or appropriate.

## Exhibit 99.7

**Exhibit 99.7**

**GLOBAL DEVELOPMENT ENGINEERING COMPANY LIMITED**

**Charter of the Nominating and Corporate Governance Committee of the Board of Directors**

I. PURPOSE

The primary functions of the Nominating and Corporate Governance Committee (the "Committee") of the Board of Directors (the "Board") of GLOBAL DEVELOPMENT ENGINEERING COMPANY LIMITED (the "Corporation") are: (a) to identify individuals qualified and suitable to become Board members and recommend to the Board the director nominees for each annual meeting of shareholders; (b) to ensure that the Audit, Compensation and Nominating and Corporate Governance Committee of the Board shall have the benefit of qualified and experienced "independent" Directors; and (c) to develop and recommend to the Board and oversee a set of effective corporate governance policies and procedures applicable to the Corporation.

II. COMPOSITION

If required by the relevant stock exchange, the Committee shall be composed of three or more of the "independent directors" (as that term is determined pursuant to Rule 10A-3 of the Securities Exchange Act of 1934, as such requirements may be modified or supplemented from time to time) of the Board. The members of the Committee shall serve until their successors shall be duly elected and qualified or until their earlier death, resignation or removal. Unless a Chair is elected by the full Board, the members of the Committee may designate a Chair by majority vote of the full Committee membership. The Board may, pursuant to the bylaws, remove a member of the Committee provided that the Board must, at all times, assure that the Committee will have a Chairperson and sufficient members to satisfy the requirements set forth above relating to the number and qualifications of Committee members.

III. MEETINGS

The Committee shall meet as frequently as the discharge of its responsibilities shall require, but not less than two (2) times during each fiscal year. Minutes of all Committee meetings shall be properly recorded. An agenda for each meeting shall be prepared by the Chairperson and whenever reasonably practicable, the meeting agenda as well as the minutes of the previous Committee meeting shall be distributed to the Committee members prior to each meeting.

IV. GOALS AND RESPONSIBILITIES

The Committee shall have the responsibility and authority to:

<u>Nominating</u>

1. The Committee shall recommend to the Board appropriate criteria for the selection of new directors and shall periodically review the criteria adopted by the Board and, if deemed desirable, recommend to the Board changes to such criteria.

3. The Committee shall identify Board members qualified to fill vacancies on any committee of the Board (including the Committee), and recommend that the Board appoints the identified member or members to the respective committee. In recommending a member for committee membership, the Committee shall take into consideration the factors set forth in the charter of the committee, if any, as well as any other factors it deems appropriate, including without limitation, the Corporation's corporate governance principles, the consistency of the prospective member's experience with the goals of the committee and the interplay of the prospective member's experience with the experience of the other committee members.

4. Prepare a description of the particular experience, qualifications, attributes or skills that led the Board to conclude that each director should serve as a director for the company as is required by applicable laws and regulations for inclusion in the Corporation's annual public filings.

5. The Committee shall make recommendations to the Board from time to time as to changes in the size of the Board that the Committee believes to be desirable.

<u>Corporate Governance</u>

6. The Committee shall oversee the system of corporate governance (including significant controls, policies and procedures) of the Corporation, including: (i) reviewing and reassessing the adequacy of the system; (ii) recommending to the Board for approval any such changes to the system as the Committee believes are appropriate; and (iii) generally advising the Board (as a whole) on corporate governance matters.

7. The Committee shall establish procedures for the Committee to exercise oversight of the evaluation of the performance of the Board and management of the Corporation.

8. Assist the Board and management of the Corporation in evaluating potential candidates for executive officer positions and oversee the development of executive officer succession plans.

9. The Committee shall undertake and review with the Board an annual performance evaluation of the Committee, which shall compare the performance of the Committee with the requirements of this Charter and set forth the goals and objectives of the Committee for the upcoming year. The Committee shall conduct such performance evaluation in such manner as the Committee deems appropriate, and may report the results of its performance evaluation through an oral report by the chairperson of the Committee or any other member of the Committee designated by the Committee to make this report.

10. Oversee the orientation for new directors and suggest director education and training for the full Board, committees and/or individual directors, as appropriate.

11. Perform any other activities consistent with this Charter, the Corporation's bylaws and governing law, as the Committee or the Board deems necessary or appropriate.

12. The Committee shall report periodically to the Board on significant results of its activities.

V. POLICIES AND PROCEDURES

&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Action</u>.

A majority of the members of the Committee shall constitute a quorum. The Committee shall act on the affirmative vote of a majority of members present at a meeting at which a quorum is present. The Committee may so meet by telephone or video conference. The Chairperson will preside, when present, at all meetings of the Committee. The Committee may also act by unanimous written resolution signed by all members in lieu of a meeting.

&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Investigations</u>.

The Committee shall have the authority to conduct or authorize investigations into any matters within the scope of its responsibilities as it shall deem appropriate, including the authority to request any officer, employee or advisor of the Corporation to meet with the Committee or any advisors engaged by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Consultants and Advisors</u>.

The Committee shall have the authority to retain, at the Corporation's expense, special legal, accounting or other consultants or experts the Committee deems necessary to carry out its duties. The Corporation shall, at all times, make adequate provision for the payment of all fees and other compensation approved by the Committee to any consultants or experts employed by the Committee and for the payment of administrative expenses of the Committee that are, in the Committee's discretion, necessary or appropriate in carrying out its duties.

&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Charter</u>.
 The Committee shall review and reassess the adequacy of this Charter as frequently as conditions
 may dictate, and propose any amendments to the Charter as it deems necessary or appropriate.

## Exhibit 99.8

**Exhibit 99.8**

September 16, 2025

Global Development Engineering Company Limited

Flat B1, 13/F,

Hoi Bun Industrial Building,

Kwun Tong, Kowloon, Hong Kong

Dear Sirs:

Pursuant to Rule 438 under the Securities Act of 1933, as amended, I hereby consent to the references to my name in the Registration Statement on Form F-1 (the "Registration Statement") of Global Development Engineering Company Limited (the "Company") and any amendments thereto, which indicate that I have accepted the nomination to become the director of the Company. I further agree that immediately upon the United States Securities and Exchange Commission's declaration of effectiveness of the Registration Statement, I will serve as the director of the Company.

Sincerely yours,

---

| | | |
|:---|:---|:---|
| */s/ Chak Kwan Wong* | */s/ Chak Kwan Wong* | |
| Name: | Chak Kwan Wong |  |

---

## Exhibit 99.9

**Exhibit 99.9**

September 16, 2025

Global Development Engineering Company Limited

Flat B1, 13/F,

Hoi Bun Industrial Building,

Kwun Tong, Kowloon, Hong Kong

Dear Sirs:

Pursuant to Rule 438 under the Securities Act of 1933, as amended, I hereby consent to the references to my name in the Registration Statement on Form F-1 (the "Registration Statement") of Global Development Engineering Company Limited (the "Company") and any amendments thereto, which indicate that I have accepted the nomination to become the director of the Company. I further agree that immediately upon the United States Securities and Exchange Commission's declaration of effectiveness of the Registration Statement, I will serve as the director of the Company.

Sincerely yours,

---

| | |
|:---|:---|
| */s/ Wan Bok Lee* | */s/ Wan Bok Lee* |
| Name: | Wan Bok Lee |

---

## Exhibit 99.10

**Exhibit 99.10**

September 16, 2025

Global Development Engineering Company Limited

Flat B1, 13/F,

Hoi Bun Industrial Building,

Kwun Tong, Kowloon, Hong Kong

Dear Sirs:

Pursuant to Rule 438 under the Securities Act of 1933, as amended, I hereby consent to the references to my name in the Registration Statement on Form F-1 (the "Registration Statement") of Global Development Engineering Company Limited (the "Company") and any amendments thereto, which indicate that I have accepted the nomination to become the director of the Company. I further agree that immediately upon the United States Securities and Exchange Commission's declaration of effectiveness of the Registration Statement, I will serve as the director of the Company.

Sincerely yours,

*/s/ Kai Hung Kwok*

Name:

Kai Hung Kwok

## Ex-Filing

?xml version='1.0' encoding='ASCII'?

**Exhibit 107**

**Calculation of Filing Fee Tables**

(Form Type)

Global Development Engineering Company Limited

(Exact Name of Registrant as Specified in its Charter)

Table 1: Newly Registered and Carry Forward Securities

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Security Type** | **Security Class Title** | **Fee Calculation or Carry Forward Rule** | **Amount Registered** | **Proposed Maximum Offering 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** |
| Fees to Be Paid | Equity | Ordinary Shares, no par value <sup>1</sup> | 457 (o) | 4312500 | $5.00 | 21562500 | $0.00015310 | $3302 |
| Fees to Be <br>Paid | Equity | Underwriter Warrants | other |  |  |  |  |  |
| Fees to Be <br>Paid | Equity | Ordinary Shares, no par value <sup>2</sup> | 457 (o) | 215625 | $6.25 | 1347656.25 | $0.00015310 | $207 |
| Fees Previously Paid | Equity |  |  |  |  |  |  |  |
| **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** |
| Carry Forward Securities |  |  |  |  |  |  |  |  |
|  | **Total Offering Amounts** | **Total Offering Amounts** | **Total Offering Amounts** | **Total Offering Amounts** |  | $22910156.25 |  | $3509 |
|  | **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** |  |  |  | - |
|  | **Net Fee Due** | **Net Fee Due** | **Net Fee Due** | **Net Fee Due** |  |  |  | $3509 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The
 registration fee for securities is based on an estimate of the Proposed Maximum Aggregate
 Offering Price of the securities, assuming the sale of the maximum number of shares at the
 highest expected offering price and assuming the underwriter exercises its over-allotment
 option, and such estimate is solely for the purpose of calculating the registration fee pursuant
 to Rule 457(o). In accordance with Rule 416(a), the Registrant is also registering an indeterminate
 number of additional Ordinary Shares that shall be issuable pursuant to Rule 416 to prevent
 dilution resulting from share splits, share dividends or similar transactions.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The
 Registrant will issue to the underwriter warrants to purchase a number of Ordinary Shares
 equal to an aggregate of five percent (5%) of the Ordinary Shares (the "Underwriter
 Warrants") sold in the Offering. The exercise price of the Underwriter Warrants is
 equal to the 125% of offering price of the Ordinary Shares offered hereby. Assuming an exercise
 price of $6.25 per share, we would receive, in the aggregate, $1,347,656.25 upon exercise
 of the Underwriter Warrants (assuming the underwriter exercises its over-allotment option).
 The Underwriter Warrants are exercisable commencing on the effective date of the offering
 at any time, and from time to time, in whole or in part, through the date of expiration and
 will expire on the fifth anniversary from the commencement of sale of this Offering.